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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 11 APR 2019

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Precious Metals Preview: Gold Softens In Asia.
COMEX Gold futures rose to fresh two week highs on continued worries over global economic growth and choppy equities. Gold rose as International Monetary Fund on Tuesday downgraded the economic outlook for 2019 indicating a slowing global economy and urging leaders to be careful in what it called a delicate moment. The fund’s updated forecast calls for 3.3% growth this year — down from 3.5% in January. The IMF added that it expects the economy to expand by 3.6% in 2020. Higher trade policy uncertainty and concerns of escalation and retaliation would reduce business investment, disrupt supply chains, and slow productivity growth, says the fund further.

Energy Preview: EIA Sees Brent Crude Averaging $65 Per Barrel In 2019.
According to latest Short Term Energy Outlook from the US EIA, for the 2019 summer driving season that runs from April through September, EIA forecasts that US regular gasoline retail prices will average $2.76 per gallon (gal), down from an average of $2.85/gal last summer. The lower forecast gasoline prices primarily reflect EIA’s expectation of lower crude oil prices in 2019. For all of 2019, EIA expects US regular gasoline retail prices to average $2.60/gal and gasoline retail prices for all grades to average $2.71/gal, which would result in the average US household spending about $100 (4%) less on motor fuel in 2019 compared with 2018.

Base Metals Preview: Copper Choppy On Mixed Economic Cues.
Copper futures stayed choppy around $2.91 per pound amid mixed economic cues. MCX Copper futures ended down 0.54% at Rs 447.40 per kg. Minutes of latest US Federal Reserve policy meeting suggested the central bank no longer expects to raise interest rates this year. The minutes said a majority of meeting participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving rates unchanged for the remainder of the year. The European Central Bank President Mario Draghi on Wednesday said the bank stands ready to deploy more policy tools, if any contingency warranted given the weaker growth outlook. The UK economy expanded at a slower pace in February, figures from the Office For National Statistics showed on Wednesday. Gross domestic product or GDP grew 0.2% month-on-month in February, while the economy expanded 0.5% in January. Japan total value of core machine orders was up a seasonally adjusted 1.8% on month in February, the Cabinet Office said on Wednesday, coming in at 836.7 billion yen, following the 5.4% contraction in January. On a yearly basis, core machine orders sank 5.5% following the 2.9% decline in the previous month. Overall bank lending in Japan was up 2.4% on year in March, the Bank of Japan said – coming in at 535.367 trillion yen. This followed a 2.3% annual increase in February.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 32400
RESIST 1: 32300
SUP 1: 32100
SUP 2: 32000

CS SILVER (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 38000
RESIST 1: 37970
SUP 1: 37700
SUP 2: 37500

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 452.00
RESIST 1: 450.00
SUP 1: 445.00
SUP 2: 443.00

CS NICKEL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 924.00
RESIST 1: 918.00
SUP 1: 909.00
SUP 2: 905.00

CS ZINC (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 226.00
RESIST 1: 225.00
SUP 1: 224.00
SUP 2: 222.00

CS LEAD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 138.00
RESIST 1: 136.00
SUP 1: 134.00
SUP 2: 133.00

CS ALUMINIUM (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 148.00
RESIST 1: 147.00
SUP 1: 146.00
SUP 2: 145.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 4510
RESIST 1:4490
SUP 1: 4445
SUP 2: 4410

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 190.00
RESIST 1: 189.00
SUP 1: 186.00
SUP 2: 185.00

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