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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 11 SEPTEMBER 2019

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Precious Metals Preview: Gold Under $1500 Levels In Asia.

COMEX Gold futures are witnessing some corrective action now as traders are worried about the real demand after prices soared to seven year high above $1560 per ounce. The metal fell under $1500 per ounce and tested a near one month low of $1492 per ounce yesterday. The counter quotes at $1498 per ounce, almost unchanged on the day. Some buying is visible at lower levels though as equities are displaying a muted tone. Gold traders are also looking at possibility of further monetary stimulus from the major central banks. MCX Gold futures closed at Rs 38270 per 10 grams yesterday, down 0.50% on the day. The counter tested a low near Rs 38200 level in intraday moves.

Energy Preview: WTI Crude Lingers Around $58 Levels.

WTI Crude oil futures are witnessing good buying support on ideas that the oil producing major Saudi Arabia may resort to some production cuts in order to prop up the market. Tepid moves in global equities are not impacting oil much this week and the WTI Crude oil futures are currently trading at $57.90 per barrel, up 0.80% on the day. Oil hit around six week highs yesterday. MCX Crude oil futures hit highs near Rs 4230 per barrel yesterday and closed at Rs 4158 per barrel, flat on the day.

Base Metals Preview: Copper Sees Muted Trades.

COMEX Copper stayed in a slippery mode yesterday after hitting near three week high as traders eyed weak Chinese imports data. Tepid moves in global equities aslo weighed on the sentiments today and COMEX Copper is currently trading flat at $2.62 per pound. MCX Copper futures closed marginally up at Rs 453.85 per kg after testing an intraday low near Rs 450 per kg on Monday. China’s unwrought copper imports, including anode, refined and semi-finished copper products stood at 404,000 tonnes last month, the General Administration of Customs said. That was down 3.8% from 420,000 tonnes in July and also down 3.8% year-on-year. Equities stayed in a cautious mode.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38900
RESIST 1: 38500
SUP 1: 37900
SUP 2: 37600

CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 48700
RESIST 1: 48300
SUP 1: 47600
SUP 2: 47200

Base Metals
CS COPPER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 462.00
RESIST 1: 458.00
SUP 1: 450.00
SUP 2: 446.00

CS NICKEL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1290.00
RESIST 1: 1280.00
SUP 1: 1260.00
SUP 2: 1250.00

CS ZINC (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 191.00
RESIST 1: 189.00
SUP 1: 187.00
SUP 2: 186.00

CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 155.00
SUP 2: 154.00

CS ALUMINIUM (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 140.00
SUP 2: 139.00

Energy
CS CRUDE OIL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4220
RESIST 1:4180
SUP 1: 4100
SUP 2: 4060

CS NATURAL GAS (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 189.00
RESIST 1: 188.00
SUP 1: 186.00
SUP 2: 184.00

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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