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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 21 May 2019

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Precious Metals Preview: Gold Tumbles 1% On MCX As INR Soars.
MCX Gold slipped sharply yesterday as the Indian Rupee surged. The rupee soared by 48 paise to close at 69.74 against the US dollar after hitting an intraday high under 69.50. Domestic stocks logged strong gains on first trading day of the week. The Sensex and the Nifty, both, settled at record high. Sentiment was boosted after most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls. The Sensex moved above the psychological 39,000 level after regaining the psychological 38,000 mark in opening trade. This massive surge can also weigh on the local Gold prices. The MCX Gold futures are closed at Rs 31480 per 10 grams, down 1% on the day. The COMEX Gold futures are lingering around $1275 per ounce amid a dull session of trade for second day. The US dollar index edged up marginally after hitting two week high above 98 on Friday. The sentiment is still well supported for the dollar on poor economic outlook for Eurozone. Germany’s economy is likely to lose momentum in the second quarter, according to the monthly report, published by Bundesbank on Monday.

Base Metals Preview: Copper Speculators Add To Their Bearish Positions.
Large base metals speculators continued to add to their bearish 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 -19,366 contracts in the data reported through Tuesday May 14th. This was a weekly fall of -6,488 net contracts. The Copper speculative position has now dropped for the fourth consecutive week. The position currently lingers at the most bearish level since January 22nd. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 15,712 contracts on the week. This was a weekly surge of 7,109 contracts

Energy Preview: Fund Long Position Weakens In Crude.
Large energy speculators yet again reduced 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 487,808 contracts in the data reported through Tuesday May 14th. This was a weekly drop of -6,528 net contracts from the previous week which had a total of 494,336 net contracts. The WTI speculator position has dropped for three straight weeks after having risen in the previous ten weeks in a row. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -508,879 contracts on the week. This was a weekly increase of 12,700 contracts.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 31800
RESIST 1: 31700
SUP 1: 31400
SUP 2: 31200

CS SILVER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 36700
RESIST 1: 36500
SUP 1: 36200
SUP 2: 36000

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 429.00
RESIST 1: 425.00
SUP 1: 420.00
SUP 2: 417.00

CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 847.00
RESIST 1: 842.00
SUP 1: 830.00
SUP 2: 823.00

CS ZINC (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 217.00
RESIST 1: 215.00
SUP 1: 211.00
SUP 2: 209.00

CS LEAD (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 128.00
RESIST 1: 127.00
SUP 1: 125.00
SUP 2: 124.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 150.00
RESIST 1: 148.00
SUP 1: 144.00
SUP 2: 143.00

ENERGY
CS CRUDE OIL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4500
RESIST 1:4430
SUP 1: 4320
SUP 2: 4280

CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 191.00
RESIST 1: 189.00
SUP 1: 185.00
SUP 2: 182.00

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