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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 06 SEPTEMBER 2019

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Precious Metals Preview: MCX Gold Plunges Under Rs 39K.

COMEX Gold eased further as a slide from seven year highs above $1560 per ounce extended. Equities rose on sustained improvement in risk appetite. United States and China have agreed to hold trade talks in Washington early next month. With the leading indices in Asia and Europe showing promising up move, Gold dragged lower. Selling extended as the DOW added to latest gains and ended up 1.4%. This pulled COMEX Gold lower by around 2% and the metal currently trades flat at $1525 per ounce. MCX Gold futures had soared near Rs 40000 per 10 grams this week but are down now as traders are worried about lack of demand in local retail markets. The counter closed at Rs 38900 per 10 grams, down more than 2% on the day, easing further on the strength in Indian Rupee. The Rupee continued to gain amid weakness in US dollar overseas. INR closed at 71.87, up 28 paise against US dollar today.

Base Metals Preview: Copper Soars Near Three Week High.

Supportive US economic data and a jump in equities boosted Copper yesterday. COMEX Gold jumped to a three week high of $2.64 per pound and currently trades marginally lower at $2.62 per pound. The US factory orders surged up by 1.4% in July after climbing by a downwardly revised 0.5% in June. The ISM said its non-manufacturing index climbed to 56.4 in August after falling to 53.7 in July. Recent Chinese economic data was also supportive for Copper. China’s private sector logged its fastest growth in four months in August as both manufacturers and service providers saw improved rates of activity growth. China Caixin composite output index rose to 51.6 in August from 50.9 in July. MCX Copper futures broke above Rs 450 per kg mark and ended at Rs 455.45 per kg, up around 1% on the day in last session.

Energy Preview: EIA Crude Inventories Drop.

The Energy Information Administration (EIA) reported that US crude supplies declined by 4.8 million barrels for the week ended August 30. At 423.0 million barrels, US crude oil inventories were at the five-year average for this time of year. According to the EIA, total motor gasoline inventories decreased by 2.4 million barrels last week and were about 3% above the five-year average for this time of year. Finished gasoline inventories remained virtually unchanged while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.5 million barrels last week and were around 6% below the five-year average for this time of year. Propane/propylene inventories increased by 2.9 million barrels last week and were about 14% above the five-year average for this time of year. Total commercial petroleum inventories decreased last week by 4.9 million barrels last week.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 39500
RESIST 1: 39100
SUP 1: 38400
SUP 2: 38000

CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 49700
RESIST 1: 49300
SUP 1: 48500
SUP 2: 48100

Base Metals
CS COPPER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 461.00
RESIST 1: 457.00
SUP 1: 449.00
SUP 2: 445.00

CS NICKEL (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 1260.00
RESIST 1: 1250.00
SUP 1: 1230.00
SUP 2: 1220.00

CS ZINC (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 189.00
RESIST 1: 188.00
SUP 1: 185.00
SUP 2: 184.00

CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 156.00
RESIST 1: 155.00
SUP 1: 153.00
SUP 2: 152.00

CS ALUMINIUM (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00

Energy
CS CRUDE OIL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4120
RESIST 1:4080
SUP 1: 4000
SUP 2: 3960

CS NATURAL GAS (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 177.00
RESIST 1: 176.00
SUP 1: 174.00
SUP 2: 173.00

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

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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