Palladium rose to a record high on increasing demand and lower supply. Gold gained on expectations of a pause in US rate hikes. Crude oil prices edged higher due to OPEC+ supply cuts but gains were limited by growing US product inventories and record crude production. Nickel touched a 10-week high on falling stockpiles and tightening time spreads suggesting an undersupplied market. The US Senate rejected legislation to keep sanctions on companies linked to Russian oligarch Oleg Deripaska. The report provides recommendations to buy copper and gold futures contracts and sets out various pivot levels and economic events.

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MCX Daily Report
18th Jan 2019
2019
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PRECIOUS METALS:
Precious metals palladium rose to a record high on Wednesday on increasing demand and lower supply of
the metal used in auto catalysts, while gold gained on expectations of a pause in the U.S. Federal Reserve's
rate-hiking cycle. SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its
holdings stood at 797.71 tonnes, remain unchanged from previous business day. Holdings of the largest
silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 9673.34 down
67.13 tones, from previous business day.
ENERGY:
Crude oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut
agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and
record crude production. Oil majors Chevron and Total, along with major Indian refiner Reliance Industries,
have joined the block chain-based platform Vakt, London-based Vakt said on Tuesday. Vakt, already in use
by other major trading firms since the end of last year, is the first of many block chain pilot schemes for
commodities trading to go live.
BASE METALS
Industrial metal nickel touched a 10-week high on Wednesday as falling stockpiles and a tightening of time
spreads suggested an undersupplied market. In a victory for President Donald Trump, the U.S. Senate on
Wednesday rejected legislation to keep sanctions on companies linked to Russian oligarch Oleg Deripaska,
including aluminum firm Rusal. Senators voted 57-42 to end debate on the measure, as 11 of Trump's
fellow Republicans broke from party leaders to join Democrats in favor of the resolution, amid questions
about Trump's relationship with Russian President Vladimir Putin.
MARKET WRAP

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PIVOT LEVELS
SILVER-MAR
RESISTANCE2 40500
RESISTANCE-1 40000
SUPPORT-1 39000
SUPPORT-2 38500
CRUDE OIL-FEB
RESISTANCE-2 3900
RESISTANCE-1 3850
SUPPORT-1 3750
SUPPORT-2 3700
COPPER-FEB
RESISTANCE-2 437
RESISTANCE-1 432
SUPPORT-1 422
SUPPORT-2 417
GOLD-FEB
RESISTANCE-2 32800
RESISTANCE-1 32500
SUPPORT-1 32000
SUPPORT-2 31800

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TIME CURRENCY PARTICULAR FORECAST PREVIOUS
07:35pm USD FOMC Member Williams Speaks - -
08:30pm USD Prelim UoM Consumer Sentiment 97.0 98.3
Today’s major Economic Events

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COPPER
RECOMMENDATION:
BUY COPPER FEB ABOVE 427 TARGET 432 , 437 STOPLOSS 417
RECOMMENDATIONS

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GOLD
RECOMMENDATION:
BUY GOLD FEB ABOVE 32400 TARGET 32550, 32700 STOPLOSS 32100

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Date: 2019.01.18 11:04:00 +05'30'