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MCX NEWSLETTER- DAILY

26th APRIL2013
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Daily MCX Newsletter 26th April2013

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MARKET WRAP

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MARKET NEWS

Spot gold added USD 4.06 an ounce to USD 1,471.05 by 0025 GMT after posting its biggest daily rise since June last year on Thursday. Gold plunged to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls. US gold futures for June delivery stood at USD 1,471.00 an ounce, up USD 9.00. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.25 percent to 1,090.27 tonnes on Thursday from 1,092.98 tonnes on Wednesday. The current holdings are at their multiyear lows. The dollar recovered from losses to trade higher against the euro on Thursday as resilience in the US labor market allayed some concerns about the nation's economic recovery, with many analysts expecting more gains ahead for the greenback.

Japans Nikkei average advanced in early trade on Friday after strong US company earnings and resilient labour market data boosted Wall Street, although the benchmark was holding just below the 14,000-mark, a level not seen since June 2008. Premiums for gold bars soared to multi-year highs in Asia after a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month. This massive gap in global prices has lured a number of companies including petrochemical, steel, and fertilizer manufacturers back to the U.S., in hopes of capitalizing on cheap domestic energy. As these and other sources of demand grow, they will soon outpace supply and lead to a surge in prices, according to Grantham.

The recent increase in gas prices marks a departure from the weak pricing environment that has persisted over much of the past few years. As advances in drilling technologies allowed energy producers to coax massive quantities of natural gas from shale fields, an oversupply steadily built up, contributing to severely depressed prices for the fuel. In response, virtually every major U.S. energy producer curtailed gas drilling in favor of producing oil and, to a lesser degree, natural gas liquids.

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BULLION
GOLD
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 27200, 27500 SUPPORT STRATEGY : - 26550, 26250 : - BUY ON DIPS

SILVER
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 45800, 46600 SUPPORT STRATEGY HIGH

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: - 44750, 43800 : - BUY ON DIPS

ENERGY

CRUDEOIL
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 5100, 5150 SUPPORT STRATEGY : - 5000, 4950 : - BUY ON DIPS

NATURAL GAS
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 234, 230 SUPPORT STRATEGY : - 224, 220 : - BUY ON DIPS

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BASE METAL

COPPER
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 396, 400 SUPPORT STRATEGY : - 386, 382 : - BUY ON DIPS

LEAD
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 112.50, 113.50 SUPPORT STRATEGY : - 110.50, 109.50 : - BUY ON DIPS

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ZINC
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 104.50, 105.90 SUPPORT STRATEGY : - 101.80, 100.50 : - BUY ON DIPS

ALUMINUM
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 104.50, 105.30 SUPPORT STRATEGY : - 102.50, 101.80 : - SELL ON HIGH

NICKEL
OUTLOOK:
TREND : - CONSOLIDATE

RESISTANCE : - 850, 865 SUPPORT STRATEGY

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: - 820, 815 : - BUY ON DIPS

INTERNAIONAL MARKET

GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM

1475.30 24.36 3.2185 93.15 4.176 677.55 1465.00

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

54.0770 01.3034 99.1300 00.9436 01.5433 01.0186

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