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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 27 FEBRUARY 2020

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Gold Sees Bargain Buying After Declines.

COMEX Gold futures slipped yesterday, adding to recent losses but recovered on continued fears that the coronavirus outbreak could escalate into a pandemic. The yellow metal has come off seven year highs but is witnessing buying at the lower levels as equities remain stressed around the globe. Asian stocks extended losses amid continued fears that the coronavirus outbreak could escalate into a pandemic. China’s Shanghai Composite index dropped 0.83% while Hong Kong’s Hang Seng index slipped 0.73%. Japanese Nikkei plunged 0.79% to test its four month low level. European markets also saw deep losses. The US Center for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. While equities tanked, the 10-year US Treasury yield also fell to a fresh record low of 1.30% in last session. This capped losses for Gold and the metal currently quotes at $1649 per ounce, up 0.35% on the day. MCX Gold futures closed at Rs 42490 per 10 grams, down 0.70% on the day.

Copper Off Two Week Low.

COMEX Copper futures slipped in last session amid sustained selling pressure. Global stocks extended losses amid continued fears that the coronavirus outbreak could escalate into a pandemic. The red metal has been under stress on demand concerns and worries that the inventories of the commodity would rise given the sluggish pace of economic activity in China. Copper also eyed the recent the International Copper Study Group update which estimated global refined copper deficit at 384,000 tonnes during Jan-Nov 2019, compared with 408,000 tonnes in January-November 2018. The commodity currently trades at $2.57 per pound, up 0.16% on the day after recovering from the lowest levels in nearly two weeks. MCX Copper futures closed at Rs 425 per kg, down 0.70% on the day after falling near Rs 421 per kg.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 43100
RESIST 1: 42900
SUP 1: 42500
SUP 2: 42400

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 47200
RESIST 1: 47000
SUP 1: 46500
SUP 2: 46300

Base Metals

CS COPPER (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 430
RESIST 1: 427
SUP 1: 420
SUP 2: 418

CS NICKEL (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 950
RESIST 1: 940
SUP 1: 925
SUP 2: 920

Energy

CS CRUDE OIL (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 3620
RESIST 1: 3580
SUP 1: 3450
SUP 2: 3400

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 139
RESIST 1: 137
SUP 1: 130
SUP 2: 128


MCX CRUDE OIL MAR on WEDNESDAY as seen in the Daily chart opened at 3645 levels and made day high of 3645 levels. During this period this commodity made low is 3526 levels and finally closed at 3546 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (1058)

DAILY RECOMMENDATION: BUY CRUDE OIL MAR BELOW 3550 LEVELS FOR TARGET OF 3500/3450 WITH SL 3620OF LEVELS.

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