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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 16 AUGUST 2019

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Precious Metals Preview: MCX Gold Looks Set For Further Upmove.
Continued worries over global trade and economic concerns boosted COMEX Gold yesterday as the metal remained well supported after hitting a fresh six year high earlier this week. The Chinese finance ministry said in a statement that China is set to counter the latest US tariffs on $300 billion of Chinese goods, as it violated a consensus reached between Trump and Chinese President Xi Jinping at a June summit in Japan. The metal currently trades at $1531 per ounce, flat on the day. MCX Gold futures closed at Rs 38200 per 10 grams, up 1.13% on the day in last session on Wednesday after hitting a high of Rs 38340 per 10 grams. The local spot markets are under stress ahead of the festive season and could hurt retail purchases if prices stay at current levels.

Base Metals Preview: COMEX Copper Hovers Around $2.60 Per Pound In Asia.
COMEX Copper futures stayed under continued stress yesterday on broad demand worries. The World Trade Organization (WTO) said on Thursday that its latest quarterly outlook indicator suggests that below-trend expansion in merchandise trade will persist in the coming months. It showed growth in global goods trade likely to weaken, with a reading of 95.7. In its previous quarterly report in May, the WTO said that growth was likely to remain weak, with a reading of 96.3. The metal had has slipped from a two week high and currently trades at $2.60 per pound, up 0.30% on the day. MCX Copper is set to see a mixed start after ending at Rs 448.05 per kg on Wednesday, down half a percent on the day.

Energy Preview: Crude Spurts In Asia, WTI Futures Up More Than 1%.
WTI Crude oil futures extended losses yesterday as the US stocks saw choppy moves yesterday after witnessing their worst session of 2019 on Wednesday. Stocks tumbled as the US Treasury bond yield curve inverted for the first time since 2007, indicating that the bond markets are pricing in the possibility of a recession quite vehemently. This hefty slide had pulled oil down more than 3% in a single session and the sentiments continued to be jittery yesterday as well. The commodity rose in Asia though as equities edged up. WTI Crude currently trades at $55.12 per barrel, up 1.20% on the day. MCX Crude oil ended down 2.75% in last session to close at Rs 3926 per barrel after testing a low of Rs 3861 per barrel as a slide from highs above Rs 4000 per barrel extended.

PRECIOUS METALS
CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38700
RESIST 1: 38300
SUP 1: 37850
SUP 2: 37600

CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 44800
RESIST 1: 44400
SUP 1: 43700
SUP 2: 43400

BASE METALS
CS COPPER (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 455.00
RESIST 1: 451.00
SUP 1: 443.00
SUP 2: 439.00

CS NICKEL (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 1170.00
RESIST 1: 1160.00
SUP 1: 1140.00
SUP 2: 1130.00

CS ZINC (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 187.00
RESIST 1: 186.00
SUP 1: 184.00
SUP 2: 183.00

CS LEAD (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 153.00
SUP 2: 152.00

CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 140.00
SUP 2: 138.00

ENERGY
CS CRUDE OIL (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4020
RESIST 1:3980
SUP 1: 3900
SUP 2: 3860

CS NATURAL GAS (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 161.00
RESIST 1: 159.00
SUP 1: 157.00
SUP 2: 156.00

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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