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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 14 May 2019

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Precious Metals Preview: Silver Speculators Turn Bearish For First Time In Five Months.
Large precious metals speculators pulled their bets back into a bearish position 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 -957 contracts in the data reported through Tuesday May 7th. This was a weekly fall of -3,093 net contracts. Speculator sentiment has declined quickly after having spent nineteen straight weeks in bullish territory from December 11th through April 16th. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -16,659 contracts on the week. This was a weekly surge of 4,701 contracts.

Base Metals Preview: Copper Ends Down More Than 1% On MCX.
Copper crashed on global economic worries. Trade war fears stayed in place after the US President Donald Trump denied that US consumers will pay for higher tariffs on Chinese imports and warned China not to follow suit. However, China said that it will raise tariffs on $60 billion worth of US goods from June 1- sending US stocks down more than 2%. While this took copper near recent low, some buying emerged and the red metal currently trades at $2.73 per pound, up 0.52% on the day. MCX Copper futures closed down 1.10% at Rs 427.30 per kg.

Energy Preview: Fund Buying Weakens In Crude Oil.
Large energy speculators trimmed their bullish net positions in the WTI Crude Oil futures markets for a second week 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 494,336 contracts in the data reported through Tuesday May 7th. This was a weekly decrease of -29,767 net contracts. The net speculative position dropped for a second straight week. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -521,579 contracts on the week. This was a weekly spurt of 27,584 contracts.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 33000
RESIST 1: 32700
SUP 1: 32000
SUP 2: 31600

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38000
RESIST 1: 37800
SUP 1: 37300
SUP 2: 37000

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 432.00
RESIST 1: 430.00
SUP 1: 425.00
SUP 2: 423.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 840.00
RESIST 1: 837.00
SUP 1: 830.00
SUP 2: 826.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 217.00
RESIST 1: 214.00
SUP 1: 211.00
SUP 2: 210.00

CS LEAD (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 128.00
RESIST 1: 127.00
SUP 1: 125.00
SUP 2: 124.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 149.00
SUP 1: 147.00
SUP 2: 145.00

ENERGY
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4550
RESIST 1:4430
SUP 1: 4250
SUP 2: 4170

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 190.00
RESIST 1: 188.00
SUP 1: 183.00
SUP 2: 181.00

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