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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS UPDATES –19 FEB 2019

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Market Update (Bullions)
Bullion counter may trade with upside bias as gold prices as gold prices were steady near 10-month peaks on Tuesday as the dollar held little changed and markets awaited clarity on U.S.-China trade talks, while palladium struck a record high on supply fears. The United States and China will resume trade talks this week in Washington, with U.S. President Donald Trump saying he may extend a March 1 deadline for a deal. Both sides reported progress at last week’s talks in Beijing. Gold can test 33750 while taking support near 33450. Silver can test 40400 while taking support near 40000. The United States has blocked efforts by a U.N. agency to improve civil aviation in North Korea to maintain sanctions pressure ahead of a second summit between President Donald Trump and leader Kim Jong Un in Vietnam in late February. Minutes of the Federal Reserve’s last policy meeting are due on Wednesday and should provide more guidance on the likelihood of rate increases this year. There is also talk the bank will keep a much larger balance sheet than previously planned.

Market Update (Base Metals)
Base metals prices may trade on sideways to positive path. Copper may test 449 while taking support near 442 in MCX. Copper prices rose on Monday on concerns that supply will tighten after a court ruling cast doubt on the future of a smelter in India and a large mine in Indonesia said its export permit had expired. Better-than-expected Chinese lending data on Friday meanwhile suggested that demand from the world’s biggest consumer of metals will remain strong. Copper stockpiles available to the market in LME-registered warehouses are near 13-year lows and LME time spreads have tightened rapidly, suggesting a shortage of nearby metal. Zinc can test 194 while taking support near 188. Lead can recover towards 148 taking support near 145. Nickel can take test 890 while taking support near 870 Aluminum prices may trade in range of 129-132. The Malaysian government said it would not extend its moratorium on bauxite mining which ends on March 31 due to strong demand for the ore. Bauxite is used in the production of aluminium. Mining giant Glencore has bought 200,000 tonnes of aluminium on the London Metal Exchange and will take delivery of the metal from warehouses owned by ISTIM UK in Port Klang, Malaysia.

Market Update (Energy)
Crude oil may trade on firm path as oil prices U.S. oil prices hit a three-month high on Tuesday, buoyed by production cuts led by the Organization of the Petroleum Exporting Countries. Disruptions in crude supply have also taken prices higher despite the United States ramping up production levels and softer global demand. Crude oil can test 4100 while taking support near 4000. Saudi Arabia’s crude oil exports in Dec fell to 7.690 million barrels per day (bpd) from 8.235 million bpd in Nov, official data showed on Monday. U.S. energy companies last week increased the number of oil rigs looking for new supply by three to a total of 857, energy services firm Baker Hughes said in a report on Friday. Natural gas may witness lower level buying as it can test 190 in MCX.

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