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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 13 MAR 2019

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Gold Approaches Two Week High After Breaking Above $1300 Levels
COMEX Gold futures edged up amid mostly supportive undertone for risky assets as bargain buying continued to offer strength for the yellow metal. Prices have recovered after a correction that took the metal to six week low last week. Idea that Indian demand would get back into stride following this price correction kept the downside limited for the shiny metal. This week, the commodity has also been supported by a slightly weak undertone in the US dollar. The US dollar index currently trades at 96.90, unchanged on the day and is witnessing some resistance now after hitting its three month high of 96.60 in last week. COMEX Gold futures are currently trading at $1304 per ounce, up 0.50% on the day. These are the highest levels in nearly last two weeks for the metal. MCX Gold futures closed at Rs 32000 per 10 grams, up 0.30% on the day. Prices recovered after testing low under Rs 31900 per 10 gram levels.

Copper Off One Week High
COMEX Copper futures were supported yesterday as European markets jumped in early moves. Sentiments were supported as media reports noted that the UK Prime Minister Theresa May has claimed a major breakthrough in talks over Brexit with EU Commission President Jean-Claude Juncker. However, the red metal eased in US trading on a correction in DOW and profit booking after prices tested one week high. The commodity currently trades at $2.92 per pound, down marginally on the day. MCX Copper futures closed at Rs 452.75 per kg and should ease towards Rs 450 levels today.

WTI Crude Consolidates Above $57 Per Barrel
Crude oil futures surged further yesterday, adding to their recent gains as the commodity benefitted from supportive equities and strong fund buying. Markets also eyed a latest update from the US EIA estimating that US crude oil production averaged 11.9 million barrels per day (b/d) in February, down slightly from the January average. EIA forecasts that US crude oil production will average 12.3 million b/d in 2019 and 13.0 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico. The WTI Crude currently trades at 57.18 per barrel, up 0.55% on the day. MCX Crude oil futures closed at Rs 3970 per barrel, up 0.30% on the day after hitting around Rs 4K in intraday moves.

Precious Metals
CS GOLD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32100
RESIST 1: 32000
SUP 1: 31900
SUP 2: 31800

CS SILVER (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39000
RESIST 1: 38800
SUP 1: 38600
SUP 2: 38400
Base Metals
CS COPPER (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 460.00
RESIST 1: 456.00
SUP 1: 450.00
SUP 2: 448.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 927.00
RESIST 1: 919.00
SUP 1: 904.00
SUP 2: 897.00

CS ZINC (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 204.00
RESIST 1: 201.00
SUP 1: 196.00
SUP 2: 192.00

CS LEAD (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 147.00
RESIST 1: 146.00
SUP 1: 144.00
SUP 2: 143.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 147.00
RESIST 1: 146.00
SUP 1: 144.00
SUP 2: 143.00

Energy
CS CRUDE OIL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4040
RESIST 1:4000
SUP 1: 3950
SUP 2: 3920

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 197.00
RESIST 1: 196.00
SUP 1: 193.00
SUP 2: 191.00

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