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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 18 APR 2019

Mcx2-1

Precious Metals Preview: Gold Falls Near Four Month Low On Sound Economic Cues.
COMEX Gold futures tested near four half month low around $1270 per ounce and stayed tepid thereafter as the rising global risk appetite capped upside for the yellow metal. Investors were comforted after a raft of Chinese data indicated that Beijing’s policy stimulus may finally be gaining traction in the world’s second-largest economy. China stocks hit their best levels since March last year while Japanese stocks hit a five month top. US stocks ended flat amid positive economic data.

Energy Preview: Crude Eases, MCX Futures Witness Choppy Moves.
WTI Crude oil futures eased after edging up towards a five month high yet again. Rising risk appetite following strong Chinese data and hopes of a trade deal between the US and China boosted the commodity. However, prices slipped after the weekly US crude inventories data. US crude oil inventories fell last week after rising for three consecutive weeks. However, the quantum of increase was less-than-expected. The Energy Information Administration (EIA) said in its weekly report that crude oil inventories declined by 1.4 million barrels in the week to April 12, after a gain of 7.03 million barrels in the previous week. WTI Crude currently trades at $63.88 per barrel, down 0.13% on the day. MCX Crude oil futures closed at Rs 4440 per barrel, up 0.20% on the day amid choppy moves.

Base Metals Preview: Copper Soars Near Nine Month High On China Effect.
COMEX Copper hit near nine month high after Chinese economy expanded by 6.4% year-on-year in the first quarter of 2019, same as the previous quarter but confirming that the last year’s stimulus efforts from Beijing are working out well. The red metal also eyed media reports stating that Lumina Copper halted operations at its Caserones mine, in Chile’s northern Atacama region, following the death of one of its contractors. The commodity eased a little in Asia today as equities took a breather and currently trades at $2.95 per pound, down 0.34% on the day. MCX Copper futures closed at Rs 453.30 per kg, down 0.40% on the day and should ease towards Rs 450 levels ahead of extended weekend.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 31700
RESIST 1: 31600
SUP 1: 31400
SUP 2: 31300

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 37600
RESIST 1: 37400
SUP 1: 37100
SUP 2: 36900

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 461.00
RESIST 1: 458.00
SUP 1: 452.00
SUP 2: 449.00

CS NICKEL (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 917.00
RESIST 1: 905.00
SUP 1: 885.00
SUP 2: 878.00

CS ZINC (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 228.00
RESIST 1: 227.00
SUP 1: 225.00
SUP 2: 224.00

CS LEAD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 136.00
RESIST 1: 135.00
SUP 1: 133.00
SUP 2: 132.00

CS ALUMINIUM (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 147.00
SUP 2: 146.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4495
RESIST 1:4470
SUP 1: 4420
SUP 2: 4000

CS NATURAL GAS (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 181.00
RESIST 1: 178.00
SUP 1: 174.00
SUP 2: 172.00

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