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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 10 July 2019

Commodities-Market-1

Precious Metals Preview: Strong Fund Inflows Supports Gold

COMEX Gold futures stayed broadly supported at one week low on hopes of excellent fund buying and muted action in equities. The yellow metal currently trades at $1395 per ounce, down 0.35% on the day. MCX Gold futures recovered from a low of Rs 34340 per 10 grams an closed flat at Rs 34580 per 10 grams. According to a latest update from the World Gold Council (WGC), the holdings in global gold-backed ETFs and similar products rose sharply in June by 127 tonnes (t) to 2,548t – equivalent to US$5.5bn in inflows

Base Metals Preview: MCX Copper Extends Slide Under Rs 440 Level

Copper stayed under continued stress, testing a fresh three week low of $2.61 per pound on demand worries. IHS Markit’s monthly PMI overview stated that the pace of global economic growth remained stuck at a three-year low in June, according to the latest PMI surveys from IHS Markit, rounding off the worst quarterly expansion since the second quarter of 2016. The JPMorgan Global PMI, compiled by IHS Markit, held steady at 51.2 in June, signalling the slowest rate of expansion of global output since June 2016 during the past two months.

Energy Preview: Crude Jumps More Than 1% In Asian Trades

WTI Crude oil futures soared after the American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4. Last week, it had reported a draw of 5 million barrels. WTI Crude surged around 1.10% to $58.61 per barrel in Asia today. MCX Crude oil should see a sharp jump following this after ending marginally lower at Rs 3967 per barrel.

Economic data was mixed yesterday. Job openings posted by U.S. employers slipped 0.7% in May, while hires that month tumbled 4.4% in a sign that the job market may be easing slightly. The Labor Department said Tuesday that employers posted 7.3 million jobs in May. They hired 5.7 million, down from the record 6 million hit in April.

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 34800
RESIST 1: 34700
SUP 1: 34400
SUP 2: 34200

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38400
RESIST 1: 38300
SUP 1: 37900
SUP 2: 37700

Base Metals
CS COPPER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 440.00
RESIST 1: 436.00
SUP 1: 430.00
SUP 2: 428.00

CS NICKEL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 910.00
RESIST 1: 905.00
SUP 1: 894.00
SUP 2: 886.00

CS ZINC (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 194.00
RESIST 1: 191.00
SUP 1: 189.00
SUP 2: 186.00

CS LEAD (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 158.00
RESIST 1: 156.00
SUP 1: 153.00
SUP 2: 151.00

CS ALUMINIUM (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 144.00
RESIST 1: 143.00
SUP 1: 141.00
SUP 2: 140.00

Energy
CS CRUDE OIL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4020
RESIST 1:4000
SUP 1: 3940
SUP 2: 3910

CS NATURAL GAS (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 170.00
RESIST 1: 168.00
SUP 1: 163.00
SUP 2: 160.00

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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