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Showing posts with label mcx update. Show all posts
Showing posts with label mcx update. Show all posts

Thursday, 25 April 2019


BULLION - Bullion counter may trade on positive note as gold rose on Friday, on track for its first weekly gain in five weeks as investors focused on signs of economic weakness after dismal data from Germany and Asia, although a strong dollar ahead of U.S. GDP data kept a lid on gains. The dollar was also helped by data showing new orders for U.S.-made capital goods increased by the most in eight months in March, hitting their highest level on record. Japanindustrial output fell 0.9 percent in March from the previous month, down for the first time in two months, government data showed on Friday. The U.S. Federal Reserve is done raising interest rates until at least the end of next year, while about a third of economists polled by Reuters who had a view that far out predicted at least one rate cut by then.

ENERGY- Crude oil may witness some profit booking at higher levels as oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Tehran. But prices were already gaining before the Russian disruption, driven up by supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions against Venezuela and Iran. Crude futures are up around 40 percent so far this year. Washington said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. To make up for the shortfall from Iran, the United States is pressuring OPEC de-facto leader Saudi Arabia to end its voluntary supply restraint. Despite U.S. efforts to drive Iranian oil exports down to zero, many analysts expect some oil to still seep out of the country. U.S. natural gas futures rose following the release of a storage report that was mostly in line with expectations, but warmer-than-normal weather, low heating demand and near-record production kept a lid on prices.

BASE METAL - Base metals prices may trade with sideways to positive bias. London copper prices on Friday inched away from a one-month low touched in the previous session, buoyed as the U.S. dollar eased from a two-year high. Sentiment was also supported by news that U.S. President Donald Trump would soon host Chinese leader Xi Jinping at the White House, setting the stage for a possible agreement on trade between the world two largest economies. Freeport-McMoRan Inc copper output fell 18 percent to around 340,000 tonnes in the first quarter, while Anglo American production rose by 4 percent to 161,100 tonnes. Australian miner Aurelia Metals Ltd said it was in talks about a possible acquisition of Glencore CSA copper mine in the state of New South Wales. 


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Wednesday, 24 April 2019


mcx update


BULLION - Bullion counter may trade on flat to negative note as gold prices eased on Thursday as the dollar remained near a two-year high hit in the previous session, while a dip in equities and weak data from Germany augmented worries about the pace of global growth and cushioned losses in the safe-haven bullion. The euro nursed losses against the dollar on Thursday after dipping to a 22-month low on a surprise drop in a leading indicator for economic activity in Germany, amplifying worries of a growth slowdown in Europe largest economy. Gold is often used as a hedge against economic and political uncertainties. U.S. Treasury yields were lower across maturities on Wednesday as investors piled into the safe-haven government bonds following a dovish report from Canada central bank, weak data from Germany and Australia, and solid demand at auction for $41 billion of new five-year notes. SPDR Gold Trust, the world largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 747.87 tonnes on Wednesday from 749.63 tonnes on Tuesday.


ENERGY- Crude oil may witness some profit booking at higher levels as oil prices fell on Thursday as record U.S. output and rising crude stockpiles dampened the impact on markets of tighter U.S. sanctions on Iran and producer club OPEC continued curbs on supply. Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. U.S. crude oil production EIA has risen by more than 2 million barrels per day (bpd) since early 2018 to a record of 12.2 million bpd currently, making the United States the world biggest oil producer ahead of Russia and Saudi Arabia. Alcoa, which has targeted both plants for closure for some time, finally reached agreement with unions in January and curtailed the last operating plotlines in February, removing 128,000 tonnes of annual capacity from the European market. U.S. natural gas futures settled higher on Wednesday after touching their lowest level in nearly three years in the last session, as forecasts for hotter weather were expected to boost cooling demand.


BASE METAL - Base metals prices may trade with sideways to positive bias. Global aluminium production flatlined in the first quarter of this year, according to the International Aluminium Institute (IAI). A couple of longrunning outages together with curtailments in Europe caused production outside China to dip 1.4 percent to 6.37 million tonnes in the first three months of 2019. Chinese production, a complex moving picture of price-induced curtailments, pollution controls and capacity swaps, edged 1.6 percent higher to 8.93 million tonnes. The net result was that global production rose by a marginal 0.3 percent year-on-year as China remained the world dominant player with a 57 percent share of world production.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Tuesday, 23 April 2019

