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Weekly mcx newsletter 24 feb 2014
- 1. 24TH FEB TO 1ST MARCH.’2014 www.TheEquicom.com +919200009266
- 2. BULLION With the US adding just 16200 jobs in the nonfarm sector, the futures of crude oil closed lower on the Nymex on Friday. The data stoked gold futures higher and pulled the commodity out of a distress position and helped it cross the $1300 mark. “Earlier this week we saw economic data that pointed towards a recovery, and that coupled with a strong dollar kept gold under pressure,” Tom Power, a senior commodity broker at R.J. O’Brien & Associates in Chicago said to Bloomberg. Gold had gone below the crucial support of $1300 following optimism about the US economy. Meanwhile data suggested that US unemployment rate touched 7.4% in July, according to US labor department. However, the data was not enough to propel crude oil futures further up even as some profit booking too took place. www.TheEquicom.com +919200009266
- 3. ENERGY Crude oil prices in the global market were seen trading positive on strong manufacturing data from Europe, the United States and China. Also, Middle East tensions, disruption to crude oil production in Africa and maintenance activity in the North Sea were seen supporting the crude oil prices to certain extent. Concerns over supply disruptions in Iraq, Libya and Nigeria were also supported the prices. Brent crude oil futures traded above $110 per barrel while US crude oil futures crossed $108 per barrel on Friday. US crude oil futures for September delivery on NYMEX were seen trading down by 0.19% at $107.54 per barrel as of 05.41 PM IST on Friday. Meanwhile, the UK Market/CIPS Purchasing Managers’ Index (PMI) for the construction sector offers new hope that the UK economy is improving. UK recorded a strongest construction output growth since June 2010, led by surge in housing activity. www.TheEquicom.com +919200009266
- 4. BASEMETAL The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is bullish and expected to trade with the trend for the day, according to our analyst at Commodity Online. “For intra-day, support for the commodity is seen at 425.05 and 422.25 levels while resistance is seen at 432.65 and 434.35 levels,” said John Godson, Technical Analyst at Commodity Online. MCX copper futures for August delivery were seen trading up by 1.14% at Rs.430.50 per kilogram as of 16.38 IST on Friday. Copper futures on Comex edged up on Friday and is seen trading bullish supported by firm global cues. Copper futures for September delivery on Globex platform of Comex was seen trading up by 0.63% at $ 3.185 per pound as of 04.51 PM IST on Friday. On Friday, copper touched to its peak level in more than a week as data releases from the United States, Europe and China shown a positive review on their respective economies. www.TheEquicom.com +919200009266
- 5. GOLD (5 APR.) OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 29300, 30600 SUPPORT : - 29400, 29100 STRATEGY : - BUY ON DIPS www.TheEquicom.com +919200009266
- 6. SILVER (5 MAR.) OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 48100, 48700 SUPPORT : - 46900, 46400 STRATEGY : - BUY ON DIPS www.TheEquicom.com +919200009266
- 7. CRUDEOIL (19 MAR) OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 6450, 6550 SUPPORT : - 6250, 6150 STRATEGY : - BUY ON DIPS www.TheEquicom.com +919200009266
- 8. COPPER (28 FEB.) OUTLOOK: TREND : - CONSOLIDATE RESISTANCE : - 457.00, 463.00 SUPPORT : - 443.00, 437.00 STRATEGY : - BUY ON DIPS www.TheEquicom.com +919200009266
- 9. GOLD SILVER COPPER CRUDE OIL NATURAL GAS PALLADIUM PLATINUM 1323.00 21.800 3.290 102.20 6.200 739.30 1427.60 www.TheEquicom.com +919200009266 USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD 62.1100 01.3735 102.510 00.8870 01.6620 01.1120
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