Mcx daily report 31 jan 2018

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MCX Daily Report - 31 JAN 2018
News High lights
Gold Prices Up In Asia As Trump Proposes Bipartisan Push To Congress.
Gold prices rose in Asia on Wednesday as President Donald Trump urged bipartisan
cooperation on overhauling US immigration policies and rebuilding infrastructure in an
address to Congress on Tuesday night. "So tonight I am extending an open hand to
work with members of both parties, Democrats and Republicans, to protect our
citizens, of every background, color, and creed," Trump said in prepared remarks.
Ahead of Trump's speech, Republicans and Democrats were deeply divided over immigration, which has been
linked to congressional efforts to pass a spending bill. Gold prices fell on Tuesday amid rising bond yields as
investors continued to bet that strong economic growth and an improved inflationary environment could
encourage the Federal Reserve to adopt a faster path to monetary tightening.
Nickel climbed down from over two-year highs on Tuesday as investors booked profits.
Nickel climbed down from over two-year highs on Tuesday as investors booked profits from
a rally that was supported by a low dollar and an improving demand and supply outlook.
Benchmark LME nickel was bid 0.8 percent lower at $13,690 ounces after failing to trade in
official rings. The metal, which is also used in electric vehicle batteries, touched $14,040 per
tonne on Monday, its highest since May 2015. On-warrant LME inventories of nickel
MNISTX-TOTAL, those not earmarked for delivery, fell to their lowest level in 2018 at 250,920 tonnes.
Copper dropped on profit booking as investors looked ahead to details of infrastructure-building in U.S. Trump's
State of the Union address and Chinese manufacturing PMI data.
Copper on MCX settled down -0.25% at 450.70 on profit booking as investors looked ahead to details of
infrastructure-building in U.S. President Donald Trump's State of the Union address and Chinese manufacturing PMI
data. China's economic growth will likely slow to 6.5-6.8 percent this year, a senior official told. China's refined
copper production in November jumped nearly 10% from the same time last year to 786,000 tonnes, the highest
rate in at least three years data from the National Bureau of Statistics showed as smelters make the most of higher
copper prices.
Oil prices fall for third day as inventory build-up weighs.
Oil prices fell for a third day on Wednesday after data from an industry body showed
crude stocks rose more than expected last week, while a selloff in other commodities,
stocks and bonds added to investors' bearish mood."Increasing concerns over the rising
U.S. production continue to mount pressure on the commodity," said Mihir Kapadia, chief
executive of Sun Global Investments. "Over the past couple of years, U.S. producers have gained significant inroads
in the global oil market industry," he said. Prices on both WTI and Brent are still on track for a fifth month of
gains.U.S. Energy Department data on Wednesday is likely to show an increase in increase in inventories for the first
time 11 weeks.

Precious Metals
CS GOLD (FEB) OVERVIEW: CS SILVER (MAR) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 30350 RESIST 2: 39900
RESIST 1: 30250 RESIST 1: 39700
SUP 1: 29900 SUP 1: 38800
SUP 2: 29800 SUP 2: 38600
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Base Metals
CS COPPER (FEB) OVERVIEW: CS NICKEL (FEB) OVERVIEW:
TREND : BEARISH TREND : BULLISH
RESIST 2: 459.00 RESIST 2: 875.00
RESIST 1: 456.00 RESIST 1: 870.00
SUP 1: 445.00 SUP 1: 840.00
SUP 2: 442.00 SUP 2: 835.00
CS ZINC (FEB) OVERVIEW: CS LEAD (FEB) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 231.00 RESIST 2: 169.00
RESIST 1: 229.00 RESIST 1: 168.00
SUP 1: 224.00 SUP 1: 165.00
SUP 2: 222.00 SUP 2: 164.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 144.00
RESIST 1: 143.00
SUP 1: 140.00
SUP 2: 139.00
WWW.CAPITALSTARS.COM +917316690000
Energies
CS CRUDE OIL (FEB) OVERVIEW: CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 4170 RESIST 2: 211.00
RESIST 1: 4130 RESIST 1: 208.00
SUP 1: 4030 SUP 1: 197.00
SUP 2: 3990 SUP 2: 194.00

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Pick for the Day
MCX Crude Oil Feb on Tuesday as seen in the daily chart opened at 4149 levels and
day high of 4153 levels. During this period price corrected & made day low of 4092
levels finally closed at 4106 levels. Now, there are chances of further downside
movement technically & fundamentally.
 Oil’s inverse relationship to the dollar, whereby a stronger currency makes it more
expensive for non-U.S. investors to buy dollar denominated assets, has reasserted
itself this week.


 Expectations for U.S. crude inventories to rise for the first time in 11 weeks may
also be keeping oil under pressure, according to a preliminary poll by Reuters on
Monday. U.S. production is already on par with that of Saudi Arabia, the biggest
producer in the Organization of the Petroleum Exporting Countries (OPEC). Only
Russia produces more, averaging 10.98 million barrels per day (bpd) in 2017.



DAILY RECOMMENDATION: SELL MCX CRUDE OIL FEB AROUND 4110 LEVELS
FOR TARGET OF T1 4060/ T2 4040 WITH SL 4190 OF LEVELS.

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Mcx daily report 31 jan 2018

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Mcx daily report 31 jan 2018