CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
06TH JUNE 2019
News Highlights BULLION - Bullion counter may witness profit booking at higher levels as gold prices edged lower on Thursday, easing from the previous session's 15-week high as the dollar recovered from multi-week lows, although trade concerns and a possible U.S. rate cut offered support for safe-haven bullion. The dollar recovered from an eight-week low touched in the previous session against a basket of major currencies on optimism over U.S.-Mexico trade talks, and a survey showing that U.S. services sector activity expanded at a brisk pace in May. The U.S. Federal Reserve on Wednesday reported that its contacts at companies across the country were worried that international trade tensions could weigh on business even as economic activity picked up. The ADP National Employment Report on Wednesday further bolstered bets for a rate cut.US private employers hired at the slowest pace in more than nine years in May, weakness that analysts blamed on the heightening global trade tensions. ENERGY- Crude oil may remain on subdued path as oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown. U.S. crude oil production EIA rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018. Amid surging output, U.S. commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. Rising U.S. production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices. The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as some nonaffiliated producers including Russia, known as OPEC+, has been withholding oil supply since the start of the year to prop up the market. BASE METAL - Base metals may trade with sideways to weak bias. Shanghai copper prices on Thursday tumbled to their lowest in two years, tracking falls in London’s overnight session, as anxiety about global growth and metals demand hurt sentiment. The International Monetary Fund on Wednesday cut its China growth forecast for 2019 to 6.2% on heightened uncertainty around trade frictions, and warned that current and threatened tariffs could cut 2020 global gross domestic product by 0.5%, or about $455 billion, but it does not see a recession. Mexican and U.S. officials are set to resume talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods, with President Donald Trump saying “not enough” progress on ways to curb migration was made when the two sides met on Wednesday.
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
06TH JUNE 2019
MCX Daily Report Precious Metals CS GOLD (AUG) OVERVIEW: TREND : BULLISH RESIST 2: 32800 RESIST 1: 32600 SUP 1: 32300 SUP 2: 32100 WWW.CAPITALSTARS.COM +919977499927
CS SILVER (JUL) OVERVIEW: TREND : BULLISH RESIST 2: 37600 RESIST 1: 37200 SUP 1: 36600 SUP 2: 36400 WWW.CAPITALSTARS.COM +919977499927
Base Metals CS COPPER (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 412.00 RESIST 1: 408.00 SUP 1: 400.00 SUP 2: 398.00 WWW.CAPITALSTARS.COM +919977499927
CS NICKEL (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 868.00 RESIST 1: 860.00 SUP 1: 850.00 SUP 2: 844.00 WWW.CAPITALSTARS.COM +919977499927
CS ZINC (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 205.00 RESIST 1: 203.00 SUP 1: 200.00 SUP 2: 198.00 WWW.CAPITALSTARS.COM +919977499927
CS LEAD (JUN) OVERVIEW: TREND : BULLISH RESIST 2: 155.00 RESIST 1: 153.00 SUP 1: 150.00 SUP 2: 149.00 WWW.CAPITALSTARS.COM +919977499927
CS ALUMINIUM (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 146.00 RESIST 1: 144.00 SUP 1: 141.00 SUP 2: 140.00 WWW.CAPITALSTARS.COM +919977499927
Energy CS CRUDE OIL (JUN) OVERVIEW: TREND : BEARISH RESIST 2: 3780 RESIST 1:3690 SUP 1: 3520 SUP 2: 3440 WWW.CAPITALSTARS.COM +919977499927
CS NATURAL GAS (JUN) OVERVIEW: TREND : BEARISH RESIST 2: 170.00 RESIST 1: 168.00 SUP 1: 165.00 SUP 2: 164.00 WWW.CAPITALSTARS.COM +919977499927
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
06TH JUNE 2019
Pick for the DAY
MCX CRUDE OIL JUNE on WEDNESDAY as seen in the Daily chart opened at 3687.00 levels and made day low of 3522.00 Levels. During this period CRUDE OIL JUNE High is 3694.00 levels and finally closed at 3608.00 levels. Now, there are chances of down movement technically & fundamentally.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL JUNE BELOW 3602 LEVELS FOR TARGET OF 3552/3500 WITH SL 3660 OF LEVELS.
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
06TH JUNE 2019
MCX Daily Report
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