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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 24 JUNE 2019

MCX Commodity Market morning News Updates

Base Metals Preview: Copper Charges Near Three Week High June 24,2019 00:06
COMEX Copper futures edged up around three week high of $2.74 per pound as a dovish stance from the US Federal Reserve and supportive equities boosted the sentiments. MCX Copper futures edged up near Rs 419 per kg amid sustained buying as firm global cues offered good support. The US Federal Reserve stated that it will act as appropriate to sustain economic expansion amid increasing uncertainties about the outlook for the economy. Long term demand scenario remains steady. Global Copper demand is set to double within the next two decades, but miners will need to re-evaluate ways of commercialising the resource as ore levels continue to fall noted International Copper Association Australia (ICAA), according to media reports.

Precious Metals Preview: Geopolitical Tensions Push Gold Above $1400 Per Ounce June 24,2019 00:03
COMEX Gold futures jumped in style last week, breaking above $1400 per ounce and hitting nearly 18 month highs as global equities edged up amid cautious trade. Gold surged as the US Federal Reserve stated that it will act as appropriate to sustain the US economic expansion amid increasing uncertainties about the outlook for the economy. The Fed left its interest rates unchanged and noted that it continues to see a sustained economic expansion, a strong labor market, and inflation near its 2% target.

Energy Preview: Crude Jumps Above Rs 4000 Per Barrel On MCX June 24,2019:WTI Crude oil futures edged up further, adding to the latest string of gains on sustained ongoing geopolitical concerns in the Middle East. The counter hit a three week high near $58 per barrel. MCX Crude oil futures also soared above Rs 4000 per barrel mark. Altercation between the US and Iran above the Strait of Hormuz is currently driving the oil prices up. However, demand concerns are set to weigh on the broad oil market sentiments in near term, particularly after the recent spurt in prices given the stress in world economy and global automobile market. Global sales of new cars are expected to drop from 83.7 million in 2018 to approximately 79.5 million in 2019

Precious Metal
CS GOLD (AUG) OVERVIEW:
TREND : BULLISH
RESIST 2: 34800
RESIST 1: 34500
SUP 1: 33900
SUP 2: 33600

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39000
RESIST 1: 38500
SUP 1: 37600
SUP 2: 37200

Base Metals
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 421.00
RESIST 1: 418.00
SUP 1: 413.00
SUP 2: 411.00

CS NICKEL (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 906.00
RESIST 1: 894.00
SUP 1: 872.00
SUP 2: 862.00

CS ZINC (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 207.00
RESIST 1: 203.00
SUP 1: 197.00
SUP 2: 194.00

CS LEAD (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 158.00
RESIST 1: 155.00
SUP 1: 150.00
SUP 2: 147.00

CS ALUMINIUM (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 145.00
RESIST 1: 143.00
SUP 1: 140.00
SUP 2: 138.00

Energy
CS CRUDE OIL (JUL) OVERVIEW:
TREND : BULLISH
RESIST 2: 4100
RESIST 1:4060
SUP 1: 3970
SUP 2: 3920

CS NATURAL GAS (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 156.00
RESIST 1: 154.00
SUP 1: 151.00
SUP 2: 150.00

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