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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 09 AUGUST 2019

Commodities-Market-1

Energy Preview: Crude Jumps 1% On MCX

Crude oil futures eased a little in Asia amid demand concerns after a sharp recovery yesterday and currently trade at $52.42 per barrel, down 0.20% on the day. MCX Crude ended up 1.43% at Rs 3693 per barrel in last session. The US Energy Information Administration (EIA) noted in a latest monthly update that Brent crude oil spot prices averaged $64 per barrel (b) in July, almost unchanged from the average in June 2019 but $10/b lower than the price in July of last year. EIA forecasts Brent spot prices will average $64/b in the second half of 2019 and $65/b in 2020. The forecast of stable crude oil prices is the result of EIA’s expectations of a relatively balanced global oil market. EIA forecasts global oil inventories will increase by 0.1 million barrels per day (b/d) in 2019 and 0.3 million b/d in 2020.

Precious Metals Preview: Gold Stays Supported, MCX Futures Jump 1%

COMEX Gold stayed supported after a ferocious run saw it hit seven year high just above $1500 per ounce. The metal currently trades at $1519 per ounce, up 0.63% on the day. Meanwhile, the MCX Gold futures closed up 1.12% at Rs 37800 per 10 grams. There are some concerns over local Gold demand given the spurt in spot prices to all time high around Rs 38000 level. India’s gold imports in July fell 55% from year ago to the lowest level in nearly three years. India imported around 39.66 tonnes of gold in July, down from 88.16 tonnes a year ago, media reports noted this week. MCX Gold futures closed at Rs 37800 per 10 grams yesterday, up 1.12% on the day.

Base Metals Preview: Copper Hits One Week High

COMEX Copper edged up for a third session yesterday as a recovery from 2 year low extended amid rising US equities. Arrivals of unwrought copper, including anode, refined and semi-finished copper products into China, the world’s top copper consumer, stood at 420,000 tonnes last month, the General Administration of Customs said, up from 326,000 tonnes in June though it was down 7.1% from July 2018. The metal hit one week high of $2.61 per pound and currently trades at $2.59 per pound, flat on the day. MCX Copper ended flat at Rs 442.40 per kg on a recovery in the Indian Rupee capped gains.

Precious Metal
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 38500
RESIST 1: 38200
SUP 1: 37600
SUP 2: 37400

CS SILVER (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 44000
RESIST 1: 43700
SUP 1: 43000
SUP 2: 42600

Base Metals
CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 450.00
RESIST 1: 446.00
SUP 1: 438.00
SUP 2: 434.00

CS NICKEL (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 1140.00
RESIST 1: 1130.00
SUP 1: 1110.00
SUP 2: 1100.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 187.00
RESIST 1: 186.00
SUP 1: 184.00
SUP 2: 183.00

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 154.00
SUP 2: 153.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00

Energy
CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 3790
RESIST 1:3740
SUP 1: 3660
SUP 2: 3620

CS NATURAL GAS (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 151.00
RESIST 1: 150.00
SUP 1: 148.00
SUP 2: 147.00

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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