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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 12 APR 2019

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Precious Metals Preview: Heavy Selling In Gold, MCX Futures Drop 1.60%.
COMEX Gold futures were hit hard yesterday as a deep correction set in the commodity after prices hit two week highs. The metal dropped amid a hefty drop in major global commodities. Crude oil prices fell sharply, extending a fall from five month high as rising US crude inventories hurt the mood. US crude oil stocks rose to the highest in nearly 17 months as imports climbed, the Energy Information Administration (EIA) said. US Crude inventories jumpd 7 million barrels to 456.6 million barrels with majority of the increase coming once again from the Gulf Coast region, where inventories gain 5.4 million barrels to 232.2 million barrels. Copper also fell sharply on global growth worries. Falling commodity prices tend to have a moderating impact on Gold and the metal witnessed heavy selling, breaking below the key $1300 per ounce and closed down 1.5% at $1294 pe ounce. The metal currently trades at $1297 per ounce, up 0.19% on the day. MCX Gold futures broke under Rs 32000 per 10 grams amid hefty selling and closed down around 1.66% at Rs 31744 per 10 grams.

Energy Preview: Crude Tanks Around 2% On MCX.
MCX Crude oil futures dropped nearly 2% to close at Rs 4389 per barrel yesterday as global prices eased and equities remained tentative. The WTI Crude oil futures eased from their five month highs after an increase in US crude oil stockpiles and continued selling pressure in US equities. The commodity currently trades at $63.80 per barrel, up 0.35% on the day. US crude oil stocks rose to the highest in nearly 17 months as imports climbed, the Energy Information Administration (EIA) said Wednesday. US Crude inventories rose 7 million barrels to 456.6 million barrels in the last week. A majority of the increase came once again from the Gulf Coast region, where inventories rose 5.4 million barrels to 232.2 million barrels. Net US crude imports jumped last week by 210,000 barrels per day (bbl/d) while exports fell by 374,000 bbl/d to 2.3 million bbl/d, the lowest level since late January.

Base Metals Preview: MCX Copper Falls Near Rs 441 Per Kg.
Copper also fell sharply yesterday on global growth worries and currently trades marginally higher at $2.90 per pound. MCX Copper future ended down 1.40% 441.50 per kg as the Indian Rupee rose. Indian Rupee held firm on good FII flows and broke under 69 per US dollar to close up 18 points at 68.92. Copper has mostly eased this week after the IMF lowered the outlook for global economic growth in 2019 to 3.3% from 3.5% projected in January, marking its third reduction of growth expectations in six months. However, fund buying is likely to come in at lower levels. Large metals speculators added to their bullish net positions in the Copper 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 Copper futures, traded by large speculators and hedge funds, totalled a net position of 4,556 contracts in the data reported through Tuesday April 2nd. This was a weekly increase of 2,614 net contracts.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 32400
RESIST 1: 32100
SUP 1: 31600
SUP 2: 31400

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 38000
RESIST 1: 37500
SUP 1: 36600
SUP 2: 36300

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 450.00
RESIST 1: 445.00
SUP 1: 440.00
SUP 2: 437.00

CS NICKEL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 920.00
RESIST 1: 906.00
SUP 1: 884.00
SUP 2: 874.00

CS ZINC (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 237.00
RESIST 1: 231.00
SUP 1: 220.00
SUP 2: 216.00

CS LEAD (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 136.00
RESIST 1: 134.00
SUP 1: 132.00
SUP 2: 130.00

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: 4500
RESIST 1:4440
SUP 1: 4360
SUP 2: 4320

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 190.00
RESIST 1: 186.00
SUP 1: 182.00
SUP 2: 181.00

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