The document provides an analysis and outlook on various commodities. It states that bullion prices rose due to short covering after recent losses. Base metals also saw gains in the European session. For energies, it maintains a selling bias in crude oil and natural gas due to receding winter demand. It then provides the trend, resistance, support and strategy for various commodities like gold, silver, copper, crude oil, natural gas, and base metals.

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24 - MAR.-2014
DAILY MCX NEWSLETTER
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BULLION:
Bullion as per the latest quote are trading firmly in the green, probably as an effect of short
covering after the deep losses seen in the basket over the last two-three trading sessions. As also
reported this morning, gold at the comex has fallen by nearly $50 in the last couple of days. If we
look at the PVO too, there was some indication of profit booking in the commodity. Today, the
modest weakness in the dollar index, the marginal uptick in euro, which is currently trading near
1.38, the easing of pressure in the riskier asset classes against the negative effect of FOMC meeting
is driving prices higher. Nevertheless, as the overall cues continue to be bearish, we are
maintaining our selling bias in both the commodities, and especially gold in the evening session.
ENERGY:
In Energy, we had a selling bias for both crude oil and natural gas owing to the fact that winter
related demand in the country had been consistently receding. This along with the fact that for both
commodities their inventory report has not been supportive for a fresh round of gains in the
commodity was the added rationale behind continued selling in the two.
BASE METAL:
Base metals have seen decent uptick in the latter half of European session. All the five base metals
are currently trading in the green, both at the LME and MCX. We are seeing rise in the segment
along with other no-agri commodity notwithstanding the fact that Rupee has appreciated near 0.5%
against the USD today.
As of latest quote in India, top gainers are Nickel and Copper with gains of 1.1% and 0.9%
respectively. As also stated above, we feel the same rational which has been driving gains in crude
is acting positively for base metals basket. Nevertheless we are holding on to our selling stance in
select base metals in the evening session owing to their inherent fundamental weakness in the
short-term. There are no major economic data in the evening session.

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GOLD (5 MAR.)
SILVER (5 MAY.)
BULLION
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 44830, 45100
SUPPORT : - 44400, 44200
STRATEGY : - SELL ON HIGH
OUTLOOK:
TREND : - COSOLIDATE
RESISTANCE : - 29850, 30000
SUPPORT : - 29600, 29400
STRATEGY : - SELL ON HIGH

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CRUDEOIL (21 APR.)
NATURAL GAS (26 MAR.)
ENERGY
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 265.00, 270.00
SUPPORT : - 260.00, 250.00
STRATEGY : - SELL ON HIGH
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 6150, 6200
SUPPORT : - 6070, 6020
STRATEGY : - SELL ON HIGH

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COPPER (30 APR.)
LEAD (31 MAR.)
BASE METAL
OUTLOOK:
TREND : - BEARISH
RESISTANCE : - 127.00, 128.00
SUPPORT : - 125.00, 124.00
STRATEGY : - SELL ON HIGH
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 404.50, 408.00
SUPPORT : - 397.00, 392.00
STRATEGY : - SELL ON HIGH

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ZINC (31 MAR.)
ALUMINUM (31 MAR.)
NICKEL (31 MAR.)
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 982.00, 995.00
SUPPORT : - 970.00, 960.00
STRATEGY : - SELL ON HIGH
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 104.30, 105.50
SUPPORT : - 102.50, 101.50
STRATEGY : - SELL ON HIGH
OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 119.50, 120.50
SUPPORT : - 117.50, 116.50
STRATEGY : - SELL ON HIGH

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GOLD 1326.87
SILVER 20.193
COPPER 2.936
CRUDEOIL 99.21
PALLANDIUM 792.60
PLATINUM 1436.90
USDINR 60.7350
EURUSD 01.3798
USDJPY 102.469
USDCHF 00.8829
GBPUSD 01.6486
USDCAD 01.1230

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