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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 11 FEBRUARY 2020

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Gold Down Half A Percent In Asia.

COMEX Gold saw a steady start to the week. Tepid global equities and nervousness following the coronavirus scare supported Gold. The World Health Organization (WHO) said the thousands of coronavirus cases in the Chinese city of Wuhan, the center of the epidemic, is likely just the tip of the iceberg, media reports stated. There have been some concerning instances of onward 2019 coronavirus spread from people with no travel history to China, WHO noted. However, the metal eased in US trades as the Nasdaq and the S&P 500 hit new record closing highs. COMEX Gold futures are currently trading at $1572 per ounce, down 0.48% on the day. MCX Gold futures stayed mixed as sharp gains in last session led to some profit selling and firm Rupee also weighed. The benchmark MCX Gold futures for April closed at Rs 40684 per 10 grams, up 0.10% on the day. Global Gold traders would be eyeing the trend in digital currency Bitcoin. The value of Bitcoin hit $10,000 for the first time since September yesterday.

Crude Oil Speculative Longs Fall To Three Month Low.

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 397374 contracts in the data reported through February 3rd. This was a weekly crash of 64388 net contracts and place the current levels at the lowest in three months. The long net positions continue to tumble after hitting highest bullish level in the last 18 months. Meanwhile, the commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -425126 contracts on the week. This was a weekly change of 61009 net contracts. The commercial shorts also continued to ease from after hitting their highest in last 16 months.

Copper Speculators Add To Net Bearish Positions.

Large base metals speculators added to their short positions in the Copper 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 Copper futures, traded by large speculators and hedge funds, totaled a net position of -34319 contracts in the data reported through February 3rd. This was a weekly change of -19929 net contracts from the previous week. The speculative positions had turned bearish last week and current level of shorts is highest in around two months. Meanwhile, the commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 29475 contracts, recording a weekly change of 20130 contracts. Commercials had turned net longs last week after a gap of nearly seven weeks.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40900
RESIST 1: 40800
SUP 1:40400
SUP 2: 40300

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 1:428
SUP 2:425

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1:965
SUP 1:935
SUP 2:930

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:3650
RESIST 1:3600
SUP 1: 3500
SUP 2: 3460

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:132
RESIST 1:130
SUP 1: 125
SUP 2: 120


MCX CRUDE OIL FEB on MONDAY as seen in the Daily chart opened at 3615 levels and made day high of 3615 levels. During this period this commodity made low is 3531 levels and finally closed at 3541 levels. Now, there are chances of down movement technically & fundamentally.

DAILY RECOMMENDATION: SELL CRUDE OIL FEB BELOW 3550 LEVELS FOR TARGET OF 3530/3500 WITH SL 3620 OF LEVELS.

 

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