Mcx daily report_(3)

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
24 JANUARY 2017
MCX DAILY NEWS LETTER
Capital Stars Financial Research Pvt. Ltd.

High lights
Gold holds gains in Asia on weaker dollar, trade concerns.
Gold prices held overnight gains into Asia on Tuesday on a weaker greenback and risk concerns connected to
President Donald Trump moving to stamp a new set of policies on global trade, including a proposed border
tax on imports. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose
0.13% to $1,217.15 a troy ounce. Overnight, gold prices were sharply higher during North American morning
trade on Monday, rising to the strongest level in about two months as the U.S. dollar sank amid uncertainty
around the economic policies of new U.S. President Donald Trump.
The U.S. dollar index dollar sold off amid disappointment that U.S. President Donald Trump’s inauguration
speech on Friday proved light on detail over his plans for economic stimulus. Trump addressed U.S.
manufacturing executives with a repeated promise to impose a border tax on firms that import products
into the United States after moving American factories overseas and announced the country had abandoned
the Trans-Pacific Partnership trade pact among a dozen nations.
LME Copper to Strengthen.
LME copper will strengthen and range at USD 5,740-5,820/mt on Tuesday and SHFE 1703 copper will move at
RMB 46,250-46,925/mt. In China’s domestic market, spot copper should trade at discounts of RMB 150-70/mt
on Tuesday. Attention should be on US existing home sales in December on Tuesday, on an annual basis.
LME lead will range between USD 2,270-2,330/mt on Tuesday and SHFE 1703 lead will move at RMB 18,300-
18,800/mt.
In China’s domestic market, most downstream battery producers closed down for 2017 Chinese New Year
holiday, leading to sluggish trading. Spot lead should rise RMB 100/mt and trade at RMB 18,550-18,650/mt
on Tuesday. US’s Secretary of the Treasury said the strong US dollar will bring negative effect in a short term.
This, together with Trump’s inaugural address, raised risk aversion sentiment. US dollar thus fell below 100
while gold and Chinese yuan both increased.
Crude rebounds in Asia as weaker dollar aids sentiment.
A weaker dollar helped crude prices gain in Asia on Tuesday with the currency on a trade-weighted basis
briefly dipping below 100 for the first time since mid-November before recovering mildly on concerns of a
major shakeup to the global trading regime.
Overnight, higher production by U.S. shale drillers and other producer countries weighed on crude prices in
the U.S. with Brent and West Texas Intermediate settling down despite efforts to trim global output by
almost 1.8 million barrels per day (bpd) by OPEC and non-OPEC countries.
OPEC members Nigeria and Libya, both suffering setbacks in production, were given exemptions from the
OPEC leg of the cuts with Saudi Arabia bearing the lion's share for the cartel.
SEBI Registration Number: INA000001647,,, MCX Daily News Letter

PRECIOUS LEVELS
CS GOLD (FEBRUARY) OVERVIEW: CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH TREND : BULLISH
RESIST 2: 28950 RESIST 2: 42500
RESIST 1: 28850 RESIST 1: 42000
SUP 1: 28650 SUP1: 41200
SUP 2: 28500 SUP2: 40850
WWW.CAPITALSTARS.COM +917316790000 WWW.CAPITALSTARS.COM +917316790000
BASEMETAL LEVELS
CS COPPER (FEBRUARY) OVERVIEW: CS NICKEL (JANUARY) OVERVIEW:
TREND : BULLISH TREND : BEARISH
RESIST 2:406 RESIST 2: 709
RESIST 1:404 RESIST 1: 690
SUP1:396 SUP1:660
SUP2:392 SUP2:650
CS ZINC (JANUARY) OVERVIEW: CS LEAD (JANUARY) OVERVIEW:
TREND : BULLISH TREND : BULLISH
RESIST 2:195.00 RESIST 2: 164.00
RESIST 1:193.00 RESIST 1: 162.00
SUP1:187.00 SUP1: 157.00
SUP2:185.00 SUP2: 155.00
CS ALUMINIUM (JANUARY) OVERVIEW:
TREND : BULLISH
RESIST 2: 129.00
RESIST 1: 128.00
SUP1: 125.00
SUP2: 123.50
WWW.CAPITALSTARS.COM +917316790000
ENERGY LEVELS
CS CRUDE OIL (FEBRUARY) OVERVIEW: CS NATURAL GAS (JANUARY) OVERVIEW:
TREND : BULLISH TREND : BEARISH
RESIST 2:3710 RESIST 2:231.00
RESIST 1:3680 RESIST 1:228.00
SUP1:3560 SUP1:220.00
SUP2:3500 SUP2:215.00

PICK FOR THE DAY
MCX CRUDE OIL February Monday as seen in the daily chart opened at 3625 levels
and day high of 3636 levels. During this period price corrected & made day low of
3575 levels finally closed at 3616 levels. Now, there are chances of further upward
movement technically & fundamentally.
OPEC members Nigeria and Libya, both suffering setbacks in production, were given exemptions from
the OPEC leg of the cuts with Saudi Arabia bearing the lion's share for the cartel.
DAILY RECOMMENDATION: BUY MCX CRUDE OIL FEBRUARY AROUND 3600
LEVELS FOR TARGET OF T1 3700/T2 3750 WITH SL OF 3500 LEVELS.

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and encourages investors to seek the advice of a financial adviser.
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Mcx daily report_(3)

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Mcx daily report_(3)