17 OCT 2019 MCX DAILY REPORT

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MCX Daily Report 17TH OCT 2019

News Highlights

BULLION – Bullion counter may trade on sideways bias. Gold prices held steady on Thursday
as weak United States retail sales data fanned concerns that the country’s economy may be
feeling the pinch of the long-drawn trade war with China, while palladium held close to a
record high hit the previous day. Investors awaited further news on the U.S.-China trade front.
U.S. Treasury Secretary StevenMnuchin said on Wednesday that trade negotiators are
working on nailing down a phase 1 trade deal text for their presidents to sign next month.
Elsewhere, a European Union leaders’ two-day summit in Brussels starting on Thursday will be
dominated by last-gasp efforts to seal a deal on Britain’s exit from the bloc despite a raft of
other pressing issues, from the crisis in the Middle East to the EU budget. Indicative of
sentiment, SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said
its holdings fell 0.16% to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday.

ENERGY- Base metals may trade with negative bias. U.S. and Chinese trade negotiators are
working to nail down a Phase-1 deal text for their presidents to sign next month, while U.S.
Treasury Secretary Steven Mnuchin said he was prepared to travel to Beijing for more
meetings. Copper prices edged down on Thursday due to worries about a slowdown in global
economic growth and falling demand for industrial metals. U.S. retail sales fell for the first
time in seven months in September, suggesting that manufacturing-led weakness could be
spreading to the broader economy amid an ongoing trade war with China that has dragged to
its 15th month. Henan Yuguang Gold and Lead, China’s largest lead producer, plans to set up
a lead-acid battery production line as part of a downstream expansion.

BASE METAL – Oil prices slid on Thursday after industry data showed a larger-than-
expected build-up in stocks in the United States, adding to concerns that demand for oil
around the world may weaken amid further signs of a global economic slowdown. U.S. crude
inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11,
according to the American Petroleum Institute’s weekly report, published ahead of official
government stocks data due on Thursday. Meanwhile concerns about the future of the global
economy - and therefore oil demand - grew as data from the United States showed that retail
sales fell for the first time in seven months in September.

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MCX Daily Report 17TH OCT 2019

Precious Metals

CS GOLD (DEC) OVERVIEW: CS SILVER (DEC) OVERVIEW:

TREND :SIDEWAYS TREND : BEARISH

RESIST 2: 38440 RESIST 2:45940

RESIST 1: 38330 RESIST 1:45580

SUP 1: 38020 SUP 1: 44790

SUP 2: 37830 SUP 2: 44340

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Base Metals

CS COPPER (OCT) OVERVIEW: CS NICKEL (OCT) OVERVIEW:

TREND : BEARISH TREND : BEARISH

RESIST 2:344 RESIST 2:1227

RESIST 1:340 RESIST 1: 1212

SUP 1:436 SUP 1:1182

SUP 2:432 SUP 2:1167

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CS ZINC (OCT) OVERVIEW: CS LEAD (OCT) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 187 RESIST 2:157
RESIST 1:186 RESIST 1: 156
SUP 1:184 SUP 1: 154
SUP 2: 183 SUP 2: 153

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CS ALUMINIUM (OCT) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:136
RESIST 1: 135
SUP 1: 133
SUP 2: 132

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Energy

CS CRUDE OIL (OCT) OVERVIEW: CS NATURAL GAS (OCT) OVERVIEW:

TREND : SIDEWAYS TREND : BEARISH

RESIST 2:3880 RESIST 2:168

RESIST 1:3850 RESIST 1:167

SUP 1: 3770 SUP 1: 165

SUP 2: 3730 SUP 2: 164

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MCX Daily Report 17TH OCT 2019

Pick for the DAY

MCX COPPER OCT on WEDNESDAY as seen in the Daily chart opened at 442.20 levels and
made day low of 437.40 levels. During this period COPPER OCT high is 442.40 levels and
finally closed at 437.85 levels. Now, there are chances of up movement technically &
fundamentally.

DAILY RECOMMENDATION: SELL MCX COPPER OCT BELOW 436 LEVELS FOR TARGET

OF 435/433 WITH SL 440 OF LEVELS.

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MCX Daily Report 17TH OCT 2019

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