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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 06 NOV 2019

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Gold Tanks After Breaking Under $1500 Mark.

COMEX Gold futures tanked after hitting around one week high as rising risk appetite weighed on the yellow metal. Traders also eyed at steady mining supplies. COMEX Gold crashed 1.50% and currently trades at $1487 per ounce, up 0.24% on the day. MCX Gold futures fell down 1.50% to close at Rs 37881 per 10 grams. Selling extended following a break under Rs 38K.

Copper Breaks Well Above Rs 440 Per Kg On MCX.

COMEX Copper stayed supported amid steady economic cues. The US ISM said its non-manufacturing index climbed to 54.7 in October from 52.6 in September, with a reading above 50 indicating growth in the service sector. The US Commerce Department said the trade deficit narrowed to $52.5 billion in September from a revised $55.0 billion in August. China’s central bank lowered its medium term lending rate for the first time since 2016 as the economy grew at the slowest pace in nearly three decades. The People’s Bank of China on Tuesday reduced the rate on its one year medium-term lending facility by 5 basis points to 3.25% from 3.3%. China’s private sector expanded at a slightly faster pace in October, survey data from IHS Markit showed Tuesday. The Caixin composite output index rose to 52.0 in October from 51.9 in September. A score above 50 indicates expansion in the sector. Sentiments are global trade front remain supported. Trump and Xi are expected to meet in the U.S. soon to sign the first phase of a trade deal between the world’s two largest economies. COMEX Copper hit fresh six week high of $2.71 per pound. MCX Copper ended up 0.60% at Rs 444.25 per kg as a break above Rs 440 mark extended.

Crude Slips Ahead Of EIA Data.

WTI Crude slipped on Wednesday after hitting one month high on expectations of easing of US-China trade tensions. US crude inventories jumped by 4.3 million barrels in the week ended November 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API), according to media reports. WTI crude futures are currently trading down 0.61%, to $56.88 per barrel. MCX Crude oil futures closed marginally lower at Rs 4043 per barrel and should slip further as traders eye the US EIA inventories data.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :BEARISH
RESIST 2: 39130
RESIST 1: 38230
SUP 1:37690
SUP 2: 37500

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:47000
RESIST1:46250
SUP 1: 45070
SUP 2: 44640

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2:450
RESIST 1:446
SUP 1:442
SUP 2:438

CS NICKEL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:1201
RESIST 1: 1186
SUP 1:1156
SUP 2:1141

CS ZINC (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 192
RESIST 1:191
SUP 1:189
SUP 2: 188

CS LEAD (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:158
RESIST 1: 157
SUP 1: 155
SUP 2: 154

CS ALUMINIUM (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2:136
RESIST 1: 135
SUP 1: 133
SUP 2: 132

Energy

CS CRUDE OIL (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2:4120
RESIST 1:4080
SUP 1: 3990
SUP 2: 3940

CS NATURAL GAS (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2:205
RESIST 1:204
SUP 1: 202
SUP 2: 201

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

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