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DAILY MCX NEWSLETTER

21 - MAR.-2014

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BULLION:
Bullion are extending their losses in the afternoon session in the European hours, with both gold and silver currently lower by 1.15% and 2.65% to $1326 and $20.28 per ounce respectively. Both the commodities fell today, with the bearishness intact post the negative comments from US FOMC meeting, where the Fed Chair said they might look to raising interest rates in the country during the first half of 2015 whereas, it continued with trimming down its bond purchase program by $10 billion.

BASE METAL:
Base metals are cracking down today with the flash upmove that occurred during the latter half of trade yesterday, once again getting dissolved amidst fears of a slowdown in China, interest rates fears in the US and the continuing weakness in the Asian and European equities today. As per the latest quote, nearly all the big five are trading deep in the red while the worst performers are Nickel and Copper, which are trading lower by over 2% each. While we have recommended a mostly selling view in almost all metals this morning, the afternoon report on the metals inventory front added negativity over nickel, the best performing metal lately. LME inventory numbers showed a huge rise of 12000 MT for Nickel while its cancelled warrants too rose near 2%, putting pressure on the commodity on an intraday basis.

ENERGY:
In Energy, both crude oil and natural gas prices are trading lower, with strong selling pressure building in natural gas prices as the commodity lost over 2% ahead of the inventory data. While we have been maintaining a bullish bias in crude oil for the week, we changed our stance today to buying on expectations of a likely pull-back in equities in the US and Europe along with support from the pipeline related cues between Cushing and the Gulf coast, which might continue to support oil prices for the second day today.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - COSOLIDATE : - 29840, 30000 : - 29700, 29500 : - SELL ON HIGH

SILVER (5 MAY.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 45200, 45500 : - 44700, 44400 : - SELL ON HIGH

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ENERGY

CRUDEOIL (21 APR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6130, 6180 : - 6020, 5970 : - SELL ON HIGH

NATURAL GAS (26 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 273.00, 278.00 : - 264.00, 260.00 : - SELL ON HIGH

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BASE METAL

COPPER (30 APR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 404.00, 408.00 : - 397.00, 392.00 : - SELL ON HIGH

LEAD (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BEARISH : - 126.30, 127.50 : - 124.50, 123.50 : - SELL ON HIGH

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ZINC (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 120.00, 121.00 : - 118.00, 117.00 : - SELL ON HIGH

ALUMINUM (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 103.50, 104.50 : - 101.50, 100.50 : - SELL ON HIGH

NICKEL (31 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 980.00, 1000.00 : - 950.00, 935.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1333.50 20.345 2.926 98.50 770.40 1436.60

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

61.1450 01.3781 102.331 00.8831 01.6509 01.1242

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