Weekly mcx newsletter 09 dec 2013
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The weekly newsletter provides an overview of commodity markets including gold, silver, crude oil, copper, and other base metals. Gold futures rose above $1300/ounce due to weaker than expected US jobs data that eased economic recovery concerns. Crude oil futures fell slightly despite ongoing geopolitical tensions and supply disruptions. Copper futures were up on positive manufacturing data from the US, Europe, and China. The newsletter concludes with technical analysis and support/resistance levels for various commodities, as well as pivot tables, disclaimers, and other reference materials.
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Weekly mcx newsletter 09 dec 2013
- 1. NEWSLETTER WEEKLY MCX NEWSLETTER TH TH DEC. 09 TO 14 DEC.’2013 www.TheEquicom.com +919200009266
- 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. 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. TECHNICAL VIEW BULLION GOLD (5 FEB.): OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 29700, 30500 SUPPORT : - 28700, 28300 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
- 5. SILVER (05 MAR.): OUTLOOK: TREND : - BEARISH RESISTANCE : - 45800, 46700 SUPPORT : - 43600, 42500 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
- 6. ENERGY CRUDEOIL (18 DEC.): OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 6100, 6200 SUPPORT : - 5850, 5700 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
- 7. BASE METAL COPPER (28 FEB.) OUTLOOK: TREND : - CONSOLIDASTE RESISTANCE : - 460, 467.50 SUPPORT : - 439, 438 STRATEGY : - SELL ON HIGH www.TheEquicom.com +919200009266
- 8. INTERNATIONAL MARKET GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM 1231.10 19.520 3.242 97.23 4.130 734.40 1360.00 www.TheEquicom.com +919200009266 USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD 61.6380 01.3660 102.1400 00.8971 01.6340 01.0656
- 12. Disclaimer The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. This material is for personal information and based upon it & takes no responsibility The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. TheEquicom recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. TheEquicom shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of NSE and BSE. The share price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. Analyst or any person related to TheEquicom might be holding positions in the stocks recommended. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for . Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved. Investment in Commodity and equity market has its own risks. We, however, do not vouch for the accuracy or the completeness thereof. we are not responsible for any loss incurred whatsoever for any financial profits or loss which may arise from the recommendations above. TheEquicom does not purport to be an invitation or an offer to buy or sell any financial instrument. Our Clients (Paid Or Unpaid), Any third party or anyone else have no rights to forward or share our calls or SMS or Report or Any Information Provided by us to/with anyone which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken. www.TheEquicom.com +919200009266