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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 15 MAR 2019

Mcx2-1

Silver Crashes Under 100 Day EMA On COMEX
COMEX Silver futures took a tumble yesterday as a slide from near two week high extended. The futures had edged up from a two month low before the rebound and further losses are likely in the metal after the prices broke below their 100 day Exponential Moving Average (EMA) today. The EMA 100 is placed at 15.40 right now while the metal is quoting at 15.26 per ounce, up 0.64% on the day. Prices are likely headed towards the $15 per ounce levels following this recent slide unless they break above the 100 day EMA.

Crude Approaches Near Four Month High
WTI Crude oil futures scaled up further, hitting fresh four month highs on continued buying support. The Energy Information Administration (EIA) noted yesterday that the US production is forecast lower in both 2019 and 2020 compared with the February forecast, despite an expected increase in pipeline capacity to move crude oil out of the Permian region. The US active oil rig count reached a 10-month low of 834 rigs as of March 8, suggesting the rate of US crude oil production growth could slow further. Although lower than the February forecast, EIA still forecasts US crude oil production to increase by 1.3 million b/d in 2019 and 0.7 million b/d in 2020. This is likely to keep oil elevated in near term as the OPEC uncertainty stays in place. Strength in global equities is also working in favor of the commodity. WTI Crude oil futures are trading at $58.62 per barrel, up marginally on the day. MCX Crude oil futures are trading at Rs 4061 per barrel, up 80% on the day and should see decent buying support yet again today.

Copper Falls Sharply On Chinese Data
COMEX Copper futures tumbled yesterday on weak Chinese economic data. The red metal had edged up earlier this week on media reports that major global producer Codelco is facing delays in bringing back refined copper smelting at its Chuquicamata plant. However, the commodity fell sharply today. China’s industrial output rose by 5.3% year on year in the first two months, narrowing from 5.7% growth in December 2018, the National Bureau of Statistics said Thursday. This data marked 17-year low for the measure. COMEX Copper futures fell around 1.40% yesterday before witnessing some support. The metal quotes at $2.90 per ounce, up 0.60% on the day. MCX Copper futures ended sharply lower after breaking under Rs 450 per kg levels. Expect a choppy movement in the counter today.

Precious Metals
CS GOLD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32300
RESIST 1: 32000
SUP 1: 31700
SUP 2: 31500

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 39000
RESIST 1: 38500
SUP 1: 37700
SUP 2: 37400

Base Metals
CS COPPER (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 456.00
RESIST 1: 450.00
SUP 1: 441.00
SUP 2: 438.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 923.00
RESIST 1: 908.00
SUP 1: 880.00
SUP 2: 870.00

CS ZINC (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 202.00
RESIST 1: 200.00
SUP 1: 197.00
SUP 2: 195.00

CS LEAD (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 148.00
RESIST 1: 147.00
SUP 1: 145.00
SUP 2: 144.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 148.00
RESIST 1: 147.00
SUP 1: 145.00
SUP 2: 144.00

Energy
CS CRUDE OIL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4120
RESIST 1:4090
SUP 1: 4030
SUP 2: 4000

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 200.00
RESIST 1: 198.00
SUP 1: 196.00
SUP 2: 195.00

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