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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 08 APR 2019

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Precious Metals Preview: Gold Holds Just Under $1300 Level.
COMEX Gold failed to extend gains after testing one week high as selling resumed yet again. The yellow metal had tested around three month low following a sharp correction as equities remained steady. However, steady exchange traded fund buying capped the losses and the metal ended around $1295 per ounce, up marginally on the day on Friday. MCX Gold ended at Rs 31884 per 10 grams, up 0.37% on the day.According to a latest update from the World Gold Council (WGC), the holdings in global gold-backed ETFs and similar products rose slightly in March by 3 tonnes (t) to 2,483t, equivalent to US$183mn in inflows. Global assets under management (AUM) fell by 1.6% in US dollars to US$103bn over the month, driven by the 2% decline in the price of gold during the same period. Global gold-backed ETF flows remain positive on the year (US$1.9bn, 1.9% AUM) on the back of strong January inflows.

Energy Preview: Crude Jumps 2% To Five Month Top.
WTI Crude Oil prices rose around 2% to a five month high above $63 per barrel on Friday on strong US employment data and positive equities. Sentiments remained supported for US stocks after nonfarm payrolls. The major averages ended the session at their best closing levels in about six months after the US non-farm payroll employment soared by 196,000 jobs in March. MCX Crude ended at Rs 4334 per barrel, up 0.88% on the day. World markets are mostly supported on hopes that the United States and China would forge an agreement on trade very soon. Oil market is also witnessing support on OPEC led supply cuts and technical buying after WTI Crude oil prices broke above the critical $60 per barrel mark in a successful manner. Positive cues from China also boosted the sentiments. China’s factory activity rose after a 4-month lull with the official Purchasing Managers Index (PMI) coming in at 50.5 in March from 49.2 in February. Another survey, the Caixin/Markit Manufacturing PMI came in at 50.8, recording the strongest expansion in eight months.

Base Metals Preview: Copper Down Half Percent On MCX.
COMEX Copper futures ended around one week low on strength in US dollar. Dollar index edged up near 97 levels after the US job growth showed a substantial reacceleration in the month of March, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February. Copper closed down 0.72% at $2.89 per pound on Friday. MCX Copper futures closed at Rs 443.35 per kg, down 0.50% on the day.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 32000
RESIST 1: 31900
SUP 1: 31600
SUP 2: 31500

CS SILVER (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 38000
RESIST 1: 37700
SUP 1: 37400
SUP 2: 37200

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 450.00
RESIST 1: 447.00
SUP 1: 441.00
SUP 2: 439.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 926.00
RESIST 1: 914.00
SUP 1: 898.00
SUP 2: 890.00

CS ZINC (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 230.00
RESIST 1: 228.00
SUP 1: 226.00
SUP 2: 224.00

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: 146.00
SUP 2: 145.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 4430
RESIST 1:4400
SUP 1: 4300
SUP 2: 4250

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 187.00
RESIST 1: 186.00
SUP 1: 184.00
SUP 2: 182.00

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