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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 05 FEBRUARY 2020

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Soaring Equities Pull Gold Down, MCX Futures Tank 1.8%.

COMEX Gold tumbled as soaring equities hurt the sentiments for the metal. Global equities moved sharply higher. The US stocks jumped as Chinese stocks rebounded following the nosedive seen as trading resumed on Monday. The tech-heavy Nasdaq reached a new record closing high. The Dow jumped 1.4% on the day. Gold fell swiftly on these moves and COMEX Gold tested a two week low of 1557 per ounce. The metal fell more than 25 dollars in intraday moves. The commodity currently trades at $1560 per ounce, up marginally on the day. MCX Gold closed at Rs 400010 per 10 grams, down 1.80% on the day. Local traders also focussed on the feeble demand conditions in the retail markets.

WTI Crude Falls Near 13 Month Low.

WTI Crude oil futures extended losses to test a 13 month low of $49.30 per barrel amid sustained selling pressure. MCX Crude closed down 1.32% at Rs 3578 per barrel. Global crude oil giant British Petroleum or BP, as operator and on behalf of co-venturer Shell, today announced encouraging early production from the Alligin field in the west of Shetland region, offshore UK. Alligin forms part of the Greater Schiehallion Area and has been developed as a two-well subsea tieback into the existing Schiehallion and Loyal subsea infrastructure and the Glen Lyon floating, production, storage, offload (FPSO) vessel. It is a 20 million barrels of oil equivalent field, which was originally forecast to produce 12,000 barrels gross of oil equivalent a day at peak. The project’s performance has been better than expected, however, reaching 15,000 barrels gross of oil equivalent a day at peak since start-up in late December.

Copper Sees Sustained Gains.

COMEX Copper futures stayed well supported amid soaring equities as an interest rate cut from China offered a good support to the counter after it tested five month low. US economic data was strong. The US Commerce Department released a report on Tuesday showing new orders for US manufactured goods spiked by more than anticipated in the month of December. The Commerce Department said factory orders surged up by 1.8% in December after tumbling by a revised 1.2% in November. China’s central bank on Monday lowered the interest rates to provide support to an economy suffering from the outbreak of a deadly coronavirus. The People’s Bank of China cut the seven- and 14-day reverse repo rates by 10 basis points to 2.4% and 2.55%, respectively. The COMEX Copper currently quotes at $2.56 per pound, up 60% on the day. MCX Copper futures closes at Rs 428.70 per kg, up 1.65% on the day.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 40400
RESIST 1: 40300
SUP 1:39900
SUP 2: 39800

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46000
RESIST 1:45800
SUP 1: 45500
SUP 2: 45300

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:432
RESIST 1:430
SUP 1:424
SUP 2:421

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 965
RESIST 1:960
SUP 1:940
SUP 2:930

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:3630
RESIST 1:3600
SUP 1: 3550
SUP 2: 3520

CS NATURAL GAS (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:137
RESIST 1:135
SUP 1: 130
SUP 2: 125


MCX CRUDE OIL FEB on TUESDAY as seen in the Daily chart opened at 3606 levels and made day low of 3572 levels. During this period this commodity made high is 3680 levels and finally closed at 3584 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (873)

DAILY RECOMMENDATION: SELL CRUDE OIL FEB BELOW 3600 LEVELS FOR TARGET OF 3550/3500 WITH SL 3670 OF LEVELS.

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Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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