Mcx daily report 18 sept

CapitalStars Financial Research Pvt., Ltd., 1
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MCX Daily Report 18 Sep 2018
News Highlights
Gold slips as new US tariffs on China lifts dollar.
Gold prices have declined over 12 per cent from April amid intensifying global trade tensions and under
pressure from rising US interest rates. Hedge funds and speculators have swung sharply toward pricing
in higher rates and yields at the short end of the curve, a sign that they are backing down and now think
the Fed will stick to the pace and path of rate hikes it has long flagged. Bond traders are increasing bets
the Federal Reserve will raise US short-term interest rates into 2019 as the jobs market tightens and
with inflation seen climbing above its 2 per cent goal. Three South African unions have signed a three-
year wage deal with AngloGold Ashanti, potentially inching the country's gold industry closer to ending
a standoff over pay.
The US is on the cusp of implementing tariffs of 10% on $200 billion worth of Chinese goods.
LME copper opened at a low of $5,858/mt today as shorts surged on news that the US is on the
cusp of implementing tariffs of 10% on $200 billion worth of Chinese goods. Spot premiums are
expected to stay at highs on expectations of rising demand before the upcoming week-long National
Day holiday. Premiums are set at 190-250 yuan/mt today.
LME nickel inventory dropped.
LME nickel faced resistance at the five- and 10- day moving averages overnight, and settled 1.13%
lower, even though pressure from the US dollar eased. The SHFE 1811 contract also fell as spot
products increased faster than demand amid opened import window. We expect LME nickel to hover
around $12,300/mt today with the contract trading at 101,000-102,500 yuan/mt. Spot prices are set at
102,000-108,500 yuan/mt.
Oil prices drop as escalating U.S.-China trade war clouds demand outlook.
Oil markets fell on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for
crude demand from the two countries, which are the world's top two oil consumers. U.S. West Texas
Intermediate (WTI) crude CLc1 was down 28 cents, or 0.4 percent, to $68.62 per barrel. U.S. President
Donald Trump on Monday said he would impose 10 percent tariffs on about $200 billion worth of Chinese
imports. growing trade dispute has hurt trading sentiment. The impact on economic growth is slowly
dripping in, which again hurts oil prices," Wang Xiao, head of crude research at Guotai Junan Futures,
said on Tuesday. Refineries in the United States consumed about 17.7 million barrels per day (bpd) of
crude oil last week while China's refiners used about 11.8 million bpd in August, according to government
data from the countries, the most among the world's countries.

CapitalStars Financial Research Pvt., Ltd.,
Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 30950
RESIST 1: 30750
SUP 1:30550
SUP 2:30450
WWW.CAPITALSTARS.COM
+917440449744
CS SILVER (DEC) OVERVIEW:
TREND : BULLISH RESIST
2: 37500
RESIST 1: 37300
SUP 1: 36900
SUP 2: 36700
+917440449744
Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BULLISH RESIST
2:434.00
RESIST 1:430.00
SUP 1: 423.00
SUP 2: 418.00
+917440449744
CS NICKEL (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 918.00
RESIST 1: 910.00
SUP 1: 892.00
SUP 2: 880.00
+917440449744
CS ZINC (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2:172.00
RESIST 1:170.00
SUP 1: 168.00
SUP 2: 163.00
+917440449744
CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 151.00
RESIST 1: 149.00
SUP 1: 146.00
SUP 2: 144.00
+917440449744
CS ALUMINIUM (SEP) OVERVIEW:
TREND : SIDEWAYS RESIST
2: 149.00
RESIST 1: 148.00
SUP 1: 147.00
SUP 2: 145.50
WWW.CAPITALSTARS.COM +917440449744
Energies
CS CRUDE OIL (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 5040
RESIST 1: 4990
SUP 1: 4930
SUP 2: 4880
+917440449744
CS NATURAL GAS (SEP) OVERVIEW:
TREND : BEARSIH
RESIST 2: 207.00
RESIST 1: 205.50
SUP 1: 201.00
SUP 2: 199.00
+917440449744

Pick for the DAY
MCX COPPER NOV on Monday as seen in the Daily chart opened at
424.30 levels and made day High of 430.35 levels. During this period COPPER
came down to 424.15 levels and finally closed at 429.75 levels. Now, there are
chances of up movement technically & fundamentally.
LME copper opened at a low of $5,858/mt today as shorts surged on news
that the US is on the cusp of implementing tariffs of 10% on
$200 billion worth of Chinese goods.
The SHFE 1811 contract also fell as spot products increased faster than
demand amid opened import window.
DAILY RECOMMENDATION: BUY MCX COPPER NOV ABOVE
428.50 LEVELS FOR TARGET OF 431.50/433.50 WITH SL 424 OF LEVELS.

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Mcx daily report 18 sept

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