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MCX NEWSLETTER- DAILY 24-JULY-2013

Daily MCX Newsletter 24-JULY-2013

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MARKET NEWS

BASE METAL

ENERGY

Copper prices in the global market edged up on Tuesday amid speculation that China, world's second largest economy is planing to boost its economic growth.

Australia's massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely.

BULLION Gold in the international edged up on Tuesday and was seen trading near one month high supported by the weak US Dollar and strong buying from China. The yellow metal was also seen supported by the recent comments from the US Federal Reserve Chairman Ben Bernanke. Gold futures for August delivery on Globex platform of Comex was seen trading down by 0.61% at $1328.25 per troy ounce as of 05.35 PM IST on Tuesday. Gold prices in the global market were also supported by an unexpected decline in US home sales. In the United States, existing-home sales declined in June but have stayed well above yearago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the data released by the National Association of Realtors on Monday. Total existing-home sales, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 mn in June from a downwardly revised 5.14 mn in May, but are 15.2 percent higher than the 4.41 mn-unit level in June 2012.

Premier Li Keqiang’s government perceives that 7 percent growth as the lowermost point for tolerance of an economic slowdown, as per a media report. As of now, the traders hope that the Chinese government would take necessary steps to boost its economic growth. Copper futures for September delivery on Globex platform of Comex was seen trading down by 0.53% at $3.168 per pound as of 01.48 PM IST on Tuesday. US House Price Index is scheduled to be released at 06.30 PM IST while Eurozone Consumer Confidence data is expected at 07.30 PM IST today. In the United States, existing-home sales declined in June but have stayed well above year-ago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the data released by the National Association of Realtors on Monday.

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The U.S. government's Energy Information Administration noted in its country's analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world's second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012. Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world's second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012." Natural gas - Six basins in Australia stretching from coastal Queensland to Western Australia's far northwest contain recoverable shale resources of as much as 437 trillion cubic feet of gas, all of which was previously inaccessible because it is contained in shale formations, which could be unlocked by "hydraulic fracturing." But the U.S. Department of Energy predicts that Australia's shale gas industry will develop at a "moderate pace" because the nation's shale oil and gas resources do not as yet have the advanced production infrastructure that has underwritten the U.S. production boom.


TECHNICAL VIEW

BULLION

GOLD (5 AUGUST)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: -CONSOLIDATE : - 27950, 28280 : - 27050, 26700 : - BUY ON DIPS

SILVER (5 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

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: - CONSOLIDATE : - 42250, 42450 : - 41700, 41200 : - BUY ON DIPS


ENERGY

CRUDEOIL (19 AUG.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 6420, 6490 : - 6320, 6260 : - BUY ON DIPS

NATURAL GAS (26 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

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: - CONSOLIDATE : - 225.00, 229.50 : - 218.90, 215.90 : - BUY ON DIPS


BASE METAL

COPPER (30 AUG.)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 426.00, 428.00 : - 418.00, 412.50 : - BUY ON DIPS

LEAD (31 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

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: - CONSOLIDATE : - 122.90, 123.80 : - 121.60, 121.10 : - BUY ON DIPS


ZINC (31 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 111.30, 112.30 : - 109.80, 109.00 : - BUY ON DIPS

ALUMINUM (31 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

: - CONSOLIDATE : - 108.00, 108.50 : - 106.30, 105.50 : - BUY ON DIPS

NICKEL (31 JULY)

OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY

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: - CONSOLIDATE : - 848.00, 860.00 : - 828.00, 814.00 : - BUY ON DIPS


INTERNATIONAL MARKET

GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM

1340.20 20.2970 03.171 107.05 03.716 734.90 1440.00

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USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

59.6200 01.3202 99.71 00.9363 01.5357 01.0312


ECONOMIC CALANDER

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Daily mcx newsletter for traders 24 july 2013