Gold and silver prices declined as the US dollar strengthened amid expectations of further US interest rate hikes and ongoing trade tensions. Copper and nickel prices also fell due to pressure from short positions and a weak euro. Oil prices dropped as OPEC and US output rose, outweighing concerns about declining Iranian supply due to sanctions. The report provides an overview and technical analysis of precious and base metals and energy commodities on the MCX for the day.

1. CapitalStars Financial Research Pvt., Ltd., 1
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MCX Daily Report 03 Sep 2018
News Highlights
Gold declines as rising global trade tensions buoy dollar.
Gold inched lower on Friday, as the dollar stayed firm on expectations of rising interest rates amid lingering
Sino-US trade tensions, and the yellow metal was headed for its fifth straight monthly decline. Spot gold
was down 0.1 per cent at $1,198.66 an ounce at 0029 GMT. Prices were on track for fifth straight monthly
decline, the metal's longest losing streak since early 2013. They are down about 2 per cent so far this
month. US gold futures were mostly steady at $1,204 an ounce. US President Donald Trump is prepared to
quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more
in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News
reported on Thursday. Policy and regulatory certainty in South Africa could potentially add 122 billion rand
($8 billion) in capital expenditure to the struggling mining sector.
A looming trade war is likely to limit rebounds in copper prices in the short term.
As the US dollar climbed above 95, LME copper fell below support at $6,000/mt while the SHFE 1811
contract stood firm above 48,000 yuan/mt. However, it will remain difficult for the contract to rise above the
20-day moving average given pressure from shorts. A weak euro, expectations of further interest rate hikes
by the US Federal Reserve, and a looming trade war are likely to limit rebounds in copper prices in the
short term. Spot premiums are likely to be seen at 50 yuan/mt as lower prices prompt downstream
purchases.
Large amount of Norilsk nickel entered the domestic market last Friday while downstream
demand rose slightly.
Large amount of Norilsk nickel entered the domestic market last Friday while downstream demand rose
slightly, and this lowered nickel prices. Surging shorts dragged the SHFE 1811 contract to a low around
105,000 yuan/mt. It closed at 105,090 yuan/mt with open interests up 63,000 lots to 370,000 lots. LME
nickel fell sharply, after it rebounded, to the lowest in seven months below the $12,800/mt level. We
expect LME nickel to hover weakly around
$12,750/mt today, with the contract trading at 104,500-106,000 yuan/mt. Spot prices are likely to trade at
105,000-108,500 yuan/mt.
Oil falls on rising output from OPEC and United States.
Oil prices fell on Monday amid rising supply from OPEC and the United States, outweighing concerns that
falling Iranian output will tighten markets once U.S. sanctions bite from November. Output from the
producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) rose by 220,000 barrels
per day (bpd) between July and August, to a 2018- high of 32.79 million bpd, a Reuters survey found.
Output was boosted by a recovery in Libyan production and as Iraq's southern exports hit a record. U.S.
drillers added oil rigs for the first time in three weeks, energy services firm Baker Hughes reported on
Friday,

2. increasing the rig count by 2 units to 862. high rig count has helped lift U.S. crude oil production C-OUT-T-
EIA by more than 30 percent since mid-2016, to 11 million bpd.

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MCX Daily Report 03 Sep 2018
Precious Metals
CS GOLD (OCT) OVERVIEW:
TREND : BULLISH
RESIST 2: 30450
RESIST 1: 30350
SUP 1:29950
SUP 2:29700
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CS SILVER (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 37650
RESIST 1: 37450
SUP 1: 36800
SUP 2: 36600
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Base Metals
CS COPPER (NOV) OVERVIEW:
TREND : BEARISH RESIST
2:430.00
RESIST 1:425.00
SUP 1: 418.00
SUP 2: 412.00
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CS NICKEL (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 938.00
RESIST 1: 930.00
SUP 1: 918.00
SUP 2: 900.00
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CS ZINC (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2:180.50
RESIST 1: 178.50
SUP 1: 174.00
SUP 2: 172.00
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+917440449744
CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 150.00
RESIST 1: 148.00
SUP 1: 145.00
SUP 2: 143.50
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CS ALUMINIUM (SEP) OVERVIEW:
TREND : BULLISH
RESIST 2: 153.00
RESIST 1: 151.00
SUP 1: 148.00
SUP 2: 146.50
WWW.CAPITALSTARS.COM +917440449744
Energies
CS CRUDE OIL (SEP) OVERVIEW:
TREND : BEARISH
RESIST 2: 5100
RESIST 1: 5050
SUP 1: 4920
SUP 2: 4880
WWW.CAPITALSTARS.COM
+917440449744
CS NATURAL GAS (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 209.00
RESIST 1: 207.50
SUP 1: 200.00
SUP 2: 198.00
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5. CapitalStars Financial Research Pvt., Ltd., 3
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MCX Daily Report 03 Sep 2018
Pick for the DAY
MCX SILVER DEC on Friday as seen in the Daily chart opened at 37800 levels
and made day Low of 37455 levels. During this period GOLD came up to
38030 levels and finally closed at 37482 levels.
Now, there are chances of down movement technically
& fundamentally.
As the dollar stayed firm on expectations of rising interest rates amid lingering
Sino-US trade tensions, and the yellow metal was headed for its fifth straight
monthly decline
Policy and regulatory certainty in South Africa could potentially add 122
billion rand ($8 billion) in capital expenditure to the struggling mining sector.
DAILY RECOMMENDATION: SELL MCX SILVER DEC BELOW 37380
LEVELS FOR TARGET OF 37250/37150 WITH SL 37600 OF LEVELS.

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SEBI Registration Number: INA000001647
MCX Daily Report 03 Sep 2018
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