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CAPITALSTARS – MCX COMMODITY MORNING MARKET NEWS UPDATES – 4 FEB 2019

Morning-Commodities-Market-updates-1

BULLION:
Bullion counter may witness some profit booking at higher levels as gold prices dipped slightly on Monday as the dollar held steady on upbeat U.S. jobs and factory data that prompted markets to reduce bets on a rate cut later this year. The dollar held firm versus the yen, hovering near a one-week high on Monday bolstered by a stronger-than-expected jobs report and a rebound in U.S. manufacturing. Gold (Apr) can face resistance near 33550 while taking support near 33150. Silver can face resistance near 40800 taking support near 40200. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.79 percent to 817.40 tonnes on Friday from 823.87 tonnes on Thursday. Demand for physical gold gathered pace in top consumer China ahead of the Lunar New Year holiday, while activity was muted in India as jewellers held off on purchases in anticipation of the country’s budget presentation on Friday. U.S. President Donald Trump said military intervention in Venezuela was “an option” as Western nations boost pressure on socialist leader Nicolas Maduro to step down, while the troubled OPEC nation’s ally Russia warned against “destructive meddling.

BASE METALS:
Base metals prices may trade with sideways bias. Expectations of a trade deal between Washington and Beijing kept a floor under the market. U.S. President Donald Trump said he would meet China’s Xi Jinping soon to try to seal a comprehensive trade deal, citing substantial progress. China’s financial markets are closed all week for the Lunar New Year holiday. China’s factory activity shrank by the most in almost three years in January as new orders slumped further and output fell, a private survey showed, reinforcing fears that a slowdown in the world’s second-largest economy is deepening. Copper may face resistance near 442 while taking support near 432 in MCX. London copper prices ticked lower on Monday, easing for a second session with the market under pressure from concerns over slowing factory activity in China – the world’s top industrial metals consumer. Top copper miner Codelco said it had struck a contract deal with the union of supervisors at its Gabriela Mistral mine in northern Chile, averting the threat of a strike. Zinc can move sideways to positive path as it can test 202. Lead can also trade higher as it can test 154. Nickel can move on positive path as it can test 915. Aluminum prices can move further higher as it can test 136. The CME Group has reinstated approved status for warranting aluminium produced by United Company Rusal after U.S. sanctions were lifted against the company on Sunday.

ENERGY:
Crude oil may witness some profit booking as oil prices slipped on Monday after gains of about 3 percent in the previous session, but they were buoyed by expectations of tightening supply and signs that China-U.S. trade tensions could ease. Crude oil can test 3900 levels while facing resistance near 4000. U.S. energy firms last week cut the number of oil rigs operating to their lowest in eight months as some drillers followed through on plans to spend less on new wells this year. Elsewhere, pressure on crisis-hit oil producer Venezuela continues to mount as U.S. sanctions bite. The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran last year, experts said after examining details posted by the Treasury Department. Russian oil output declined to 11.38 million barrels per day (bpd) in January, or by around 35,000 bpd from the October 2018 level, the baseline for a global oil accord to curb production, missing the deal’s target, Energy Ministry data showed on Saturday. Natural gas may remain on sideways path as it can move in range of 196-202.

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