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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 06 DECEMBER 2019

Gold Consolidates Around $1480 Per Ounce Mark.

COMEX Gold futures stayed supported after hitting one month high earlier in the week. However, positive equities capped the upside in the metal and COMEX Gold currently trades at $1480 per ounce, down marginally on the day. MCX Gold futures closed at Rs 38070 per 10 grams, down 0.06% on the day on firm Indian Rupee. Indian Rupee jumped sharply following RBI’s status quo. INR ended at 71.29 against the US dollar today, spurting 24 paise on the day. INR has hit a two week high against the US dollar with this spurt. Volatile undercurrent in equities did not hurt the local currency today. US dollar index currently lingers around 97.30, down marginally on the day. The index tested around three week low earlier this week.

WTI Crude Eyes OPEC, Hits Two And Half Month Top.

WTI Crude oil futures soared near two and half month high of $58.66 per barrel yesterday. Media reports stated that OPEC and allies led by Russia on Thursday agreed to extend heavy output cuts to prevent oversupply in a deal that will apply for the first three months of 2020. Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing excess supply, are set to expire in March. WTI Crude is currently trading at $58.25 per barrel, down marginally on the day. MCX Crude oil ended down 0.36% at Rs 4169 per barrel and could correct further today..

Mixed Economic Cues Weigh On Copper.

Mixed economic cues weighed on Copper yesterday as the red metal attempted to extend a pullback from six week low. The counter currently trades at $2.66 per pound, unchanged on the day. MCX Copper futures closed at Rs 430.45 per kg, down 0.15% on the day. New orders for US manufactured goods increased in the month of October, according to a report released by the Commerce Department on Thursday. The Commerce Department said factory orders rose by 0.3% in October after falling by a revised 0.8% in September. Germany’s factory orders fell a seasonally and calendar adjusted 0.4%month-on-month in October following a 1.5% increase in September, which was revised from the initially reported 1.3% gain, preliminary figures from the Federal Statistical Office showed on Thursday. Domestic orders dropped 3.2%, while foreign demand grew 1.5%.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND :BEARISH
RESIST 2: 39080
RESIST 1: 38660
SUP 1:38000
SUP 2: 37770

CS SILVER (MAR) OVERVIEW:
TREND :BEARISH
RESIST 2:45840
RESIST1:44950
SUP 1: 43510
SUP 2: 42960

Base Metals

CS COPPER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:436
RESIST 1:432
SUP 1:428
SUP 2:423

CS NICKEL (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:1013
RESIST 1:998
SUP 1:968
SUP 2:953

CS ZINC (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 184
RESIST 1:183
SUP 1:181
SUP 2: 180

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 2:134
RESIST 1: 133
SUP 1: 131
SUP 2: 130

Energy

CS CRUDE OIL (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:4320
RESIST 1:4200
SUP 1: 4130
SUP 2: 4000

CS NATURAL GAS (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:176
RESIST 1:175
SUP 1: 173
SUP 2: 17

Screenshot (78)

DAILY RECOMMENDATION: SELL MCX ALUMINIUM DEC BELOW 132 LEVELS FOR TARGET OF 131/130 WITH SL 135 OF LEVELS.

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