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CAPITALSTARS – MCX COMMODITY MARKET NEWS LEVELS – 17 SEPTEMBER 2019

 

Commodities-Market-1

Slight Drop In Silver Speculative Longs
Large precious metals speculators eased their bullish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 60,231 contracts in the data reported through Tuesday September 10th. This was a weekly reduction of -1,894 net contracts from the previous week which had a total of 62,125 net contracts.

Smashing Gains In Oil Push MCX Crude Above Rs 4500 Per Barrel
Crude oil futures surged after a major drone attacks on two Saudi Aramco oil facilities in eastern Saudi Arabia. A sharp decline in last week which pulled the WTI futures near one week low of $54 per barrel also acted in favor of the bulls as traders looked at an immediate squeeze on global crude oil supplies to the tune of 5%. However, the US President Donald Trump said that he has authorized releasing oil from the Strategic Petroleum Reserve and this pulled the WTI Crude lower after the commodity tested around four month high of $63.47 per barrel. The counter currently trades at $62 per barrel, down 1.50% on the day. MCX Crude oil futures are trading at Rs 4520 per barrel, up 15% on the day amid a smashing rally.

Speculators Reduce Copper Speculative Short Position
Large base metals speculators reduced their bearish net positions in the Copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -41,186 contracts in the data reported through Tuesday September 10th. This was a weekly change of 17,655 net contracts. Copper speculators cut back on their bearish positions by the largest one-week amount in the past twenty-eight weeks. The speculative position had surged to a new all-time record high bearish position for two consecutive weeks.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 38800
RESIST 1: 38400
SUP 1: 37700
SUP 2: 37400

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 47800
RESIST 1: 47400
SUP 1: 46600
SUP 2: 46200

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: 1240.00
RESIST 1: 1230.00
SUP 1: 1210.00
SUP 2: 1200.00

CS ZINC (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 188.00
RESIST 1: 186.00
SUP 1: 184.00
SUP 2: 183.00

CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 157.00
RESIST 1: 156.00
SUP 1: 154.00
SUP 2: 152.00

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: 4540
RESIST 1:4500
SUP 1: 4420
SUP 2: 4380

CS NATURAL GAS (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 195.00
RESIST 1: 194.00
SUP 1: 192.00
SUP 2: 190.00

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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