DAILY MCX NEWSLETTER

30 - JAN.-2014

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BULLION:
"Tightenting supply of base metals, together with positive demand trends emerging from US Fed Reserve's outlook on US economy augurs well for those commodities having industrial applications," according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group. Gold's recent gains may not be sustained above $1280 per ounce levels as technically it faces resistance near $1290, 1300 levels, he added. Weakness in China economy as reflected in recent PMI is continuing to put some downward pressure on metals, energy sectors.

BASE METAL:
India plans to increase its steel production by 300 mn tons from the present level of 80 mn tons and that requires huge amount of coal. This follows the discussions Mr Beni Prasad Verma, India's steel minister had with the Australian minister on his visit to the nation on Tuesday. He also met Australian Minister of Foreign Affairs, Ms. Julie Bishop during a meeting of the Australia-idnia Business Council.Discussions were held on forging collaborative partnerships between the two countries in the areas of mining and coal trade.

ENERGY:
Natural gas, the best performing commodity in energy complex so far this year , has risen sharply due to colder weather in US which raises demand for heating. US Natural Gas futures rose sharply to $5.4 per MMBTU while MCX Nat Gas futures rose 6.74% to Rs 340 per MMBTU after hitting a high of Rs 341.70. MCX Natural Gas has exceeded predicitons of most analysts who expected it to trade in 300-330 range.

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BULLION

GOLD (5 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 29850, 30000 : - 29560, 29340 : - BUY ON DIPS

SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 44650, 45100 : - 44000, 43800 : - BUY ON DIPS

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ENERGY

CRUDEOIL (19 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6180, 6240 : - 6060, 6000 : - BUY ON DIPS

NATURAL GAS (25 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 325.00, 330.00 : - 315.00, 310.00 : - BUY ON DIPS

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BASE METAL

COPPER (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 456.00, 460.00 : - 449.50, 446.00 : - SELL ON HIGH

LEAD (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 135.60, 137.00 : - 136.00, 132.50 : - SELL ON HIGH

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ZINC (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 125.50, 126.50 : - 123.80, 123.00 : - SELL ON HIGH

ALUMINUM (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 108.00, 109.00 : - 107.20, 106.00 : - SELL ON HIGH

NICKEL (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 895.00, 905.00 : - 875.00, 860.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1261.84 19.506 3.231 97.53 712.20 1403.30

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

63.2350 01.3650 102.495 00.8964 01.6558 01.1188

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