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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 13 FEBRUARY 2020

Mcx2-1

Gold Supported As Powell Indicates Use Of Quantitative Easing.

COMEX Gold saw some buying after the US Federal Reserve Chairman Jerome Powell said Wednesday the central bank would fight the next economic downturn by buying large amounts of government debt to drive down long-term interest rates indicating use of quantitative easing. COMEX Gold has been locked in a tiny range over last few days and even yesterday’s gains were modest as US equities hit another fresh record high. The metal currently trades at $1575 per ounce, up 0.27% on the day. MCX Gold futures closed at Rs 40483 per 10 grams, up 0.18% on the day. The Indian Rupee eased further amid firm US dollar overseas and a spurt in crude oil. INR closed at 71.35 per US dollar, down 7 paise on the day. This supported the local futures further.

Copper Eases Amid Weak Economic Cues.

Copper eased amid profit selling after latest gains even as equities firmed up. Economic cues were tepid. The Economist Intelligence Unit has revised downwards its global growth forecast for 2020 to 2.2%, from 2.3% previously, citing new risks that have emerged following the novel coronavirus outbreak in China. Global growth was sluggish throughout 2019 amid trade tensions, a sharp deceleration in real GDP growth in the US, China and India and political uncertainty in a number of EU countries. Eurozone industrial production dropped in December, data from Eurostat revealed Wednesday. Industrial production fell 2.1% month-on-month in December after staying flat in November. All components of production declined in December. Output of capital goods was down 4% while durable consumer goods and non-durable consumer goods output fell 1.1% and 1.3%, respectively. On a yearly basis, industrial production declined 4.1% after a 1.7% drop in November. COMEX Copper fell back on these cues and is down 0.42% at $2.59 per pound right now. This could lead to a soft opening for MCX Copper after the local futures closed up marginal at Rs 435.30 per kg.

US Crude Oil Inventories Rise.

The Energy Information Administration (EIA) noted that US crude stocks rose by 7.5 million barrels for the week ended February 7. Refineries processed 16 million bpd last week, the EIA said, and produced 9.2 million bpd of gasoline and 4.8 million bpd of distillate fuel. This compares with a processing rate of 16 million bpd a week earlier, gasoline production of 9.9 million bpd, and distillate fuel production of 5 million bpd.Gasoline inventories fell by 100,000 barrels, after a draw of the same size for the previous week. Distillate inventories also fell by 2 million barrels in the week to February 7, after a 1.5-million-barrel decline reported a week earlier.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40800
RESIST 1: 40700
SUP 1:40400
SUP 2: 40300

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46000
RESIST 1:45800
SUP 1: 45400
SUP 2: 45200

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:439
RESIST 1:437
SUP 1:431
SUP 2:429

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1:965
SUP 1:940
SUP 2:935

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3750
RESIST 1:3720
SUP 1: 3600
SUP 2: 3570

CS NATURAL GAS (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:135
RESIST 1:133
SUP 1: 129
SUP 2: 127


MCX CRUDE OIL FEB on WEDNESDAY as seen in the Daily chart opened at 3580 levels and made day high of 3694 levels. During this period this commodity made low is 3580 levels and finally closed at 3662 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (962)

DAILY RECOMMENDATION: BUY CRUDE OIL FEB ABOVE 3670 LEVELS FOR TARGET OF 3700/3750 WITH SL 3600 OF LEVELS.

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