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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 22 NOV 2019

Mcx2-1

MCX Gold Futures Slip Under Rs 38K.

COMEX Gold eased as selling continued to emerge following a retreat from two week top. The metal currently trades at $1464 per ounce, down 0.05% on the day. MCX Gold futures closed at Rs 37920 per 10 grams, down 0.60% on the day. Global equities continue to see selling pressure amid concerns about lack of clarity on the US-China trade front continued to weigh on the market. However, Gold bulls have become nervous after the Minutes from the Federal Reserve’s monetary policy meeting held in late October did not provide much further insight into the outlook for interest rates. Interest rates are already widely expected to remain unchanged in the near future after the Fed’s statement and congressional testimony by Fed Chairman Jerome Powell.

Crude Hits Two Month High Before Correcting.

WTI Crude oil futures rose near two month high of $58.66 per barrel yesterday despite a gain in US crude oil inventories. The US Energy Information Administration (EIA) anticipates that drilling rigs will continue to decline as producers cut back on their capital spending, resulting in notable slowing in the growth of domestic crude oil production over the next 14 months. Oil trended lower from these levels though as weakness in the S equities weighed. The WTI Crude oil futures are currently trading at $58.17 per barrel, down 0.70% on the day. MCX Crude oil futures soared 2.44% to end at Rs 4198 per barrel and should see a slack opening.

Copper Tumbles 1% On MCX.

COMEX Copper futures tumbled on global economic growth worries. Cautiousness over the US-China trade deal also weighed on the metal. The global economy is set to expand at the slowest pace since the financial crisis this year, the Organisation for Economic Co-operation and Development, or OECD, said Thursday. World GDP growth is forecast to be 2.9% in 2019, its lowest annual rate since the financial crisis, and remain at 2.9% to 3% in 2020 and 2021. The global economy had expanded 3.5% in 2018, the Paris-based organization said. The metal currently trades at $2.62 per pound, down marginally on the day. MCX Copper futures closed at Rs 430.85 per kg, down 1% on the day.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :BEARISH
RESIST 2: 38200
RESIST 1: 38120
SUP 1:37850
SUP 2: 37750

CS SILVER (DEC) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:45010
RESIST1:44870
SUP 1: 44580
SUP 2: 44420

Base Metals

CS COPPER (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2:437
RESIST 1:433
SUP 1:429
SUP 2:426

CS NICKEL (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:1112
RESIST 1:1097
SUP 1:1067
SUP 2:1052

CS ZINC (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 188
RESIST 1:187
SUP 1:185
SUP 2: 184

CS LEAD (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:155
RESIST 1: 154
SUP 1: 152
SUP 2: 151

CS ALUMINIUM (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:132
RESIST 1: 131
SUP 1: 129
SUP 2: 128

Energy

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:4280
RESIST 1:4240
SUP 1: 4110
SUP 2: 4020

CS NATURAL GAS (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:186
RESIST 1:185
SUP 1: 183
SUP 2: 182


Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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