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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 06 FEBRUARY 2020

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MCX Gold Ends With Decent Gains.

COMEX Gold edged up on bargain buying. The coronavirus scare continued to support the metal after the recent drop in the prices. China has said that a total of 28,018 cases have been confirmed and 563 people have died in the country. Gold fell earlier as soaring equities hurt the sentiments for the metal. Global equities moved sharply higher. However, COMEX Gold edged up from the lowest levels in last two weeks for the commodity. The metal eased yet again in Asia today and currently trades at $1558 per ounce, down 0.30% on the day. MCX Gold futures closed at Rs 40213 per 10 grams, up 0.60% on the day amid good buying under Rs 40K.

Copper Jumps More Than 1% In Asian Trades.

COMEX Copper futures jumped further in Asia. The red metal is up 1.12% at $2.61 per ounce amid soaring global equities and strong manufacturing data. MCX Copper closed at Rs 434 per kg, up 1.40% on the day. Investors continued to weigh the impact of China’s effort to stimulate its economy and mitigate the coronavirus outbreak concerns. Nasdaq and the S&P 500 ended the session at new record closing highs. The ISM said its US non-manufacturing index rose to 55.5 in January from a revised 54.9 in December, with a reading above 50 indicating service sector growth. China’s private sector logged a moderate growth in January, survey data from IHS Markit showed Wednesday. The Caixin composite output index fell to 51.9 in January from 52.6 in December. A score above 50 indicates expansion. The services Purchasing Managers’ Index for the service sector came in at 51.8, down from 52.5 a month ago. Total new orders received by service providers expanded at a softer rate, in spite of a stronger increase in new work from abroad.

US Crude Inventories Rise, Gasoline Stocks Fall.

The US crude oil inventories rose, the Energy Information Administration (EIA) said Wednesday. Oil inventories rose by 3.35 million barrels for the week ended January 31st, the EIA said. Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.2 percentage points, in the week. Net US crude imports rose by 51,000 barrels per day in the last week, EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub also rose by 1.1 million barrels in the last week, EIA said. Gasoline inventories fell by 91,000 barrels while Distillate stockpiles fell by 1.5 million barrels. At 435.0 million barrels, US crude oil inventories are about 2% below the five year average for this time of year.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 40300
RESIST 1: 40200
SUP 1:40000
SUP 2: 39900

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46200
RESIST 1:46000
SUP 1: 45500
SUP 2: 45300

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:440
RESIST 1:437
SUP 1:431
SUP 2:428

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1:970
SUP 1:950
SUP 2:945

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3750
RESIST 1:3720
SUP 1: 3600
SUP 2: 3580

CS NATURAL GAS (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:138
RESIST 1:136
SUP 1: 132
SUP 2: 130


MCX CRUDE OIL FEB on WEDNESDAY as seen in the Daily chart opened at 3590 levels and made day low of 3551 levels. During this period this commodity made high is 3700 levels and finally closed at 3680 levels. Now, there are chances of down movement technically & fundamentally

Screenshot (893)

DAILY RECOMMENDATION: BUY CRUDE OIL FEB ABOVE 3680 LEVELS FOR TARGET OF 3720/3750 WITH SL 3580 OF LEVELS.

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