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Daily mcx newsletter 13 nov 2013
1. DAILY MCX NEWSLETTER
11-NOV.
11-NOV. -2013
THE EQUICOM PROFIT UPDATE: PLEASE CLOSE YOUR POSITION IN COPPER, OUR SL TRIGGERED
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2. BULLION
The Exchange Stabilization Fund is basically
the funding arm of the Treasury - as spelled out
on their website. By definition it means (and is
BASE METAL
China has gone into copper refilling mode
MCX crude oil November delivery is expected to
since May and there is potential for further
witness a recovery and traders may remain at
restocking, if the country targets its previous
buy position. Intra-day support for the
copper stock levels. The base metal demand
commodity is seen at 5915 and 5875 levels
confirmed by open admission) that they
intervene across a broad range of asset classes.
The legal basis of the ESF is the Gold Reserve
ENERGY
growth has been healthy supported by the
Act of 1934. As amended in the late 1970s, the
power sector, said Frankfurt based Deutsche
Act provides in part that "the Department of
Bank in an e-mailed report.
while resistance is seen at 5970 and 6015
levels.
US commercial crude oil inventories (excluding
the Treasury has a stabilization fund
those in the Strategic Petroleum Reserve)
increased by 1.6 mn barrels during the week
consistent with the obligations of the
“We believe that tight scrap availability
ending November 1, 2013 from the previous
Government in the International Monetary
earlier this year has been offset by record
week. At 385.4 mn barrels, US crude oil
levels of concentrate imports and Chinese
inventories are above the upper limit of the
refined copper production reaching fresh all
average range for this time of year, according
time highs,” the bank said.
to a weekly stock-piles report released by the
Fund (IMF) on orderly exchange arrangements
and an orderly system of exchange rates. The
Secretary, with the approval of the President,
may deal in gold, foreign exchange, and other
Energy Information Administration (EIA) on 6
instruments of credit and securities.”
They use swaps and huge concentrated
Meanwhile, copper financing was seen
positions held by FED member banks to
playing an important role in driving demand
intervene in the gold market.
for the base metal. Analysts expect copper
November.
Total motor gasoline inventories decreased by
3.8 mn barrels last week and are in the upper
half of the average range. Finished gasoline
financing may grow up further despite
inventories decreased while blending
government's attempt to cub.
components inventories increased last week.
Distillate fuel inventories decreased by 4.9 mn
barrels last week and are at the lower limit of
the average range for this time of year,
according to EIA estimates.
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