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MCX Daily Report - 15 FEB 2018 News High lights

Gold Prices Fall In Asia As Chinese New Year Holidays Start. Gold dipped in Asia on Thursday as top buyer China started a market break through Feb. 21 to mark the Lunar New Year and physical trade dipped further with Hong Kong also shut and Singapore on holidays Friday and Monday. Overnight, gold prices rose sharply amid dollar weakness as data showing rising inflation and falling retail sales stoked stagflation fears as market participants questioned the underlying strength of inflation. Rising inflation and falling retail sales pointing to possible sluggishness in consumer spending, leading some market participants to slash their bullish expectations for first quarter economic growth as JPMorgan (NYSE:JPM) revised down its first quarter US GDP forecast to 2.5% from 3%. Zinc prices gained as stronger than expected inflation in the United States spurred buying. Zinc on MCX settled up 2.62% at 229.55 as stronger than expected inflation in the United States spurred buying. An environmental crackdown in China has hit supplies of metals and fuelled a price rally that shows no sign of losing steam any time soon. The Yangtze River delta region near Shanghai saw a key measure of smog concentrations rise by a fifth in January. Some regions of China could suffer heavy pollution because of fireworks and unfavorable weather conditions during Lunar New Year celebrations, despite a ban on firecrackers in more than 400 cities, the Ministry of Environmental Protection warned. Copper prices rose as traders took up new positions in the metal before the ShFE closes for a national holiday. Copper on MCX settled up 1.82% at 457.55 on fresh buying as support seen after Shanghai copper prices rose registering their biggest daily leap since October, as traders took up new positions in the metal before the Shanghai Futures Exchange closed for a national holiday. Market open interest on Shanghai copper hit 811,170 lots on Tuesday, the highest since January 2016, ahead of the Lunar New Year holiday in China beginning on Thursday. Traders were likely covering their short positions ahead of the week-long holiday, which could put them at some risk due to volatility in LME prices. Oil extends gains on Saudi commitment to cut, weak dollar. Oil prices on Thursday extended gains from the previous session, pushed up by a weak dollar and by comments from Saudi Arabia that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.Prices rose on the back of ongoing weakness in the U.S.-dollar against other leading currencies, further supported by rising stock markets, traders said. A weaker greenback potentially supports consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies. "On commodity markets, everyone loves a lower U.S. dollar," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

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MCX Daily Report - 15 FEB 2018 Precious Metals CS GOLD (APR) OVERVIEW: TREND : BULLISH RESIST 2: 31000 RESIST 1: 30900 SUP 1: 30400 SUP 2: 30300 WWW.CAPITALSTARS.COM +917316690000

CS SILVER (MAR) OVERVIEW: TREND : BULLISH RESIST 2: 39500 RESIST 1: 39300 SUP 1: 38400 SUP 2: 38200 WWW.CAPITALSTARS.COM +917316690000

Base Metals CS COPPER (FEB) OVERVIEW: TREND : BULLISH RESIST 2: 465.00 RESIST 1: 463.00 SUP 1: 452.00 SUP 2: 450.00 WWW.CAPITALSTARS.COM +917316690000

CS NICKEL (FEB) OVERVIEW: TREND : BULLISH RESIST 2: 925.00 RESIST 1: 920.00 SUP 1: 885.00 SUP 2: 880.00 WWW.CAPITALSTARS.COM +917316690000

CS ZINC (FEB) OVERVIEW: TREND : BULLISH RESIST 2: 234.00 RESIST 1: 232.00 SUP 1: 225.00 SUP 2: 223.00 WWW.CAPITALSTARS.COM +917316690000

CS LEAD (FEB) OVERVIEW: TREND : BULLISH RESIST 2: 170.00 RESIST 1: 168.00 SUP 1: 164.00 SUP 2: 162.00 WWW.CAPITALSTARS.COM +917316690000

CS ALUMINIUM (FEB) OVERVIEW: TREND : SIDEWAYS RESIST 2: 143.00 RESIST 1: 142.00 SUP 1: 138.00 SUP 2: 137.00 WWW.CAPITALSTARS.COM +917316690000

Energies CS CRUDE OIL (FEB) OVERVIEW: TREND : BULLISH RESIST 2:3990 RESIST 1: 3950 SUP 1: 3830 SUP 2: 3790 WWW.CAPITALSTARS.COM +917316690000

CS NATURAL GAS (FEB) OVERVIEW: TREND : SIDEWAYS RESIST 2: 175.00 RESIST 1: 172.00 SUP 1: 163.00 SUP 2: 160.00 WWW.CAPITALSTARS.COM +917316690000

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MCX Daily Report - 15 FEB 2018 Pick for the Day

MCX Crude Oil Feb on Wednesday as seen in the daily chart opened at 3800 levels and day high of 3850 levels. During this period price corrected & made day low of 3737 levels finally closed at 3823 levels. Now, there are chances of further upside movement technically & fundamentally.

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 More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), voicing support for production cuts backed by OPEC and other producers including Russia since 2017 in an effort to tighten the market and prop up prices.  "If we have to err on over-balancing the market a little bit, so be it," Saudi Energy Minister Khalid al-Falih said on Wednesday. "I think we are going to be sticking with our policy (to withhold production) throughout 2018."

DAILY RECOMMENDATION: BUY MCX CRUDE OIL FEB AROUND 3830 LEVELS FOR TARGET OF T1 3880/ T2 3910 WITH SL 3750 OF LEVELS.

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

MCX Daily Report - 15 FEB 2018

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Mcx daily report 15 feb 2018  

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Mcx daily report 15 feb 2018  

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