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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 13 MAY 2019

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MCX Gold Approaches Rs 32000 Mark
COMEX Gold futures managed to sustain latest gains as delicate global economic and financial sentiments boosted the yellow metal. The equity markets remained tentative as a fresh round of US tariffs on Chinese goods took effect. This supported the commodity and COMEX Gold ended around $1286 per ounce after hitting its six week high near $1290 per ounce levels. MCX Gold futures ended just above Rs 31900 per 10 grams after briefly touching above the critical Rs 32000 levels for a while.

Crude Sees Bargain Buying
WTI Crude oil futures extended gains as the commodity saw plenty of bargain buying after testing one month low earlier this week. The counter closed just above $61.70 per barrel. MCX Crude oil futures closed at Rs 4316 per barrel, as highs around Rs 4350-60 levels continued to cap the counter in last week. US sanctions on crude oil exports from Iraq have taken almost a full effect. The US Energy Information Administration (EIA) also reported a draw of 4 million barrels in US crude oil inventories for the week to May 3rd. This followed two weeks of substantial increases in US Crude stockpiles.

Demand Worries Hurt Copper
COMEX Copper futures tested a fresh two and half month low of $2.73 per pound on weak equities and worries over Chinese demand. MCX Copper also fell under Rs 430 per kg levels on these cues before witnessing some buying. China’s private sector growth slowed in April while the services sector growth rose marginally, survey data showed. The Caixin composite output index fell to 52.7 in April from 52.9 in March.

Precious Metals
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 32100
RESIST 1: 32000
SUP 1: 31800
SUP 2: 31500

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 37600
RESIST 1: 37500
SUP 1: 37200
SUP 2: 37100

Base Metals
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 436.00
RESIST 1: 434.00
SUP 1: 430.00
SUP 2: 427.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 848.00
RESIST 1: 844.00
SUP 1: 834.00
SUP 2: 830.00

CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 218.00
RESIST 1: 216.00
SUP 1: 213.00
SUP 2: 211.00

CS LEAD (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 131.00
RESIST 1: 129.00
SUP 1: 126.00
SUP 2: 125.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 146.00
SUP 2: 145.00

Energy
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4390
RESIST 1:4360
SUP 1: 4300
SUP 2: 4280

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 189.00
RESIST 1: 187.00
SUP 1: 181.00
SUP 2: 178.00

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