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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 16 SEPTEMBER 2019

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Weak Indian Imports Can Weigh On Gold.

COMEX Gold futures saw a bearish movement last week as demand was thin following recent surge to near seven year highs. Rising global risk appetite and some solace on the US-China trade front capped gains for the metal. A slide in global crude oil prices also weighed. The metal tested one week low near $1492 per ounce and ended just under $1500 per ounce levels. India’s Gold imports stayed slippery following the surge in local prices to all-time highs. The country imported gold worth Rs 9711 crore in August 2019, down 62% compared to August 2018. Gold imports had fallen sharply by 42% to Rs 11787 crore in July 2019. COMEX Gold futures are likely to see some buying ahead of the US Fed’s monetary policy meeting to be held next week. The central bank is widely expected to cut US interest rates by 25 basis points on September 18th 2019.

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Crude Likely To Be In Focus Following Attack On Saudi Aramco Facilities.

Crude oil futures should see a spike today after a major drone attacks on two Saudi Aramco oil facilities in eastern Saudi Arabia. Oil extended losses last week as OPEC and its allies reiterated their commitment to current output cuts, but failed to announce bigger production cuts as some had expected in the wake of easing tensions between the US and Iran. WTI Crude tested one week low near $54 per barrel. MCX Crude oil extended losses under Rs 4000 per barrel and closed around Rs 3900 per barrel mark. Oil market also eyed a monthly report from the International Energy Agency which said that supplies from outside of OPEC would rise by 2.3 million barrels a day in 2020, from 1.9 million barrels a day this year. The IEA left its daily global demand growth forecast at 1.1 million for 2019 and 1.3 million barrels for 2020. OPEC lowered its forecast for global oil-demand growth in 2019 and 2020, citing data in the first half of this year from various global demand centers and slower economic growth projections. Meanwhile, the US Energy Information Administration (EIA) forecasts that Brent spot prices will average $60/b in the fourth quarter of 2019 and $62/b in 2020. EIA forecasts that West Texas Intermediate (WTI) prices will average $5.50/b less than Brent prices in 2020.

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Copper Soars Near Six Week High.

Copper soared impressively last week amid steady cues from global equities and easing of trade tensions between the United States and China. China said that it will exclude some agricultural products from additional tariffs on US goods. A slide in US dollar and hopes of continued easy monetary policy from major global central banks also helped COMEX Copper surge to $2.70 per pound – its highest mark in nearly six weeks. Meanwhile, the US dollar index slipped to two week low of 97.86 after falling under 98 level.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 38600
RESIST 1: 38300
SUP 1: 37700
SUP 2: 37400

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 47700
RESIST 1: 47300
SUP 1: 46500
SUP 2: 46200

Base Metals
CS COPPER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 466.00
RESIST 1: 462.00
SUP 1: 454.00
SUP 2: 450.00

CS NICKEL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1260.00
RESIST 1: 1250.00
SUP 1: 1230.00
SUP 2: 1220.00

CS ZINC (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 191.00
RESIST 1: 190.00
SUP 1: 187.00
SUP 2: 186.00

CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 159.00
RESIST 1: 158.00
SUP 1: 156.00
SUP 2: 154.00

CS ALUMINIUM (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00

Energy
CS CRUDE OIL (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 4400
RESIST 1:4350
SUP 1: 4250
SUP 2: 4200

CS NATURAL GAS (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 193.00
RESIST 1: 192.00
SUP 1: 190.00
SUP 2: 189.00

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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