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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 05 APR 2019

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Precious Metals Preview: MCX Gold To Take Cues From Indian Rupee.
COMEX Gold futures eased yesterday as strength in US dollar capped intraday gains in the yellow metal. The US dollar index rose after minutes of the ECB’s March 6-7  policy meeting stated that European Central Bank officials discussed more aggressive stimulus measures to support Europe’s stalling economy at their latest policy  meeting, and signaled they could take fresh action to shore up growth at upcoming meetings. The minutes revealed deep concerns among top officials that the Eurozone’s  current soft patch will drag on for longer than expected. The dollar index has gained around and currently lingers just under 97 levels. Gold eased following this and  fell under $1290 per ounce as highs near $1300 failed to sustain. Rising Bitcoin also weighed on the metal. Bitcon values crosses $5000 for the first time in nearly  five months yesterday and pressured Gold. The yellow metal currently trades at $1292 per ounce, down 0.15% on the day. MCX Gold futures are trading at Rs 31768 per 10  grams, up 0.60% though as the Indian Rupee slipped. Indian rupee fell 76 paise to close at 69.17 against the dollar as the RBI raised concerns regarding economic  growth of the country. INR would continue to affect the local Gold prices in near term.

Base Metals Preview: Copper Choppy Ahead Of Weekend.
COMEX Copper eased a little yesterday but firm equities capped the losses for the red metal. US economic data continues to be strong. COMEX Copper currently trades at  $2.91 per pound, down 0.10% on the day. MCX Copper futures closed slightly lower at Rs 445.60 per kg and should see a choppy action ahead of weekend. The US initial jobless claims dipped to 202,000 – near five decade low. The latest data marked a decrease of 10,000 from the previous week’s revised level of 212,000.  Prices had hit their eight month high but lack of fresh fund buying is weighing on the metal now. Large precious metals speculators continued to trim their bullish net  positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC)  on last Friday.

Energy Preview: WTI Crude Lingers Around $62 Levels.
WTI Crude oil futures are witnessing some profit booking after hitting highest level in months. The counter currently trades at $62 per barrel, down marginally on the  day amid mixed movement in Asian equities. MCX Crude closed at Rs 4334 per barrel amid supportive bias from the Indian Rupee but can ease towards Rs 4300 level now. Oil has seen excellent fund buying recently. Large energy speculators continued to add to their bullish net positions in the WTI Crude Oil futures markets last week,  according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures  contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 448,619 contracts in the data reported through Tuesday March  26th. This was a weekly rise of 33,873 net contracts. The net speculative bullish position has now gained for six straight weeks and stands at the highest level since  late October 2018.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32000
RESIST 1: 31900
SUP 1: 31600
SUP 2: 31400

CS SILVER (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37900
RESIST 1: 37700
SUP 1: 37100
SUP 2: 36800

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 453.00
RESIST 1: 449.00
SUP 1: 443.00
SUP 2: 440.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 927.00
RESIST 1: 917.00
SUP 1: 898.00
SUP 2: 888.00

CS ZINC (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 230.00
RESIST 1: 228.00
SUP 1: 225.00
SUP 2: 223.00

CS LEAD (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 140.00
RESIST 1: 139.00
SUP 1: 137.00
SUP 2: 136.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 149.00
SUP 1: 147.00
SUP 2: 146.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 4390
RESIST 1:4360
SUP 1: 4300
SUP 2: 4260

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 188.00
RESIST 1: 186.00
SUP 1: 182.00
SUP 2: 180.00

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