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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 19 FEB 2019

Commodities-Market-1

Precious Metals Preview: MCX Gold Ends Above Rs 32600 Levels.
COMEX Gold futures remained supported on good Indian demand. Metal edged up even as the risk sentiments were mostly elevated. Gold bulls are keeping an eye on the major stresses in world economy like the US government and Brexit. According to latest commerce ministry data, total imports of the precious metal in the corresponding period of 2017-18 stood at $28.23 billion. After recording negative growth for three consecutive months — October, November and December 2018, the imports grew by 38.16% to $ 2.31 billion in January this year. COMEX Gold futures are currently trading at $1328 per ounce, up marginally on the day. Prices have approached near their eight month highs following the recent uptick. MCX Gold futures are currently trading at Rs 33608 per 10 grams, up 0.60% on the day as the Indian Rupee extended recent losses. INR dropped 11 paise to end at 71.34 against the US dollar yesterday.

Base Metals Preview: MCX Copper Jumps Near Rs 450 Per Kg.
COMEX Copper surged yesterday on rising risk appetite and ideas that Chinese demand would stay supported. China’s banks made the most new loans on record in January – totalling 3.23 trillion yuan- as policymakers attempted to revive the sluggish investment and prevent a sharper slowdown in the world’s second-largest economy. In January, the Chinese central bank cut the reserve requirement ratio (RRR) in January by 100 basis points. COMEX Copper futures tested around two week low before the current recovery and now trades at $2.83 per pound, flat on the day after adding 1.3% yesterday. MCX Copper futures closed at Rs 447.75 per kg, up 1.25% on the day.

Energy Preview: Crude Oil Speculative Longs Gain For Second Week.
Large energy speculators added to their bullish net positions in the WTI Crude Oil futures markets in January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). This latest COT data is from later in January due to the government shutdown which suspended the releases.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 334,859 contracts in the data reported through Tuesday January 22nd. This was a weekly increase of 27,934 net contracts. The speculative net position rose for a second straight week after falling in the previous three weeks.

PRECIOUS METALS
CS GOLD (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 33800
RESIST 1: 33700
SUP 1: 33500
SUP 2: 33400

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40400
RESIST 1: 40300
SUP 1: 40100
SUP 2: 40000

BASE METALS
CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 452.00
RESIST 1: 450.00
SUP 1: 444.00
SUP 2: 440.00

CS NICKEL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 900.00
RESIST 1: 892.00
SUP 1: 878.00
SUP 2: 871.00

CS ZINC (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 193.00
RESIST 1: 192.00
SUP 1: 188.00
SUP 2: 186.00

CS LEAD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 147.00
SUP 1: 143.00
SUP 2: 141.00

CS ALUMINIUM (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 133.00
RESIST 1: 132.00
SUP 1: 130.00
SUP 2: 129.00

ENERGY
CS CRUDE OIL (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 4090
RESIST 1:4070
SUP 1: 4030
SUP 2: 4000

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 192.00
RESIST 1: 190.00
SUP 1: 186.00
SUP 2: 184.00

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