Weekly mcx newsletter 23 dec 2013


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Weekly mcx newsletter 23 dec 2013

  1. 1. NEWSLETTER WEEKLY MCX NEWSLETTER DEC. 23 TO 28 DEC.’2013 RD www.TheEquicom.com +919200009266 TH
  2. 2. 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%. www.TheEquicom.com +919200009266
  3. 3. 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. www.TheEquicom.com +919200009266
  4. 4. TECHNICAL VIEW BULLION GOLD (5 FEB.): OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 29100, 29800 SUPPORT : - 28000, 27500 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
  5. 5. SILVER (05 MAR.): OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 45000, 45700 SUPPORT : - 43000, 42500 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
  6. 6. ENERGY CRUDEOIL (18 DEC.): OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 6250, 6350 SUPPORT : - 5950, 5800 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
  7. 7. BASE METAL COPPER (28 FEB.) OUTLOOK: TREND : - CONSOLIDASTE RESISTANCE : - 464, 471 SUPPORT : - 451, 442.50 STRATEGY : - SELL O HIGH www.TheEquicom.com +919200009266
  8. 8. INTERNATIONAL MARKET GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM 1202.80 19.370 3.305 99.20 4.430 697.10 1331.10 www.TheEquicom.com +919200009266 USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD 62.2200 01.3670 104.0700 00.8960 01.6330 01.0635
  9. 9. ECONOMIC CALANDER www.TheEquicom.com +919200009266
  10. 10. www.TheEquicom.com +919200009266
  11. 11. PIVOT TABLE SCRIPT R3 R2 R1 P S1 S2 S3 GOLD 30300 29800 29200 28700 28100 27650 27000 SILVER 47350 46500 45250 44400 43200 42300 41000 CRUDEOIL 6600 6400 6300 6150 6000 5850 5750 COPPER 467 464.50 461.50 459.50 456.50 454 451 LEAD 141.50 139 137.50 135 133.50 131.50 130 ZINC 132 129 127.50 125 123.50 120.50 119 ALIMINUM 111.50 111 109.50 109 108 107 106 NICKEL 935.50 915 904.50 884 873 853 842 NATURAL GAS 303 291 283.50 272 264 252.50 245 www.TheEquicom.com +919200009266
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