Daily Commodity Market News By Epic Research - 13th February 2014
COMMODITY WRAPUP
GOLD
GOLD MCX Short term trend is UP, Immediate support @ 28980 Immediate Resistance @ 29200 GOLD MCX Closed
@ 29104 . Yesterday Intraday Range of GOLD MCX was 128 Volumes were 11210 lots. For today Keep a close eye on
US data, volatility may Rule the over all Market due to USDINR Movements.
BUY GOLD(APR) ABOVE 29180 TGTS 29260/29360 SL 29050
SELL GOLD(APR) BELOW 28980 TGTS 28900/28800 SL 29110
SILVER
SILVER MCX Short term trend is UP ,Immediate support @ 44700Immediate Resistance @ 45050 SILVER MCX Closed @
47700.00 Yesterday Intraday Range of SILVER MCX was 376. Volumes were 12744 lots. For today Keep a close eye on US
data, volatility may Rule the overall Market due to USDINR Movements.
BUY SILVER ABOVE 45050 TGTS 45250/45550 SL 44700
SELL SILVER BELOW 44700 TGTS 44500/44200 SL 45050
DHANIYA
Daily chart of Dhaniya Apr shows bullishness and it will continue its rally from nearest support level to upper side.
Fundamentally also Dhaniya is in bullish trend. Recommending buy on dips, momentum RSI indicates bullishness,
Immediate support @ 9250 and immediate resistance @ 9430.
BUY DHANIYA APR ABOVE 9430 TGT 9460,9510 SL 9380
SELL DHANIYA APR BELOW 9250 TGT 9220,9170 SL 9290
SPECIAL NEWS
China’s crude oil imports advanced 11.9% year-on-year to a record 28.16 million tons, or 6.66 million barrels a day (bpd) in January, according to the latest data released by the General Administration of Customs. The country’s imports ad- vanced 5.1% in January from the previous record of 26.78 million tons or 6.33 million bpd in December China’s gold consumption for the first time exceeded 1,000 tons to reach 1,176.4 tons in 2013 from 832.2 tons a year earlier, a year on year increase of 41.4%, according to the latest data released by the China Gold Association (CGA)
Grain production in Brazil is expected to reach 193.6 million tons in 2013-14, an increase of 3.6% compared to the previous harvest of 186.9 million tons, the 5th Survey of Grain Crop 2013/2014 released by the National Supply Company (Conab) showed on Tuesday. The total area allocated to grain produc-
tion is expected to reach 55 million hectares, which repre- sents an increase of 3.2% compared to the area of 53.26 million hectares in the 2012/2013 harvest. US cotton producers intend to plant 11.26 million acres of cotton this spring, up 8.2% from 2013,
COMMODITY BUZZ
MCX Gold futures eased from its highs as the global prices witnessed some correction from its three-month highs.COMEX Gold has been rallying in last few weeks on excellent buying support after a massive correction in the last year. However, as the prices edged up towards the $1300per ounce levels, traders are beginning to sell some of theirlongs to book profits. That’s precisely what pulled the fu-
tures lower today and the commodity is quoting at$1287.20, down $2.60 per ounce on the day. MCX Gold futures are trading at Rs 29045, down Rs 59 per 10 grams on the day with 5.64% increase in the open interest.
Copper prices got underpinned by rise of unwrought Copperimports of China. That also overcome the fear of COT report showing increase of short positions by money managers. The recent set of data from China General Administration of Customs showed that unwrought Copper and Copper products imports increased by 53% in January to 536000tonnes from the corresponding period last year. The trade
data from China also showed a rise of 10 imports from January 2014. Export from China increased by 10.6% in January.Buyers took advantage of cheaper processing costs and were spurred by a lack of available copper scrap,
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