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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 5 SEPTEMBER 2019

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MCX Gold Approaches Rs 40000 Mark
COMEX Gold futures rose further yesterday. COMEX Gold hit a fresh six year high of $1566 per ounce and currently trades at $1553 per ounce, down 0.45% on the day. The metal surged amid rising equities yesterday, indicating that current rally is based upon strong impulses at the fundamental level and is not just linked to the safe haven edge of the metal. MCX Gold futures approached the watershed Rs 40000 per 10 grams mark and closed at Rs 39823 per 10 grams, up 1% on the day. The local traders are likely to watch the Indian rupee today after the INR recovered some lost ground on Wednesday. INR added 27 paise to close at 72.12 against the US dollar in line with a recovery in domestic stock markets.

COMEX Copper Hits Two Week High
COMEX Copper rose impressively yesterday as equities jumped. Sentiments were supported as tensions in Hong Kong eased after the withdrawal of a controversial bill, easing tensions between the government and protesters. US markets also jumped with the DOW rising 0.9%. Chinese economic data was also supportive for Copper. China’s private sector logged its fastest growth in four months in August as both manufacturers and service providers saw improved rates of activity growth. China Caixin composite output index rose to 51.6 in August from 50.9 in July. COMEX Copper has hit a two week high on these cues and currently trades at $2.60 per ounce, up 0.46% on the day. MCX Copper futures ended at Rs 449.40 per kg, up around 2% on the day.

USDA Reduces Indian Oilmeal Exports By 6.2 percent
USDA Reduces Indian Oilmeal Exports By 6.2 percent For MY 2018/19 September 05,2019 08:51. As per the latest update from United States Department of Agriculture (USDA), After discounting availability of soybeans and considering strong domestic demand for animal feed, the out-year Indian oilmeal export forecast is lowered 6.2 percent to 3 MMT. The export basket will include 2 MMT of soymeal, a little less than 1 MMT of rapeseed meal, and some quantity of peanut meal. During the first 10 months of MY 2018/19, total oil meal exports (including surface transport) have risen eight percent to 2.3 MMT. Rapeseed meal exports grew this year due to improved demand from South Korea, Thailand, and Vietnam. Post expects that by September 2019, India will be able to sell a little less than 1 MMT. Currently, it is quoted at $220/MT (July, FOB Indian port) and is very competitive compared to $225/MT (July, FOB Hamburg) quoted by international suppliers.

Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 40400
RESIST 1: 40000
SUP 1: 39200
SUP 2: 38800

CS SILVER (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2: 52000
RESIST 1: 51500
SUP 1: 50600
SUP 2: 50200

Base Metals
CS COPPER (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 458.00
RESIST 1: 454.00
SUP 1: 446.00
SUP 2: 442.00

CS NICKEL (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 1280.00
RESIST 1: 1270.00
SUP 1: 1250.00
SUP 2: 1240.00

CS ZINC (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 188.00
RESIST 1: 187.00
SUP 1: 185.00
SUP 2: 184.00

CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 158.00
RESIST 1: 156.00
SUP 1: 154.00
SUP 2: 153.00

CS ALUMINIUM (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 139.00
SUP 2: 138.00

Energy
CS CRUDE OIL (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4120
RESIST 1:4080
SUP 1: 4000
SUP 2: 3960

CS NATURAL GAS (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 179.00
RESIST 1: 178.00
SUP 1: 175.00
SUP 2: 174.00

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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