Friday, January 18, 2013

Bullion, Energy, Base Metals Commodity Updates & Tips:

Bullion Updates:
Precious metals ended higher amidst extreme volatility, with initial losses transforming in to moderate gains at the end of the trading session. Positive flow of macroeconomic numbers in US weighed on the gold prices; however a strong Euro enacted as a saviour. Euro surged to just under $1.34, boosted by successful Spanish bond auction. Gold futures were trading lower on domestic exchanges tracking a fall in overseas markets and a strong rupee against the dollar. On the COMEX, gold was trading in a narrow band as investors awaited macroeconomic news for further direction. A weak dollar against the euro provided some support to the metal.

Copper Updates:
Base metals managed to recover lost ground, underpinned by positive flow of macroeconomic data in US. Base metal futures on the MCX were trading lower tracking appreciation in rupee against the US dollar, but a range bound trend in London Metal Exchange capped losses. The complex is expected to extend the upside today, as bulls will seek encouragement from stronger than expected macroeconomic data in China as well.  Hopes of positive data from the China today is likely to add appetite for base metals. In this regard, China’s economy grew by 7.9% in the fourth quarter compared to a year earlier, much higher than the GDP growth of 7.4% during the prior quarter. In addition, Industrial output in December rose 10.3% from the year‐earlier period, higher than the 10.1% rise recorded in November.

Energy Updates:
MCX crude oil futures were trading slightly lower due to strength in rupee against the US dollar, but rise in benchmark contracts on the New York Mercantile Exchange capped losses. NYMEX crude oil future gained  following an unexpected drop in US crude oil stocks and on news that Islamist militants
attacked a gas field in Algeri. MCX Crude oil January contract is looking positive for the day. Market may find support near 5120 and 5070 intraday resistance can be seen near 5190 & 5240. Day traders are advised to buy intraday on dips.

MCX Gold Tips: Sell around 30820 with SL 30930, for the target of 30640 & 30530
MCX Silver Tips: Buy around 59200 with SL 58700, for the target of 59700 & 60200.
MCX Copper Tips: Sell around 441 with SL 444, for the target of 437 & 434.

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