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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 10 May 2019

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Precious Metals Preview: Gold Slippery After Hitting Six Week Highs.
COMEX Gold stayed broadly supported amid visible stress in global markets yesterday. Stocks retreated amid fears that the US-China conflict could escalate. After US President Donald Trump threatened to levy additional tariffs on Chinese goods, Beijing said it would retaliate with necessary countermeasures in response. The yellow metal rose towards $1290 per ounce levels after a shaky start in US equities. However, prices dropped in Asia as soaring Bitcoin and steady stock markets capped the upside. Gold has already hit a six week high earlier this week.

Base Metals Preview: Copper Up In Asia, Broad Mood Remains Downbeat.
COMEX Copper futures tested a fresh two and half week low yesterday on weak equities and worries over Chinese demand. China’s private sector growth slows in April while the services sector growth rose marginally, survey data showed this week. The Caixin composite output index fell to 52.7 in April from 52.9 in March. The services Purchasing Managers’ Index, or PMI, rose to 54.5 from 54.4 a month ago. That was the highest since January 2018. New business in services increased, but the pace softened marginally since March. The red metal currently trades at $2.78 per pound, up 0.43% on the day as bargain buying offers some help. MCX Copper futures closed at Rs 432.30 per kg, up half a percent on the day.

Energy Preview: WTI Crude Holds Above $62 Per Barrel.
WTI Crude oil futures edged up from one month low as US imposed new sanctions affecting Iran’s iron, steel, aluminum and copper sectors. WTI Crude currently quotes at $62.06 per barrel, up 0.57% on the day. MCX Crude oil futures ended at Rs 4327 per barrel, up 0.16% 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: 32300
RESIST 1: 32000
SUP 1: 31700
SUP 2: 31500

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37700
RESIST 1: 37500
SUP 1: 37200
SUP 2: 37000

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 437.00
RESIST 1: 434.00
SUP 1: 428.00
SUP 2: 424.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 840.00
RESIST 1: 835.00
SUP 1: 825.00
SUP 2: 820.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 217.00
RESIST 1: 216.00
SUP 1: 213.00
SUP 2: 211.00

CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 133.00
RESIST 1: 131.00
SUP 1: 128.00
SUP 2: 127.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 146.00
SUP 2: 144.00

ENERGY
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4400
RESIST 1:4360
SUP 1: 4290
SUP 2: 4250

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 184.00
RESIST 1: 183.00
SUP 1: 181.00
SUP 2: 180.00

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