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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 15 JANUARY 2020

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MCX Gold Ends With Modest Losses.

COMEX Gold futures saw some steady buying around two week low. The yellow metal has slipped after falling under $1600 per ounce mark. Sentiments remained supportive for global stocks amid continued optimism about impact of the phase one US-China trade deal. Dow Jones hit a record high above 29,000 in last session. The COMEX Gold futures are currently trading at $1552 per ounce, up 0.47% on the day. MCX Gold futures closed at Rs 39441 per 10 grams, down 0.27% on the day. Local bullion traders are worried about the retail demand following recent surge above Rs 40K in spot prices. Gold is expected to hold the latest gains as traders are likely to focus on the details of the trade deal now.

Copper Down Half Percent In Asia.

COMEX Copper consolidated around eight month high amid supportive equities in last session. Chinese copper demand figures were optimistic as well. China’s imports of copper concentrate rose 11.6% in 2019, according to data from the General Administration of Customs released on Tuesday. In December, China imported 1.93 million mt of copper concentrate, down from an all-time high of 2.16 million mt in November, but up 31.8% from the same month 2018. China’s imports of unwrought copper and copper products, rose to 527,000 mt last month, from 483,000 mt in November. China’s unwrought copper imports rose 9.1% in December from the previous month to their highest since March 2016. However, the total unwrought imports for 2019 came in at 4.98 million mt, down 6%. COMEX Copper saw some selling in Asia today though and currently trades at $2.85 per pound, down half a percent on the day. MCX Copper ended at Rs 454 per kg, up 0.70% on the day. The metal should face some corrective selling after recent surge.

Crude Could Ease Ahead Of EIA Data.

WTI Crude oil is quoting around five week low. The American Petroleum Institute (API) has estimated crude oil inventory build of 1.1 million barrels for the week ending January 10th. WTI Oil edged up near $59 per barrel but flipped back and stayed lower as trader focused on the inventories data. WTI Crude currently trades at $58.08 per barrel, down 0.26% on the day. MCX Crude ended at Rs 4146 per barrel, up 0.34% on the day and should see a correction today as market wait for EIA weekly update.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39680
RESIST 1: 39560
SUP 1:39300
SUP 2: 39150

CS SILVER (MAR) OVERVIEW:
TREND :BEARISH
RESIST 2:46550
RESIST1:46230
SUP 1: 45700
SUP 2: 45490

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:459
RESIST 1:455
SUP 1:450
SUP 2:446

CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 1048
RESIST 1:1033
SUP 1:1003
SUP 2:988

CS ZINCMINI (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 184
RESIST 1:183
SUP 1:181
SUP 2: 180

CS LEADMINI (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:154
RESIST 1: 153
SUP 1: 151
SUP 2:150

CS ALUMINI (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:142
RESIST 1: 141
SUP 1: 139
SUP 2: 138

Energy

CS CRUDE OIL (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:4200
RESIST 1:4170
SUP 1: 4100
SUP 2: 4060

CS NATURAL GAS (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:160
RESIST 1:159
SUP 1: 157
SUP 2: 156


MCX NICKEL JAN on THUESDAY as seen in the Daily chart opened at 1029.30 levels and made day low of 1008.70 levels. During this period NICKEL JAN high is 1029.30 levels and finally closed at 1018.30 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (678)

DAILY RECOMMENDATION: SELL NICKEL JAN BELOW 1010 LEVELS FOR TARGET OF 1008/1005 WITH SL 1017 OF LEVELS.

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