Commodity weekly news 25 feb 2013Document Transcript
MCX Gold may remain sideways to bullish, resistance29800.Gold futures for April delivery on India’s Multi Commodity Exchange (MCX) is sideways and thecommodity is expected to remain sideways to bullish during intra-day trade.MCX gold futures for Aprildelivery was down by 0.12percent at Rs.29713 per 10 grams as of 12.45 PM IST on Friday.Earlier, gold prices dropped in the domestic market following the appreciation of Indian rupee againstUS dollar. In the global market, gold witnessed slight up-tick movement as lackluster U.S. economic dataraised hopes that the Federal Reserve would maintain its monetary stimulus. The German BusinessClimate Index is scheduled to be released later today and expected to influence bullion and base metalmovement in the international market.US employment and manufacturing sector has been witnessingslight recovery, according to the data released by the government on Thursday. Meanwhile, home salesin United States rose 0.4% in January to a seasonally adjusted annual rate of 4.92 mn units. The January2013 rate is the second-highest since November 2009, according to the data released by the NationalAssociation of Realtors.MCX Crude Oil trades negative; 5050 support.Crude Oil futures for March delivery on India’s Multi Commodity Exchange (MCX) is negative and thecommodity is expected to continue with the trend the intra-day trade.MCX crude oil futures for Marchdelivery was down by 0.69 percent at Rs.5067 per barrel as of 05.14 PM IST on Friday. Earlier, crudefutures opened negative, while on the NYMEX commodity traded positive. Appreciation of Indian rupeeagainst US dollar limited futures’ movement.Meanwhile, U.S. crude oil inventories rose by 4.143 mn barrels compared with a weekly gain of 560,000barrels in the preceding week, according to the data released by Energy Information Administration(EIA).WTI crude oil futures for April delivery on New York Mercantile Exchange (NYMEX) was slightlypositive by 0.12 percent at $92.97 per barrel as of 5.28 PM IST on Friday. Meanwhile, home sales inUnited States rose 0.4% in January to a seasonally adjusted annual rate of 4.92 mn units. The January2013 rate is the second-highest since November 2009, according to the data released by the NationalAssociation of Realtors.MCX Copper likely to remain bearish on mixed global cues.Copper futures for February delivery on India’s Multi Commodity Exchange (MCX) is bearish on mixedglobal cues.“Copper prices are expected to trade in a negative note for today’s session and traders are advised tosell on rise during intra-day trade,”Earlier, MCX copper futures opened with some gain in but lost all the gains by afternoon session and forthe time being is trading down by 0.30%.In the international market, china’s move to regulate realestate activities to tackle higher inflationary trends might have influenced MCX copper movement.Meanwhile, higher than expected German Business Climate index may support copper movement in theinternational market. The German index rose to 107.4, higher than previously estimated 105.0.Comexcopper futures for March delivery was up by 0.15 percent at 3.558 per pound as of 04.03 PM IST on
Friday. Meanwhile, home sales in United States rose 0.4% in January to a seasonally adjusted annualrate of 4.92 mn units. The January 2013 rate is the second-highest since November 2009.MCX GOLD Technical TrendMCX GOLD last week showed downward movement and gave a breakout of psychological level i.e.30000 and found support around 29250. Now, 29100 act as a strong support for it below this it mayfound next support around 28750. On higher side if it gives some correction then 30000 will act asresistance for it.STRATEGYBetter strategy in MCX GOLD is to buy above 30000 for the targets of 30500 -30700 with stop loss of29500.MCX SILVER Technical TrendMCX SILVER last week continued its bear trend and tested its deeper support level and found support ofpsychological level i.e. 53000. Now, if this bearishness continues then it may found support around51700. On higher level some correction may lead it towards the resistance of 55300.STRATEGYBetter strategy in MCX SILVER at this point of time is to sell below 53000 for the target of 51700, withstop loss of 54500.MCX CRUDEOIL Technical TrendCrude oil last week followed bear movements and has made a reverse symmetrical traingle patternwhich is a bearish indicator. If it sustains below 5040 then it may further drag down towards 4970 whichis its 50% retracement. Any correction may test the resistance zone of 5140-5185 .STRATEGYBetter strategy in MCX CRUDEOIL is to sell below 5040 for the target of 5000-4975 with stop loss of5105.MCX COPPER Technical TrendMCX Copper had showed bear rally and had closed below the trend line acting as strong support for it.Immediate support level is found around 417 surpassing which 409 is seen as next important supportfrom which certain correction is expected. Near term resistance is seen around 432 above whichstrength can be observed.STRATEGYBetter strategy in MCX COPPER will be sell below 421, with stop loss of 428 for the targets of 415-410.