CapitalStars Financial Research Pvt., Ltd., 1
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MCX Daily Report 23 NOV 2018
News Highlights
Gold heading back towards 2-week tops near $1230.
Gold (futures on Comex) found buyers in Asia once again near the 1227 level, now heading back towards
the two-week tops of 1229.70 reached a day before. The yellow metal remains on the front foot so far this
Friday, as the US dollar extends its softness across the board into a third straight session, as markets
remain wary over the Fed’s rate hike outlook amid mounting concerns about a potential global slowdown.
The US dollar index trades weaker near 96.50 level, looking to test Thursday’s low at 96.32. Moreover, gold
prices derive support from the mixed tone seen on the Asian equities, as the Chinese stocks get sold-of
into looming US-China trade concerns and Chinese growth concerns. However, it remains to be seen if the
bullion can sustain the upbeat momentum, as positive Treasury yields combined with sowing volumes could
limit further upside.
Development of China-US trade conflict will remain in focus in the near run.
Rising longs buoyed prices of LME copper and the SHFE contracts on a softened US dollar. LME copper
rose above the five-day moving average and closed at the highest overnight at
$6,267/mt. The SHFE 1901 contract ended three consecutive trading days of decline as it closed at 49,660
yuan/mt after rising to a high of 49,680 yuan/mt. We expect it to trade at
49,400-49,800 yuan/mt today with LME copper trading at $6,220-6,270/mt. Tight supplies in domestic
market will keep spot premiums at 50-120 yuan/mt.
Refined nickel inventories in east China had piled up for three consecutive weeks.
Macro pessimism continued to lower LME nickel and the SHFE 1901 contract overnight, by 0.63% and
1.14%, respectively. Weak fundamentals failed to provide the contract efective support at the 90,000
yuan/mt level. We expect LME nickel to hover weakly around
$10,900/mt, with the 1901 contract trading at 89,500-91,000 yuan/mt today. Spot prices are seen at 90,000-
101,500 yuan/mt today.
Oil falls on supply glut fears, but expected OPEC cuts provide some support.
Oil prices renewed their fall on Friday, pressured by concerns that producers are churning out more oil than
the world needs amid a bleak economic outlook. The divergence between U.S. and international crude
comes as surging North American supply is clogging the system and depressing prices there, while global
markets are somewhat tighter - in part because of reduced exports from Iran due to newly imposed U.S.
sanctions. However, global oil supply has surged this year, with the top-three producers of the United
States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands
around 100 million barrels per day (bpd). High production comes as the demand outlook weakens on the
back of a global economic slowdown. prices have plunged by around 30 percent since their last peaks in
early October, as global production started to exceed consumption in the fourth quarter of this year, ending
a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon.

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MCX Daily Report 23 NOV 2018
Precious Metals
CS GOLD (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 31000
RESIST 1: 30900
SUP 1:30500
SUP 2:30400
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CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 37100
RESIST 1: 36900
SUP 1: 36400
SUP 2: 36200
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+919977499927
Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BEARISH RESIST
2:444.00
RESIST 1:440.00
SUP 1: 436.00
SUP 2: 430.00
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+919977499927
CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH RESIST
2: 790.00
RESIST 1: 780.00
SUP 1: 768.00
SUP 2: 760.00
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+919977499927
CS ZINC (NOV) OVERVIEW:
TREND : SIDEWAYS RESIST
2:192.00
RESIST 1:190.00
SUP 1: 188.00
SUP 2: 186.00
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CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00
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CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 139.00
RESIST 1: 138.00
SUP 1: 136.00
SUP 2: 135.00
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Energies
CS CRUDE OIL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 3900
RESIST 1: 3850
SUP 1: 3800
SUP 2: 3750
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CS NATURAL GAS (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2: 310.00
RESIST 1: 307
SUP 1: 303.00
SUP 2: 297.00
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CapitalStars Financial Research Pvt., Ltd., 3
SEBI Registration Number: INA000001647
MCX Daily Report 23 NOV 2018
Pick for the DAY
MCX Crude on Friday as seen in the Daily chart opened at 3892 levels and
made day Low of 3810 Levels. During this period Crude High is 3903 levels
and finally closed at 3823 levels. Now, there are chances of down movement
technically & fundamentally.
Oil prices renewed their fall on Friday, pressured by concerns that
producers are churning out more oil than the world needs amid a bleak
economic outlook.
The divergence between U.S. and international crude comes as surging North
American supply is clogging the system and depressing prices there, while
global markets are somewhat tighter
- in part because of reduced exports from Iran due to newly
imposed U.S. sanctions.
DAILY RECOMMENDATION: SELL MCX CRUDE DEC BELOW 3825
LEVELS FOR TARGET OF 3805/3780 WITH SL 3851 OF LEVELS.

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SEBI Registration Number: INA000001647
MCX Daily Report 23 NOV 2018
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