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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 17 May 2019

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Base Metals Preview: Copper Eases Half A Percent In Asia.
COMEX Copper is down half a percent at $2.73 per pound in Asia. MCX Copper closed flat at Rs 428.70 per kg. Copper stayed locked in a tepid movement amid continued demand worries even as the International Copper Study Group (ICSG) said in a latest update that refined copper market will experience supply shortfalls both this year and next. The group has lifted its 2019 deficit assessment to 189,000 tonnes from a forecast 65,000 tonnes at its last biannual meeting in October 2018. Next year’s deficit is expected to be wider at 250,000 tonnes. However, a slowdown in world economic growth is expected to have an adverse impact on world refined copper usage growth in 2019 and 2020.

Energy Preview: Crude Soars, WTI Futures Hold Above $63 Per Barrel.
Rising equities boosted crude oil futures yesterday. WTI Crude extended an upmove from one month low and broke above $63 per barrel. Prices jumped near two week high though tepid fund buying in recent weeks can weigh on the futures now. WTI Crude currently trades at $63.16 per barrel, up 0.46% on the day as Asian markets stayed well supported. MCX Crude oil futures closed at Rs 4420 per barrel, up 1.24% on the day.

Precious Metals Preview: Gold Slides As Dollar Index Soars To Two Week High.
COMEX Gold eased for a third session yesterday, as the dollar strengthened after the release of strong economic data from the United States. Rising equities also hurt the sentiments. The yellow metal currently trades at $1285 per ounce, down marginally on the day. MCX Gold ended at Rs 31975 per 10 grams, down 0.88% on the day.
The US dollar index rose 97.70 – its highest level in nearly two weeks on a raft of strong economic cues. The Philly Fed said its diffusion index for current general activity surged up to 16.6 in May after falling to 8.5 in April, with a positive reading indicating growth in regional manufacturing activity. The spurt by the headline index was partly due to a significant increase by the shipments index, which spiked to 27.6 in May from 18.4 in April.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32500
RESIST 1: 32200
SUP 1: 31800
SUP 2: 31600

CS SILVER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 37800
RESIST 1: 37300
SUP 1: 36600
SUP 2: 36300

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 434.00
RESIST 1: 431.00
SUP 1: 426.00
SUP 2: 424.00

CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 867.00
RESIST 1: 861.00
SUP 1: 851.00
SUP 2: 846.00

CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 219.00
RESIST 1: 218.00
SUP 1: 216.00
SUP 2: 215.00

CS LEAD (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 130.00
RESIST 1: 129.00
SUP 1: 127.00
SUP 2: 126.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 152.00
RESIST 1: 151.00
SUP 1: 150.00
SUP 2: 149.00

ENERGY
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4500
RESIST 1:4450
SUP 1: 4370
SUP 2: 4310

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 189.00
RESIST 1: 187.00
SUP 1: 182.00
SUP 2: 179.00

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