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Market Update (Bullions)

Bullion counter may trade in narrow range as gold prices held steady on Monday, supported by uncertainties around Sino-U.S. trade war and concerns of slowing global economic growth, while a strong dollar weighed on the precious metal. World stocks ended last week in the red amid uncertainty about global economic growth and trade tensions, posting their first weekly drop this year. Gold (Apr) can face resistance near 33300 while it has support near 33000. Silver can dip lower as it can test 39800 while facing resistance near 40200. Investors are looking ahead to trade talks this week with a delegation of U.S. officials travelling to China for the next round of negotiations. U.S. President Donald Trump said last week that he had no plans to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal. Adding to investor worries was the collapse in talks between U.S. Democrat and Republican lawmakers over the weekend amid a clash over immigrant detention policy, raising fears of another government shutdown.

Market Update (Base Metals)

Base metals prices may trade with sideways to negative bias. Copper may test 435 while facing resistance near 445 in MCX. Onwarrant copper stocks available to the market in LME-registered warehouses have fallen to 87,725 tonnes from about 130,000 tonnes in mid-January and are near decade lows, pointing to an undersupplied market. Chilean state miner Codelco said heavy rains had forced a suspension of operations at its northern copper mines Chuquicamata and Ministro Hales. Zinc can dip lower towards 187. Lead can move sideways in range of 145-149. Nickel can dip further lower and can test 890. Nickel, which had seen the biggest rally of any industrial metal in recent weeks, finished down 3.2 percent at $12,570 a tonne, falling below its technically important 200-day moving average. Aluminum prices may find some support near 132.50. Russia’s Rusal said it expected aluminium demand to grow in 2019 and saw potential for prices to rise. It said production outside China was flat at 27.6 million tonnes in 2018 while demand rose by 2.8 percent to 30 million tonnes.

Market Update (Energy)

Crude oil may open in red as oil prices fell by more than 1 percent on Monday as U.S. drilling activity picked up and as a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd. Crude oil can test 3680 while facing resistance near 3750. Preventing crude prices from falling much further have been U.S. sanctions on Venezuela, targeting its state-owned oil firm PDVSA. Natural gas can witness lower level buying as it can test 194 in MCX. U.S. natural gas futures erased losses to settle higher on Friday as investors covered short positions a day after prices settled at their lowest level in almost two and a half years on forecasts for warmer-than-expected weather.

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