MTECHTIPS COMMODITY MARKET NEWS 3

MTECHTIPS:-'Intra-day MCX Gold looks directionless'

Before the US Federal Reserve's FOMC or Federal Open Market Committee comes out with its statement on monetary policy in the initial hours of Thursday, Indian time, gold futures look directionless and does not provide for a clear trend.Indian Rupee has been appreciating which may restrict upside movement of gold in our market. However, in the international markets, bullion is trading on a positive note and looks bullish on the charts."More of monitoring is required before a trend can be finalised." he added.

MTECHTIPS:-WTI Crude Oil: Will it score a century?

Is WTI crude oil futures all set to score a ton, a 100?For the short term, NYMEX crude oil prices are having a crucial resistance of $98 and once it sustains above the same, may move further and touch $100 levels, according to.On the lower side, prices have a good support at $96 levels.Meanwhile, the commodity on the MCX opened on a positive note in today's session and is expected to gain strength in the coming days subsequent to hitting 18 weeks highs recently.Crude oil inventory data is set to be released by US Department of Energy this evening at 9.00 PM IST and the said data is deemed surprisingly neutral for the commodity. Last week stockpiles data has said crude inventories were ruling at 2.8M barrels even as the forecasts say that stockpiles could be at 2.9M barrels for the current week. The minimal shift to the upside may prove to be of neutral impact.

MTECHTIPS:-Will success?

India's

anti-Gold

consumption

drive

become

India Government has raised the import duty on gold again by 2% to 6% and that on gold dore bars to 5% from 2%. Dore, an alloy of gold and silver is used by refineries to produce pure gold, accounts for about 100 tons of annual imports out of a total of 800 tons imported on an average in the country.Last year when gold import duty was raised from 2-4%, it led to widespread protests from the bullion, jewellery industry and they downed shutters for weeks. However, this time the protests have been feeble with the Gem and Jewellery Export Promotion Council (GJEPC) asking for a reduction in gold import rate in its pre-budget memorandum submitted to the Finance Ministry.

MTECHTIPS:-MCX Copper: Be on the buying side

MCX copper gained in the morning session as optimism mounted pertaining to the health of global economy.The prices may trade in the range of 435-442 as data show that US durable goods orders jumped more than expected in December by 4.6% compared to expectations of a rise of 1.8%.Chinese buying has remained subdued

ahead of the Lunar New Year holiday. The commodity on MCX is expected to find major support at 435 and resistance at 442.Intra-day traders are advised to stay on buying side, take long position around Rs 438 with strict stop loss at Rs 435 and wait for target near Rs 442. INR movement against USD is likely to impact base metals in today's trading session.Investors are now looking forward to Wednesday preliminary USD quarterly growth data and US non farm pay roll data on Friday. she added.

MTECHTIPS:-MCX Silver: Buy position holders advised to keep stop loss of 57700
Silver surged this morning by 0.54% and touched the intra-day high of 58330 as investors estimated US Federal Reserve Open Market Committee will leave monetary policy unchanged and went long on the metal. The meeting is the first of its kind in 2013.Now technically, market is getting support at 57700 and if the commodity falls below the level then it could see a test of 56900 level. Resistance is now likely to be seen at 58200, a move above could see prices touching 58800 levels.Those traders who are holding buying position are advised to keep stop loss of 57700.As there were indications that the U.S. economic recovery was gaining momentum due to boosted demand for riskier assets, silver gained in the trade.