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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 18 FEBRUARY 2020

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COMEX Copper Hits Two And Half Week Top.

Copper futures gained sharply yesterday, hitting around two and half week high of $2.63 per pound amid steady equities and hopes of continued monetary stimulus from China as it tries to subdue the impact of Coronavirus epidemic that has killed more than 1,700 people. China’s central bank cut a key interest rate to support an economy jolted by the coronavirus outbreak, helping counter a string of weak economic data from regional economies. People’s Bank of China lowered the interest rate on its medium-term lending. The rate was lowered by 10 basis points to 3.15%, the lowest since 2017. MCX Copper futures are quoting at Rs 435.35 per kg, up 0.32% on the day. Local futures saw limited gains as Indian Rupee edged up today after recent spree of losses. INR closed at 71.29 per US dollar, up 8 paise on the day.

Crude Oil Speculative Longs At Three Month low.

Large energy speculators marginally cut their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 396769 contracts in the data reported through February 10th. This was a weekly slide 605 net contracts after a massive drop in positions in prior week. The current level of longs is the lowest in three months. Meanwhile, the commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -412607 contracts on the week. This was a weekly change of 12519 net contracts. The commercial shorts are currently at their lowest mark in three months.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 41100
RESIST 1: 41000
SUP 1: 40700
SUP 2: 40600

CS SILVER (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 46600
RESIST 1: 46400
SUP 1: 46000
SUP 2: 45800

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 439
RESIST 1: 437
SUP 1: 435
SUP 2: 433

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: 3800
RESIST 1: 3780
SUP 1: 3680
SUP 2: 3650

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 142
RESIST 1: 140
SUP 1: 133
SUP 2: 130


MCX CRUDE OIL FEB on MONDAY as seen in the Daily chart opened at 3714 levels and made day high of 3743 levels. During this period this commodity made low is 3707 levels and finally closed at 3736 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (1028)

DAILY RECOMMENDATION: BUY CRUDE OIL FEB CMP 3680 LEVELS FOR TARGET OF 3720/3750 WITH SL 3600 OF LEVELS.

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