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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 18 NOV 2019

Mcx2-1

Gold Weak On Record High Level For US Equities.

COMEX Gold futures slipped as profit selling took charge in the commodity following a latest spurt to one week high. The US equities continue to linger around record highs as Gold traders are reluctant to push up the rally in the metal amid such a scenario. The US stocks surged to record high on Friday. The Dow jumped 222.93 points or 0.8 percent to 28,004.89. The strength on Wall Street came amid renewed optimism about a U.S.-China trade deal following comments from White House officials. The commodity currently trades at $1466 per ounce, down 0.17% on the day. MCX Gold futures closed at Rs 37991 per 10 grams, down 0.77% on the day. Meanwhile, the Indian Rupee also surged after testing a around three month low earlier in week. The INR closed up up 20 paise at 71.77 per US dollar.

Copper Sees Tight Activity.

Copper slipped as tepid economic data from China weighed on the metal though the record high levels for US equities capped the downside for the commodity. The COMEX Copper futures are currently trading at $2.64 per pound, up 0.30% on the day after falling to two week low. MCX Copper futures ended flat at Rs 437.50 per kg. China’s industrial production rose 4.7% year-on-year in October, data from the National Bureau of Statistics showed today. Value of delivered industrial exports fell 3.8% on-year in October, recording third straight month of declines. China’s fixed asset investment edged up 5.2% in January-October 2019 – around two decade low. China’s retail sales of consumer goods rose 8.1% year on year in the January-October period, the National Bureau of Statistics said.

India’s Crude Oil Imports Fall 32% In October.

India’s crude oil imports in October 2019 were USD 9.63 billion (Rs. 68,400.14 crore), which was 31.74 percent lower in Dollar terms (34.15 percent lower in Rupee terms), compared to USD 14.11 billion (Rs. 1,03,864.85 crore) in October 2018. Oil imports in April-October 2019-20 were USD 73.93 billion (Rs. 5,18,270.66 crore) which was 12.16 per cent lower in Dollar terms (11.31 percent lower in Rupee terms) compared to USD 84.17 billion (Rs. 5,84,362.56 crore), over the same period last year.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :BEARISH
RESIST 2: 38370
RESIST 1: 38180
SUP 1:37870
SUP 2: 37740

CS SILVER (DEC) OVERVIEW:
TREND :BEARISH
RESIST 2:44840
RESIST1:44640
SUP 1: 44150
SUP 2: 43860

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2:443
RESIST 1:439
SUP 1:435
SUP 2:432

CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2:1140
RESIST 1: 1125
SUP 1:1095
SUP 2:1080

CS ZINC (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 194
RESIST 1:193
SUP 1:191
SUP 2: 190

CS LEAD (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:156
RESIST 1: 155
SUP 1: 153
SUP 2: 152

CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2:133
RESIST 1: 132
SUP 1: 130
SUP 2: 129

Energy

CS CRUDE OIL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:4210
RESIST 1:4170
SUP 1: 4070
SUP 2: 4012

CS NATURAL GAS (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2:196
RESIST 1:195
SUP 1: 193
SUP 2: 192


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