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DAILY MCX NEWSLETTER

11 - MAR.-2014

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BULLION:
Most Asian equities ended on a negative note due to the Chinese trade balance data which disappointed and stood at a deficit of $22.99 billion. However, despite the weak Asian closing, the major European equities are trading marginally in the green as they take a breather post the heavy losses on Friday amidst an easing of pressure from Ukraine. Bullion are trading mixed where gold is trading slightly lower at $1337.50 while silver is trading marginally higher by 0.2% at $20.97. We held a bearish outlook on the segment in the morning session and hold onto the same despite the moderate pull-back seen in the afternoon session.

BASE METAL:
Base metals 3M forwards at the LME are trading lower in the range of 0.5% to 2%, with copper being the worst performer, tracking the negative Chinese trade data. The metals pack continued to trade lower for the larger part of the day while the European equities, which are trading marginally higher are not providing any respite to the metals complex. The inventory data was negative, particularly for zinc where the inventory for the metal increased by over 16,000 MT and the cancelled warrants declining by 0.5%.

ENERGY:
Crude oil for the active April expiry at the NYMEX traded on a highly weaker note, with the prices currently trading lower by 1.2% to $102.20 per barrel. In the Indian markets, we saw crude for the active March expiry contract trade down by over 2% as our markets adjusted with the appreciation in the rupee against the dollar. While the markets lacked any major data during the evening session, crude oil took negative cues from the Chinese trade data, which showed exports falling by nearly 18% in February. Meanwhile, in commodity specific updates, crude oil imports in China slipped by 18% on a M/M basis, falling down post the record inflows in the month of January and put additional pressure on the commodity. There are no major data points today and we maintain a selling bias on pull-backs. The only risk as also stated this morning would be fresh negativity over the Ukraine issue.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - COSOLIDATE : - 30350, 30660 : - 29930, 29750 : - BUY ON DIPS

SILVER (5 MAY.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 46200, 46500 : - 45700, 45500 : - BUY ON DIPS

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ENERGY

CRUDEOIL (19 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6130, 6200 : - 6130, 6070 : - SELL ON HIGH

NATURAL GAS (26 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 285.00, 290.00 : - 275.00, 270.00 : - SELL ON HIGH

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BASE METAL

COPPER (30 APR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 416.50, 420.00 : - 410.50, 407.00 : - SELL ON HIGH

LEAD (31 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 127.50, 128.50 : - 126.00, 125.00 : - SELL ON HIGH

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ZINC (31 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 125.50, 126.50 : - 124.00, 123.00 : - SELL ON HIGH

ALUMINUM (31 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 108.00, 109.00 : - 106.00, 105.00 : - SELL ON HIGH

NICKEL (31 MAR.)


OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 955.00, 965.00 : - 930.00, 915.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1340.84 20.918 3.042 101.18 773.00 1472.80

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

60.8100 01.3865 103.286 00.8785 01.6641 01.1116

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