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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 18 July 2019

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Base Metals Preview: MCX Nickel Set To Soar As Shanghai Futures Jump 4%

MCX Nickel prices are set to jump even more today on bullish global cues. The metal soared as traders eyed a short term squeeze in supplies following a large earthquake in Indonesia, a leading global producer of the metal. Nickel futures in Shanghai soared 4% to fresh one year high of 114 000 yuan per tonne today. Prices spiked this week after the quake which hit the Maluku islands in eastern Indonesia on Sunday July 14. Some producers have suspended shipments though the quake is unlikely to have a significant impact on mines and smelters. The region is considered a major producing area and as such the spike in prices is understandable. The MCX Nickel futures have been in good form on this and accelerated to a fresh contract high today. The metal closed at Rs 990 per kg, up 2.59% on the day in last session.

Energy Preview: US Crude Oil Stockpiles Fall For Fifth Week

The US Energy Information Administration (EIA) on Wednesday reported that US crude supplies fell for a fifth consecutive week. Crude stockpiles slipped 3.1 million barrels for the week ended July 12. US crude production fell 300,000 barrels per day in the week to July 12 to 12 million bpd, according to the EIA. Stocks at the Cushing, Oklahoma, delivery hub for US crude future also fell by 1.35 million barrels. Net US crude imports were marginally higher, rising 44,000 bpd, while exports alone fell about half a million bpd. Gasoline stocks rose 3.6 million barrels while distillates stocks rose 5.7 million barrels, the EIA data showed.

Precious Metals Preview: COMEX Gold Sees Massive Rebound To Test Two Week Top

Gold eased today but the losses were capped by a corrective undertone in global equities after the US President Donald Trump threatened to impose tariffs on another $325 billion worth of Chinese goods. A massive drop in the value of Bitcoin and soaring Indian imports also worked in favour of Gold, arresting its downside. The metal currently trades at $1407 per ounce, down 0.27% on the day.

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 35500
RESIST 1: 35300
SUP 1: 34800
SUP 2: 34500

CS SILVER (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 40900
RESIST 1: 40500
SUP 1: 39500
SUP 2: 38900

Base Metals
CS COPPER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 450.00
RESIST 1: 448.00
SUP 1: 443.00
SUP 2: 440.00

CS NICKEL (JUL) OVERVIEW:
TREND : BULLISH
RESIST 2: 1020.00
RESIST 1: 1010.00
SUP 1: 970.00
SUP 2: 940.00

CS ZINC (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 196.00
RESIST 1: 195.00
SUP 1: 193.00
SUP 2: 192.00

CS LEAD (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 154.00
SUP 2: 153.00

CS ALUMINIUM (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 144.00
RESIST 1: 143.00
SUP 1: 142.00
SUP 2: 141.00

Energy
CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 4070
RESIST 1:4000
SUP 1: 3870
SUP 2: 3820

CS NATURAL GAS (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 164.00
RESIST 1: 162.00
SUP 1: 157.00
SUP 2: 155.00

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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