MCX Update

BULLION - Bullion counter may trade on flat to negative note Gold prices eased on Wednesday, remaining near a four-month low touched in the previous session as the dollar strengthened and Asian shares rose after the Nasdaq and S&P 500 indexes marked record closing highs. The dollar hovered near a 22-month peak against its peers on Wednesday, after strong U.S. housing data further eased concerns of a slowdown in the world biggest economy. Sales of new U.S. single-family homes rose to a near 1-1/2-year high in March, boosted by lower mortgage rates and house prices. After China economy defied expectations that it would slow further in January-March, U.S. growth is expected to be 2.1 percent in the same period, although the range of analysts estimates was wider than usual at 1.0 to 2.9 percent. SPDR Gold Trust, the world largest gold-backed exchange-traded fund, said its holdings fell 0.27 percent to 749.63 tonnes on Tuesday from 751.68 tonnes on Monday.

ENERGY- Crude oil may witness some profit booking at higher levels as oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington push for tighter sanctions against Iran. Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. The International Energy Agency (IEA), a watchdog for oil consuming countries, said in a statement on Tuesday that markets are adequately suppliedand that global spare production capacity remains at comfortable levels. The biggest source of new oil supply comes from the United States, where crude oil production EIA has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world biggest oil producer ahead of Russia and Saudi Arabia. U.S. natural gas futures dipped on Tuesday to their lowest level in nearly three years as higher production and a drop in demand weighed on prices.

BASE METAL - Base metals prices may trade with sideways to positive bias. Most industrial metals on the London Metal Exchange rose on Wednesday, after a top White House economic adviser said the United States and China were making progress in trade talks. The global world refined copper market showed an 8,000 tonne deficit in January, compared with an 11,000 tonne surplus in December, the International Copper Study Group (ICSG) said in its latest monthly bulletin. Global primary aluminium output rose to 5.414 million tonnes in March from a revised 4.916 million tonnes in February, data from the International Aluminium Institute (IAI) showed on Tuesday.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Wednesday, 17 April 2019


BULLION - Gold prices on Thursday touched their lowest this year, and were on course for a fourth straight weekly decline, as recent economic data drove investors towards riskier assets, with traders eyeing clues to gauge the health of global economy. Spot gold was down 0.1 percent at $1,272.33 per ounce, as of 0147 GMT, having touched $1,271.71 earlier in the session, its lowest since Dec. 27, 2018. U.S. gold futures dipped 0.2 percent lower to $1,274.50 an ounce. Economic data from China tempered concerns about global growth and took the sheen off safe-haven bullion. China economic growth in the first quarter remained steady at 6.4 percent, topping expectations for a 6.3 percent expansion. The data boosted global appeal for riskier assets Investors' immediate focus turned to the release of Purchasing Managers Indexes (PMIs) for the manufacturing and service sectors in Europe later in the day to provide more clues on the strength of the euro zone economy. In news, the U.S. Federal Reserve said on Wednesday it found economic activity in the country grew at a slight-to-moderate pace in March and early April. Secondly, the U.S. trade deficit fell to an eight-month low in February as imports from China plunged, temporarily providing a boost to President Donald Trump's "America First" agenda and economic growth in the first quarter. 

ENERGY- Crude Oil prices edged down on Thursday despite a surprise decline in U.S. inventories, with international benchmark Brent retreating from a five-month high touched in the previous session. Brent crude futures were at $71.51 a barrel at 0056 GMT, down 11 cents, or 0.2 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, down 9 cents, or 0.1 percent, from their previous settlement. WTI closed the last session down 0.5 percent. U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels. Net U.S. crude imports last week dropped by 659,000 barrels per day (bpd). U.S. natural gas futures plunged on Wednesday to their lowest since June 2016, as near-record production and forecasts for lower heating demand in the next two weeks allow utilities to stockpile gas, helping inventories rebound from unusually low levels. Ahead of weekly data on Thursday, market participants said utilities likely added a much bigger than normal 87 billion cubic feet (bcf) of gas to inventories during the week ended April 12. Front-month gas futures for May delivery on the New York Mercantile Exchange fell 5.5 cents, or 2.1 percent, to settle at $2.517 per million British thermal units (mmBtu), the lowest since June 8, 2016.

