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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 23 May 2019

Mcx2-1

Precious Metals Preview: Gold Steady On Patient Fed.
COMEX Gold futures saw steady buying at one month low and currently trades flat around $1272 per ounce. MCX Gold ended flat at Rs 31400 per 10 grams. Gold stayed supported on Fed’s patient stance. The US equities ended in red too. The Dow slid 0.4% as traders continued to worry about trade dispute between the US and China.The US Federal Reserve is seemingly in no rush to alter the path of interest rates, according to the minutes of the central bank’s latest monetary policy meeting. The minutes showed members agreed that a patient approach to determining future adjustments to rates would likely remain appropriate for some time. Citing an environment of moderate US economic growth and muted inflation pressures, the Fed expects to remain patient even if global economic and financial conditions continued to improve.

Energy Preview: Crude Tanks 3% On MCX, US Inventories At Two Year High.
WTI Crude oil futures crashed yesterday afte the US crude oil inventories increased during the week ending May 17, according to US Energy Information Administration (EIA). According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 4.7 million barrels from the previous week.At 476.8 million barrels, US crude oil inventories were about 4% above the five-year average for this time of year. These are also the highest levels in nearly two years. This pulled WTI Crude down by more than 2% and the counter currently trades at $61.04 per barrel, down 0.60% on the day. MCX Crude plunged by 3% to end at Rs 4248 per barrel and should slide further today.

Base Metals Preview: Copper Slides More Than 1% On MCX.
COMEX Copper futures tumbled, testing a four month low of $2.65 per pound on broad demand concerns and heavy selling pressure. The counter is currently trading down 0.30% at $2.67 per pound. MCX Copper futures closed at Rs 414.15 per kg, down 1.40% on the day. Global equities witnessed a sluggish movement as broad trade war concerns and worries over slowdown in global economic growth kept the momentum under check. Further escalation in the yearlong trade war between Washington and Beijing would hit global growth at a time when the global economy is already set to slow. If trade relations continue to deteriorate, the Organization for Economic Cooperation and Development forecasts that global gross domestic product would fall by as much as 0.7% by 2021.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 31600
RESIST 1: 31500
SUP 1: 31300
SUP 2: 31200

CS SILVER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 36600
RESIST 1: 36400
SUP 1: 36200
SUP 2: 36000

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 423.00
RESIST 1: 419.00
SUP 1: 412.00
SUP 2: 409.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 843.00
RESIST 1: 840.00
SUP 1: 832.00
SUP 2: 830.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 215.00
RESIST 1: 213.00
SUP 1: 210.00
SUP 2: 208.00

CS LEAD (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 127.00
RESIST 1: 126.00
SUP 1: 125.00
SUP 2: 124.00

CS ALUMINIUM (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 150.00
RESIST 1: 147.00
SUP 1: 143.00
SUP 2: 141.00

ENERGY
CS CRUDE OIL (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 4440
RESIST 1:4360
SUP 1: 4230
SUP 2: 4190

CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 185.00
RESIST 1: 182.00
SUP 1: 176.00
SUP 2: 174.00

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