MCX Daily Report Summary

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MCX Daily Report -06 FEB 2018
News High lights
Gold Prices Gain In Asia As Safe Haven Demand Grows on Stocks Rout.
Gold prices gained in Asia on Tuesday as safe-have demand for the precious metal came to
the fore following a rout in US stocks that carried over into the region and sent Tokyo down
as much as 5%,Overnight, gold prices remained under pressure as the dollar moved off lows
after services data topped economists’ forecasts reaffirming investor expectation that
bullish economic growth would strengthen the Federal Reserve’s case to raise rates more
aggressively. Scotia bank said that upbeat ISM non-manufacturing
data was a “strong plus for growth and the components are hawkish to the Federal Open Market Committee.” In a
rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the
precious metal increases relative to interest-bearing assets such as bonds. Gold suffered its biggest weekly loss
since December last week as data showed traders appear wary of increasing their bullish bets on gold.
Zinc prices dropped as prices remained under pressure as the dollar index gained ground following strong US
data.
Zinc on MCX settled down -1.29% at 226.4 as prices remained under pressure as the
dollar index gained ground following strong US data. Growth in China’s manufacturing
sector remained elevated in January, a private survey showed, though it contrasted with
an official survey pointing to a slight loss of momentum. Preliminary data recently
compiled by the ILZSG, the global market for refined zinc metal was in deficit by 401 kilo
tonne over the first ten months of 2017 with total reported inventories declining by 282
kilo tonne over the same period. World zinc mine production rose by 3.8% mainly as a result of increases in Eritrea,
India, Peru and Turkey that more than balanced falls in Australia and the United States. Global output of refined
zinc metal contracted by 0.6%. The gap between sister metals zinc and lead were expected to continue to narrow
with lead seen extending gains on shortages and zinc pulling back slightly since it had already had a strong rise.
South Korea is seeking to buy 500 tonnes of zinc for arrival in April and May via separate tenders, state-run
Procurement Service said.
Oil prices slump 1 percent amid global market rout.
Oil prices dropped by 1 percent on Tuesday, extending falls from the previous session as
global financial markets headed south in the wake of one of the biggest intra-day falls
ever registered on Wall Street.Financial markets went into a tailspin on Monday when
U.S. stocks plunged in highly volatile trading which saw the Dow Jones Industrial
Average (DJI) tumble by almost 1,600 points in intra-day trading, its biggest ever point-
to-point loss within one trading session, as investors grappled with rising bond yields
and potentially firming inflation.Despite efforts led by the Organization of the Petroleum Exporting Countries
(OPEC) and Russia to withhold production since January last year in order to tighten the market and prop up prices,
crude supplies remain relatively ample.

MCX Daily Report - 06 FEB 2018
Precious Metals
CS GOLD (APR) OVERVIEW: CS SILVER (MAR) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 30900 RESIST 2: 39700
RESIST 1: 30800 RESIST 1: 39500
SUP 1: 30300 SUP 1: 38500
SUP 2: 30200 SUP 2: 38300
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Base Metals
CS COPPER (FEB) OVERVIEW: CS NICKEL (FEB) OVERVIEW:
TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 462.00 RESIST 2: 885.00
RESIST 1: 459.00 RESIST 1: 880.00
SUP 1: 449.00 SUP 1: 845.00
SUP 2: 446.00 SUP 2: 840.00
CS ZINC (FEB) OVERVIEW: CS LEAD (FEB) OVERVIEW:
TREND : SIDEWAYS TREND : BULLISH
RESIST 2: 232.00 RESIST 2: 173.00
RESIST 1: 230.00 RESIST 1: 171.00
SUP 1: 224.00 SUP 1: 167.00
SUP 2: 222.00 SUP 2: 165.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 139.00
SUP 2: 138.00
WWW.CAPITALSTARS.COM +917316690000
Energies
CS CRUDE OIL (FEB) OVERVIEW: CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH TREND : BEARISH
RESIST 2: 4170 RESIST 2: 186.00
RESIST 1: 4130 RESIST 1: 183.00
SUP 1: 4010 SUP 1: 171.00
SUP 2: 3970 SUP 2: 168.00

MCX Daily Report - 06 FEB 2018
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Pick for the Day
MCX Crude Oil Feb on Monday as seen in the daily chart opened at 4166 levels and
day high of 4197 levels. During this period price corrected & made day low of 4086
levels finally closed at 4103 levels. Now, there are chances of further downside
movement technically & fundamentally.
 There is also a seasonal downturn to demand, as many refineries shut for
maintenance following the upcoming end to the peak-consumption winter heating
season in the northern hemisphere.


 The largest U.S. refinery, Motiva Enterprises' 603,000 bpd Port Arthur facility in
Texas, began a planned one-month overhaul on Monday of its key crude oil
processing unit.


 Consequently, hedge fund managers have cut their bullish exposure to petroleum
for the first time in six weeks.



DAILY RECOMMENDATION: SELL MCX CRUDE OIL FEB AROUND 4110 LEVELS
FOR TARGET OF T1 4060/ T2 4040 WITH SL 4200 OF LEVELS.

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MCX Daily Report Summary

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