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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 22 July 2019

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Base Metals Preview: Copper Tests Highs Above Rs 460 Per Kg

COMEX Copper futures soared to two and half month high on weak US dollar and excellent buying support. The metal ended at $2.74 per pound, up 1.18% on the day. MCX Copper futures also edged up and tested highs above Rs 460 per kg. Asian demand trends are seen firm. Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report. ADB maintained growth forecasts for developing Asia at 5.7% in 2019 and 5.6% in 2020 – unchanged from its April forecast. These growth rates are slightly down from developing Asia’s 5.9% growth in 2018 but still good enough for Copper to push up the recent rally.

Precious Metals Preview: Gold Glitters, Local Futures Above Rs 35000 Level

COMEX Gold hit a fresh six-year high as dovish comments from Federal Reserve official and increasing tensions in the Middle East boosted the metal. Volatile undertone in equities also pushed up the metal after its recent rebound above $1400 per ounce. New York Fed President John Williams indicated the possibility of an interest-rate cut at the Federal Reserve’s policy meeting later this month. Gold jumped near $1450 per ounce. A deep correction in Bitcoin also worked in favor of the metal. Meanwhile, India’s Gold imports surged around 16% to Rs 18717 crore over year in June 2019 while Silver imports also jumped nearly 17.25% to Rs 2895 crore. In dollar terms, Gold imports jumped 13% to $2695 million while Silver imports rose 14.50% to $417 million. MCX Gold futures zoomed past Rs 35000 per 10 grams following the massive pullback in global prices and ended around Rs 35030 per 10 grams.

Energy Preview: Crude Charts Recovery From One Month Low

WTI Crude oil fell near one month low before recovering. Prices slipped on corrective selling but edged up on good bargain buying as traders eyed the supply scenario. MCX Crude oil futures slipped from a high above Rs 4150 per barrel and dropped near Rs 3800 per barrel. According to a latest update from the US Energy Information Administration (EIA), the unplanned crude oil production outages for the Organization of the Petroleum Exporting Countries (OPEC) averaged 2.5 million barrels per day (b/d) in the first half of 2019, the highest six-month average since the end of 2015.

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 35600
RESIST 1: 35300
SUP 1: 34900
SUP 2: 34700

CS SILVER (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 42100
RESIST 1: 41400
SUP 1: 40300
SUP 2: 39800

Base Metals
CS COPPER (JUL) OVERVIEW:
TREND : BULLISH
RESIST 2: 468.00
RESIST 1: 462.00
SUP 1: 450.00
SUP 2: 443.00

CS NICKEL (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1065.00
RESIST 1: 1040.00
SUP 1: 990.00
SUP 2: 965.00

CS ZINC (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 196.00
RESIST 1: 194.00
SUP 1: 188.00
SUP 2: 186.00

CS LEAD (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 160.00
RESIST 1: 156.00
SUP 1: 149.00
SUP 2: 146.00

CS ALUMINIUM (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 145.00
RESIST 1: 144.00
SUP 1: 142.00
SUP 2: 141.00

Energy
CS CRUDE OIL (AUG) OVERVIEW:
TREND : BEARISH
RESIST 2: 3910
RESIST 1:3850
SUP 1: 3770
SUP 2: 3730

CS NATURAL GAS (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 160.00
RESIST 1: 158.00
SUP 1: 154.00
SUP 2: 152.00

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