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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 12 SEPTEMBER 2019

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MCX Gold Eases Under Rs 38000 Per 10 Grams
COMEX Gold futures are lingering around $1500 per ounce as some buying emerged in the counter after recent losses took it to one month low. Selling pressure stayed intact on the metal last night as US stocks hit one month high on reports that China is granting tariff exemptions for 16 types of US products ahead of the next round of trade talks. MCX Gold closed at $37910 per ounce, down 0.80% on the day as a breach under Rs 38000 level extended. Domestic Gold demand is looking tepid amid frail economic cues. Fitch Ratings has forecast that India’s economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt, according to media reports.

Copper Recovers, Economic Cues Mixed
COMEX Copper fell to around one week low yesterday before recovering as the US equities hit one month high on signs of easing trade tensions between the US and China. The commodity currently trades at $2.64 per pound, up 1% on the day. MCX Copper futures closed down 0.70% at Rs 450.45 per kg. Expect some recovery in the counter today.

Energy Preview: US Crude Oil Inventories Drop
US crude oil inventories eased during the week ending September 6, the US Energy Information Administration (EIA) said in a report on Wednesday. According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 6.9 million barrels from the previous week. At 416.1 million barrels, US crude oil inventories were about 2% below the five-year average for this time of year.

 Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 38600
RESIST 1: 38200
SUP 1: 37500
SUP 2: 37200

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 48200
RESIST 1: 47800
SUP 1: 47000
SUP 2: 46600

Base Metals
CS COPPER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 461.00
RESIST 1: 457.00
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: 190.00
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: 154.00
SUP 2: 153.00

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: 4100
RESIST 1:4060
SUP 1: 3980
SUP 2: 3940

CS NATURAL GAS (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 185.00
RESIST 1: 184.00
SUP 1: 182.00
SUP 2: 180.00

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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