BASE METAL - Base metal counter are expected to trade sideways with downside getting capped owing to optimistic sentiments prevailing on the international market. China's economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. Copper prices hit a nine-month high on Wednesday as firmer-than-expected economic growth figures from China boosted expectations for higher demand in the world's top metals consumer. Benchmark copper touched its highest since July 3 at $6,608.50 per tonne before finishing up 0.9 percent at $6,556. China's economy grew at a 6.4 percent pace in the first quarter from a year earlier, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. Shanghai nickel and zinc fell 1.1 percent and 0.8 percent, respectively, mirroring a decline in the Chinese ferrous complex. Lead was also down. China's aluminium production fell 3.6 percent on a daily basis in March from the previous two months to its lowest rate since October, pressured by winter curbs on industry and low prices. This pushed Shanghai aluminium up as high as 13,995 yuan ($2,092.59) a tonne, its highest intraday level since December.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Tuesday, 9 April 2019


MCX update


BULLION - Bullion counter may witness some lower level buying. Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data. The dollar sagged on Tuesday after weak U.S. economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices. New orders for U.S.-made goods fell modestly in February and shipments rose after four straight monthly declines, but the manufacturing sector is slowing amid rising inventories. Britain parliament approved legislation on Monday that gives lawmakers the power to scrutinise and even change Prime Minister Theresa May request that the European Union agree to delay Brexit until June 30.



ENERGY- Crude oil may remain with sideways bias. Oil prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market. Despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said. And while fears of a global recession ebbed following strong U.S. jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a "significant slowing in growth globally" in 2019. Despite the economic concerns, global oil markets are tight, and Brent and WTI crude oil futures have risen by 40 percent and 30 percent respectively since the start of the year. Renewed fighting in Libya has seen Brent crude break above $70 per barrel Libya is a significant supplier of oil to Europe, producing around 1.1 million barrels per day (bpd) of crude in March. A warplane attacked Tripoli's only functioning airport on Monday as eastern forces advancing on the Libyan capital disregarded international appeals for a truce in the latest of a cycle of warfare since Muammar Gaddafi's fall in 2011. U.S. natural gas futures edged up to their highest in a week on Monday with cooler weather forecast to boost heating demand next week and liquefied natural gas exports expected to rise. 



BASE METAL - Base metals prices may trade with positive bias. The U.S. Trade Representative said significant work remained ahead of fresh talks due this week, while Chinese state media said the two sides had made new progress in the talks. MMG Ltd said its Las Bambas copper mine in Peru is expected to resume normal operations after an indigenous village agreed to end a two-month blockade. Copper prices rose on Monday on news of fresh stimulus measures in top metals consumer China and hopes for a U.S.-China trade deal. China said on Monday it would relax residency curbs in many of its smaller cities and increase infrastructure spending to boost economic growth. On Sunday, China also announced measures to encourage financing for small and medium-sized businesses. Three-month LME zinc shed 0.6 percent to finish at $2,906 a tonne, partly due to producers seeking to lock in high prices through hedging programmes, said Alastair Munro at broker Marex Spectron. 





Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Tuesday, 2 April 2019


BULLION - Bullion counter may trade with sideways path. Gold prices slipped on Wednesday, after touching their lowest level in four weeks in the previous session, as equities traded near a seven-month high, denting bullion appeal. Asian shares hovered near seven-month highs on Wednesday as global investors took a breather from a rally boosted by positive U.S. and China factory activity surveys. International Monetary Fund Managing Director Christine Lagarde said on Tuesday that global growth has lost momentum amid rising trade tensions and tighter financial conditions, but pauses in rate hikes will help boost activity in the second half of 2019. Prime Minister Theresa May said on Tuesday she would seek another Brexit delay to agree an EU divorce deal with the opposition Labour leader, a last-ditch gambit to break an impasse over Britain departure that enraged many in her party.

ENERGY- Crude oil may trade on positive note as oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that U.S. inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market. With output falling for a fourth month thanks to continued OPEC production cuts and sanctions on Iran and Venezuela, oil prices are well supported. Supply from the Organization of the Petroleum Exporting countries hit a four-year low in March. Three of eight countries granted waivers by Washington to import oil from Iran have cut the imports to zero, a U.S. official said on Tuesday, adding that improved global oil market conditions would help reduce Iranian crude exports further. Venezuela state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents. 

