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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 07 NOV 2019

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Gold Recovers From Three Week Low.

COMEX Gold slipped to a three week low in intraday moves this week as rising risk appetite weighed on the yellow metal. Traders also eyed at steady mining supplies. Weak US dollar and bargain buying pushed up the commodity from these levels and the metal currently trades at $1492 per ounce, flat on the day. MCX Gold futures closed up 1% at Rs 38247 per 10 grams mark. Global Gold demand grew modestly to 1,107.9 tonnes in Q3 thanks to the largest ETF inflows since Q1 2016, the World Gold Council (WGC) noted in a latest update. A surge in ETF inflows outweighed weakness elsewhere in the market to nudge gold demand 3% higher in Q3. Holdings in global gold-backed ETFs hit a new all-time high of 2,855.3 tonnes in Q3. Holdings grew by 258.2 tonnes during the quarter, the highest level of quarterly inflows since Q1 2016. However, global Gold Jewellery demand was down 16% to 460.9 tonnes in Q3. Bar and coin investment also halved in Q3 to 150.3 tonnes. Global Gold supply rose 4% in Q3 to 1,222.3t. Mine production of 877.8 tonnes was virtually unchanged y-o-y.

Crude Oil Inventories Rise Yet Again.

The US Energy Information Administration reported a crude oil build of 7.9 million barrels for the week to November 1, adding to the string of latest increases. At 446.8 million barrels, US crude oil inventories were about 3 percent above the five-year average for this time of year. According to the EIA, total motor gasoline inventories decreased by 2.8 million barrels last week and were about 1 percent below the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.Distillate fuel inventories decreased by 0.6 million barrels last week and were about 9% below the five-year average for this time of year.Propane/propylene inventories increased by 0.3 million barrels last week and were about 13% above the five-year average for this time of year. Total commercial petroleum inventories increased last week by 3.9 million barrels last week.

Copper Slips From Six Week High.

COMEX Copper eased after hitting around six week highs as equities paused and some profit selling emerged in the metal. COMEX Copper futures are down 0.20% at $2.66 per pound. MCX Copper futures dropped 0.70% to close at Rs 441 per kg. The red metal gained this week after 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%. 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.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :BULLISH
RESIST 2: 38530
RESIST 1: 38390
SUP 1:38010
SUP 2: 37700

CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46140
RESIST1:45900
SUP 1: 45250
SUP 2: 44840

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:446
RESIST 1:442
SUP 1:438
SUP 2:432

CS NICKEL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:1202
RESIST 1: 1187
SUP 1:1157
SUP 2:1142

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 2:157
RESIST 1: 156
SUP 1: 154
SUP 2: 153

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 : SIDEWAYS
RESIST 2:4150
RESIST 1:4080
SUP 1: 3960
SUP 2: 3920

CS NATURAL GAS (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:204
RESIST 1:203
SUP 1: 201
SUP 2: 200


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