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MCX Daily Report 17TH MAY 2019

News Highlights
BULLION - Bullion counter may trade on volatile path .Gold fell on Friday, following its biggest
one-day percentage loss in a month in the previous session, on a firmer dollar and increased
investor appetite for riskier assets due to strong U.S. data and corporate results. Strong corporate
earnings have also helped to give some support to equities and dollar. Most of the managed-
money managers are trying to take out profits, which is pressuring gold. U.S. stock indexes
extended gains on upbeat earnings as well as robust economic data that underlined the strength
of the domestic economy. Meanwhile, the dollar index rose to its highest level in nearly two
weeks against a basket of currencies. The U.S. housing data showed homebuilding increased more
than expected in April, while unemployment benefits fell more than expected last week, pointing
to sustained labour market strength that should underpin the economy. Even though trade
worries have taken a backseat, investors are still wary of possible tensions emanating from a U.S.
bid to block China’s Huawei Technologies from buying vital American technology.

ENERGY- Crude oil may trade with upside bias as oil prices edged higher on Friday, extending
gains into a fourth session as rising tensions in the Middle East stoked fears of potential supply
disruptions. The market is also awaiting the decision of the Organization of the Petroleum
Exporting Countries (OPEC) and other producers on whether to continue with supply cuts that
have boosted prices more than 30% so far this year. A meeting of OPEC’s ministerial monitoring
committee in Saudi Arabia this weekend will assess member states’ commitment to a deal
reducing oil production, Iraq’s oil minister said on Thursday. U.S. natural gas futures rose on
Thursday as output declines despite a government report showing a bigger-than-usual storage
build last week. The U.S. Energy Information Administration (EIA) said utilities added 106 billion
cubic feet (bcf) of gas to inventories during the week ended May 10. The increase last week
boosted stockpiles to 1.653 trillion cubic feet (tcf), which was still 14.7% below the five-year
average of 1.939 tcf for this time of year but only the lowest for the week since 2018. The amount
of gas in storage has been below the five-year average since September 2017
.
BASE METAL - Base metals may remain sideways bias. Polish mining company KGHM may
produce more copper than planned at its Sierra Gorda mine in Chile in 2019, while keeping capital
expenditure below target, its deputy chief executive in charge of foreign assets said. Shanghai
aluminium prices moved higher for a sixth consecutive session in early trade on Friday, as alumina
refinery shutdowns in northern China's Shanxi province raise production costs for the metal used
in everything from cans to cars. Aluminium is on course to gain 1.7% in Shanghai this week, which
would mark its best week since the one ended Aug. 24, 2018. Alumina prices in northern China
have now exceeded 3,000 yuan a tonne and touched their highest since Dec. 10.
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MCX Daily Report 17TH MAY 2019

Precious Metals
CS GOLD (JUN) OVERVIEW: CS SILVER (JUL) OVERVIEW:
TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 32500 RESIST 2: 37800
RESIST 1: 32200 RESIST 1: 37300
SUP 1: 31800 SUP 1: 36600
SUP 2: 31600 SUP 2: 36300
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Base Metals
CS COPPER (JUN) OVERVIEW: CS NICKEL (MAY) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 434.00 RESIST 2: 867.00
RESIST 1: 431.00 RESIST 1: 861.00
SUP 1: 426.00 SUP 1: 851.00
SUP 2: 424.00 SUP 2: 846.00
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CS ZINC (MAY) OVERVIEW: CS LEAD (MAY) OVERVIEW:

TREND : SIDEWAYS TREND : SIDEWAYS
RESIST 2: 219.00 RESIST 2: 130.00
RESIST 1: 218.00 RESIST 1: 129.00
SUP 1: 216.00 SUP 1: 127.00
SUP 2: 215.00 SUP 2: 126.00
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CS ALUMINIUM (MAY) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 152.00
RESIST 1: 151.00
SUP 1: 150.00
SUP 2: 149.00
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Energy
CS CRUDE OIL (MAY) OVERVIEW: CS NATURAL GAS (MAY) OVERVIEW:
TREND : SIDEWAYS TREND : SIDEWAYS
RESIST 2: 4500 RESIST 2: 189.00
RESIST 1:4450 RESIST 1: 187.00
SUP 1: 4370 SUP 1: 182.00
SUP 2: 4310 SUP 2: 179.00
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MCX Daily Report 17TH MAY 2019

Pick for the DAY

MCX SILVER JUL on TJRUSDAY as seen in the Daily chart opened at 37470.00 levels and
made day low of 36833.00 Levels. During this period SILVER JUL High is 37550.00 levels and
finally closed at 36859.00 levels. Now, there are chances of down movement technically &
fundamentally.

DAILY RECOMMENDATION: SELL MCX SILVER JUL BELOW 36839 LEVELS FOR TARGET
OF 36739/36639 WITH SL 36979 OF LEVELS.
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MCX Daily Report 17TH MAY 2019

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MCX Daily Report 17TH MAY 2019

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