BASE METAL - Base metals prices may trade in green today as most London base metals rose on Wednesday after a senior U.S. official expressed optimism about progress in the scheduled trade talks with China this week. The United States and China expect to make more headway in trade talks this week, White House economic adviser Larry Kudlow said on Tuesday, as Chinese vice premier Liu He is due to resume talks with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday. Concern about copper supply disruption returned after an indigenous community in Peru, which has been blocking roads to Chinese miner MMG Ltd Las Bambas copper mine, refused to negotiate with the government. Korea Zinc Inc and Teck Resources Ltd have agreed annual concentrate treatment charges of about $245 a tonne, 67 percent higher than last year, as mine supply ramps up, two industry sources said. Norsk Hydro said on Tuesday it could take months for its Karmoey aluminium plant in western Norway to return to full capacity after a power outage that cut production by about 10 percent.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Monday, 1 April 2019

MCX Update


BULLION - Bullion counter may trade sideways to negative path. Gold prices inched down on Monday as Gold inched up on Tuesday, but was trading near a more than three-week low touched in the previous session as the U.S. dollar strengthened and equities rose. The dollar was up 0.1 percent against key rivals, trading close to a three-week high posted in the previous session as ebbing concerns about the global economy pushed U.S. bond yields up from 15-month lows. U.S. manufacturing activity rebounded a bit more than expected in March, according to an industry report released on Monday, as production, new orders and hiring all picked up. U.S. retail sales unexpectedly fell in February, but a rebound in factory activity in March and strong increase in construction spending offered hope the economy was not slowing as sharply as previously feared. China raised its gold holdings by 9.95 tonnes in February, according to data from the International Monetary Fund. The Perth Mint said on Monday its gold products sales in March surged about 68 percent from the previous month, touching the highest level since November last year.



ENERGY- Crude oil may trade on positive note as oil prices rose to fresh highs for the year on Tuesday, after a U.S. official said Washington is considering more sanctions on Iran and key Venezuelan export terminal halted operations. OPEC oil supply sank to a four-year low in March and positive data from the world biggest economies, the United States and China. The U.S. government is considering additional sanctions against Iran that would target areas of its economy that have not been hit before, a senior Trump administration official told reporters on Monday. The official also suggested that the U.S. may not extend waivers from sanctions on Iranian oil exports to a group of eight importers that expire next month. Venezuela Jose crude export terminal has halted operations due to a lack of electricity supply, two sources with knowledge of the situation said, after restarting on Friday following a prolonged blackout. Production cuts from the Organization of the Petroleum Exporting Countries (OPEC) helped push the group supply to a four-year low in March



BASE METAL - Base metals prices may trade sideways path. Copper and most other base metals fell on Tuesday as the U.S. dollar edged higher and as supply concerns from a copper mine in Peru eased slightly. The Peruvian government offered a deal to indigenous protesters to lift their blockade at the Las Bambas copper mine owned by China MMG Ltd, but a decision is pending agreement among the indigenous community. Indigenous protesters have blocked roads to the mine since early February, demanding compensation from MMG for using a stretch of road on their farmland. Las Bambas produces about 2 percent of global copper output. Russian aluminium giant Rusal has resumed supplies to the U.S. market and aims to win back customers it lost due to sanctions by about September when the industry seals supply contracts for 2020.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Monday, 18 March 2019


BULLION - Bullion counter may trade with sideways to positive bias as old prices rose for a third consecutive session on Tuesday as the dollar weakened on expectations that the U.S. Federal Reserve will maintain a dovish tone at its monetary policy meeting this week. Traders currently expect there will be no U.S. rate hikes this year, and is even building in bets for a rate cut in 2020. Federal Reserve Chairman Jerome Powell will speak at a news conference on Wednesday. Gold can witness bounce back towards 31800. Silver can take support near 37800 and can recover towards 38250. Prime Minister Theresa May's Brexit plans were thrown into further turmoil on Monday when the speaker of parliament ruled that she could not put her divorce deal to a new vote unless it was re-submitted in a fundamentally different form. European Union leaders could hold off making a final decision on any Brexit delay when they meet in Brussels later this week, senior diplomats in the bloc said, depending on what exactly British Prime Minister Theresa May asks them for.

ENERGY- Crude oil (Apr) may trade on sideways path as it may trade in range of 4060-4120 in MCX. Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output. The Organization of the Petroleum Exporting Countries (OPEC) on Monday scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled. OPEC and a group of non-affiliated producers including Russia, known as OPEC+, started withholding supply to halt a sharp price drop in the second-half of 2018, when markets came under pressure from surging output as well as an economic slowdown.

