Commodity MCX Market Reviews 09 February 2017

COMMODITY	S1	S2	PIVOT	R1	R2
GOLD	29224	29176	29328	29436	29483
SILVER	42148	42035	42365	42542	42655
CRUDE OIL	3485	3464	3500	3542	3563
NAT GAS	209.6	207.9	210.2	214	215.8
LEAD	159.1	158.1	159.6	161.7	162.7
NICKEL	697.1	693.6	702.7	706.8	710.2
ZINC	189.4	188.3	189.8	192.3	193.4
ALUMINIUM	122.6	122.3	123.3	123.8	124.1
COPPER	391.4	389.2	395	397.5	399.7

Gold costs are flattish at the open yet are still almost 3-month highs as safe-haven demand stays solid in the midst of political vulnerability radiating from France and US.Federal Reserve Chair Janet Yellen would affirm on the US economy and fiscal policy before the House Financial Services Committee on February 15

Gold holdings of SPDR increased for a 6th straight session. ETF holdings were gain 0.6 Percent to 832.5 tons yesterday. Better US data yesterday and a bouncing back dollar would however cap the upside. US trade deficit dropped in Dec. as exports strike their most highest amount in over 1.5 years. entire to deficit in 2016 limited 1.5 Percent to $734.3 billion

Base metals are flattish today after a optimistic end yesterday. Copper keeps on finding Support owing to supply interruptions Global mine worker BHP Billiton plans to end production at its Escondida copper mine after unionized workers start a hit booked to start today.

A hit at Escondida would reduce 3,400 tons of yield for every day of stoppage.Protests in Peru have blocked roads utilized by MMG Ltd to transport copper concentrates from its mine Las Bambas.Philippine President Rodrigo Duterte would permit mines facing conclusion to claim the decision or correct any violations.

Mcx Oil costs are slightly upper today on benefit taking however remain supported by expanding US Inventories. EIA inventory report demonstrated that oil inventories expanded by an incredible 13.8 million barrels past week.A surprise dropped in fuel inventories however bolstered costs.

Oil costs additionally discovered support as reports recommend that OPEC's consistence rate for production reduces remains at 91 Percent. Just Iraq is as yet producing altogether over its allocation. China's 2016 oil demand developed at the slowest pace in no less than 3 years raising worries about demand development.