commodity market outlook for 28 june 2016

commodity market outlook for 28 june 2016 In mcx bullion segment, Mcx gold on 27 June 2016 closed at 31542 with gain. Gold rallied to the highest level in more than two years on Friday after the shock of the Brexit vote led to a surge in demand for haven assets. Gold future major supports are 31200 and 30900 so watch them for reversal moves.   Mcx silver future last closed at 42262 with gain. Silver future above 41850 remain buy and accumulate for short terms. The Silver Institute said that global silver mine production growth slowed to 2% in 2015.     In mcx base metals, aluminium corrected and tested its major support now expect upside above 107. LME aluminum will continue facing downward pressure from strong dollar and drop to USD 1,585-1,605/mt. Mcx copper looking strong bullish and above 320 expect much higher levels. All these Chinese copper exports are probably going to the LME so there are market fears that rising LME copper inventories will weigh on sentiment. Mcx lead heading towards 113.3. Mcx nickel above 591 remain buy on dips. The 27% bullish ones expect LME nickel to rise to USD 9,100-9,300/mt this week. Mcx zinc future has strong resistance at 136.5.     In mcx energy segment, mcx crude oil support is at 3115 below it expect complete breakdown. A stronger U.S. dollar and Japanese Yen have contributed to the price drops, but many analysts believe that the price of crude oil will be affected by the UK vote. Mcx natural gas resumed Bull Run ad expect higher levels up to 188 and 195. Natural gas prices rose Monday, pushing back toward the 10-month highs set last week as power-sector demand keeps supporting the market.

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