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Daily mcx newsletter 12 feb 2014
- 1. www.TheEquicom.com 0731-6770000 DAILY MCX NEWSLETTER P 12 - FEB.-2014 www.TheEquicom.com 0731-6770000 1
- 2. BULLION: Export growth remained in the single digits for the third consecutive month in January, edging up to 3.8% from 3.5% in the previous month. Export growth might have been capped by a continued fall in the value of petroleum exports in January, as crude oil prices averaged at US$107.4 per barrel in January as compared to US$112.9 per barrel at the same time last year. In 2014-15, despite growth in export volumes, petroleum exports in value terms are expected to decline by 2–3% y-o-y due to lower global petroleum prices. BASE METAL: On February 17, India’s Goa state government would conduct auctioning of iron ore stacked in jetties and ports as per orders from the Supreme Court of India; the state, used to be the biggest producer of iron ore in the country has been unable to produce the commodity following a ban order from Supreme Court in the wake of scams. But the potential bidders have their concerns accumulated into yet another stack. The honourable Court had ordered auction of 11 million tons of ore in November 2013. The state government as per reports has announced the auction of 569,496 tons of iron ore with Fe (iron) content ranging between 43.88% -58%. As per Directorate of Mines and Geology, 85% of the stack is constituted by fines and 15% by lumps. ENERGY: India’s merchandise trade deficit halved in January helped by an 18.1% fall in imports and 3.8% growth in exports on a year-on-year basis, according to CRISIL Research. In January, imports contracted sharply as weak domestic demand and restrictions on gold imports lowered non-oil imports by 22% y-o-y. In addition, a strong base effect contributed to the fall in imports in the month. Oil imports fell by 10.1% reversing the rise seen last month. Detailed data for December shows that gold imports contracted by 38% y-o-y from April-December 2013. The top three contributors to export growth in 2013-14 have been petroleum products (contributing 20%), textiles (contributing 20%) and transport equipment (contributing 13%). In the third quarter, petroleum products contracted by 11.9% y-o-y versus an expansion of 26% in the previous quarter, according to CRISIL Research. www.TheEquicom.com 0731-6770000 2
- 3. BULLION GOLD (5 MAR.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 29180, 29300 : - 29000, 28850 : - SELL ON HIGH SILVER (5 MAR.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 44920, 45200 : - 44400, 44200 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 3
- 4. ENERGY CRUDEOIL (19 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6265, 6310 : - 6170, 6120 : - BUY ON DIPS NATURAL GAS (25 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 300.00, 310.00 : - 285.00, 275.00 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 4
- 5. BASE METAL COPPER (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 444.20, 448.00 : - 441.00, 441.00 : - SELL ON HIGH LEAD (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 132.00, 133.00 : - 130.00, 129.00 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 5
- 6. ZINC (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 125.30, 126.50 : - 123.50, 122.50 : - SELL ON HIGH ALUMINUM (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 105.30, 106.50 : - 104.00, 103.00 : - SELL ON HIGH NICKEL (28 FEB.) OUTLOOK: TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 890.00, 900.00 : - 870.00, 860.00 : - SELL ON HIGH www.TheEquicom.com 0731-6770000 6
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