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DAILY MCX NEWSLETTER DEC.. -2013 13-DEC

THE EQUICOM PROFIT UPDATE: PLEASE CLOSE YOUR POSITION IN COPPER, OUR SL TRIGGERED www.TheEquicom.com 09200009266

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BULLION

BASE METAL

ENERGY

CME Group report said unfortunately gold

Copper surplus is expected to widen and

India government may not implement a steep

managed the rally recently off anemic volume

outpace demand growth in 2014, according

hike in diesel prices although state elections

and a decline in open interest and therefore

to International Copper Study Group

are over. According to India Ratings (Ind-Ra)

some might suggest that gains were short

(ICSG).

one time hike in prices can reduce under

covering. However, with the last COT report

ICSG pointed out that surplus is expected

recoveries. The quantum of gross under

positioning placing the gold market net spec

to grow from 387,000 tons this year to

recoveries (GUR) are guided by USD/INR and

long 48,522 contracts as of last week, it is

632,000 tons in 2014.Global copper demand

global oil prices.

debatable just how many players were caught

is expected to increase by 4.5% in 2014 as

Rupee remains vulnerable due to uncertain

short. On the other hand, gold might have

economic recovery gains steam

macro-economic environment. Iran nuclear

rallied off a fresh downside breakout in the

internationally.

deal did help in cooling down the market but

Dollar, especially since the Dollar has seen a

Refined copper production to rise 5.5% to

bullishness could emerging on increased

series of declines in the face of good numbers

22.1 mn tons next year on China production

energy demand for heating in winter months.

and perhaps even hints of a looming budget

gains. In 2013- it grew 3.9% to 20.9 mn tons.

Diesel gross under recoveries touched Rs 14.5

deal.

Projects deferred during financial crisis will

litre in mid-September on weak Rupee after

Indian demand continues to be muted on

go onstream in 2014-15 increasing mine

decreasing to Rs 3.5 lt in May.

higher prices and import curbs despite the

output

Rating impact:

wedding season- a seasonally strong period

World mine output to surge 11.4% to 18.6

Despite increasing GUR, Ind-Ra’s ratings on

for gold. At India's Multi Commodity

mn tons in 2014.

OMCs are likely to remain unchanged as they

Exchange (MCX), gold for February delviery

Copper witnessed some uptrend in LME

are based on the strategic importance of the

was up 0.17% to Rs 29586 per 10 gms. Gold

this week climbing to $7159 a ton on weak

sector to the sovereign. There is a strong

futures have steadily risen from the beginning

dollar, China demand for the metal

likelihood of government support if required,

of this month at 28829 to 29500 levels but still

although the metal has fallen close to 10%

unless there is any perceived weakening of

short of the 30,000 mark.

year-to-date.It broke below $7,000 a tonne in

linkages, possibly due to a significant increase

mid-November after holding in a $7,000-

in the proportion of GUR they are forced to

$7,400 range since August.

bear.

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BULLION GOLD (5 FEB.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: -CONSOLIDATE : - 29400, 29650 : - 29150, 29000 : - BUY ON DIPS

SILVER (5 MAR.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 45000, 45600 : - 44000, 43500 : - BUY ON DIPS HIGH

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ENERGY CRUDEOIL (18 DEC.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 6160, 6220 : - 6050, 6000 : - BUY ON DIPS

NATURAL GAS (26 DEC.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: -BULLISH : - 272.00, 276.00 : - 265.00, 260 00 : - BUY ON DIPS

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BASE METAL

COPPER (28 FEB.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : -463.00, 465.00 : - 458.00, 455.00 : - BUY ON DIPS

LEAD (31 DEC.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 133.00, 134.00 : - 131.55, 130.70 : - BUY ON DIPS

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ZINC (31 DEC.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 122.50, 123.90 : - 121.10, 120.20 : - BUY ON DIPS

ALUMINUM (31 DEC.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 110.50, 111.70 : - 109.00, 108.00 : - BUY ON DIPS

NICKEL (31 DEC.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 890.00, 915.00 : - 880.00, 865.00 : - BUY ON DIPS

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GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM

1227.03 19.355 03.289 97.50 04.363 716.90 1361.40

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.2950 01.3752 103.732 00.8897 01.6342 01.0643

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Commodity Market Newsletter 13-December  

Copper surplus is expected to widen and outpace demand growth in 2014, according to International Copper Study Group (ICSG). India governmen...

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