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WEEKLY MCX NEWSLETTER NEWSLETTER TH

ST

16 TO 21 DEC. DEC.’2013

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MARKET WRAP

BULLION: With the US adding just 16200 jobs in the nonfarm sector, the futures of crude oil closed lower on the Nymex on Friday. The data stoked gold futures higher and pulled the commodity out of a distress position and helped it cross the $1300 mark. “Earlier this week we saw economic data that pointed towards a recovery, and that coupled with a strong dollar kept gold under pressure,” Tom Power, a senior commodity broker at R.J. O’Brien & Associates in Chicago said to Bloomberg. Gold had gone below the crucial support of $1300 following optimism about the US economy. Meanwhile data suggested that US unemployment rate touched 7.4% in July, according to US labour department. However, the data was not enough to propel crude oil futures further up even as some profit booking too took place. WTI crude oil for delivery on September 13 closed at $106.85/bl, registering a loss of $1.04 or 0.96%. Brent crude oil for delivery on the same date closed at $108.93/bl, notifying a loss of $0.61 or 0.56%. "We've got a pullback from the jobs data, but I suspect we are also seeing some profit-taking before the weekend," said Bob Yawger, director of energy futures at Mizuho Securities in New York to Reuters. "That said, we are still trading at historically high levels. I wouldn't be surprised if we tested $110, although that won't happen today," he noted. On India’s MCX, crude oil for delivery on August 19 was seen trading at Rs.6524 a barrel, a loss of 0.05% as of 10.41 AM IST, Saturday. Gold futures for delivery on October 5 were seen trading at Rs.28460 per 10 grams, a loss of 0.12%.

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ENERGY: Crude oil prices in the global market were seen trading positive on strong manufacturing data from Europe, the United States and China. Also, Middle East tensions, disruption to crude oil production in Africa and and maintenance activity in the North Sea were seen supporting the crude oil prices to certain extent. Concerns over supply disruptions in Iraq, Libya and Nigeria were also supported the prices. Brent crude oil futures traded above $110 per barrel while US crude oil futures crossed $108 per barrel on Friday. US crude oil futures for September delivery on NYMEX was seen trading down by 0.19% at $107.54 per barrel as of 05.41 PM IST on Friday. Meanwhile, The UK Markit/CIPS Purchasing Managers’ Index (PMI) for the construction sector offers new hope that the UK economy is improving. UK recorded a strongest construction output growth since June 2010, led by surge in housing activity. The UK Markit/CIPS rose to 57.0 in July up sharply from last month's 51.0, according to the data released by Charted Institute of Purchasing and Supply (CIPS) on Friday (Image Courtesy: Suwatpo Miles www.freedigitalphotos.net).

BASE METAL: The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is bullish and expected to trade with the trend for the day, according to our analyst at Commodity Online. “For intra-day, support for the commodity is seen at 425.05 and 422.25 levels while resistance is seen at 432.65 and 434.35 levels,” said John Godson, Technical Analyst at Commodity Online. MCX copper futures for August delivery was seen trading up by 1.14% at Rs.430.50 per kilogram as of 16.38 IST on Friday. Copper futures on Comex edged up on Friday and is seen trading bullish supported by firm global cues. Copper futures for September delivery on Globex platform of Comex was seen trading up by 0.63% at $ 3.185 per pound as of 04.51 PM IST on Friday. On Friday, copper touched to its peak level in more than a week as data releases from the United States, Europe and China shown a positive review on their respective economies. US Bureau of Labor Statistics is scheduled to release its data on Non Farm payrolls, Private Nonfarm Payrolls and Unemployment Rate at 06.00 PM IST today. Base metal traders may get clues for their further trading from the data released.

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TECHNICAL VIEW

BULLION GOLD (5 FEB.): OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 30000, 30500 SUPPORT

: - 28800, 28400

STRATEGY

: - BUY ON DIPS

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SILVER (05 MAR.): OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 45500, 46500 SUPPORT

: - 43700, 43000

STRATEGY

: - BUY ON DIPS

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ENERGY CRUDEOIL (18 DEC.): OUTLOOK: TREND

: - CONSOLIDATE

RESISTANCE : - 6150, 6200 SUPPORT

: - 5900, 5800

STRATEGY

: - BUY ON DIPS

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BASE METAL COPPER (28 FEB.) OUTLOOK: TREND

: - CONSOLIDASTE

RESISTANCE : - 467.50, 473 SUPPORT

: - 454, 444

STRATEGY

: - BUY ON DIPS

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INTERNATIONAL MARKET

GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM

1238.47 19.690 3.308 96.40 4.387 714.90 1362.10

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USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.1850 01.3734 103.1900 00.8901 01.6290 01.0593


ECONOMIC CALANDER

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PIVOT TABLE

SCRIPT

R3

R2

R1

P

S1

S2

S3

GOLD

30550

30100

29800

29300

29000

28500

28150

SILVER

47950

46900

45800

44800

43700

42700

41600

CRUDEOIL

6300

6200

6100

6000

5950

5850

5750

COPPER

487

474.50

468

456

449.50

437

431

LEAD

143

138.50

136

131.50

129

124

122

ZINC

133

128

125.50

120.50

118

113

110

ALIMINUM

116

113

112

109

108

105

104

NICKEL

927

902.50

890

865.50

853

828.50

816

NATURAL GAS

303.50

290.50

281.50

268

259

245.50

236.50

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Weekly MCX Newslettre By Theequicom 16-December