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MCX Daily Report 13TH MAY 2019

News Highlights
BULLION - Bullion counter may trade on sideways bias as gold prices steadied on Monday as trade
talks between the United States and China hit a wall, raising doubts over whether the two
countries would be able to reach a deal, thereby boosting demand for safe-haven assets. The
United States and China appeared at a deadlock over trade negotiations on Sunday as
Washington demanded promises of concrete changes to Chinese law and Beijing said it would not
swallow any “bitter fruit” that harmed its interests. Washington had already hiked tariffs on $200
billion worth of Chinese exports on Friday, while U.S. President Donald Trump further ordered his
trade chief to begin the process of imposing tariffs on all remaining imports from China. Gold
demand jumped last week in India due to increased retail purchases for key festival and weddings
on price corrections, while premiums in China eased as buying slowed at the world’s top
consumer. Hedge funds and money managers raised their net long positions in COMEX gold for
the week to May 7, the U.S. Commodity Futures Trading Commission (CFTC) said last week.

ENERGY- Crude oil may trade with sideways to lower bias as oil futures edged down on Monday,
pressured by fears over global economic growth amid a standoff in Sino-U.S. trade talks. Brent
crude futures were at $70.49 a barrel at 0013 GMT, down 12 cents, or 0.2 percent, from their last
close. Brent ended the previous session little changed. U.S. West Texas Intermediate (WTI) crude
futures were at $61.31 per barrel, down 27 cents, or 0.4 percent, from their previous settlement.
WTI closed the last session steady on the day. The United States and China together accounted
for 34% of global oil consumption in the first quarter of 2019, data from the International Energy
Agency showed. U.S. natural gas futures edged up to a one-week high on forecasts for more
heating demand next week and an increase in liquefied natural gas exports to near record levels.
Despite the week's gain, traders said market volatility has remained low since the weather started
to warm this spring - just like this time last year - amid a widely held belief that record and
growing production will meet any increase in demand.

BASE METAL - Base metals prices may trade with negative bias. Three-month copper on the
London Metal Exchange had fallen 0.3% to $6,107 a tonne by 0124 GMT, while the most-traded
copper contract on the Shanghai Futures Exchange was almost unchanged at 47,750 yuan
($6,999.72) a tonne. Copper prices fell on Monday, pressured by concerns over the outlook for
the global economy as Washington and Beijing appeared at a deadlock in talks to end a bitter
trade war. The trade conflict between the world’s top two economies escalated on Friday, with
the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald
Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of
negotiations.
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MCX Daily Report 13TH MAY 2019

Precious Metals
CS GOLD (JUN) OVERVIEW: CS SILVER (JUL) OVERVIEW:
TREND : BULLISH TREND : SIDEWAYS
RESIST 2: 32100 RESIST 2: 37600
RESIST 1: 32000 RESIST 1: 37500
SUP 1: 31800 SUP 1: 37200
SUP 2: 31500 SUP 2: 37100
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Base Metals
CS COPPER (JUN) OVERVIEW: CS NICKEL (MAY) OVERVIEW:
TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 436.00 RESIST 2: 848.00
RESIST 1: 434.00 RESIST 1: 844.00
SUP 1: 430.00 SUP 1: 834.00
SUP 2: 427.00 SUP 2: 830.00
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CS ZINC (MAY) OVERVIEW: CS LEAD (MAY) OVERVIEW:

TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 218.00 RESIST 2: 131.00
RESIST 1: 216.00 RESIST 1: 129.00
SUP 1: 213.00 SUP 1: 126.00
SUP 2: 211.00 SUP 2: 125.00
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CS ALUMINIUM (MAY) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 146.00
SUP 2: 145.00
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Energy
CS CRUDE OIL (MAY) OVERVIEW: CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS TREND : SIDEWAYS
RESIST 2: 4390 RESIST 2: 189.00
RESIST 1:4360 RESIST 1: 187.00
SUP 1: 4300 SUP 1: 181.00
SUP 2: 4280 SUP 2: 178.00
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MCX Daily Report 13TH MAY 2019

Pick for the DAY

MCX COPPER JUN on FRIDAY as seen in the Daily chart opened at 432.60 levels and made
day low of 429.55 Levels. During this period COPPER JUN High is 433.70 levels and finally
closed at 432.15 levels. Now, there are chances of down movement technically &
fundamentally.

DAILY RECOMMENDATION: SELL MCX COPPER JUN BELOW 428.15 LEVELS FOR
TARGET OF 425/422 WITH SL 432 OF LEVELS.
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MCX Daily Report 13TH MAY 2019

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