Mcx daily report 30 nov

CapitalStars Financial Research Pvt., Ltd., 1
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MCX Daily Report 30 NOV 2018
News Highlights
Gold prices flat ahead of Trump-Xi meet at G20 summit.
Gold prices were flat early on Friday as the dollar steadied ahead of the G20 meet in Argentina this
weekend, where US and Chinese leaders are scheduled to discuss trade matters after months of tensions.
Spot gold was flat at $1,223.77 per ounce at 0126 GMT. Prices had hit a one-week high of $1,228.96 per
ounce on Thursday. US gold futures were down 0.2 per cent at $1,221.6 per ounce. Palladium was up
about 0.2 per cent at $1,183.20 per ounce after hitting a record high of $1,190 earlier in the session. The
metal was on track to mark its best month since December 2017. US trade restrictions have hit a total of
$369 billion of Chinese exports this year, much higher than the $278 billion of goods impacted by tariffs
alone, a regular monitoring report of G20 trade restrictions said on Thursday.
US dollar dipped from two-week highs after the US Federal Reserve described interest rates as
"just below" the neutral rate.
The SHFE 1902 contract came off after it rose twice above the daily moving average as the market
remained cautious ahead of the G20 meeting on Friday and Saturday. It closed at 49,530 yuan/mt, with
open interests losing 3,242 lots. LME copper unsuccessfully tested support at the daily moving average as
longs exited the market. With support at the 40-day moving average, it is expected to trade at $6,200-
6,240/mt, with its SHFE counterpart at 49,400-49,800 yuan/mt. Spot premiums are seen firm at 90-150
yuan/mt on the last trading day for products with a November invoice.
As a weaker US dollar grew confidence across longs, Nickel broke pressure.
The SHFE nickel 1901 contract led increases among base metals, closing 1.47% higher overnight, with its
LME counterpart rising 1.33%, even as the US dollar recovered. We expect LME nickel to hover around
$10,900 /mt, with the contract trading at 89,000-91,000 yuan/mt today. Spot prices are seen at 90,000-
100,000 yuan/mt today.
Oil firms as OPEC output cuts loom, but rising U.S. supply stems gains.
Oil prices firmed on Friday on expectations that OPEC and Russia will agree some form of production cuts
next week, although swelling U.S. supplies kept markets in check. Despite the firmer prices, crude oil has
lost almost a third in value since early October because of an emerging supply glut following a global surge
in production, including from the United States, Russia and by the Middle East-dominated Organization of
the Petroleum Exporting Countries (OPEC). To rein in the glut, OPEC and its main partner Russia are
moving closer to an agreement around further production cuts. Bank said on Friday that oil prices were
rebounding "as signs that OPEC+ was moving closer to an agreement around further production cuts." The
producer group plus non-OPEC member Russia will gather on Dec. 6 and 7 in Vienna to discuss output
policy. Before that, the world's top three producers - the United States, Russia and Saudi Arabia - will be
part of a meeting of the Group of 20 industrialized nations in Buenos Aires, Argentina, this weekend.

CapitalStars Financial Research Pvt., Ltd.,
Precious Metals
CS GOLD (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 30500
RESIST 1: 30400
SUP 1:30200
SUP 2:30100
WWW.CAPITALSTARS.COM
+919977499927
CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 36000
RESIST 1: 35700
SUP 1: 35400
SUP 2: 35175
+919977499927
Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BEARISH RESIST
2:440.00
RESIST 1:434.00
SUP 1: 428.00
SUP 2: 422.00
+919977499927
CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH RESIST
2: 775.00
RESIST 1: 765.00
SUP 1: 750.00
SUP 2: 745.00
+919977499927
CS ZINC (NOV) OVERVIEW:
TREND : SIDEWAYS RESIST
2:182.00
RESIST 1:180.00
SUP 1: 178.00
SUP 2: 175.50
+919977499927
CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 139.00
RESIST 1: 137.00
SUP 1: 135.00
SUP 2: 133.00
+919977499927
CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 139.00
RESIST 1: 137.50
SUP 1: 136.00
SUP 2: 134.00
WWW.CAPITALSTARS.COM +919977499927
Energies
CS CRUDE OIL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 3700
RESIST 1: 3650
SUP 1: 3550
SUP 2: 3500
+919977499927
CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 335.00
RESIST 1: 330.00
SUP 1: 320.00
SUP 2: 303.00
+919977499927

Pick for the DAY
MCX Crude on Friday as seen in the Daily chart opened at 3568 levels and
made day low of 3464 Levels. During this period Crude High is 3648 levels and
finally closed at 3633 levels. Now, there are chances of down movement
technically & fundamentally.
Oil prices firmed on Friday on expectations that OPEC and Russia will agree
some form of production cuts next week, although swelling U.S. supplies kept
markets in check.
The producer group plus non-OPEC member Russia will gather on Dec. 6
and 7 in Vienna to discuss output policy.
DAILY RECOMMENDATION: SELL MCX CRUDE DEC BELOW 3600
LEVELS FOR TARGET OF 3570/3550 WITH SL 3652 OF LEVELS.

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