GIVE MISS CALL ON :- +91 99774 99927

CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 24 JANUARY 2020

Mcx2-1

MCX Gold Breaks Well Above Rs 40K.

COMEX Gold futures hit around two-week high on worries surrounding the spread of the coronavirus in China. However, the prices moderated after the World Health Organization said it is still too early to declare the outbreak a Public Health Emergency of International Concern. US equities saw a substantial rebound, capping upside in Gold and the metal quotes at $1560.75 per ounce, down 0.30% on the day. Traders also remain worried about Indian demand. MCX Gold futures closed at Rs 40237 per 10 grams in last session, up 0.81% on the day. Local futures were supported as the Indian Rupee eased a little on strength in the US dollar overseas. The INR closed at 71.26 per US dollar, falling 6 paise on the day.

Copper Futures Tumble Under Rs 450 Level On MCX.

COMEX Copper futures stayed weak, lingering around seven week low on broad demand worries. According to WBMS, the global primary copper market recorded a deficit of 269 kt in January to November 2019 which follows a deficit of 275 kt in the whole of 2018. Reported stocks rose during November to close 6.2 kt higher than at the end of December 2018. World mine production in January to November 2019 was 18.8 million tonnes which was 1.1% higher than in the same period in 2018. Global refined production for January to November 2019 was 21.45 million tonnes down 0.6% compared with the previous year with significant decreases recorded in India (down 123kt) and in Chile (down 202 kt). Global consumption for January to November 2019 was 21.72 million tonnes compared with 21.87 million tonnes for the same months of 2018. Chinese apparent demand for the period January to November 2019 was 11512 kt which was 1.8% higher than the first eleven months of 2018. COMEX Copper futures are currently trading at $2.72 per pound, down 0.33% on the day. MCX Copper closed at Rs 446.45 per kg, down 1.30% on the day as a slide under Rs 450 mark extended.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 40400
RESIST 1: 40300
SUP 1:39900
SUP 2: 39800

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46700
RESIST1:46500
SUP 1: 46000
SUP 2: 45800

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:448
RESIST 1:446
SUP 1:443
SUP 2:441

CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 1015
RESIST 1:1010
SUP 1:995
SUP 2:990

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:4060
RESIST 1:4030
SUP 1: 3900
SUP 2: 3860

CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:141
RESIST 1:139
SUP 1: 134
SUP 2: 132


MCX NATURAL GAS JAN on THURSDAY as seen in the Daily chart opened at 136.80 levels and made day low of 136.80 levels. During this period this commodity made high is 141.30 levels and finally closed at 138.40 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (772)

DAILY RECOMMENDATION: SELL NATURAL GAS JAN BELOW 138 LEVELS FOR TARGET OF 135/132 WITH SL 141 OF LEVELS.

Disclaimer The information and views in this report & all the service we provide are believed to be reliable, but we do not accept any responsibility for errors of fact or opinion. Investors have the right to choose the product/s that suits them the most. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility. The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. My research recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Capital Stars shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of regulators. The price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Investment & Trading in Securities Markets are always subjected to market risk. Capitalstars Financial Research Private Ltd., Reserves all Rights.


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

Leave a Reply

Checking...

Ouch! There was a server error.
Retry »

Sending message...

ASK AN EXPERT


CapitalStars FORUM