Commodity Mcx Market Reviews 16 March

COMMODITY	S1	S2	S3	PIVOT	R1	R2	R3
GOLD	27882	27836	27760	27989	28087	28133	28210
SILVER	39880	39796	39655	39990	40210	40294	40435
CRUDE OIL	3137	3102	3045	3172	3219	3254	3311
NAT GAS	193.4	191.8	189.1	194.7	197.4	199	201.7
LEAD	145.1	143.1	139.8	147.5	149.6	151.6	155
NICKEL	667	663.7	658.4	672.5	676.1	679.3	684.6
ZINC	182	180.7	178.5	182.4	185.4	186.7	188.9
ALUMINIUM	122.3	121.5	120.3	123.1	124.3	125.1	126.3
COPPER	384.5	383	380.3	386.3	389.1	390.7	393.3

MCX Gold may trade with optimistic inclination following sharp picks up in global market however solidness in Indian Rupee may top the upside. COMEX gold trades over 1.8 Percent upper end $1224/oz after a level close yesterday. The metal has up after downside in US Dollar and picks up crosswise over most share markets after US Fed up rates by 25 premise points yesterday yet kept up its position of steady rate rise in future. Likewise supporting costs is high trader interest as is obvious from purchasing in gold ETF's and political instability in Euro Zone. 

However safe haven demand might be moved after exit polls in Netherland indicate Dutch Prime Minister Mark Rutte's VVD Party won the most seats in parliamentary votes. We anticipate that Gold costs would exchange with optimistic predisposition today. Spotlight would be on BOE policy meet, US financial data and its effect on US Dollar. Additionally Developments in Europe would likewise influence general risk view. 

Mcx Crude oil costs developed increases after official data indicated U.S. stockpiles had removed from record highs. Demand development for oil is required to fall from 1.6 million barrels a day a year ago to 1.4 million barrels a day in 2017 according to notes by International Energy Agency increasing further issues for producers as they attempt to increase costs. 

IEA evaluated Non-Opec ouput to growth 0.4 million barrels a day to 58.1 million barrels a day in 2017. The OPEC month to month report was merged as the OPEC noted upper consistence to reduces yet Saudi yield edged upper a month ago. 

Saudi Arabia announced that its production expanded to 10.011 million bpd in Feb, gain 263,000 bpd from Jan. Saudi Arabian government responded to OPEC statement by emphasized the nation's dedication to settling the worldwide oil market. 

Mcx Base metals are merged with respect to LME and optimistic Chinese data would support view present week. Copper costs have late for 4^th straight session, bolstered by weaker US dollar and proceeding with supply issues, including stoppages at the global’s 2 greatest mines. 

China's Premier Li Keqiang consoled traders that the global’s 2th-biggest economy and top metals consumer was solid and not at risk of a hard landing taking after late light monetary data. 

Chile's Escondida copper mine would likewise hope to restart operations later of striking employees dismisses a welcome to come back to negotiations. For nickel, the political-driven vulnerability over Indonesian and Philippines exports  proceeds.