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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 31 OCT 2018

Commodities-Market-1

Gold prices edge down amid fears trade war could ramp up.

Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains. Spot gold was on course for afourth weekly gain, its longest winning streak since January. Stocks worldwide spiraled downward on Friday and were set to post their worst weekly losing streak in more than five years. Rising rates are normally negative for goldbecause they increase the opportunity cost of holding non-yielding bullion and could boost the dollar, in which gold is priced. Gold demand in India this week was muted as a recent rally in domestic prices prompted buyers topostpone purchases despite the approaching festival and wedding season. Prices are up more than 6 percent afterfalling to $1,159.96 an ounce in mid-August, the lowest since January 2017.

Market participants should monitor China’s efforts to boost domestic demand.

As the US dollar re bounded, LME copper came off from day-highs of $6,240/mt on Monday. As longs covered theirpositions, LME copper extended its decline and lost all earlier losses by closing. The SHFE 1812 contract openedhigher and rose to a high of 50,170/mt overnight as longs added their positions. The contract then turned around,tracking losses in its LME counterpart and dropping to a low of 49,830 yuan/mt. The US dollar remained strongagainst the euro due to political uncertainty in Europe. Market participants should monitor China’s efforts to boostdomestic demand. Copper prices are likely to trade range bound around $6,200/mt in the short term. LME copperis expected to trade at $6,120-6,200/mt today with the SHFE 1812 contract at 49,800-50,300 yuan/mt. Spotdiscounts are seen at 100-80 yuan/mt.

Anticipation of nickel pig iron (NPI) supply increases and downstream consumption cuts.

LME nickel fell and closed at $11,740/mt on Monday. As shorts added their positions, the SHFE 1901 contract reversed its earlier gains that it made on short-covering and ended at 98,330 yuan/mt overnight. LME nickel is likely to hover around $11,800/mt today with the SHFE 1901 contract at 97,500-99,000 yuan/mt. Spot prices are seen at 99,000-107,500 yuan/mt.

Brent oil prices dips on rising supply, global market woes.

Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs ofrising global supply despite looming sanctions on Iran’s crude exports. Oil has been caught up in broad financial market slumps this month, with stocks falling again on Monday after reports Washington was planning anadditional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies. Oil prices are hurting consumers andcould dent demand, the executive director of the International Energy Agency (IEA) said on Tuesday are twodownward pressures on global oil demand growth. One is high oil prices, and in many countries they’re directlyrelated to consumer prices. The second one is global economic growth momentum slowing down,” said IEA chiefFatih Birol.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32200
RESIST 1: 32100
SUP 1: 31850
SUP 2: 31750

CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 38900
RESIST 1: 38700
SUP 1: 38200
SUP 2: 38000

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 455.00
RESIST 1: 450.00
SUP 1: 442.00
SUP 2: 438.00

CS NICKEL (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 880.00
RESIST 1: 870.00
SUP 1: 860.00
SUP 2: 850.00

CS ZINC (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 202.00
RESIST 1: 199.00
SUP 1: 196.00
SUP 2: 194.00

CS LEAD (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 147.00
RESIST 1: 145.00
SUP 1: 142.00
SUP 2: 140.00

CS ALUMINIUM (OCT) OVERVIEW:
TREND : BEARISH
RESIST 2: 148.00
RESIST 1: 146.00
SUP 1: 144.00
SUP 2: 142.00

Energies

CS CRUDE OIL (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 5020
RESIST 1: 4960
SUP 1: 4840
SUP 2: 4800

CS NATURAL GAS (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 239.00
RESIST 1: 237.00
SUP 1: 232.00
SUP 2: 230.00

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