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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 17 OCTOBER 2019

10171107

Gold Carves Out Modest Gains
COMEX Gold stayed weak on worries over Indian demand despite a tentative recovery in US session on weak equities. COMEX Gold futures are currently trading flat at $1491 per ounce. India’s Gold imports tanked 51.42% to Rs 9099 crore while Silver imports also fell 48% to Rs 1102 crore in September 2019. MCX Gold futures broke above Rs 38000 per 10 grams and closed at Rs 38219 per 10 grams, up 0.50% on the day. Traders are anxious about the retail demand ahead of Diwali. The US dollar index slipped sharply yesterday and currently lingers at its one month low around 98 level. This weakness in dollar can support Gold though broad selling pressure in commodities can cap losses.

IMF Expects 6.2% Drop In Prices Next Year
According to a latest update from IMF, global base metal prices declined slightly by 0.9% between February 2019 and August 2019 as continued trade policy uncertainty and fears of a global economic slowdown—especially in China—were only partially offset by supply-driven price increases in iron ore and nickel. Iron ore prices increased 6.7% between February 2019 and August 2019. Widespread disruptions—including the Vale dam collapse in Brazil and tropical cyclone Veronica in Australia— coupled with record-high steel output in China pushed iron ore prices to five-year highs during the first half of 2019.

Brent Crude Could Gradually Decline To $55 Per Barrel Over Coming Five Years Says IMF
Crude Oil prices have been relatively stable, trading within a narrow range this year despite heightened geopolitical uncertainty, the IMF noted in its World Economic Outlook yesterday. In April, they surpassed $71, their highest for 2019, and hit their recent bottom of $55 in August before rebounding back above $60 in September. Initially, prices were pushed higher by the recovery of financial conditions as well as outages in Venezuela and US tensions with Iran. But in late spring a weaker global economy raised concern about the strength of global oil demand, which was amplified by a buildup of US crude oil stockpiles.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 38440
RESIST 1: 38330
SUP 1: 38020
SUP 2: 37830

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:45940
RESIST 1:45580
SUP 1: 44790
SUP 2: 44340

Base Metals

CS COPPER (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:344
RESIST 1:340
SUP 1:436
SUP 2:432

CS NICKEL (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:1227
RESIST 1: 1212
SUP 1:1182
SUP 2:1167

CS ZINC (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 187
RESIST 1:186
SUP 1:184
SUP 2: 183

CS LEAD (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:157
RESIST 1: 156
SUP 1: 154
SUP 2: 153

CS ALUMINIUM (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:136
RESIST 1: 135
SUP 1: 133
SUP 2: 132

Energy

CS CRUDE OIL (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3880
RESIST 1:3850
SUP 1: 3770
SUP 2: 3730

CS NATURAL GAS (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:168
RESIST 1:167
SUP 1: 165
SUP 2: 164

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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