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DAILY MCX NEWSLETTER

17 - FEB.-2014

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BULLION:
Gold and Silver miners- short covering leading the way to higher prices Ultimately, for those in control of prices, it's about short term profits. If one maintains ultimate control over one market, then a loss someplace else can be made up easily. Its shareholders share prices, quarterly bonuses that matter most. The long term matters less because across the board because there is no skin in the game (except for the taxpayer, though even that is diminishing to a certain degree). Big banks are celebrated; the CEOs have become darlings wearing presidential cufflinks in a media show. One analyst after another paraded out, becoming background for an investing public addicted to the noise.

BASE METAL:
Chinas unwrought copper imports were strong in January. In fact, value of Chinas total exports jumped by 10.6% in January compared to the same period last year, even as the value of imports climbed by 10% as the nation that has for a long time focused on investment growth bought humongous volumes of iron ore, copper and crude oil. This, in effect meant Chinas import growth beat predictions by a huge margin way away from 3% predicted. Chinas imports of iron ore, refined copper, crude oil and even soybeans, the rate of growth jumped by 18% y/y, 53%, 12% and 24% respectively. Working Expenses have been proposed at Rs. 1,10,649 crore, which is Rs. 13,589 crore higher than the Revised Estimates for the current year.

ENERGY:
MCX Natural Gas price has strong support at 312/321 level while strong resistance is at 333/338 level. Expect selling pressure near 335-337 zone and any rally towards the same would be a selling opportunity. Crude oil futures were trading slightly lower which reflected traders expectations of declining crude demand as refineries in the West reduced capacity for maintenance.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 29430, 29600 : - 29230, 29000 : - BUY ON DIPS

SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 46800, 47000 : - 46200, 45900 : - BUY ON DIPS

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ENERGY

CRUDEOIL (19 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6260, 6320 : - 6150, 6100 : - BUY ON DIPS

NATURAL GAS (25 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 330.00, 335.00 : - 315.00, 310.00 : - SELL ON HIGH

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BASE METAL

COPPER (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 447.30, 450.00 : - 444.00, 440.00 : - SELL ON HIGH

LEAD (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 132.50, 133.50 : - 130.50, 129.50 : - SELL ON HIGH

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ZINC (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 127.00, 128.00 : - 125.50, 124.50 : - SELL ON HIGH

ALUMINUM (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 106.80, 107.50 : - 105.00, 104.00 : - SELL ON HIGH

NICKEL (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 895.00, 910.00 : - 870.00, 850.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1305.49 20.730 3.250 100.28 730.80 1411.40

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.3900 01.3678 101.757 00.8923 01.6652 01.0952

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