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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 12 July 2019

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Base Metals Preview: Copper Holds Steady

COMEX Copper stayed elevated amid bullish equities and steady buying support. The Dow and the S&P 500 reached new record closing highs, with the Dow closing above 27,000 for the first time ever. Federal Reserve Chair Jerome Powell highlighted global risks that could trigger a Fed rate cut in near term.The red metal has edged up after testing a three week low this week and currently trades at $2.69 per pound, up 0.37% on the day. MCX Copper futures closed down marginally by 0.23%.

Energy Preview: WTI Crude Soars Near $61 Level

Crude oil futures soared further as geopolitical tensions resurfaced and a strong upmove in global equities kept the sentiments supported for commodities. Media reports stated that three Iranian boats attempted to impede a British oil tanker in the Gulf, further deepening tensions in the vital shipping channel off Iran.The incident took place in the Strait of Hormuz through which the commercial vessel, British Heritage, was attempting to pass on Wednesday. Contrary to international law, three Iranian vessels attempted to impede the passage of a commercial vessel, British Heritage, through the Strait of Hormuz.

Precious Metals Preview: Gold Off One Week High, MCX Futures End Just Above Rs 34700 Mark

Soaring global equities pulled COMEX Gold lower after the metal hit one week high near $1430 per ounce. However, the broad demand picture remains well supported for the metal after recent break above $1400 levels. The counter trades at $1409 per ounce, up 0.20% on the day. MCX Gold closed at Rs 34711 per 10 grams, down 0.37% on the day after hitting a high of Rs 35145 per 10 grams in intraday moves. World Gold Council (WGC), noted in its latest midyear outlook that while consumer demand may be soft, the speculative activity could amplify price movements in Gold.

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 35300
RESIST 1: 35000
SUP 1: 34600
SUP 2: 34300

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38700
RESIST 1: 38400
SUP 1: 38000
SUP 2: 37800

Base Metals
CS COPPER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 444.00
RESIST 1: 442.00
SUP 1: 439.00
SUP 2: 437.00

CS NICKEL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 924.00
RESIST 1: 919.00
SUP 1: 911.00
SUP 2: 907.00

CS ZINC (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 196.00
RESIST 1: 194.00
SUP 1: 192.00
SUP 2: 190.00

CS LEAD (JUL) OVERVIEW:
TREND : BULLISH
RESIST 2: 159.00
RESIST 1: 158.00
SUP 1: 156.00
SUP 2: 154.00

CS ALUMINIUM (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 145.00
RESIST 1: 144.00
SUP 1: 141.00
SUP 2: 140.00

Energy
CS CRUDE OIL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4200
RESIST 1:4160
SUP 1: 4110
SUP 2: 4090

CS NATURAL GAS (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 173.00
RESIST 1: 169.00
SUP 1: 163.00
SUP 2: 160.00

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