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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 09 July 2019

Mcx2-1

Base Metals Preview: Copper Lingers Near Three Week Low, OECD Growth Momentum Stable

COMEX Copper futures are lingering near three week low. Some support is expected to emerge around the present mark after the composite leading indicators (CLIs) of the Organization for Economic Cooperation and Development (OECD) showed that the OECD member economies are stabilising. CLIs now point to stabilising growth momentum in the OECD area as a whole following last month’s assessment of easing growth momentum, the organization said. For all OECD economies, the CLIs were almost unchanged at 99 points, while the indicators for the seven major economies pointed to easing growth momentum.

Precious Metals Preview: Gold Falls Under $1400 Per Ounce In Asia, Bitcoin Soars

COMEX Gold futures slipped near one week low as continued demand worries hurt the metal. Prices tanked under $1400 levels after a rebound in last session failed to hold on. The metal eased after nearing six year high mark last week. Indian Gold demand is expected to take a hit after the Union Finance Minister proposed to increase custom duty on gold and other precious metals from 10% to 12.5%.

Energy Preview: Crude Sees Selling On Rallies

WTI Crude oil futures corrected from highs as weakness in global equities is weighing on the commodity. Stocks saw a sluggish start to the week. Markets scaled back expectations for near-term Fed rate cut after strong nonfarm data. Asian markets were hit hard while moderate losses were seen in the US and European stocks. WTI Crude eased from a high of $58.40 per barrel and currently trades at $57.42 per barrel, down 0.42% on the day. MCX Crude oil futures are trading at Rs 3978 per barrel, up 1% on the day as a drop in Indian Rupee capped downside

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 34800
RESIST 1: 34700
SUP 1: 34400
SUP 2: 34300

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38300
RESIST 1: 38200
SUP 1: 37900
SUP 2: 37700

Base Metals
CS COPPER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 440.00
RESIST 1: 438.00
SUP 1: 435.00
SUP 2: 434.00

CS NICKEL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 910.00
RESIST 1: 905.00
SUP 1: 890.00
SUP 2: 885.00

CS ZINC (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 194.00
RESIST 1: 193.00
SUP 1: 190.00
SUP 2: 189.00

CS LEAD (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 154.00
RESIST 1: 153.00
SUP 1: 151.00
SUP 2: 150.00

CS ALUMINIUM (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 141.00
SUP 2: 140.00

Energy
CS CRUDE OIL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4050
RESIST 1:4000
SUP 1: 3900
SUP 2: 3850

CS NATURAL GAS (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 170.00
RESIST 1: 168.00
SUP 1: 162.00
SUP 2: 160.00

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