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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 29 NOV 2019

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MCX Silver Holds Above Rs 44K.

COMEX Silver futures stayed supported, bottoming out from a one and half week low as excellent buying emerged on bargain hunting. A recovery in global Copper prices and positive comments from the US Federal Reserve on US manufacturing kept the sentiments elevated for the white metal. The Fed noted in its Beige Book that US economic activity expanded modestly from October through mid-November, similar to the pace of growth seen over the prior reporting period. Most Districts reported stable to moderately growing consumer spending, and increases in auto sales and tourism were seen across several Districts. In manufacturing, more Districts reported an expansion in the current period than the previous one, though the majority continued to experience no growth. The Silver futures also eyed another record close in the US equities and added around 2.5% from its one and half week low on Wednesday. The counter currently trades at $17.04 per ounce, down marginally on the day. MCX Silver futures broke above Rs 44000 per kg and closed at Rs 44121 per kg, up 0.18% on the day.

Crude Rises On MCX As Weak INR Offers Support.

WTI Crude oil futures eased from their two month high but stayed supported at lower levels. The commodity currently trades at $58.02 per barrel, down 0.15% on the day. MCX Crude edged up 1.36% yesterday to close at Rs 4183 with weakness in Indian Rupee partly fuelling the late rally. INR ended at 71.62 against the US dollar today, down 27 paise on the day. US Energy Information Administration (EIA) reported a crude oil inventory increase of 1.6 million barrels for the week to November 22nd 2019. Last week the EIA had reported an inventory build of 1.4 million barrels. Crude oil inventories are now 3% above the upper limit of the average for this time of the year, the EIA said.

Copper Slips On Profit Selling Pressure.

COMEX Copper stayed under pressure on profit selling. The red metal had hit a three week high in last session but pulled back today on nervousness in global equities. The counter currently trades at $2.67 per pound, down 0.20% on the day. MCX Copper futures ended at Rs 434.80 per kg, down 0.40% on the day. Traders eyed a a latest IMF research paper claiming that the high household indebtedness could constrain future consumption growth and increase financial stability risks in China. The paper titled Assessing Macro-Financial Risks of Household Debt in China uses household survey data to analyze both macroeconomic and financial stability risks from the rapidly rising household debt in China. A firm undertone in US dollar also weighed on Copper. The US dollar index is hovering around its six week high of 98.30 right now.

Precious Metals

CS GOLD (DEC) OVERVIEW:
TREND :BULLISH
RESIST 2: 37880
RESIST 1: 37800
SUP 1:37590
SUP 2: 37460

CS SILVER (DEC) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:44420
RESIST1:44290
SUP 1: 44020
SUP 2: 43600

Base Metals

CS COPPER (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:440
RESIST 1:436
SUP 1:432
SUP 2:428

CS NICKEL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:1056
RESIST 1:1041
SUP 1:1011
SUP 2:996

CS ZINC (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 187
RESIST 1:186
SUP 1:184
SUP 2: 183

CS LEAD (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:155
RESIST 1: 154
SUP 1: 152
SUP 2: 151

CS ALUMINIUM (DEC) OVERVIEW:
TREND : BULLISH
RESIST 2:135
RESIST 1: 134
SUP 1: 132
SUP 2: 131

Energy

CS CRUDE OIL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:4230
RESIST 1:4210
SUP 1: 4140
SUP 2: 4100

CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2:179
RESIST 1:178
SUP 1: 176
SUP 2: 175


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

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