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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 07 FEBRUARY 2020

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MCX Gold Closes Near Rs 40400 Mark.

COMEX Gold edged up impressively on bargain buying today even as the equities surged. 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. However, COMEX Gold edged up from the lowest levels in last two weeks for the commodity. The metal currently trades at $1568 per ounce, up 0.30% on the day. MCX Gold futures are trading at Rs 40385 per 10 grams, up 0.46% on the day following good buying under Rs 40K.

Crude Gains In Asia.

WTI Crude oil futures continued to edge up on soaring equities and good bargain buying after the prices fell to a 13 month low. WTI Crude oil currently trades at $51.27 per barrel, up 0.63% on the day. MCX Crude oil futures closed at Rs 3630 per barrel, down 1.30% on the day and should rise on the rebound in global prices. Oil has been under stress this week on demand worries. Rising US crude inventories also weighed. The Energy Information Administration (EIA) said that US crude oil inventories rose by 3.35 million barrels for the week ended January 31st, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub also rose by 1.1 million barrels in the last week, EIA said.

COMEX Copper Off One Week High.

COMEX Copper futures eased from one week high today. The red metal is down 0.42% at $2.58 per ounce right now. MCX Copper closed at Rs 435.25 per kg, up 0.17% on the day. Investors continued to weigh the impact of China’s effort to stimulate its economy and mitigate the coronavirus outbreak concerns. Germany’s factory orders decreased in December, data from Destatis revealed Thursday. Factory orders slipped 2.1% month-on-month in December, following a revised 0.8% drop in November. Excluding major orders, manufacturing orders decreased 1.3% on a monthly basis in December. Domestic orders rose 1.4%, while foreign demand decreased 4.5% in December. On a yearly basis, new orders slid 8.7% versus a 6% fall in November.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40500
RESIST 1: 40400
SUP 1:40200
SUP 2: 40100

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46500
RESIST 1:46400
SUP 1: 45900
SUP 2: 45700

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
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 THURSDAY as seen in the Daily chart opened at 3689 levels and made day high of 3719 levels. During this period this commodity made low is 3583 levels and finally closed at 3630 levels. Now, there are chances of down movement technically & fundamentally.

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DAILY RECOMMENDATION: BUY CRUDE OIL FEB ABOVE 3630 LEVELS FOR TARGET OF 3600/3580 WITH SL 3690 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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