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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 27 May 2019

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Precious Metals Preview: MCX Gold Futures Fall Near Rs 31400 Mark.
COMEX Gold futures fell to nearly three week low of $1269 per ounce before witnessing steady recovery on heavy correction in global stocks. The metal edged up after the US Federal Reserve revealed that it is seemingly in no rush to alter the path of interest rates. MCX Gold futures fell near Rs 31400 per 10 grams and closed just above Rs 31500 level following the rebound in global prices. According to the minutes of the US central bank’s latest monetary policy meeting, members agreed that a patient approach to determining future adjustments to rates would likely remain appropriate for some time.

Base Metals Preview: Copper Extends Slide Under Rs 420 Level.
COMEX Copper futures tumbled, testing a four month low of $2.65 per pound on broad demand concerns and heavy selling pressure. MCX Copper futures also extended a slide after breaking under Rs 420 per kg and closed just around Rs 415 per kg level. 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. The red metal saw some buying though the gains were capped after the US durable goods data. After reporting a notable rebound in new orders for US durable goods in the previous month, the Commerce Department showed that durable goods orders pulled back in the month of April. The durable goods orders plummeted by 2.1% in April after jumping by a downwardly revised 1.7% in March.

Energy Preview: Crude Recovers From Seven Week Low.
WTI Crude oil futures extended their recent losses to test a seven week low under $60 per barrel as global stocks plunged on lingering trade worries and tepid economic data. MCX Crude oil futures also saw hefty selling pressure and almost tested Rs 4000 per barrel mark. Oil was also hurt on a strong spurt in US crude oil inventories during the week ending May 17. 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. EIA further said that total motor gasoline inventories also increased by 3.7 million barrels last week and were at the five-year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 800,000 barrels last week as well.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32800
RESIST 1: 31600
SUP 1: 31400
SUP 2: 31300

CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 36800
RESIST 1: 36500
SUP 1: 362300
SUP 2: 36100

BASE METALS
CS COPPER (JUN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 419.00
RESIST 1: 417.00
SUP 1: 414.00
SUP 2: 413.00

CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 890.00
RESIST 1: 876.00
SUP 1: 840.00
SUP 2: 816.00

CS ZINC (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 218.00
RESIST 1: 216.00
SUP 1: 211.00
SUP 2: 209.00

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

CS ALUMINIUM (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 147.00
RESIST 1: 146.00
SUP 1: 145.00
SUP 2: 144.00

ENERGY
CS CRUDE OIL (JUN) OVERVIEW:
TREND : BEARISH
RESIST 2: 4170
RESIST 1:4120
SUP 1: 4010
SUP 2: 3950

CS NATURAL GAS (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 184.00
RESIST 1: 182.00
SUP 1: 178.00
SUP 2: 175.00

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