MCX TIPS | TODAY COMMODITY MARKET OUTLOOK 26 SEPTEMBER 2016.

COMMODITY MARKET OUTLOOK

Gold prices settled flat but ended with gains on weekly basis after Fed sounded a cautious note on the pace of interest rate hikes.

Base Metal Silver dropped as investors chose to lock in profits after gains seen as the Fed’s decision to leave interest rates unchanged continued to support.

Crude oil dropped on signs Saudi Arabia and arch rival Iran were making little progress in achieving preliminary agreement ahead of talks.

Copper gained as support continues after Chinese economic data indicated a firmer tone to the housing market and arrival in factory activity.

Zinc prices dropped tracking LME prices ending down 0.8 percent at $2,276 a tonne as traders continues to book profit.

Nickel gained as markets braced for news of more Philippine mine suspensions amid a crackdown on environmental lapses.

Natural gas prices dropped continuing its weak trend momentum from previous day pressured by the inventory build.

Commodity Market update:-

GOLD

PP-31279

R1- 31353                                    S1-31208

R2- 31424                                    S2-31134

SILVER

PP-46973

R1-47260                                    S1-46531

R2-47702                                    S2-46244

CRUDE OIL

PP-3020

R1- 3072                                    S1-2926

R2- 3165                                    S2-2873

NATURAL GAS

PP-197.6

R1- 199.7                                    S1-194.0

R2- 203.3                                    S2-191.9

COPPER

PP-327.3

R1- 329.0                                    S1-326.3

R2- 330.1                                    S2-324.5