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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 10 FEBRUARY 2020

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Massive Gains In MCX Gold As INR Plummets.

COMEX Gold eased last week before witnessing a recovery. The metal stayed supported at lower end as traders focused on the coronavirus spread. The novel coronavirus has so far spread to at least 27 countries. The US State Department told Americans not to travel to China as the first case of person-to-person transmission reported in the country. China has reported an increase in fatalities and infections as the virus has claimed over 600 lives. COMEX Gold futures closed at $1573 per ounce. Global food prices stayed up, keeping Gold supported. The FAO Food Price Index (FFPI) averaged 182.5 points in January 2020, up 1.3 points (0.7%) from December 2019 and 11.3% higher than the same month last year. The increase in January marked the fourth consecutive month that FFPI has been on the upward trend. MCX Gold saw massive gains amid these cues as Indian Rupee slipped sharply on Friday. INR fell as the US dollar surged in global markets. INR dropped by 22 paise to close at 71.40 per US dollar. This pushed up MCX Gold futures by 0.77% to Rs 40660 per 10 grams.

Copper Tanks 1% On MCX.

COMEX Copper futures tanked last week as a slide from one week high continued amid weak equities. The red metal fell under $2.55 per ounce. MCX Copper futures trimmed its gains and closed down 1% in last session, ending around Rs 431 per kg mark. Investors continued to weigh the impact of China’s effort to stimulate its economy and mitigate the coronavirus outbreak concerns. Meanwhile, the US dollar index firmed up sharply amid supportive economic data and added strong gains. The index hit its highest level in four months earlier in the day. China delayed the release of trade data for January following the Coronavirus outbreak, sending the commodity traders in a tailspin as the monthly Copper import data is a critical barometer for the price action.

Crude Oil Sees Choppy Moves.

WTI Crude oil futures stayed locked in a choppy trend last week after testing a 13 month low of $49.30 per barrel. MCX Crude oil futures saw some support around Rs 3600 per barrel mark. In a key update for oil market, the global crude oil giant British Petroleum or BP, as operator and on behalf of co-venturer Shell announced encouraging early production from the Alligin field in the west of Shetland region, offshore UK. Alligin forms part of the Greater Schiehallion Area and has been developed as a two-well subsea tieback into the existing Schiehallion and Loyal subsea infrastructure and the Glen Lyon floating, production, storage, offload (FPSO) vessel. US crude oil inventories rose as well, the Energy Information Administration (EIA) said. Oil inventories rose by 3.35 million barrels for the week ended January 31st, the EIA said. Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.2 percentage points, in the week. Net US crude imports rose by 51,000 barrels per day in the last week. Crude stocks at the Cushing, Oklahoma, delivery hub also rose by 1.1 million barrels in the last week, EIA said.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40800
RESIST 1: 40700
SUP 1:40300
SUP 2: 40200

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46500
RESIST 1:46300
SUP 1: 45800
SUP 2: 45600

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:437
RESIST 1:435
SUP 1:431
SUP 2:428

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1:970
SUP 1:940
SUP 2:930

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3700
RESIST 1:3670
SUP 1: 3570
SUP 2: 3550

CS NATURAL GAS (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:138
RESIST 1:136
SUP 1: 130
SUP 2: 127


MCX CRUDE OIL FEB on FRIDAY as seen in the Daily chart opened at 3650 levels and made day high of 3673 levels. During this period this commodity made low is 3588 levels and finally closed at 3617 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (931)

DAILY RECOMMENDATION: SELL CRUDE OIL FEB BELOW 3600 LEVELS FOR TARGET OF 3570/3550 WITH SL 3670 OF LEVELS.

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