WEEKLY COMMODITY REPORT 11TH FEBRUARY 2013

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 HEADLINES
Gold demand will fall once retail inflation declines. The recommendations of the expert group set up by the Reserve Bank of India on moderating gold demand, even if accepted, are unlikely to discourage demand.

TRADING TIP:

The demand for gold is only the outward manifestation of loss of faith in financial instruments on account of high inflation. Steps to curb the growth of gold-loan BFCs, reduce their access to bank finance, introduce differential pricing of banking services and finance for gold import, set up a gold bank, dematerialise gold, recycling domestic scrap gold, etc, all of which have been suggested by the group. Base metals inch higher despite copper and aluminium stock increases.

Sell Gold Apr

Below 30600 TGTS-30400/30200 SL-30780

Buy Copper Feb Above 443 TGTS-447/450 SL- 440

Base metals were higher on the LME, lifted by broadly constructive Chinese economic releases earlier, and shrugging off rising inventories, with copper and aluminium posting notable jumps. Business was slow, however, in the last trading day ahead of the Lunar New Year holidays. Asian markets will be closed at the start of next week, while in China itself exchanges there will be officially .We have the impression that other than last year China had not shown any intention to seek a lower copper price and hence we do not expect prices to jump sharply next week during the Chinese holiday, Triland said in a report.

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 MCX WEEKLY GOLD CHART

ANALYSIS
OPEN: 30030 HIGH: 30890 LOW: 30002 CLOSE: 30815

GOLD LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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MCX WEEKLY SILVER CHART

ANALYSIS
OPEN: 58195 HIGH: 58790 LOW: 57762 CLOSE: 58246

SILVER LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

 MCX WEEKLY COPPER CHART

ANALYSIS
OPEN: 443.70 HIGH: 446.75 LOW: 439.30 CLOSE: 445.85

COPPER LOOKS UPWARD TREND: BULLISH STRATEGY: BUY ON DIPS

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 MCX WEEKLY CRUDE OIL CHART

ANALYSIS
OPEN: 5185 HIGH: 5185 LOW: 5140 CLOSE: 5070

CRUDE OIL LOOKS SIDEWAYS TREND: CONSOLIDATE STRATEGY: SELL ON RISE

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 COMEX WEEKLY SILVER CHART

ANALYSIS
OPEN: 31.82 HIGH: 32.08 LOW: 31.26 CLOSE: 31.45

COMEX SILVER LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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 COMEX WEEKLY GOLD CHART

ANALYSIS
OPEN: 1667.45 HIGH: 1684.70 LOW: 1661.49 CLOSE: 1668.45

COMEX GOLD LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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