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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 19 MAR 2019

Mcx2-1

Base Metals Preview: Copper Speculators Trim Longs
Large metals speculators reduced their bullish net positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 25,567 contracts in the data reported through Tuesday March 12th. This was a weekly fall of -5,689 net contracts from the previous week.

Precious Metals Preview: MCX Gold Extends Losses Under Rs 32K As INR Soars.
MCX Gold futures slipped further yesterday, extending recent losses under Rs 32000 per 10 grams as the Indian Rupee soared in tune with the local equities. COMEX Gold was little changed as global equities started new week on supportive note. Investors remain hopeful for a US-China trade deal. US stocks ended mostly higher. European stocks edged up with banks leading surge after German lenders Deutsche Bank and Commerzbank said they were in talks to merge. COMEX Gold currently trades at $1307 per ounce, up 0.40% on the day. MCX Gold fell though, testing lows near Rs 31550 per 10 grams and currently trades at Rs 31652 per 10 grams, down 0.40% on the day. Local stocks logged gains for sixth straight session on Monday amid positive global cues. Indian Rupee showed sustained strength against the US dollar on sustained foreign fund inflows and broke under 69 per US dollar to test fresh seven month high under 68.50 levels.

Energy Preview: Crude Oil Speculative Longs At 17 Month Top.
Large energy speculators continued to raise their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 362,265 contracts in the data reported through Tuesday March 12th. This was a weekly gain of 13,464 net contracts. The net speculative position has now gained for a fourth straight week and is at the highest level since November 20th 2018. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -369,503 contracts on the week. This was a weekly drop of -11,928 contracts.

PRECIOUS METALS
CS GOLD (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 31900
RESIST 1: 31700
SUP 1: 31500
SUP 2: 31400

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 38300
RESIST 1: 38100
SUP 1: 37800
SUP 2: 37600

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 450.00
RESIST 1: 446.00
SUP 1: 442.00
SUP 2: 438.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 910.00
RESIST 1: 900.00
SUP 1: 880.00
SUP 2: 870.00

CS ZINC (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 196.00
RESIST 1: 194.00
SUP 1: 192.00
SUP 2: 190.00

CS LEAD (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 144.00
RESIST 1: 142.00
SUP 1: 137.00
SUP 2: 135.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 145.00
SUP 2: 143.00

ENERGY
CS CRUDE OIL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4120
RESIST 1:4090
SUP 1: 4000
SUP 2: 3950

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 202.00
RESIST 1: 198.00
SUP 1: 192.00
SUP 2: 188.00

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