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DAILY MCX NEWSLETTER

24 - MAR.-2014

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BULLION:
Bullion as per the latest quote are trading firmly in the green, probably as an effect of short covering after the deep losses seen in the basket over the last two-three trading sessions. As also reported this morning, gold at the comex has fallen by nearly $50 in the last couple of days. If we look at the PVO too, there was some indication of profit booking in the commodity. Today, the modest weakness in the dollar index, the marginal uptick in euro, which is currently trading near 1.38, the easing of pressure in the riskier asset classes against the negative effect of FOMC meeting is driving prices higher. Nevertheless, as the overall cues continue to be bearish, we are maintaining our selling bias in both the commodities, and especially gold in the evening session.

BASE METAL:
Base metals have seen decent uptick in the latter half of European session. All the five base metals are currently trading in the green, both at the LME and MCX. We are seeing rise in the segment along with other no-agri commodity notwithstanding the fact that Rupee has appreciated near 0.5% against the USD today. As of latest quote in India, top gainers are Nickel and Copper with gains of 1.1% and 0.9% respectively. As also stated above, we feel the same rational which has been driving gains in crude is acting positively for base metals basket. Nevertheless we are holding on to our selling stance in select base metals in the evening session owing to their inherent fundamental weakness in the short-term. There are no major economic data in the evening session.

ENERGY:
In Energy, we had a selling bias for both crude oil and natural gas owing to the fact that winter related demand in the country had been consistently receding. This along with the fact that for both commodities their inventory report has not been supportive for a fresh round of gains in the commodity was the added rationale behind continued selling in the two.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - COSOLIDATE : - 29850, 30000 : - 29600, 29400 : - SELL ON HIGH

SILVER (5 MAY.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 44830, 45100 : - 44400, 44200 : - SELL ON HIGH

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ENERGY

CRUDEOIL (21 APR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6150, 6200 : - 6070, 6020 : - SELL ON HIGH

NATURAL GAS (26 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 265.00, 270.00 : - 260.00, 250.00 : - SELL ON HIGH

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BASE METAL

COPPER (30 APR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 404.50, 408.00 : - 397.00, 392.00 : - SELL ON HIGH

LEAD (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BEARISH : - 127.00, 128.00 : - 125.00, 124.00 : - SELL ON HIGH

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ZINC (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 119.50, 120.50 : - 117.50, 116.50 : - SELL ON HIGH

ALUMINUM (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 104.30, 105.50 : - 102.50, 101.50 : - SELL ON HIGH

NICKEL (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 982.00, 995.00 : - 970.00, 960.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1326.87 20.193 2.936 99.21 792.60 1436.90

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

60.7350 01.3798 102.469 00.8829 01.6486 01.1230

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