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Daily mcx newsletter 31 jan
- 1. DAILY MCX NEWSLETTER 31- JAN.-2014 www.TheEquicom.com 0731-6770000 1
- 2. BULLION: US Gold futuresis slightly up at $1265.2 per ounce in electronic trading on Thursday while Silver for March delivery is up at $19.57 per ounce while WTI crude oil is quite positive at $97 per barrel. US crude oil has been negatively impacted by US Energy Administration Data which showed that US crude oil inventories rose by 6.4 mn barrels in the week ended January 24, far beyond the expectations of increase of 2.3 mn. BASE METAL: "Tightenting supply of base metals, together with positive demand trends emerging from US Fed Reserve's outlook on US economy augurs well for those commodities having industrial applications," according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group. Gold's recent gains may not be sustained above $1280 per ounce levels as technically it faces resistance near $1290, 1300 levels, he added. Weakness in China economy as reflected in recent PMI is continuing to put some downward pressure on metals, energy sectors. ENERGY: Extreme cold weather in USA pushed US natural gas futures to a whopping 27% increase in prices in January to $5.325 per MMBTU while at India's Multi Commodity Exchange, natural gas for February delivery rose from a low of Rs 245.70 per MMBTU to Rs 328.10 per MMBTU. Unusually cold weather has caused huge drawdowns on gas storage. Gas stockpiles were seen at 2.423 trillion cubic feet as of January 17, 13.2% below the five year averae and 19.8% less than yearago supplies, according to Energy Information Administration data. US Gold futures for February delivery is down to $1255 an ounce. as announcement of further tapering measures by US Federal Reserve weakened the demand for safe haven assets. US Silver for March delivery has dropeed to $19.385 per ounce. www.TheEquicom.com 0731-6770000 2
- 3. BULLION GOLD (5 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY :- CONSOLIDATE : - 29530, 29730 : - 29200, 29000 : - SELL ON HIGH SILVER (5 MAR.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 43550, 44000 : - 43000, 42750 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 3
- 4. ENERGY CRUDEOIL (19 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY :- CONSOLIDATE : - 6200, 6250 : - 6100, 6050 : - BUY ON DIPS NATURAL GAS (25 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 324.00, 330.00 : - 315.00, 310.00 : - BUY ON DIPS www.TheEquicom.com 0731-6770000 4
- 5. BASE METAL COPPER (28FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 450.50, 453.00 : - 446.00, 442.00 : - SELL ON HIGH LEAD (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 133.50, 134.50 : - 132.00, 131.00 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 5
- 6. ZINC (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY :- CONSOLIDATE : - 125.00, 126.00 : - 126.60, 125.50 : - SELL ON HIGH ALUMINUM (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 108.00, 109.00 : - 106.70, 105.50 : - SELL ON HIGH NICKEL (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 875.00, 890.00 : - 860.00, 850.00 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 6
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