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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 12 FEBRUARY 2020

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MCX Gold Sees Profit Selling.

COMEX Gold futures eased on profit selling as equities surged and US dollar index saw a massive spurt, hitting four month highs. COMEX Gold futures are currently trading at $1571 per ounce, almost unchanged on the day. MCX Gold futures closed at Rs 40448 per 10 grams, down 0.57% on the day. Gold could see buying at lower levels given the continued worries over the spread of Coronavirus. The death toll in China due to the novel coronavirus epidemic has crossed 1,000, while the confirmed cases have gone over 42,000, health officials announced on Tuesday. As many as 108 deaths were reported on Monday and 2,478 new cases of the lethal disease were confirmed, the National Health Commission said in its daily report.

EIA Expects Brent Crude To Average $61 Per Barrel This Year.

EIA, in its short term energy outlook (STEO) expects global petroleum and liquid fuels demand will average 100.3 million barrels per day (b/d) in the first quarter of 2020. This demand level is 0.9 million b/d less than forecast in the January STEO and reflects both the effects of the coronavirus and warmer-than-normal January temperatures across much of the northern hemisphere. EIA now expects global petroleum and liquid fuels demand will rise by 1.0 million b/d in 2020, which is lower than the forecast increase in the January STEO of 1.3 million b/d in 2020, and by 1.5 million b/d in 2021.

Copper Jumps More Than 1% On MCX.

COMEX Copper futures stayed well supported as equities edged up on hopes of a larger Chinese economic stimulus. Copper also benefitted on reports of falling output at Chile’s copper commission announced a slide in output at state-owned Codelco. Following declining grades Codelco production declined by 5.6% or about 100,000 tonnes last year. Overall, Codelco, produced a total of 1.706 million tonnes of copper, the lowest level since 2008. COMEX Copper futures are currently trading at $2.59 per pound, up 0.46% on the day. MCX Copper futures ended at Rs 433.75 per kg, up 1.10% on the day.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40700
RESIST 1: 40600
SUP 1:40300
SUP 2: 40200

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46200
RESIST 1:46000
SUP 1: 45500
SUP 2: 45300

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:437
RESIST 1:435
SUP 1:430
SUP 2:428

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 975
RESIST 1:965
SUP 1:940
SUP 2:935

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3700
RESIST 1:3650
SUP 1: 3550
SUP 2: 3500

CS NATURAL GAS (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:132
RESIST 1:130
SUP 1: 126
SUP 2: 125


MCX CRUDE OIL FEB on TUESDAY as seen in the Daily chart opened at 3555 levels and made day high of 3614 levels. During this period this commodity made low is 3555 levels and finally closed at 3580 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (952)

DAILY RECOMMENDATION: BUY CRUDE OIL FEB ABOVE 3600 LEVELS FOR TARGET OF 3630/3650 WITH SL 3550 OF LEVELS.

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