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DAILY MCX NEWSLETTER
25 - FEB.-2014
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BULLION:
Most Asian equities ended lower by 1% on an average on negative cues from China. The Chinese government backed data showed New-home prices in the country declined slightly in the month of January, hit by the restricted lending terms from the Industrial bank towards the property sector. However, the fall was limited in the major European equities which were supported by mostly positive IFO numbers from Germany. Coming to the commodities space, both gold and silver were stable for the larger part of the session though prices rallied sharply during the last hour of trade. Currently, they are trading at $22.05 and $1333.6 at the COMEX platform, up by more than a percent. We had a sell view on silver in the morning session, tracking the sharp fall in the metals. However, we are changing our sell view to buy for the evening session, which is also our view for the week.
BASE METAL:
The base metals 3M forward at the LME platform are trading lower, tracking the weak Chinese data. We are seeing an average drop of 1% for LME base metals, which extended their fall in spite of the positive economic data from Germany. From an economic data perspective, we have the regional manufacturing data from the US. Both the data are expected to extend their decline, which might further pressurize the metals pack to trade lower. We are continuing with our morning view of selling in most of the metals on pullbacks.
ENERGY:
In Energy, WTI crude oil is trading marginally lower at $102.06 per barrel at the NYMEX platform. We are continuing with our ranged view for the commodity on an intraday basis with modest positive bias backed by winter demand. Natural gas prices are trading higher by over 5% at the NYMEX and MCX (February expiry), backed by fresh estimates about US climate. We are avoiding any trading direction in the commodity amidst the very high level of speculation lately.
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BULLION
GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 30150, 30300 : - 30050, 29800 : - BUY ON DIPS
SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 48200, 48500 : - 47700, 47500 : - BUY ON DIPS
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ENERGY
CRUDEOIL (19 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 6450, 6500 : - 6350, 6300 : - BUY ON DIPS
NATURAL GAS (25 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 355.00, 370.00 : - 340.00, 330.00 : - BUY ON DIPS
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BASE METAL
COPPER (28 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 448.00, 452.00 : - 444.00, 442.00 : - BUY ON DIPS
LEAD (28 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 132.00, 133.00 : - 130.50, 129.50 : - BUY ON DIPS
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ZINC (28 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 128.50, 129.50 : - 126.50, 125.50 : - BUY ON DIPS
ALUMINUM (28 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 107.50, 108.50 : - 105.50, 104.50 : - BUY ON DIPS
NICKEL (28 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 900.00, 915.00 : - 875.00, 860.00 : - BUY ON DIPS
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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM
1332.32 21.833 3.262 102.45 738.30 1431.60
USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD
62.0000 01.3733 102.552 00.8889 01.6660 01.1062
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