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DAILY MCX NEWSLETTER

12 - FEB.-2014

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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 23% y-o-y due to lower global petroleum prices.

BASE METAL:
On February 17, Indias 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:
Indias 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.

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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

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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

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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

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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

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1285.35 20.104 3.234 100.31 719.20 1387.00

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.2250 01.3628 102.545 00.8984 01.6447 01.0994

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