BASE METAL - Base metals prices may trade with positive bias. Copper may test 446 while taking support near 441 in MCX. Copper prices ticked up on Tuesday, supported by China�s announcement to cut tax for manufacturers from next month to boost growth in the world�s second-largest economy. China will cut value-added tax for manufacturing and other sectors on April 1, Premier Li Keqiang said on Friday, adding that cuts in taxes and fees remained a key measure to cope with downward pressure on its economy. Aluminium and nickel contracts ticked up on both London and Shanghai exchanges, with the three-month London aluminium hovering near an over-two-week high level.


Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Thursday, 14 March 2019



BULLION - Bullion counter may trade with weak bias but short covering at lower levels can be seen. Gold can slip lower towards 31700. Silver can take support near 37800 and resistance near 38300. Gold prices edged down on Friday after slipping below the key $1,300 level in the previous session, pressured by improving appetite for risk as British lawmakers voted to seek a delay to the country's exit from the European Union. British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain's exit from the European Union, setting the stage for Prime Minister Theresa May to renew efforts to get her divorce deal approved by parliament next week. A summit to seal a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping will not happen at the end of March as previously discussed because more work is needed in U.S.-China negotiations, Treasury Secretary Steven Mnuchin said on Thursday. The number of Americans filing applications for unemployment benefits increased more than expected last week, suggesting the labor market was slowing, while new home sales fell more than expected in January.

ENERGY- Crude oil may open on sideways path as it may trade in range of 4010-4100 in MCX. Oil prices were steady on Friday, supported as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019. But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia - known as the OPEC+ alliance - pledged to withhold 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices. Meanwhile, U.S. sanctions against Venezuela as well as Iran have further tightened oil markets. With OPEC voluntarily withholding supply and U.S. sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Refinitiv showed a slight supply deficit likely appeared in the first quarter. Natural gas may remain sideways as it can take support near 195 while taking resistance near 201 in MCX. U.S. natural gas futures edged up on Thursday after the release of a federal report showing the biggest weekly storage draw ever during the month of March.

BASE METAL - Base metals prices may trade with sideways to weak bias. Base metals fell in early trade on Friday, with Shanghai nickel down nearly 2 percent and copper extending losses, as hopes dimmed that the United States and China could reach a deal soon to resolve their long-standing trade dispute. A summit to seal a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping will not happen at the end of March as previously discussed because more work is needed in U.S.-China negotiations, Treasury Secretary Steven Mnuchin said on Thursday Copper may slip lower towards 440 while facing resistance near 453 in MCX. Zinc can take support near 196 while facing resistance near 201. On-warrant stocks of copper, those not earmarked for delivery, in LME-approved warehouses jumped 34,900 tonnes to 66,325 tonnes as of Thursday. The premium of cash copper over the three-month LME contract eased to $20 a tonne from a discount of $70 last week, indicating worries over tight supply were easing. 




Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 
For more details call on 9977499927 or visit our website www.capitalstars.com

Monday, 11 March 2019




BULLION - Bullion counter may witness some bounce back at lower levels as the dollar edged lower against major currencies following the U.S. retail sales data and a rally in the pound. U.S. retail sales rose 0.2 in January, surprising economists who had expected an unchanged result. Gold can take support near 31700 and can recover towards 32100. Silver can take support near 38000 and can recover towards 38700. Prime Minister Theresa May won legally binding Brexit assurances from the European Union on Monday in a last ditch attempt to sway rebellious British lawmakers who have threatened to vote down the deal again. Federal Reserve chairman Jerome Powell said the U.S. central bank does  not feel any hurryâ to change the level of interest rates again as it watches how a slowing global economy affects local conditions in the U.S. 

ENERGY- Crude oil may open on positive note as oil prices rose on Tuesday, lifted by output cuts led by producer group OPEC as well as healthy demand, and although analysts said economic headwinds posed downside risks to crude markets. Venezuela opposition-run congress on Monday declared a state of alarm over a five-day power blackout that has crippled the country oil exports and left millions of citizens scrambling to find food and water. The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country already booming output, the International Energy Agency said on Monday. U.S. crude oil output will rise nearly 2.8 million bpd, growing to 13.7 million bpd in 2024 from an average of just under 11 million bpd in 2018, the IEA said, making the United States by far the biggest oil producer in the world. Natural gas may remain sideways as it can take support near 192 while taking facing resistance near 196 in MCX. U.S. natural gas futures fell to a two-week low on Monday on forecasts for the weather to turn warmer over the next two weeks than previously expected. Meteorologists now project temperatures will remain near normal through late March. Last week, they were forecasting seasonal weather this week and cooler than normal temperatures next week.

