Gold jewellery exports from SEZ/EPZs surged 220% between April-July while exports from DTA fell 7%. Imports of gold bars leapt 450% in July and 302% between April-July. MCX gold is expected to fall below 29650 with a target of 29600/29550 while copper and nickel are rangebound and zinc, lead, and crude oil are bearish. The report recommends selling MCX gold October below 29650.

1. CapitalStars Financial Research Pvt., Ltd., 1
SEBI Registration Number: INA000001647
MCX Daily Report 23 Aug 2018
News Highlights
Gold jeweler’s exports up 220 pc, gold bar imports leap by 302 pc
Without any significant growth in demand from any of the markets, gold jewellery exports
from SEZ/EPZs have surged by 220 per cent between April and July, while that from DTA is
down by 7 per cent. Import of gold bar too has recorded a huge leap of 450 per cent in July
and 302 per cent between April and July. Export of gold jewellery from Special Economic
Zones (SEZs) and Export Promotion Zones (EPZs) went up by 220.7 per cent to touch Rs
23,012.51 crore between April and July this year against Rs 7,175.54 crore during the same
period last year. Meanwhile, jewellery exports from Domestic Tariff Area (DTA) was down by
7.36 per cent to Rs 5,863.67 crore against Rs 6,329.53 crore in the corresponding period
last year, as per the data from Gems and Jewellery Export Promotion Council (GJEPC).
COPPER is extending its recovery and now it’s in range bound.
LME copper traded range bound at $6,000/mt and the SHFE 1810 contract hovered around
48,400 yuan/mt overnight. Open interests for SHFE copper contracts gained 1,400 lots to
591,000 lots. The 120- and 250-week moving averages crossed at $6,000/mt, indicating
some support. Spot premiums are seen lower at 80-130 yuan/mt today.
Nickel bounced back to close at $13,580/mt on Wednesday after it fell to an intraday low of $13,455/mt .
LME nickel bounced back to close at $13,580/mt on Wednesday after it fell to an intraday low of $13,455/mt. The
SHFE 1811 contract touched a low of 110,510 yuan/mt and closed overnight 0.5% lower at 111,490 yuan/mt. We
expect nickel prices to continue such range bound patterns today as investors monitor US-China trade talks. LME
nickel is likely to hover around $13,500/mt and the SHFE 1811 contract is expected to trade at 110,500-112,000
yuan/mt. Spot prices are seen at 111,000-113,000 yuan/mt.
International oil prices slip as trade spat escalates; US crude stock drop supports
International oil prices slipped on Thursday, weighed down by the escalating trade dispute
between the United States and China, although a decline in U.S. commercial crude
inventories offered some support. International markets weakened as the intensifying trade
spat between the United States and China was seen as a drag on economic growth. United
States and China escalated their acrimonious trade war on Thursday, implementing punitive
25 percent tariffs on $16 billion worth of the other's goods. In U.S. oil markets, a decline in
commercial crude inventories provided WTI with stronger support than Brent. The world's three
top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a
third of global demand.

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MCX Daily Report 23 Aug 2018
Precious Metals
CS GOLD (OCT) OVERVIEW: CS SILVER (SEP) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 29850 RESIST 2: 37450
RESIST 1: 29750 RESIST 1: 37300
SUP 1:29550 SUP 1: 36850
SUP 2:29450 SUP 2: 36700
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Base Metals
CS COPPER (AUG) OVERVIEW: CS NICKEL (AUG) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2:422.00 RESIST 2: 945.00
RESIST 1:428.00 RESIST 1: 938.00
SUP 1: 414.00 SUP 1: 927.00
SUP 2: 410.00 SUP 2: 922.00
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CS ZINC (AUG) OVERVIEW: CS LEAD (AUG) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2:172.00 RESIST 2: 144.00
RESIST 1: 170.50 RESIST 1: 142.00
SUP 1: 168.00 SUP 1: 139.00
SUP 2: 166.00 SUP 2: 137.50
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CS ALUMINIUM (AUG) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 140.00
SUP 2: 138.50
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Energies
CS CRUDE OIL (SEP) OVERVIEW: CS NATURAL GAS (AUG) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 4740 RESIST 2: 210.00
RESIST 1: 4730 RESIST 1: 208.50
SUP 1: 4650 SUP 1: 205.50
SUP 2: 4620 SUP 2: 203.00
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4. CapitalStars Financial Research Pvt., Ltd., 3
SEBI Registration Number: INA000001647
MCX Daily Report 23 Aug 2018
Pick for the DAY
MCX GOLD Oct on Wednesday as seen in the Daily chart opened at
29700 levels and made day Low of 29636 levels. During this period
Gold came up to 29795 levels and finally closed at 29678 levels.
Now, there are chances of down movement technically
& fundamentally.
 Without any significant growth in demand from any of the
markets, gold jewellery exports from SEZ/EPZs have surged by
220 per cent between April and July, while that from DTA is down
by 7 per cent .
 Import of gold bar too has recorded a huge leap of 450 per cent in
July and 302 per cent between April and July.
DAILY RECOMMENDATION: SELL MCX GOLD OCT BELOW
29650 LEVELS FOR TARGET OF 29600/29550 WITH SL 29730 OF
LEVELS.

5. CapitalStars Financial Research Pvt., Ltd., 4
SEBI Registration Number: INA000001647
MCX Daily Report 23 Aug 2018
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