MCX TIPS | TODAY COMMODITY MARKET REPORT UPDATE 18 NOV 2016.

COMMODITY MARKET OUTLOOK

Gold eased after strong U.S. economic data and comments by U.S. Fed’s Janet Yellen further bolstered the case for Hiking rates next month.

Base Metal Silver dropped as sentiment moved into bear territory ahead of an expected Fed rate hike next month and a strong dollar curbed buying interest.

Crude oil dropped as expectations of an OPEC deal to limit production outweighed evidence of global oversupply and rising inventories.

Copper gains on speculative flows and against the backdrop of falling inventories for the metal used in construction and power.

Zinc prices continued its profit booking after prices rallying amid prospect of weighty infrastructure spending in China.

Nickel dropped as the dollar stayed near a 13-year high, while investors cast doubt on the sustainability of last week's rally.

Natural gas fell after data showed that natural gas supplies in storage rose much more than the five-year average for this time of year last week.

Commodity Market update:-

GOLD

PP-29204

R1- 29317                                    S1-29018

R2- 29503                                    S2-28905

SILVER

PP-40932

R1- 41191                                    S1-40474

R2- 41657                                    S2-40270

CRUDE OIL

PP-3116

R1- 3154                                      S1-3072

R2- 3198                                      S2-3034

NATURAL GAS

PP-186.2

R1- 188.9                                    S1-182.1

R2- 193.0                                    S2-179.4

COPPER

PP-371.2

R1- 376.4                                    S1-367.2

R2- 380.2                                    S2-361.8