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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 24 May 2019

Mcx2-1

Precious Metals Preview: Steady Gains In Gold, Weak INR Offers Support To Local Futures.
COMEX Gold futures continued to see good buying as a recovery from one month low continue on heavy correction in global stocks. The metal currently trades flat around $1284 per ounce. MCX Gold ended flat at Rs 31661 per 10 grams, up 0.28% on the day with weakness in Indian Rupee also benefiting the sentiments. The Indian Rupee dropped after gaining for seven straight sessions. INR flips back on volatile equities and ends down 35 paise at 70.02 per US dollar. Global equities fell across the board. The Dow tanked 1.1% on further indications of rising tensions between the US and China.

Base Metals Preview: Copper Remains Under Stress.
Copper futures stayed under a bearish spell amid lax fund demand and worries ove global economic growth. The metal tested a near four month low of $2.65 per pound. MCX Copper closed up 0.28% at Rs 415.30 per kg. 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.

Energy Preview: Crude Hammered, MCX Futures Fall Near Rs 4000 Per Barrel.
WTI Crude oil futures extended their recent losses and saw a massive correction to test a seven week low as global stocks plunged on lingering trade worries and tepid economic data. WTI Crude currently saw sharp selling after breaking below the critical $60 per barrel mark and slipped around 5% on the day. MCX Crude oil futures also faced heavy selling. The counter currently closed at Rs 4037 per barrel, down 5.60% on the day after testing a low of Rs 4008 per barrel.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32000
RESIST 1: 31800
SUP 1: 31300
SUP 2: 31000

CS SILVER (JUL) OVERVIEW:
TREND : BEARISH
RESIST 2: 37200
RESIST 1: 36900
SUP 1: 36200
SUP 2: 35800

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 420.00
RESIST 1: 417.00
SUP 1: 412.00
SUP 2: 408.00

CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 838.00
RESIST 1: 834.00
SUP 1: 826.00
SUP 2: 822.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 214.00
RESIST 1: 212.00
SUP 1: 209.00
SUP 2: 207.00

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 : SIDEWAYS
RESIST 2: 148.00
RESIST 1: 147.00
SUP 1: 144.00
SUP 2: 142.00

ENERGY
CS CRUDE OIL (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 4380
RESIST 1:4200
SUP 1: 3940
SUP 2: 3840

CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 186.00
RESIST 1: 183.00
SUP 1: 177.00
SUP 2: 174.00

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