Gold demand remained flat in India during Dhanteras and Diwali as the strengthening rupee weighed on prices. International gold prices edged lower as well due to profit-taking and a weaker US dollar, though prices found support from concerns over the global economy. Copper and nickel prices increased due to a weaker US dollar and improved market sentiment, while nickel inventories in China rose for three consecutive weeks. Crude oil prices declined as concerns over a deteriorating economic outlook and rising US production outweighed expected OPEC supply cuts. The report recommends a short position in crude oil futures.

1. CapitalStars Financial Research Pvt., Ltd., 1
SEBI Registration Number: INA000001647
MCX Daily Report 19 NOV 2018
News Highlights
Gold traders cheer as rupee gets stronger.
Gold has not done well during the just-concluded Dhanteras-Diwali period, when the trade expects
Indians to spend on the precious metal. This year the demand remained flat with light-weight jewelers
hogging the limelight. In international markets, gold prices edged lower as investors booked some profit
after the metal rose for four consecutive sessions last week, though the prices were supported by a muted
dollar on the Federal Reserve’s concerns over the global economy. Weakness in the US dollar against
some currencies in the global market and a higher opening of the domestic equity market helped the
rupee to move ahead, market men said.
US dollar softened when traders reassessed the pace of future US interest rate increases.
London copper registered the fifth consecutive trading day of increase, with support at the 40-day moving
average, and settled at $6,255/mt. The SHFE 1901 contract saw improved market sentiment as the US
dollar softened when traders reassessed the pace of future US interest rate increases. It rallied to above the
50,000 yuan/mt level and closed at 49,900 yuan/mt. We expect the contract to test the support at 50,000
yuan/mt today, with trading range at 49,700-50,200 yuan/mt. LME copper is likely to trade at $6,220-
6,270/mt today. Spot premiums are set at 30-90 yuan/mt amid tight supplies.
Refined nickel inventories in east China had piled up for three consecutive weeks.
London nickel led the losses among base metals and closed 1.49% lower on the day, pressured by
Federal Reserve officials’ caution over the global growth outlook. Refined nickel inventories in east
China had piled up for three consecutive weeks, and this lowered the SHFE 1901 contract by 1.05%
overnight. We expect LME nickel to hover around
$11,250 /mt today with the SHFE 1901 contract trading at 92,500-94,000 yuan/mt today. Spot prices
are seen at 93,000-105,000 yuan/mt.
Oil loses steam as supply concerns add to negative economic outlook.
Oil markets lost steam on Tuesday, giving back earlier gains, as a deteriorating economic outlook and a
surge in U.S. production outweighed expected supply cuts by the Organization of the Petroleum Exporting
Countries (OPEC). Oil prices are almost a quarter below their recent peaks in early October, weighed down
by surging supply, especially from the United States. U.S. crude oil production C-OUT-T-EIA has soared by
almost 25 percent this year, to a record 11.7 million barrels per day (bpd). This comes amid widespread
market expectations of an economic slowdown, which saw Asian stock markets tumble on Tuesday, adding
to sharp losses on Wall Street during the previous day. a result, financial traders have become wary of oil
markets, seeing further price downside risks from the soaring U.S. shale production as well as the
deteriorating economic outlook. Managers have sold the equivalent of 553 million barrels of crude and fuels
in the last seven weeks, the largest reduction over a comparable period since at least 2013.

2. CapitalStars Financial Research Pvt., Ltd.,
SEBI Registration Number: INA000001647
MCX Daily Report 19 NOV 2018
Precious Metals
CS GOLD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 31200
RESIST 1: 31000
SUP 1:30800
SUP 2:30700
WWW.CAPITALSTARS.COM
+919977499927
CS SILVER (DEC) OVERVIEW:
TREND : BULLISH RESIST
2: 37100
RESIST 1: 36900
SUP 1: 36600
SUP 2: 36400
WWW.CAPITALSTARS.COM
+919977499927
Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BULLISH RESIST
2:444.00
RESIST 1:440.00
SUP 1: 436.00
SUP 2: 430.00
WWW.CAPITALSTARS.COM
+919977499927
CS NICKEL (NOV) OVERVIEW:
TREND : BEARISH RESIST
2: 828.00
RESIST 1: 818.00
SUP 1: 808.00
SUP 2: 802.00
WWW.CAPITALSTARS.COM
+919977499927
CS ZINC (NOV) OVERVIEW:
TREND : SIDEWAYS RESIST
2:193.00
RESIST 1:191.00
SUP 1: 188.00
SUP 2: 186.00
WWW.CAPITALSTARS.COM
+919977499927
CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00
WWW.CAPITALSTARS.COM
+919977499927
CS ALUMINIUM (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 143.00
RESIST 1: 141.00
SUP 1: 138.00
SUP 2: 136.00
WWW.CAPITALSTARS.COM +919977499927
Energies
CS CRUDE OIL (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4150
RESIST 1: 4100
SUP 1: 4050
SUP 2: 4000
WWW.CAPITALSTARS.COM
+919977499927
CS NATURAL GAS (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 330.00
RESIST 1: 325.00
SUP 1: 315.00
SUP 2: 310.00
WWW.CAPITALSTARS.COM
+919977499927

4. CapitalStars Financial Research Pvt., Ltd., 3
SEBI Registration Number: INA000001647
MCX Daily Report 19 NOV 2018
Pick for the DAY
MCX Crude on Friday as seen in the Daily chart opened at 4120 levels and
made day low of 3956 Levels. During this period Crude High is 4153 levels and
finally closed at 4070 levels. Now, there are chances of down movement
technically & fundamentally.
Oil markets lost steam on Tuesday, giving back earlier gains, as a
deteriorating economic outlook and a surge in U.S. production outweighed
expected supply cuts by the Organization of the Petroleum Exporting
Countries (OPEC).
Oil prices are almost a quarter below their recent peaks in early October,
weighed down by surging supply, especially from the United States.
DAILY RECOMMENDATION: SELL MCX CRUDE NOV BELOW 4055
LEVELS FOR TARGET OF 4030/4005 WITH SL 4085 OF LEVELS.

5. CapitalStars Financial Research Pvt., Ltd., 4
SEBI Registration Number: INA000001647
MCX Daily Report 19 NOV 2018
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