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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 7 FEB 2019

Commodities-Market-1

COMEX Gold Tumbles As Slide From Eight Month High Extended
COMEX Gold futures tumbled after correcting from an eight month high as the US dollar edged up and buying remained limited in the yellow metal following recent gains. The US dollar index rose for a fourth straight session today, extending a recovery from three week low and hit a one and half week high of 96.20. This broadly weighed on COMEX Gold. The metal fell sharply yesterday and gave up further today to currently trade at $1307 per ounce, down 0.50% on the day. MCX Gold futures ended at Rs 33330 per 10 grams, up 0.0.40% on the day and should fall in early moves.

Crude Drops After EIA Data Records Increase In US Stockpiles
The WTI Crude oil futures fell yesterday after the Energy Information Administration EIA reported higher crude stocks. A bout of strength in the US dollar and record US crude output also weighed on the commodity. The prices fell further today and currently trade at $53.89 per barrel, down 0.22% on the day. MCX Crude oil futures ended at Rs 3870 per barrel and should ease further today.

US crude oil inventories for the week ended February 1, excluding the Strategic Petroleum Reserve, increased by 1.3 million barrel from the previous week. At 447.2 million barrel, US crude oil inventories are about 6% above the 5-year average for this time of year.

Copper Approaches Rs 450 Levels On MCX
COMEX Copper rose further yesterday, hitting fresh two month high even as equities remained choppy. Copper has been supported in recent weeks. The metal currently trades at $2.82 per pound, up 0.14% on the day. MCX Copper futures ended just above Rs 449 per kg mark yesterday and should see a rangebound movement today. The red metal stayed supported as global stocks edged up on reports of fresh fiscal stimulus from China following a recent string of data indicating a sharp slowdown in the world’s second-largest economy.

Precious Metals
CS GOLD (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 33700
RESIST 1: 33600
SUP 1: 33300
SUP 2: 33200

CS SILVER (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 40600
RESIST 1: 40400
SUP 1: 40000
SUP 2: 39800

Base Metals
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 454.00
RESIST 1: 452.00
SUP 1: 446.00
SUP 2: 444.00

CS NICKEL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 970.00
RESIST 1: 946.00
SUP 1: 910.00
SUP 2: 897.00

CS ZINC (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 200.00
RESIST 1: 198.00
SUP 1: 194.00
SUP 2: 192.00

CS LEAD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 152.00
RESIST 1: 150.00
SUP 1: 148.00
SUP 2: 146.00

CS ALUMINIUM (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 140.00
RESIST 1: 138.00
SUP 1: 136.00
SUP 2: 134.00

Energy
CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 3960
RESIST 1:3920
SUP 1: 3820
SUP 2: 3760

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 198.00
RESIST 1: 196.00
SUP 1: 190.00
SUP 2: 188.00

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