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MCX NEWSLETTER- DAILY 30th APRIL’2013

Daily MCX Newsletter 30th April’2013

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MARKET WRAP

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MARKET NEWS

BULLION

BASE METAL

ENERGY

Silver futures for May delivery on India's Multi Commodity Exchange (MCX) may trade bullish according to our analyst and further buying is expected only above 46000 level for the day. Two major US data releases are scheduled at 06.00 PM IST today and may have high impact on bullion.

LME cash price forecast to$16,766/t from $17,766/t and upgraded the size of the surplus to 108Kt from88Kt.

According to pipeline data estimates, natural gas production has recovered in late April to above 65 Bcf/d and Barclays in its recent market report, expects production to average around this level before dipping into declines in the second half of the year.

Barclays expect gold prices to recover to an average $1,500/oz in Q4 13 but given the weight of cash negative ETP holdings, they believe downside risk still exists in the near term, and expects prices to average $1350/oz. Continued ETP outflows remain a key downside risk to prices in the near term and are on track to mark a fresh record high, surpassing the weakness

LME stocks have risen 33Kt year-todate, which particularly demonstrates the oversupply in the market ex-China, given that net refined imports into China rose 36% y/y in Q1 alone. Within China, while it is difficult to ascertain exact volumes and a breakdown between Private/SRB stockpiling, Barclays believe as much as 25Kt of inventory has built over the same period given ongoing weakness in the domestic stainless sector.

in February.

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For next Tuesday’s EIA-914 production report, Barclays expects a moderate m/m growth for February’s natural gas lower-48 production. Furthermore, production should continue to recover in March and April, as well freeze offs slowly comes back online. Natural gas prices came off at the front end of the curve, with the prompt contract down 5% w/w, as the weather forecast for the next 15 days turned milder.


TECHNICAL VIEW

BULLION

GOLD (5 JUNE) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 27500, 27900 SUPPORT

: - 26800, 26500

STRATEGY

: - BUY ON DIPS

SILVER (5 JULY) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 46500, 47800

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SUPPORT

: - 45000, 44200

STRATEGY

: - BUY ON DIPS


ENERGY

CRUDEOIL (20 MAY) OUTLOOK: TREND

: - BULLISH

RESISTANCE : - 5190, 5280 SUPPORT

: - 5020, 4950

STRATEGY

: - BUY ON DIPS

NATURAL GAS (28 MAY OUTLOOK: TREND

: - BULLISH

RESISTANCE : - 240, 242

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SUPPORT

: - 228, 225

STRATEGY

: - BUY ON DIPS


BASE METAL

COPPER (28 JUNE) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 396, 400 SUPPORT

: - 382, 378

STRATEGY

: - BUY ON DIPS

LEAD (31 MAY) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 112.80, 113.90

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SUPPORT

: - 109.50, 108.20

STRATEGY

: - BUY ON DIPS


ZINC (31 MAY) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 103.50, 104.40 SUPPORT

: - 101.80, 100.90

STRATEGY

: - BUY ON DIPS

ALUMINUM (31 MAY) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 103.20, 104.50 SUPPORT

: - 101.40, 99.60

STRATEGY

: - BUY ON DIPS

NICKEL (31 MAY) OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 860, 874

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SUPPORT

: - 825, 815

STRATEGY

: - BUY ON DIPS


INTERNAIONAL MARKET

GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM

1469.30 24.2300 03.2285 94.3800 04.3590 700.350 1500.00

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USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

54.2070 01.3091 98.0200 00.9376 01.5482 01.0118


ECONOMIC CALANDER

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Mcx Report For the Day 30 April