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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 09 May 2019

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Precious Metals Preview: COMEX Gold Hits Five Week High.
COMEX Gold jumped to a five week high, extending an upmove after coming close to a four month low as stress in global equities supported the yellow metal. US stocks witnessed substantial losses on trade war concerns and the Dow fell to its lowest closing level in well over a month this week. Markets have been rattled as US Trade Representative Robert Lighthizer confirmed the US plans to raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. Good retail Gold buying this week on Akshaytritia also boosted the metal as the COMEX Gold futures soared to a high just above $1290 per ounce before pulling back. The metal is currently trading at $1281.65 per ounce, flat on the day. MCX Gold futures pared 0.14% to end at Rs 31686 per 10 grams and should slide further in early moves.

Base Metals Preview: Copper Stays Slippery.
Copper futures stayed slippery after testing a two and half month low recently as weak Chinese demand prospects and shaky global equities weighed on the red metal. China’s exports contracted in April while imports recorded their first increase in five months. Exports slipped 2.7% from a year earlier, customs data showed on Wednesday. This followed a sharp jump of 14.2% in March. Chinese imports recorded 4% rise following March’s 7.6% fall. China reported a trade surplus of $13.84 billion in April as a result. COMEX Copper is down 0.25% on the day to quote at $2.76 per pound right now. MCX Copper broke under Rs 430 per kg levels and ended marginally lower at Rs 429.90 per kg. Expect further losses today though bargain buying is possible after recent spate of losses.

Energy Preview: Crude Soars On Fresh Iran Sanctions Before Easing In Asia.
WTI Crude oil futures surged as US imposed new sanctions affecting Iran’s iron, steel, aluminum and copper sectors. Prices slipped in Asia though and the WTI Crude currently quotes at $61.54 per barrel, down 1% on the day. MCX Crude oil futures ended at Rs 4332 per barrel, up 1.60% on the day. China imported a record 10.68MMbbls/d of crude oil in April, up 11% year-on-year, and 15% higher month-on-month. Although these strong exports likely reflect heavy stockpiling in the lead up to the expiry of Iranian waivers.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 32000
RESIST 1: 31800
SUP 1: 31600
SUP 2: 31500

CS SILVER (JUL) OVERVIEW:
TREND : BULLISH
RESIST 2: 37800
RESIST 1: 37600
SUP 1: 37300
SUP 2: 37100

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 438.00
RESIST 1: 434.00
SUP 1: 427.00
SUP 2: 424.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 853.00
RESIST 1: 844.00
SUP 1: 830.00
SUP 2: 825.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 218.00
RESIST 1: 216.00
SUP 1: 213.00
SUP 2: 211.00

CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 133.00
RESIST 1: 132.00
SUP 1: 130.00
SUP 2: 129.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 147.00
SUP 1: 145.00
SUP 2: 143.00

ENERGY
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4410
RESIST 1:4370
SUP 1: 4270
SUP 2: 4210

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 186.00
RESIST 1: 184.00
SUP 1: 178.00
SUP 2: 175.00

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