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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 15 APR 2019

Mcx2-1

Gold Ends Under $1300 Per Ounce, Local Market Eyes Rupee
COMEX Gold futures saw a deep correction after prices hit two week highs. The metal dropped amid a hefty drop in major global commodities. COMEX Gold futures had gained on continued worries over global economic growth and choppy equities. Gold broke above $1310 per ounce after minutes of latest US Federal Reserve policy meeting suggested the central bank no longer expects to raise interest rates this year. The minutes said a majority of meeting participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving rates unchanged for the remainder of the year. However, the hefty selling in the metal afterwards saw it fall under $1300 per ounce to close around $1294 per ounce. Gold has been generally well supported recently on strong demand from central banks. The global central bank demand for gold in 2018, at 651.5 tons was the largest since the end of the Bretton Woods system of dollar convertibility into gold in 1971. MCX Gold futures ended up 0.34% at Rs 31750 per 10 grams on Friday as highs around Rs 32000 levels acted as a stiff resistance for the metal. A volatile undertone in Indian Rupee also weighed on the sentiments.

Copper Gains On Chinese Data
COMEX Copper cut losses and soared sharply as China’s copper concentrate imports were reported at 1.77 million tonnes in March, up 10.60% over the same month last year, according to the General Administration of Customs data. The red metal also eyed a generally strong foreign trade data from China as Chinese export growth rebounded to a five-month high. The red metal had tumbled earlier in the week after the International Monetary Fund (IMF) downgraded the economic outlook for 2019 indicating a slowing global economy and urging leaders to be careful in what it called a delicate moment. The fund’s updated forecast calls for 3.3% growth this year — down from 3.5% in January. The IMF added that it expects the economy to expand by 3.6% in 2020. Higher trade policy uncertainty and concerns of escalation and retaliation would reduce business investment, disrupt supply chains, and slow productivity growth, says the fund. COMEX Copper finally ended up 1.90% at $2.94 per pound on Friday. MCX Copper futures also added around 2% and closed at Rs 451 per kg.

Crude To Eye Rising US Inventories And Output
The WTI Crude oil futures eased from their five month highs last week after an increase in US crude oil stockpiles and continued selling pressure in US equities. The counter closed just under $64 per barrel in last session. MCX Crude oil futures also eased but witnessed a recovery from lows near Rs 4400 per barrel. US crude oil stocks rose to the highest in nearly 17 months as imports climbed, the Energy Information Administration (EIA) said. US Crude inventories rose 7 million barrels to 456.6 million barrels in the last week.

Precious Metals
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 32000
RESIST 1: 31900
SUP 1: 31750
SUP 2: 314700

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 37700
RESIST 1: 37500
SUP 1: 37000
SUP 2: 36800

Base Metals
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 458.00
RESIST 1: 454.00
SUP 1: 445.00
SUP 2: 440.00

CS NICKEL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 910.00
RESIST 1: 905.00
SUP 1: 893.00
SUP 2: 885.00

CS ZINC (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 234.00
RESIST 1: 232.00
SUP 1: 226.00
SUP 2: 222.00

CS LEAD (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 135.00
RESIST 1: 134.00
SUP 1: 132.00
SUP 2: 131.00

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: 4520
RESIST 1:4480
SUP 1: 4400
SUP 2: 4360

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 188.00
RESIST 1: 186.00
SUP 1: 184.00
SUP 2: 182.00

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