This daily report from CapitalStars Financial Research provides an analysis of commodity markets and trading recommendations. Gold and silver may trade weaker as the dollar strengthens amid uncertainty around the upcoming Fed meeting. Oil prices gained as US crude stockpiles declined. Base metals may trade positively and lead prices hit a two-month high. The report recommends buying lead futures above 156.50 as trends remain bullish technically and fundamentally.
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CapitalStars MCX Daily Report 11 july 2019
1. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 11TH
JULY 2019
1
News Highlights
BULLION - Bullion counter may trade on weaker path as gold prices slipped on Wednesday
as higher Treasury yields lifted the dollar, while markets awaited testimony from Federal
Reserve Chair Jerome Powell for clarity on an expected U.S. rate cut. The dollar index
edged toward a three-week high against a basket of major currencies on Wednesday, as
easing bets of deep U.S. interest rate cuts pushed Treasury yields higher. Fed Chair Powell
testifies before Congress on Wednesday and Thursday and the direction of the U.S. dollar
depends on the tone of his comments. Expectations for a 50 basis point rate cut this
month have evaporated, but investors still expect a 25 basis point cut due to weak
inflation and trade war worries. Futures are still fully priced for a 25-basis-point cut at the
Fed’s July 30-31 meeting, but have abandoned wagers on a half-point move. They had
implied a 25% probability of an aggressive cut before Friday’s upbeat jobs report.
ENERGY- Crude oil may trade on upside path as oil prices gained more than 1% in early
trade on Wednesday, led by U.S. crude after an industry group reported that U.S.
stockpiles fell for a fourth week in a row, alleviating concerns about oversupply. The U.S.
and global benchmarks have risen this year as OPEC and big producers like Russia have
honored commitments to cut production and support prices. U.S. crude stockpiles fell
more than forecast last week, while gasoline inventories decreased and distillate stocks
built, data from industry group the American Petroleum Institute (API) showed on
Tuesday. Oil prices have been under pressure from concerns about global economic
growth amid growing signs of harm from the U.S.-China trade war that has rumbled on
over the last year.
BASE METAL - Base metals may trade with positive path. Metals and mining company
Nyrstar said on Tuesday that it was extending force majeure at its Port Pirie lead and zinc
smelter in Australia until the last week of July, from the second week of this month as
previously planned. Shanghai lead hit a two-month high at 16,450 yuan a tonne, while
London lead hovered around a one-week high, trading up 0.4% at 0203 GMT. Nickel may
test 920 while taking support near 900. London nickel rose as much as 2.1% to $12,970 a
tonne, its highest since April 17, while Shanghai nickel jumped to 103,160 yuan
($14,985.69) a tonne, a three-month high.
3. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 11TH
JULY 2019
3
Pick for the DAY
MCX LEAD JULY on WEDNESDAY as seen in the Daily chart opened at 155.10 levels and
made day low of 155.10 Levels. During this period LEAD JULY High is 157.00 levels and
finally closed at 156.75 levels. Now, there are chances of up movement technically &
fundamentally.
DAILY RECOMMENDATION: BUY MCX LEAD JULY ABOVE 156.50 LEVELS FOR TARGET
OF 157.50/158.50 WITH SL 155.30 OF LEVELS.
4. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 11TH
JULY 2019
4
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