CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
12TH JUNE 2019
News Highlights BULLION - Gold prices calms down as investors were seen booking profits following robust gains over the past weeks. Even after so many months, US-China trade war has something new to offer every day. As soon as US-Mexico trade talks eased off, President Trump shifted his focus back to China, where he threatened that if China does not attend the G20 meet then US President will not hesitate to increase the tariffs rate on the remaining $300 billion worth of goods. Neither of them is ready to back down, although in the recent statements China hinted that they are ready to continue further discussion and negotiation on same. Any further updates will keep the markets active. On the data front, other than fed policy statement that is scheduled next week, market participants await CPI index data that is scheduled for release today and retail sales number that will be released later this week for indication on whether tariffs are slowing the economy. ENERGY- Oil prices fell in early morning session after API reported another large, surprise build in crude oil inventories of 4.852 million barrels, coming in over expectations of 481,000barrel drawdown in inventories. Cushing inventories also saw a sizable gain, and gasoline inventories grew as well. Gasoline witnessed a build of 8,29,000 bpd against estimated a build in gasoline inventories of 743,000 barrels. Distillate inventories fell by 3.461 million barrels for week, while inventories at Cushing rose by 2.365 million barrels. To add to the bearish sentiments, EIA short term outlooks forecasts shows that it estimates 2019 U.S. crude production of 12.32 million bpd, down 1% from May forecast. It also cut its 2020 output view by 0.9% to 13.26 Mbpd. For 2019, it lowered its WTI crude price outlook by 5.6% to $59.29 a barrel and its Brent view by 4.2% to $66.69. It left WTI and Brent price outlooks for 2020 unchanged at $63 for WTI and $67 for Brent. BASE METAL - Base metals surged for yet another session with copper hitting a 2 week high lifted by hopes that top consumer China will pump money into building metals-intensive infrastructure. News that China will allow local governments to use proceeds from special bonds as capital for investment projects came after the US and Mexico reached a deal on Friday to avert US tariffs on Mexican goods, supporting prices of copper and other metals. Aluminium prices have been under pressure with rising LME inventories and an upswing in exports from top producer China fuelled worries about oversupply. Trump has said he is getting ready to meet Chinese President Xi Jinping at the Group of 20 Summit in Japan later this month, although China has yet to confirm any such meeting. China's central bank said it will sell Yuan-denominated bills in Hong Kong in late June, which could weaken the Yuan.
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
12TH JUNE 2019
MCX Daily Report Precious Metals CS GOLD (AUG) OVERVIEW: TREND : BULLISH RESIST 2: 32800 RESIST 1: 32700 SUP 1: 32500 SUP 2: 32400 WWW.CAPITALSTARS.COM +919977499927
CS SILVER (JUL) OVERVIEW: TREND : SIDEWAYS RESIST 2: 37000 RESIST 1: 36900 SUP 1: 36500 SUP 2: 36300 WWW.CAPITALSTARS.COM +919977499927
Base Metals CS COPPER (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 418.00 RESIST 1: 414.00 SUP 1: 408.00 SUP 2: 406.00 WWW.CAPITALSTARS.COM +919977499927
CS NICKEL (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 890.00 RESIST 1: 880.00 SUP 1: 858.00 SUP 2: 845.00 WWW.CAPITALSTARS.COM +919977499927
CS ZINC (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 210.00 RESIST 1: 208.00 SUP 1: 205.00 SUP 2: 203.00 WWW.CAPITALSTARS.COM +919977499927
CS LEAD (JUN) OVERVIEW: TREND : BULLISH RESIST 2: 158.00 RESIST 1: 156.00 SUP 1: 155.00 SUP 2: 154.00 WWW.CAPITALSTARS.COM +919977499927
CS ALUMINIUM (JUN) OVERVIEW: TREND : SIDEWAYS RESIST 2: 14.00 RESIST 1: 144.00 SUP 1: 142.00 SUP 2: 141.00 WWW.CAPITALSTARS.COM +919977499927
Energy CS CRUDE OIL (JUN) OVERVIEW: TREND : BEARISH RESIST 2: 3790 RESIST 1:3750 SUP 1: 3690 SUP 2: 3660 WWW.CAPITALSTARS.COM +919977499927
CS NATURAL GAS (JUN) OVERVIEW: TREND : BEARISH RESIST 2: 170.00 RESIST 1: 167.00 SUP 1: 164.00 SUP 2: 161.00 WWW.CAPITALSTARS.COM +919977499927
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
MCX Daily Report
12TH JUNE 2019
Pick for the DAY
MCX CRUDE OIL JUN on TUESDAY as seen in the Daily chart opened at 3727.00 levels and made day low of 3696.00 Levels. During this period CRUDE OIL JUN High is 3756.00 levels and finally closed at 3720.00 levels. Now, there are chances of down movement technically & fundamentally.
DAILY RECOMMENDATION: SELL MCX CRUDE OIL JUN BELOW 3637 LEVELS FOR TARGET OF 3587/3537 WITH SL 3695 OF LEVELS.
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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647
12TH JUNE 2019
MCX Daily Report
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