Commodity Market Trends 27-Oct-15

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BULLION:
Gold steadied near $1,160 an ounce on Tuesday as investors kept to the sidelines ahead of a Federal Reserve policy meeting that kicks off later in the session, waiting for clues on the timing of a U.S. rate hike. The data comes ahead of the Fed's two-day policy meet beginning on Tuesday. The U.S. central bank is widely expected to leave rates unchanged but investors are increasingly skeptical that it will raise rates before the end of the year. The Fed holds one more policy meet this year in December.
BASE METAL:
LME copper started at USD 5,158/mt overnight and moved higher to USD 5,240/mt thanks to Chinese stock rally. But later LME copper fell back due to stronger dollar and ended at USD 5,188/mt, up by USD 8/mt. Trading volumes fell almost half. LME copper will move in USD 5,160-5,220/mt during Asian trading hours. Economic figures from US will come under spotlight on Tuesday, citing US September’s durable goods orders and Conference Board CCI. And eyes will be on US Fed interest rate meeting. US September’s durable goods orders should fall 1.1% from August, better than the 2.3% slip in August.

ENERGY:
Oil prices fell on Tuesday, on course for a third week of losses as U.S. inventory data is expected to show another increase in crude stocks. Inventories U.S. production numbers continue to disappoint the market," he said. "Producers are squeezing as much production as they can." Investors are also waiting for the outcomes of key policy meetings this week to give some direction to the market, Le Brun said. That includes the outcome of a two-day U.S. FOMC meeting which starts later on Tuesday and China's fifth plenum, a four-day meeting of the Communist Party's central committee, that began on Monday.

CS GOLD (DECEMBER) OVERVIEW:
TREND : BEARISH
RESIST 2: 27020
RESIST 1: 26940
SUP 1: 26720
SUP 2: 26620
STRATEGY: SELL ON RISE


CS SILVER (DECEMBER) OVERVIEW:


TREND : SIDEWAYS
RESIST 2: 37260
RESIST 1: 37100
SUP1: 36720
SUP2: 36600
STRATEGY : SELL ON RISE

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MCX CRUDE OIL Nov., Tuesday as seen in the daily chart opened at 2873 levels and day high of 2873 levels. During this period price corrected & made day low of 2792 levels finally closed at 2818 levels. Now, there are chances of further downward movement technically & fundamentally.
• Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude inventories. U.S.


DAILY RECOMMENDATION: SELL MCX CRUDE OIL NOV., BELOW 2860 LEVELS FOR TARGET OF T1 2760/T2 2710 WITH SL OF 3000 LEVELS.

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The latest News about the crude is that the oil sector is slipping into the red after years of fat profits as the steep slump in oil prices shows little sign of ending, with this quarter shaping up to be the worst since the downturn started.

The world's top oil companies have struggled to cope with the halving of oil prices since June 2014. They have cut spending repeatedly, made thousands of job cuts and scrapped projects.

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