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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 23 OCTOBER 2019

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Gold Consolidates Around $1490 Per Ounce Mark.

COMEX Gold consolidated around $1490 per ounce amid improving global trade climate. Large scaled buying was absent in the metal but weakness in US dollar capped the downside. The metal currently trades at $1492 per ounce, up 0.30% on the day. Brexit related uncertainty also supported the metal. MCX Gold futures ended flat at Rs 37865 per 10 grams. The US dollar index is off its two month low and currently hovers around 97.60 mark. Large precious metals speculators sharply cut their bullish net positions in the Gold 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 253,027 contracts in the data reported through Tuesday October 15th. This was a weekly decline of -22,536 net contracts. With this drop, the overall bullish standing has slipped to the lowest level in nearly three months.

WTI Crude Hits One Week High.

WTI Crude oil futures hit a one week high of $54.80 per barrel yesterday amid sustained buying support and weakness in the US dollar. MCX Crude oil ended up 1.20% at Rs 3855 per barrel. Large energy speculators slightly added to their bullish net positions in the WTI Crude Oil 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 WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 356,884 contracts in the data reported through Tuesday October 15th. This was a weekly change of 1,799 net contracts from the previous week which had a total of 355,085 net contracts. Crude oil speculators edged their bullish bets slightly higher following four weeks of declining positions.

Copper Slides Under Rs 440 Mark On MCX.

COMEX Copper eased from five week high but managed to hold up on worries over output in leading producer Chile. Civilians protested in Chile’s capital Santiago against high living costs, raising concerns about supply shortages. The red metal currently quotes at $2.62 per pound, down 0.40% on the day. MCX Copper eased further as the Indian Rupee edged up. Rupee gained as traders eyed increased foreign investment flows. INR closed at 70.94 per US dollar, rising 20 basis points on the day. MCX Copper futures are down 0.50% at Rs 438.80 per kg after falling under Rs 440 level.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 38010
RESIST 1: 37950
SUP 1: 37820
SUP 2: 37760
CS SILVER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:45800
RESIST 1:45490
SUP 1: 44990
SUP 2: 44800

Base Metals

CS COPPER (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:445
RESIST 1:441
SUP 1:437
SUP 2:433

CS NICKEL (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2:1228
RESIST 1: 1213
SUP 1:1183
SUP 2:1168

CS ZINC (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 186
RESIST 1:185
SUP 1:183
SUP 2: 182

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

CS ALUMINIUM (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2:133
RESIST 1: 131
SUP 1: 139
SUP 2: 138

Energy

CS CRUDE OIL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3950
RESIST 1:3900
SUP 1: 3790
SUP 2: 3730

CS NATURAL GAS (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:163
RESIST 1:162
SUP 1: 160
SUP 2: 159

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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