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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 20 MAR 2019

Mcx2-1

Precious Metals Preview: Gold Holds Above $1300 Per Ounce, Fed In Focus.
COMEX Gold futures edged up further yesterday after breaking above $1300 per ounce as the sentiments remained supported ahead of the US Federal Reserve’s monetary policy meet outcome tomorrow. The US dollar has been under stress recently and the dollar index fell to a three week low. There is some speculation about the Fed turning even more defensive in its monetary approach after saying that it will be patient in raising the rates. A recent update from the Dallas Fed has noted that nonfinancial corporate bonds outstanding in the US grew from approximately $2.2 trillion in 2008 to approximately $5.7 trillion at year-end 2018. The bulk of this growth occurred in the investment-grade sector.

Energy Preview: Crude In A Range, WTI Futures Above $59 Level.
WTI Crude oil futures are trading in a range after hitting four month highs on continued concerns about the OPEC curtailing supplies. The 13th Meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee, held in Baku, Azerbaijan, was extremely productive and results-orientated, with fruitful discussions leading to several positive outcomes. WTI Crude currently trades at $59.16 per barrel, down 0.22% on the day. MCX Crude oil futures closed at Rs 4100 per barrel, up marginally on the day. Global markets are looking slightly cautious ahead of the Fed monetary policy meeting and there is a possibility of oil extending losses. Oil trader would also be eyeing the weekly EIA crude inventories data to be released tonight.

Base Metals Preview: COMEX Copper Off One Week High.
COMEX Copper futures extended the recent uptrend to hit a one week high yesterday before coming off on cautious equities and corrective selling. The metal traders are focusing on media reports that China will cut value-added tax for manufacturing and other sectors from next month. COMEX Copper futures are currently trading at $2.91 per ounce, down 10% on the day. MCX Copper futures closed at Rs 448 per kg, up 1% on the day after hitting a high near the key Rs 450 per kg levels.

PRECIOUS METALS
CS GOLD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32200
RESIST 1: 32100
SUP 1: 31700
SUP 2: 31500

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 38600
RESIST 1: 38400
SUP 1: 38000
SUP 2: 37800

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 455.00
RESIST 1: 452.00
SUP 1: 444.00
SUP 2: 439.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 930.00
RESIST 1: 920.00
SUP 1: 890.00
SUP 2: 880.00

CS ZINC (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 201.00
RESIST 1: 199.00
SUP 1: 194.00
SUP 2: 191.00

CS LEAD (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 137.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 149.00
SUP 1: 146.00
SUP 2: 145.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4110
RESIST 1:4070
SUP 1: 4010
SUP 2: 3980

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 203.00
RESIST 1: 200.00
SUP 1: 195.00
SUP 2: 192.00

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