Gold prices fell for a fourth straight session and silver recovered from a multi-month low as optimism over US-China trade talks reduced demand for safe haven assets. Oil prices edged down after a Russian minister signaled that Russia and OPEC may boost output to regain market share. Most base metals traded in a tight range ahead of upcoming Chinese economic growth data, while the report recommended buying lead on the MCX.

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MCX Daily Report 16TH
APR 2019
News Highlights
BULLION - Gold slipped for a fourth straight session on Tuesday as optimism over the U.S.-China trade talks helped
investors retain risk appetite despite dismal quarterly results from Wall Street. Spot gold was down 0.1 percent at
$1,286.38 per ounce, as of 0120 GMT. In the previous session, the bullion dropped to $1,281.96, its weakest since
April 4. U.S. gold futures shed about 0.2 percent at $1,289.20 an ounce. The U.S.-China trade dispute, signs of
slowing global corporate earnings and business investment have all put pressure on riskier assets in the past year,
so investors have been quick to lap-up positive news. SPDR Gold Trust, the world’s largest gold-backed exchange-
traded fund, said its holdings fell 0.50 percent to 754.03 tonnes on Monday from 757.85 tonnes on Friday.
Yesterday, Gold prices fell back on upbeat comments from Chicago Fed President Evans who said the U.S. economic
data has "strengthened a little bit in recent weeks" and fundamentals "continue to be quite good." The hawkish
comments from Evans bolster the outlook for additional Fed rate hikes and were negative for metals prices. May
silver recovered from a 3-1/2 month low Monday and settled higher on stronger-than-expected U.S. economic data
that is positive for industrial metals demand after the Apr Empire manufacturing survey of general business
conditions index rose +6.4 to 10.1, stronger than expectations of +4.3 to 8.0. On MCX.
ENERGY- Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude
output to fight for market share, checking a recent sharp rally driven by tighter global production. Brent crude oil
futures were at $71.08 a barrel at 0111 GMT, down 10 cents, or 0.1 percent, from their last close. Brent ended
down 0.5 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, down 2
cents, or 0.1 percent, from their previous settlement. WTI fell 0.8 percent on Monday. Russian Finance Minister
Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market
share with the United States, but this would push oil as low as $40 per barrel. U.S. natural gas futures fell to a two-
month low on Monday on forecasts for warmer weather and lower than previously expected heating demand next
week. That decline came despite an increase in liquefied natural gas exports with the return of two liquefaction
trains at Cheniere Energy Inc's LNG.A Sabine Pass LNG export terminal in Louisiana late last week. The natural gas
market has become much less volatile over the past couple of months just like last year as the weather moderates
for the spring amid a widely held expectation that record and growing production will meet any increase in
demand.
BASE METAL - Base metals prices may trade with sideways bias. On the international market, most industrial
metals on Tuesday were trading in a tight range, as investors exercised caution, waiting for growth data from China
to be released later this week. China is scheduled to release a bundle of economic data on Wednesday, including
the first-quarter economic growth figure. China’s first-quarter economy growth likely cooled to the weakest pace in
at least 27 years, a Reuters poll showed, but a flurry of measures to boost domestic demand may have put a floor
under slowing activity in March. Secondly, Reuters expect China to report gross domestic product (GDP) grew 6.3
percent in the January-March quarter from a year earlier, the slowest pace since the first quarter of 1992, the
earliest quarterly data on record. March data will provide more details on the health of China’s domestic demand,
covering industrial output, retail sales, property sales and investment, and fixed asset investment. Three-month
copper on the London Metal Exchange eased 0.1 percent to $6,475 a tonne by 0153 GMT, while aluminium edged
down 0.1 percent and nickel was almost unchanged. London zinc dipped 0.4 percent, on track for a second straight
fall, while the most-active zinc contract in Shanghai Futures Exchange (ShFE) dropped 1.1 percent. Zinc inventories
in LME-approved warehouse as of Friday shot up 7.5 percent from a day earlier to near a three-week high of 56,125
tonnes, latest data showed. On-warrant zinc stocks in warehouses tracked by ShFE also marked a 7-percent daily
increase on Monday to 51,976 tonnes.

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MCX Daily Report 16TH
APR 2019
Precious Metals
CS GOLD (JUN) OVERVIEW:
TREND : BEARISH TREND : BEARISH
SUP 1:31750
SUP 2:31600
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Base Metals
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:453.00 RESIST 2: 910.00
RESIST 1:451.00 RESIST 1: 905.00
SUP 1: 448.00 SUP 1: 893.00
SUP 2: 446.00 SUP 2: 886.00
CS ZINC (APR) OVERVIEW: CS LEAD (APR) OVERVIEW:
TREND : BULLISH TREND : BULLISH
RESIST 2:232.00 RESIST 2: 137.00
RESIST 1:230.00 RESIST 1: 136.00
SUP 1: 228.00 SUP 1: 133.00
SUP 2: 226.00 SUP 2: 131.00
CS ALUMINIUM (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 147.00
SUP 2: 146.00
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Energy
CS CRUDE OIL (APR) OVERVIEW:
TREND : SIDEWAYS

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MCX Daily Report 16TH
APR 2019
Pick for the DAY
MCX LEAD APR on MONDAY as seen in the Daily chart opened at 132.00 levels and made
day low of 132.00 Levels. During this period LEAD APR High is 135.50 levels and finally
closed at 135.25 levels. Now, there are chances of up movement technically &
fundamentally.
DAILY RECOMMENDATION: BUY MCX LEAD APR ABOVE 135.75 LEVELS FOR TARGET OF
137/138 WITH SL 134 OF LEVELS.

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