Daily Commodity Market News By Epic Research - 19th February 2014
COMMODITY WRAPUP
GOLD
Yesterday Intraday Range of GOLD MCX was 275 Open Interest was down. Volumes were 18225 lots.
GOLD MCX Short term trend is UP,
Immediate support @ 29500
Immediate Resistance @ 30500
BUY GOLD(APR) ABOVE 30250 TGTS 30330/30430 SL 30130
SELL GOLD(APR) BELOW 29950 TGTS 29870/29770 SL 30070
SILVER
Yesterday Intraday Range of SILVER MCX was 1007. Open Interest was down. Volumes were 32330 lots.
SILVER MCX Short term trend is UP,
Immediate support @ 45700
Immediate Resistance @ 49600
BUY SILVER ABOVE 48050 TGTS 48250/48550 SL 47700
SELL SILVER BELOW 47700 TGTS 47500/47200 SL 48050
DHANIYA
Dhaniya Mar contract is near to its support level assuming that form here onwards, it will bounce back and continue its rally.
Immediate support @ 9030 and immediate resistance @ 9120.
BUY DHANIYA APR ABOVE 9120 TGTS 9150,9200 SL 9070
SELL DHANIYA APR BELOW 9030 TGTS 9000,8950 SL 9080
SPECIAL NEWS
Australian wages rose modestly in the final quarter of last year as the resource-rich economy softens and unemployment ticks up as a long mining boom slows. Wages excluding bo nuses rose a seasonally adjusted 0.7% in the fourth quarter from the prior quarter and rose 2.6% from a year earlier, the Australian Bureau of Statistics said Wednesday.
The Reserve Bank of Australia is counting on relatively benign wage growth to help keep inflation under control, as consumer prices rise more strongly than expected. The central bank kept rates steady this month at a record-low 2.5% but appeared to close off the likelihood of future interest-rate cuts as a sharp fall in the local currency has driven up the price of imports, contributing to higher inflation. At the same time, labor costs are falling as investment in new resources projects slows, reducing demand for workers.
In the private sector, wages excluding bonuses rose 0.6% in the quarter from the immediately prior quarter and rose 2.5% from a year earlier. Public-sector wages rose 0.9% in the quar- ter and increased 2.7% from a year earlier.
COMMODITY BUZZ
India’s gold demand shot up 13 per cent in 2013, despite imports restrictions. The respite government felt through lower imports was negated by a big jump in smuggling. Gold miners’ body World Gold Council (WGC) estimated India’s demand at 975 tonnes in 2013 compared to 864 tonnes a year ago. The higher demand was attributed to the surge in jeweler and investment demand which grew 11 per cent and 16 per cent, respectively, to 613 tonnes and 362 tonnes (312.2 tonnes), respectively. After a drawdown in the third quarter, the sentiment slightly improved in the fourth quar- ter of 2013. Demand in the quarter was 219 tonnes com- pared to 262 tonnes a year ago.
Silver prices fell by 0.48% to Rs 47,515 per kg in futures trade today as speculators trimmed their positions at pre vailing levels, taking weak cues from the global markets. At the MCX silver for delivery in March traded lower by Rs 220, or 0.48 per cent, to Rs 47,515 per kg in business turnover of 682 lots. May silver shed Rs 214, or 0.44 per cent, to Rs 48,495 per kg in business volume of 47 lots. In the international market, silver dropped as much as 0.30 per cent to $ 21.63 an ounce in Singapore.
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