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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 11 JUNE 2019

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Energy Preview: Crude Oil Speculative Longs At Three Month Low.
Large energy speculators yet again cut their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 400,168 contracts in the data reported through Tuesday June 4th. This was a weekly drop of -38,770 net contracts. The net speculative position has now declined for a six straight weeks and currently stands at the lowest level since March 12th. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -411,548 contracts on the week. This was a weekly rise of 37,529 contracts.

Precious Metals Preview: Silver Speculators Stay Bearish For Fifth Week.
Large precious metals speculators trimmed their bearish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -8,443 contracts in the data reported through Tuesday June 4th. This was a weekly rise of 13,966 net contracts.

Base Metals Preview: Copper Jumps To Two Week High After China Imports Data.
Copper soared yesterday on supportive risk sentiments as trade worries subsided and bargain buying stayed in place. Traders also eyed the Chinese copper imports data. China imports of unwrought copper, including anode, refined and semi-finished copper products were down 11% on month to 361000 million tonnes in May. For the first five months of the year, imports came to 1.95 million tonnes, down 9.4%, the General Administration of Customs data showed. However, imports of copper concentrate were 1.84 million tonnes in May, up 10.8% on Month. Concentrate imports increased 16.6% in five months of 2019. COMEX Copper edged up on these cues as a recovery from five month lows extended and the metal is currently quoting at $2.67 per pound, up 0.70% on the day- hitting highest levels in nearly two weeks. MCX Copper soared even more as the Indian Rupee extended drop for third straight session. The INR dropped 18 paise to close at 69.65 per US dollar. This pushed up the MCX Copper futures by nearly 2% to close just above Rs 410 per kg.

PRECIOUS METALS
CS GOLD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 33000
RESIST 1: 32800
SUP 1: 32600
SUP 2: 32500

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37600
RESIST 1: 37100
SUP 1: 36300
SUP 2: 36100

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 414.00
RESIST 1: 412.00
SUP 1: 406.00
SUP 2: 403.00

CS NICKEL (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 866.00
RESIST 1: 858.00
SUP 1: 846.00
SUP 2: 842.00

CS ZINC (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 206.00
RESIST 1: 205.00
SUP 1: 203.00
SUP 2: 202.00

CS LEAD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 158.00
RESIST 1: 156.00
SUP 1: 152.00
SUP 2: 149.00

CS ALUMINIUM (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 145.00
RESIST 1: 144.00
SUP 1: 142.00
SUP 2: 141.00

ENERGY
CS CRUDE OIL (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 3830
RESIST 1:3790
SUP 1: 3720
SUP 2: 3690

CS NATURAL GAS (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 166.00
RESIST 1: 165.00
SUP 1: 162.00
SUP 2: 161.00

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