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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 19 FEBRUARY 2020

Mcx2-1

Gold Surges Above $1600 Per Ounce Levels.

Gold futures saw an impressive upmove as buying support stayed in place amid falling equities. The COMEX Gold futures rose to a two month high of $1605 per ounce, up marginally on the day. Demand was firm for safe-havens after iPhone maker Apple Inc’s revenue warning underscored the financial fallout of the coronavirus epidemic in China. MCX Gold futures closed at Rs 41420 per 10 grams, up 0.30% on the day. Indian Rupee tanked today as local stocks fell sharply, boosting MCX Gold. INR closed at 71.56 per US dollar, down 24 paise on the day. This is the lowest mark in nearly two weeks for the INR.

Crude Gains 1% In Asia.

WTI Crude oil futures rebounded in Asia after tanking yesterday as steady shipments from major producing nations and demand worries triggered hefty correction. However, prices recovered today and the WTI Crude oil futures are currently trading at $52.85 per barrel, up 1% on the day. MCX Crude also closed to Rs 3698 per barrel, down around 1% on the day. Oil has eased this week as the International Energy Agency or IEA slashed its demand forecast for the first quarter of 2020. The agency estimated that consumption will contract by 435,000 bpd, the first outright decline year-on-year in last decade. For the full-year in 2020, the IEA cut demand growth by 365,000 bpd to just 825,000 bpd. That would be the lowest annual increase since 2011, the agency noted.

Copper Falls Near One Week Low On MCX.

COMEX Copper futures saw a mixed outing yesterday as Coronavirus fears weighed on global equities. The metal has eased after hitting around three week high and currently trades at $2.61 per pound, up 0.30% on the day. MCX Copper futures fell around 0.80% to close at Rs 431.60 per kg. These are lowest levels in one week for local futures. On the economic front, the New York Fed said its general business conditions index climbed to 12.9 in February from 4.8 in January, with a positive reading indicating growth in regional manufacturing activity. Europe’s passenger car sales dropped in January, data from the European Automobile Manufacturers’ Association (ACEA), showed on Tuesday. Passenger car registrations contracted 7.5% year-on-year in January to 956,779 units. The ACEA said major changes in taxation was announced by some EU member states for 2020 that pulled registrations forward in December and led to the decline in January. Car sales dropped 13.4% year-on-year in France and by 7.3% in Germany. Germany’s investor confidence indicator slumped to 8.7 in February from 26.7 in January, survey results from the ZEW – Leibniz Centre for European Economic Research revealed. Economic sentiment logged a steep fall in February as investors increasingly grew concerned about the impact of the coronavirus outbreak in China, results of a closely watched survey showed on Tuesday. The latest score was the weakest since November, when it was -2.1.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 41700
RESIST 1: 41500
SUP 1: 41000
SUP 2: 40800

CS SILVER (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 47700
RESIST 1: 47500
SUP 1: 47000
SUP 2: 46700

Base Metals

CS COPPER (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 439
RESIST 1: 437
SUP 1: 433
SUP 2: 430

CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 965
RESIST 1: 955
SUP 1: 930
SUP 2: 920

Energy

CS CRUDE OIL (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 3880
RESIST 1: 3840
SUP 1: 3730
SUP 2: 3700

CS NATURAL GAS (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 145
RESIST 1: 142
SUP 1: 137
SUP 2: 135


MCX CRUDE OIL MAR on TUESDAY as seen in the Daily chart opened at 3760 levels and made day high of 3760 levels. During this period this commodity made low is 3675 levels and finally closed at 3738 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (1033)

DAILY RECOMMENDATION: BUY CRUDE OIL MAR CMP 3750 LEVELS FOR TARGET OF 3800/3830 WITH SL 3680 OF LEVELS.

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