GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 05 DECEMBER 2019

Mcx2-1

RBI MPC Keeps Repo Rate Unchanged At 5.15%

The Reserve Bank of India monetary policy committee maintained the repo rate at 5.15 per cent points (bps) in its fifth bi-monthly monetary policy meeting of the financial year 2019-20 (FY20) on Thursday. Consequently, the reverse repo rate stands unchanged 4.90 per cent. The RBI has cut repo rate by 135 basis points so far in 2019, to a nine-year low of 5.15%. The status quo was voted unanimously by all the MPC members. Further, GDP growth forecast for FY20 was slashed to 5 per cent from 6.1 per cent. GDP growth has fallen to 4.5% in the July to September period, the weakest pace in more than 6 years. RBI also revised its inflation forecast from 3.5-3.7% to 5.1-4.7% for the second half of fiscal year 2019-20. This comes after consumer price inflation quickened to 4.62% in October, breaching the 4% target for the first time since July 2018. The MPC noted that inflation is expected to moderate below target by the second quarter of fiscal year 2020-21 and it would wait for data for more clarity on inflation outlook.

Trades Higher Ahead Of RBI

The Indian rupee edged higher in cautious trades against the dollar at commencement on Thursday, 05 December 2019, ahead of the Reserve Bank of India’s monetary policy decision. The RBI”s Monetary Policy Committee (MPC) is slated to announce its fifth bi-monthly policy decision for this fiscal later in the day. Muted opening in domestic equities and sustained foreign fund outflows also weighed on the domestic currency. Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 781.06 crore on Wednesday, according to provisional exchange data.

MCX Copper Breaks Above Rs 430 Per Kg

COMEX Copper futures gained yesterday amid rising risk appetite and strong data from leading consumer China. The metal saw bargain buying after recent correction that had pulled it to six week low and currently trades at $2.65 per ounce, down 0.23% on the day. MCX Copper closed up 0.70% at Rs 431.10 per kg. China’s private sector grew at the steepest pace in 21 months in November driven by the upturn in manufacturing and services, survey results from IHS Markit showed Wednesday. The Caixin composite output index rose to 53.2 in November from 52.0 in October. A reading above 50 indicates expansion. The services Purchasing Managers’ Index advanced to a seven-month high of 53.5 from 51.1 in October.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND :BEARISH
RESIST 2: 38630
RESIST 1: 38360
SUP 1:37930
SUP 2: 37760

CS SILVER (MAR) OVERVIEW:
TREND :BEARISH
RESIST 2:46180
RESIST1:45300
SUP 1: 43930
SUP 2: 43420

Base Metals

CS COPPER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:437
RESIST 1:433
SUP 1:429
SUP 2:425

CS NICKEL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:699
RESIST 1:684
SUP 1:954
SUP 2:939

CS ZINC (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2: 186
RESIST 1:185
SUP 1:183
SUP 2: 182

CS LEAD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:154
RESIST 1: 153
SUP 1: 151
SUP 2: 150

CS ALUMINIUM (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:135
RESIST 1: 134
SUP 1: 132
SUP 2: 131

Energy

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:4290
RESIST 1:4240
SUP 1: 4090
SUP 2: 3990

CS NATURAL GAS (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:173
RESIST 1:172
SUP 1: 170
SUP 2: 169

Screenshot (72)

 

DAILY RECOMMENDATION: SELL MCX NICKEL DEC BELOW 972 LEVELS FOR TARGET OF 962/952 WITH SL 992 OF LEVELS.

Disclaimer The information and views in this report & all the service we provide are believed to be reliable, but we do not accept any responsibility for errors of fact or opinion. Investors have the right to choose the product/s that suits them the most. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility. The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. My research recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Capital Stars shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of regulators. The price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Investment & Trading in Securities Markets are always subjected to market risk. Capitalstars Financial Research Private Ltd., Reserves all Rights.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM