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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647

MCX Daily Report

15 MAY 2018

News High lights

Gold Prices Fall Despite Weaker Dollar. Gold prices fell on Tuesday while the dollar also dropped slightly against the other major currencies. Gold prices were supported on safe-haven buying earlier in the day amid rising tension in Gaza, as Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday. "We're seeing little sparks of interests on the back of these issues but at the moment it doesn't look significant enough to raise concerns over the medium-term which support a more sustained level of safe-haven buying," ANZ analyst Daniel Hynes said in a note, adding that gold prices is likely to remain under pressure until the next rate hike by the U.S. Federal Reserve. Dollar-denominated assets such as gold are usually sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Nickel prices receive brief support from tight supply in May. Nickel prices received support as capital inflows surged on short supplies in the market as of Tuesday May 15. However, SMM does not expect the uptick in prices to be sustained as stainless steel consumption is likely to cool in June and as optimism from nickel sulphate for the battery industry weakens. The SHFE nickel 1807 contract climbed up to close at 106,520 yuan/mt on Monday, 2,600 yuan/mt higher from last Friday. Copper dropped coming under pressure from a rise in stockpiles. Copper on MCX settled down -0.28% at 463.70 prices slid coming under pressure from a rise in stockpiles of the metal used in power and construction. While on MCX prices got some support on Rupee weakness as weak industrial output data disappointed investors and caution set in ahead of Karnataka election results, due on Tuesday. Yesterday LME copper fell 0.2 percent to $6,873 a tonne as pressure seen after the headline that stocks in LME warehouses rose 8,900 tonnes to 289,975 tonnes. Inventories had fallen more than 100,000 tonnes since March to just over 280,000 tonnes, while copper prices have moved sideways after reaching a four-year high of $7,312.50 in December. Also the impact of Chinese curbs on scrap metal imports introduced this year will be blunted by a rise in domestic scrap production. Oil Prices Stay High With Looming Iran Sanctions. Oil prices remained near multi-year highs on Tuesday morning in Asia amid looming U.S. sanctions against Iran.Oil markets have been on edge since U.S. President Donald Trump pulled the U.S. out of the international nuclear deal with Iran, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies. Iran currently produces around 4% of global oil supplies and is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). Traders expect Iran’s oil exports to fall significantly once U.S. sanctions bite later this year. Around a million barrels of oil a day is likely to disappear, threatening to tip the already tightening oil markets into undersupply.

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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647

MCX Daily Report

15 MAY 2018

Precious Metals CS GOLD (JUNE) OVERVIEW: TREND : SIDEWAYS RESIST 2: 31700 RESIST 1: 31600 SUP 1: 31250 SUP 2: 31150 WWW.CAPITALSTARS.COM +917316690000

CS SILVER (JULY) OVERVIEW: TREND : SIDEWAYS RESIST 2: 40700 RESIST 1: 40500 SUP 1: 39800 SUP 2: 39600 WWW.CAPITALSTARS.COM +917316690000

Base Metals CS COPPER (JUNE) OVERVIEW: TREND : SIDEWAYS RESIST 2: 467.00 RESIST 1: 465.00 SUP 1: 459.00 SUP 2: 457.00 WWW.CAPITALSTARS.COM +917316690000

CS NICKEL (MAY) OVERVIEW: TREND : BULLISH RESIST 2: 1000.00 RESIST 1: 995.00 SUP 1: 955.00 SUP 2: 950.00 WWW.CAPITALSTARS.COM +917316690000

CS ZINC (MAY) OVERVIEW: TREND : SIDEWAYS RESIST 2: 212.00 RESIST 1: 210.00 SUP 1: 205.00 SUP 2: 203.00 WWW.CAPITALSTARS.COM +917316690000

CS LEAD (MAY) OVERVIEW: TREND : BULLISH RESIST 2: 166.00 RESIST 1: 164.00 SUP 1: 159.00 SUP 2: 157.00 WWW.CAPITALSTARS.COM +917316690000

CS ALUMINIUM (MAY) OVERVIEW: TREND : SIDEWAYS RESIST 2: 158.00 RESIST 1: 156.00 SUP 1: 152.00 SUP 2: 150.00 WWW.CAPITALSTARS.COM +917316690000

Energies CS CRUDE OIL (MAY) OVERVIEW: TREND : BULLISH RESIST 2: 4890 RESIST 1: 4850 SUP 1: 4750 SUP 2: 4710 WWW.CAPITALSTARS.COM +917316690000

CS NATURAL GAS (MAY) OVERVIEW: TREND :BULLISH RESIST 2: 197.00 RESIST 1: 195.00 SUP 1: 189.00 SUP 2: 187.00 WWW.CAPITALSTARS.COM +917316690000

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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647

MCX Daily Report

15 MAY 2018

Pick for the Day

MCX Crude Oil May on Monday as seen in the daily chart opened at 4790 levels and day high of 4815 levels. During this period price corrected & made day low of 4732 levels finally closed at 4794 levels. Now, there are chances of further upside movement technically & fundamentally.

   

• The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017. • OPEC figures published on Monday showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017. • Rising U.S. drilling for new oil production has kept oil prices in check.

DAILY RECOMMENDATION: BUY MCX CRUDE OIL MAY AROUND 4800 LEVELS FOR TARGET OF T1 4850 / T2 4880 WITH SL 4720 OF LEVELS.

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CapitalStars Financial Research Pvt., Ltd., SEBI Registration Number: INA000001647

MCX Daily Report

15 MAY 2018

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Mcx daily report 15 may 2018  

this document is all about to provide daily MCX Report.

Mcx daily report 15 may 2018  

this document is all about to provide daily MCX Report.

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