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Weekly commodity-report by epic reseach 9 september 2013
1. MCX COMMODITY DAILY REPORT
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Date: 09-September-2013
2. MCX Daily Newsletter (09-September-2013)
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WEEKLY COMMODITY WRAP…..!!!!!
Base metals
LME base metals traded lower this week as instability in the Middle
East managed to overshadow flow of positive macroeconomic
numbers from China and Europe.
On fundamental front, International Lead and Zinc Study reported
that global zinc market was in surplus by 44,000 tons in the first six
months of the year, while global lead market was in deficit by 40,000
tons respectively.
On production front, International Aluminum
Institute reported that total global production for July reached
2.099mn tons against 2.044mn tons in June. In China, total
Production in July was 1.839mn tons, down from 1.843 million
Tons in June.
Non-ferrous metals may remain under pressure as concerns
Loom large over Syria. High energy prices can adversely impact
Metals consumption across the globe.
Spiraling energy costs deflates consumer spending and derails
economic growth. Markets will remain nervous until there is an end
to the hostility regarding Syria.
Precious metals
Precious metals witnessed spectacular upside this week, with the
Yellow metal hit a three-month high of US$1,434/oz and silver
Prices approaching US$25/oz. Turbulence in the Middle East and
Escalating probability of US initiating a military strike on Syria
Has persuaded investors to flock for the safe haven assets.
On macroeconomic front, US housing sales and durable orders
Disappointed, however US preliminary Q2 GDP growth figures
Came in better than expected. On investment front,
The SPDR Gold Trust ETF has reported modest inflows for the past
few days. It seems to be an encouraging sign, whereby hefty
redemptions in the ETF have abated and now money seems to be
flowing back.
On sovereign front, central bank gold buying activity is also
picking up, with Turkey, Russia and Azerbaijan all stepping up
their gold purchases in July. In domestic markets, Indian rupee
was worst hit, tumbling towards 69 levels and in the process
giving a massive lift to gold prices
Market participants will continue to focus on how US Federal
Reserve will act on September 17th policy meeting. The
Consensus is that the apex body might taper the stimulus
During September or October; however the probability of an
Attack on Syria can change the complexion of the game. Gold
Prices are expected to trade steady during the course of next
Few weeks, until we get more clarity from US Federal Reserve
Meeting in September.
4. MCX Daily Newsletter (09-September-2013)
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GOLD MCX HOURLY CANDLESTICK CHART
TRADING STRATEGY:
GOLD MCX is trading too volatile and has faced correction last week. Momentum
seem to be in favour of bears and also USDINR may face correction this week.
Immedaite Resistance @32420 and Support @31550
1. BUY GOLD ABOVE 32420 TGTS 32520/32750 SL 32320
2. SELL GOLD BELOW 31550 TGTS 31450/31200 SL 31650
SILVER MCX HOURLY CANDLESTICK CHART
TRADING STRATEGY:
SILVER MCX faced correction last week. Momentum seem to be in favour of bears and
also USDINR may face correction this week. Hence fresh Short Positions can be
created.
Immediate Resistance @55620 and Support @54250
1. BUY SILVER ABOVE 55620 TGTS 55820/56150 SL 55320
2. SELL SILVER BELOW 54250 TGTS 54050/53700 SL 54550
5. MCX Daily Newsletter (09-September-2013)
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COPPER MCX HOURLY CANDLESTICK CHART
TRADING STRATEGY:
COPPER MCX also faced correction last week and May take Support around levels
@470-465. Any Correction towards 470 will be buying opportunity in Copper.
Immediate Resistance @476 and Support @472
1. BUY COPPER ABOVE 476.80 TGTS 478.80/481.80 SL 473.80
2. SELL COPPER BELOW 472.30 TGTS 470.30/467.30 SL 475.30
CRUDEOIL MCX HOURLY CANDLESTICK CHART
TRADING STRATEGY:
CRUDEOIL MCX has strong support Support around 7100-7050 levels and any
correction towards those levels will be buying opportunity. Alternetively we may see
selling if beaks support @7050
Immediate Resistance @7225 And Support @7135
1. BUY CRUDEOIL ABOVE 7225 TGTS 7255/7325 SL 7175
2. SELL CRUDEOIL BELOW 7135 TGTS 7105/7045 SL 7185
6. MCX Daily Newsletter (09-September-2013)
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