GIVE MISS CALL ON :- +91 99774 99927


mcx update




Bullion counter may open on firm note as gold prices climbed to a more than two-week high on Monday as rising concerns over the spread of a virus outbreak in China and its potential economic impact prompted investors to buy the safe-haven metal. The new coronavirus in China has killed 80 and infected more than 2,000, as residents of Hubei province, where the disease originated, were banned from entering Hong Kong amid global efforts to halt the rapid spread of the outbreak. Gold can move higher towards 40800 while taking support near 40400 while silver can test 47500 while taking support near 47000. The coronavirus transmission ability is getting stronger and infections could continue to rise, China’s National Health Commission said on Sunday, and the country might extend Lunar New Year holidays due to the virus outbreak. Physical gold demand was subdued in major Asian hubs last week on account of the Lunar New Year holidays; with growing fears the virus outbreak in China could further dampen activity. Hedge funds and money managers cut their bullish positions in COMEX gold contracts in the week to Jan. 21, data showed on Friday.


capitalstars Crude oil

Crude oil may witness selling pressure as oil prices slumped a further 2% to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia’s energy minister sought to calm the market. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday he was watching developments closely in China and said he felt confident that the new virus would be contained. Markets are being “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand,” he said. Crude oil can dip towards 3750 while taking resistance near 3850 .Natural gas can trade on firm note amid short covering as it can test 144 while taking support near 138. U.S. natural gas futures dropped to their lowest since 2016 for a second time last week on forecasts for mild weather through early February and a decline in gas prices in Europe and Asia that some analysts think could cause some U.S. liquefied natural gas (LNG) exporters to temporarily shut their plants.


download (16)

Base metals may trade with weak bias. Chinese markets are closed for this week due to Lunar Year holidays. Copper may dip towards 430 while taking resistance near 436. Copper prices recorded their biggest weekly fall in five years on Friday on concerns that the spread of the coronavirus could hit the Chinese economy and metals demand. The virus is expected to dent growth in China, the world’s top consumer of metals, after months of economic worries over trade tensions with the United States. The world refined copper market showed a deficit of 33,000 tonnes in October, down from 89,000 tonnes in September, data showed.Trading volumes were thin as China closed shops to celebrate the New Year.

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

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

Leave a Reply


Ouch! There was a server error.
Retry »

Sending message...


CapitalStars FORUM