BASE METAL - Base metals prices may trade with positive bias. London base metal prices rose across the board in early Asian trade on Tuesday, supported by a weaker dollar and tracking stock markets higher after the European Commission agreed to changes in a Brexit deal. Copper may take support near 445 and can recover towards 458 in MCX. China's automobile sales fell 13.8 percent year-onyear in February, marking the eighth consecutive month of decline in the world's largest auto market. Zinc can take support near 192 while facing resistance near 195. The global zinc market deficit narrowed to 28,000 tonnes in January from a revised deficit of 62,400 tonnes in December, data from the International Lead and Zinc Study Group (ILZSG) showed. Lead can move in range of 143-146. Nickel can also test 920 while taking support near 900. Aluminum prices may trade in range of 142-144. Queues to take aluminum out of LME-approved warehouses owned by ISTIM UK in Port Klang, Malaysia rose to 229 days in February from 118 days in January and zero days in December.



Investment  trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
 

For more details call on 9977499927 or visit our website www.capitalstars.com

Sunday, 10 March 2019


BULLION - Bullion counter may extend its downside pressure amid bounce back in greenback, rise in US treasury yields and lack of safe haven demand. The ECB changed track on its tightening plan, pushing out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy. The U.S. Federal Reserve should lower its expectations for rate hikes even if its economic forecasts have not changed, because of signs of a slowdown in spending and other risks, Governor Lael Brainard stated last week. Gold can test 31600 while facing resistance near 32400 while silver (May) can dip towards 37500 while facing resistance near 38800. China�s gold reserves rose slightly to $79.498 billion in February from $79.319 billion at the end of January, as the central bank increased the total amount of gold reserves to 60.260 million fine troy ounces from 59.940 million troy ounces. U.S. President Donald Trump is open to additional talks with Pyongyang over denuclearization, his national security adviser stated, despite reports that North Korea is reactivating parts of its missile program. The Perth Mint's February sales of gold products fell to the lowest level since June last year, declining more than 37 percent from the previous month. The U.S. Mint sold 12,500 ounces of American Eagle gold coins in February, down 81.1 percent from the previous month, according to the latest data.

ENERGY- Crude oil prices may witness some profit booking at higher levels as increasing US production and global growth concerns can keep prices under pressure. Forecasts by two big U.S. producers outweighed recent OPEC-led efforts to rein in crude production. Chevron Corp and Exxon Mobil Corp released duelling Permian Basin projections pointing to big increases in shale oil production. China�s crude oil imports rose to the third-highest volume on record on a daily basis on increasing purchases by new private refineries. Crude oil can test 3800 while facing resistance near 4100. But on the supply side, prices have been receiving support this year from output cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Together with some nonaffiliated producers like Russia, the producer group has pledged to withhold around 1.2 million barrels per day (bpd) of supply to tighten markets and prop up prices. China, the world�s biggest crude oil importer, took in 39.23 million tonnes of crude oil last month, the data from the General Administration of Customs showed. Natural gas counter may witness short covering at lower levels as it may take support near 185 and can recover towards 215 levels. Natural gas futures edged up recently as utilities pulled huge amounts of gas out of inventories to heat homes and businesses to deal with a frigid cold snap blanketing much of the country.

BASE METAL - In base metal counter prices can trade with negative bias as optimism over the ability of a potential U.S.-China trade deal and Chinese economic stimulus to push prices higher is fading. U.S. President Trump will reject a U.S.-China trade deal that is not perfect, but the United States would still keep working on an agreement, U.S. Secretary of State Mike Pompeo stated last week. Copper may test the support of 440 by facing resistance near 460. Copper can dip lower as rising inventories and a drop in the premium for directly available metal signalled easing supply squeeze. Copper Inventories in LME-registered warehouses rose to 120,075 tonnes from 116,872 tonnes last week, the lowest since 2008. Meanwhile Lead may dip towards 140 while facing resistance near 152. China imported 128,000 tonnes of refined lead last year, bringing the two-year cumulative total to 206,000 tonnes. The only precedent for this pace of import was 2009, when China soaked up 157,000 tonnes of refined lead. Aluminium can remain sideways as it can take support near 141 while facing resistance near 148. Rusal, the worldâ��s largest aluminium producer outside China stated that its business was back to normal after U.S. sanctions were lifted in January, and reiterated a positive outlook for the global aluminium market. It also stated that global aluminium demand is expected to rise by 3.7 percent in 2019 to 68 million tonnes. Zinc may dip lower towards 184 while facing resistance near 196. 



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