Daily Commodity Market News By Epic Research - 18th February 2014

COMMODITY WRAPUP

GOLD

Yesterday Intraday Range of GOLD MCX was 740 Open Interest was down. Volumes were 11036 lots.

GOLD MCX Short term trend is UP, Immediate support @ 29500

Immediate Resistance @ 30500

BUY GOLD(APR) ABOVE 30170 TGTS 30250/30350 SL 30050

SELL GOLD(APR) BELOW 29850 TGTS 29770/29670 SL 29970

SILVER

Yesterday Intraday Range of SILVER MCX was 881. Open Interest was down, Volumes were 12940 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 47500 TGTS 47300/47000 SL 47850

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 @ 8920 and immediate resistance @ 9085.

BUY DHANIYA APR ABOVE 9085 TGTS 9115,9165 SL 9045

SELL DHANIYA APR BELOW 8920 TGTS 8890,8840 SL 8970

SPECIAL NEWS

Russia’s industrial output fell 18.8% in January from the preceding month, data showed Monday, reflecting long New Year holidays. The Federal Statistics Service data, however, showed that industrial output declined only by 0.2% in January com- pared with the same period a year earlier.

China attracted $10.76 billion of foreign direct investment in January-up 16.1% on year, the Ministry of Commerce said in a statement Tuesday.The figure was down from December’s $12.08 billion–which was 3.3% higher on year. Non-financial overseas direct investment rose 47.2% on year in the first

month of 2014 to $7.23 billion.

China’s higher-than-expected January export data weren’t inflated, the Ministry of Commerce said on Tuesday. Exports unexpectedly jumped 10.6% on year in January–higher than

4.3% growth in December, official customs data show.Barclays tracks close to 60% of the world’s copper production and when they say that refined copper output is about to increase this year, they mean what they say. After all, with the

corporate results season on, the bank has found that for the 60% global production that they track, 9% of y/y output enhancement was seen in 2013.

COMMODITY BUZZ

Finance Minister (FM) P Chidambaram on Monday sup- ported reforms in commodities markets while presenting the interim Budget for 2014-15. However, the jewellery sec- tor, expecting a cut in the duty on gold imports and a relaxation in import norms, was disappointed. Gold prices on the Multi Commodity Exchange (MCX) rose two per cen But the gold price jumped Rs 400 per 10g on the MCX after

the speech. In the evening, it went up Rs 600 at Rs 29,958 per 10g and in the international market $8-9 since early morning to $1,326 an ounce. In the Mumbai physical market, it closed at Rs 31,085 per 10g, Rs 470 higher from Saturday. Silver went up two per cent on the MCX, while in the Mumbai market it closed Rs 1,550 higher at Rs 48,700 a kg.

Crude oil futures traded 0.52 per cent higher at Rs 6,230 per barrel yesterday as speculators indulged in creating positions, triggered by a firming trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in March gained Rs 32, or 0.52 per cent, to Rs 6,230 per barrel, with a

business turnover of 583 lots. The rise in crude oil futures was largely in tune with a firming trend in Asia, supported by a surge in bank lending in China, the world’s top energy consume crude oil for March delivery advanced 21 cents to $100.51 a barrel in late morning trade, as extra cold weather in the US bolstered demand for heating fuel.

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