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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 09 October 2019

Mcx2-1

Gold Rebounds After Testing Lows Around $1490 Per Ounce.

Gold continued to edge up after testing lows around $1490 per ounce amid safe haven buying. Stocks slipped on waning optimism about US-China trade talks. Traders also focused on reports stating that a Brexit deal was essentially impossible. COMEX Gold currently trades at $1511 per ounce, up 0.46% on the day. MCX Gold futures closed at Rs 38391 per 10 grams, up 0.70% on the day after hitting a high of Rs 38599 per 10 grams. Economic cues also remained lax. China’s services activity expanded at its slowest pace in seven months. The Caixin China services purchasing managers index fell to 51.3 in September from 52.1 in August, Caixin Media Co. and research firm Markit said Tuesday.

Copper Speculators Add To Bearish Bets.

Large base metals speculators added to their bearish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -46,773 contracts in the data reported through Tuesday October 1st. This was a weekly change of -6,034 net contracts.

Crude Speculative Longs See Sharp Fall.

Large energy speculators sharply cut their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 389,319 contracts in the data reported through Tuesday October 1st. This was a weekly fall of -34,843 net contracts. WTI crude speculators decreased their bullish bets for a third straight week. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -401,977 contracts on the week. This was a weekly gain of 38,277 contracts.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38780
RESIST 1: 38580
SUP 1: 38200
SUP 2: 38030

CS SILVER (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:46780
RESIST1:46170
SUP 1: 45540
SUP 2: 45210

Base Metals

CS COPPER (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:444
RESIST 1:440
SUP 1:436
SUP 2:432

CS NICKEL (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:1282
RESIST 1: 1267
SUP 1:1252
SUP 2:1237

CS ZINC (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 183
RESIST 1:182
SUP 1:180
SUP 2: 179

CS LEAD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:157
RESIST 1: 156
SUP 1: 154
SUP 2: 153

CS ALUMINIUM (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2:137
RESIST 1:136
SUP 1: 134
SUP 2: 132

Energy

CS CRUDE OIL (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3790
RESIST 1:3770
SUP 1: 3710
SUP 2: 3670

CS NATURAL GAS (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2:165
RESIST 1:164
SUP 1: 162
SUP 2: 161

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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