19 Aug 2015 - Industrial metals, including copper, also traded near six-year lows, adding to bearish market sentiment. â
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Associate of DOHA BANK DOHA BROKERAGE
COMMODITY DAILY REPORT Wednesday Aug 19 2015
NEWS Market Outlook
Crude oil prices eased in early Asia on Wednesday despite slightly upbeat estimates of U.S. stockpiles from an industry group as oversupply worries weigh on markets globally.
U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world's largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply.
Chinese stocks fell more than 6 percent on Tuesday as the yuan weakened against the dollar, raising fears that Beijing may further devalue the currency. Such a move could decrease China's consumption and import levels.
Industrial metals, including copper, also traded near six-year lows, adding to bearish market sentiment.
Slowing factory activity in China is adding to headwinds for copper demand, with orders from makers of air conditioners and refrigerators not expected to pick up until factories return after summer maintenance from mid-September.
Copper, China demand concerns and a worsening technical picture pointed to further losses.
Gold was steady in Asian trade on Wednesday as investors awaited the minutes from the Federal Reserve's meeting last month for clues on whether the U.S. central bank would raise interest rates as early as next month.
The imminent hike in U.S. interest rates would be the first since 2006 and has dimmed the appeal of noninterest bearing assets such as gold.
U.S. natural gas prices slumped to the lowest level in more than five weeks on Tuesday, as forecasts for cooler weather across key consumption regions of the U.S. in the week ahead dampened demand expectations for the fuel.
Data last week showed that natural gas storage in the U.S. rose by 65 billion cubic feet, above expectations for an increase of 55 billion.
The Shanghai Composite tumbled 6% in volatile trade on Tuesday, with losses accelerating towards the end of the session despite fresh efforts by the government to calm the market.
NYMEX Crude June has resistance at $ 44 levels and support is seen at $ 40 levels. MCX Crude Aug has resistance at 2800 levels and support is seen at 2700 levels.
COMEX Gold June has resistance at $1120
levels and support is at $1100 levels. MCX Gold Oct has resistance at 26200 levels and support is seen at 25600 levels.
COMEX Silver May has resistance at $15.50
levels and support is seen at $15 levels. MCX Silver Sep has resistance at 36000 and support is seen at 35000 levels.
COMEX Copper May has resistance at $2.6
levels and support is seen at $2.1 levels. MCX Copper Aug has resistance at 335 levels and support is seen at 327 levels.
Economic Indicators for the day: (IST)
US
Crude Oil Inventories Core CPI (MoM) (Jul) FOMC Meeting Minutes
(20:00) (18:00) (23:30)
Commodity Pivot Table 19.08.2015 Resistance Levels Commodity
Expiry date
ALUMINIUM
30-Sep-15
ALUMINIUM
31-Aug-15
CARDOMOM
15-Oct-15
CARDOMOM
15-Sep-15
COPPER
30-Nov-15
COPPER
31-Aug-15
CRUDEOIL
21-Sep-15
CRUDEOIL
19-Aug-15
GOLD
4-Dec-15
GOLD
5-Oct-15
GOLDM
5-Oct-15
GOLDM
4-Sep-15
LEAD
30-Sep-15
LEAD
31-Aug-15
NATURALGAS
25-Sep-15
NATURALGAS
26-Aug-15
NICKEL
30-Sep-15
NICKEL
31-Aug-15
SILVER
4-Dec-15
SILVER
4-Sep-15
SILVERM
30-Nov-15
SILVERM
31-Aug-15
ZINC
30-Sep-15
ZINC
31-Aug-15
Pivot
R1
R2
R3
Support levels R4
S1
S2
S3
S4
102.7
103.2
104.0
104.5
105.2
102.0
101.5
100.7
100.2
101.0
101.6
102.4
103.0
103.8
100.2
99.6
98.8
98.2
800.5
809.9
824.5
833.9
848.5
785.9
776.5
761.9
752.5
794.8
807.0
825.2
837.4
855.6
776.6
764.4
746.2
734.0
337.9
341.4
346.0
349.5
354.1
333.3
329.8
325.2
321.7
332.0
335.6
340.4
344.0
348.7
327.3
323.7
318.9
315.3
2817.0
2860.0
2884.0
2927.0
2951.0
2793.0
2750.0
2726.0
2683.0
2759.7
2804.3
2829.7
2874.3
2899.7
2734.3
2689.7
2664.3
2619.7
26189.7
26302.3
26390.7
26503.3
26591.7
26101.3
25988.7
25900.3
25787.7
25979.3
26103.7
26199.3
26323.7
26419.3
25883.7
25759.3
25663.7
25539.3
25996.3
26117.7
26221.3
26342.7
26446.3
25892.7
25771.3
25667.7
25546.3
25864.3
25996.7
26103.3
26235.7
26342.3
25757.7
25625.3
25518.7
25386.3
112.2
113.1
114.8
115.7
117.4
110.5
109.6
107.9
107.0
111.1
112.1
113.9
114.9
116.7
109.3
108.3
106.5
105.5
181.2
183.0
184.9
186.7
188.6
179.3
177.5
175.6
173.8
177.6
179.3
181.1
182.8
184.6
175.8
174.1
172.3
170.6
690.6
697.9
709.6
716.9
728.6
678.9
671.6
659.9
652.6
684.1
691.5
703.2
710.6
722.3
672.4
665.0
653.3
645.9
35809.0
36317.0
37093.0
37601.0
38377.0
35033.0
34525.0
33749.0
33241.0
35061.7
35572.3
36350.7
36861.3
37639.7
34283.3
33772.7
32994.3
32483.7
35842.3
36349.7
37132.3
37639.7
38422.3
35059.7
34552.3
33769.7
33262.3
35097.3
35628.7
36456.3
36987.7
37815.3
34269.7
33738.3
32910.7
32379.3
117.5
118.8
121.1
122.4
124.7
115.2
113.9
111.6
110.3
116.8
118.0
120.4
121.6
124.0
114.4
113.2
110.8
109.6
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