Daily Commodity Market News By Epic Research - 21st February 2014

COMMODITY WRAPUP

GOLD

GOLD MCX Short term trend is UP, Immediate support @ 29500 Immediate Resistance @ 30500.

Yesterday Intraday Range of GOLD MCX was 190. Open Interest was down. For today Keep a close eye on US data, volatility may

Rule the overall Market due to USDINR Movements.

BUY GOLD(APR) ABOVE 29950 TGTS 30030/30130 SL 29830

SELL GOLD(APR) BELOW 29790 TGTS 29710/29610 SL 29910

SILVER

SILVER MCX Short term trend is UP, Immediate support @ 45700 Immediate Resistance @ 49600.

Yesterday Intraday Range of SILVER MCX was 519. Open Interest was down. For today Keep a close eye on US data, volatility may

Rule the overall Market due to USDINR Movements.

BUY SILVER ABOVE 47700 TGTS 47900/48200 SL 47350

SELL SILVER BELOW 47100 TGTS 46900/46600 SL 47450

DHANIYA

Dhaniya April Short term trend is “Down”, Immediate support @ 8930 Immediate Resistance @ 9020

Yesterday Dhaniya April Closed @ 8948 .Intraday Range of Dhaniya mar was 134 pts, but consolidating today expecting from

here Dhaniya Mar will go for new low allover trend is bullish.

BUY DHANIYA APR ABOVE 9020 TGTS 9050,9100 SL 8970

SELL DHANIYA APR BELOW 8930 TGTS 8900,8850 SL 8980

YOUR MINTVISORY

SPECIAL NEWS

European Commission on Thursday, the DG ECFIN flash estimate of the consumer confidence indicator decreased in the euro area to -12.7 levels in February 2014, down from -11.7 in January 2014 and, to a lesser extent, in the EU to -9.3 from -8.8 in January 2014. Fresh selling is likely to emerge in castor seed futures from higher levels due to fresh arrivals in local mandies along with higher production estimates in the current year. The NCDEX futures to encounter fresh selling from 4222-4230 levels in the near term. As per market sources, fresh arrivals of around 45-60 thou- sand bags have been reported in the major mandies of Gujarat with the price range of Rs 3600-3700 per quin- tal Traders are expecting rise in daily arrivals from the February end due to new supplies from Rajasthan.

The NCDEX Castor seed March deliver 4184 per quintal , up marginally by 0.36% in last trad- ing. The NCDEX futures declined by almost Rs 100 per quintal in last one week. Technically, selling is likely

to emerge from 4222-4230 levels, while supports are likely at 4140-415 levels in the near term.

COMMODITY BUZZ

Bullion were trading lower with gold and silver lower to $1314 and $21.6 per ounce mark; weaker by 0.4% and 1% respectively at the COMEX platform. CPI could see positive uptick; there is a chance for negative surprise from jobless claims due to the extremely high winter period in the US. If the Jobless claims number disappoints heavily we could see some gains coming into the yellow metal. On silver though

we are maintaining our selling stance while also feel the underperformance in the commodity would continue in the evening session as well.

Base metals 3M forwards at the LME platform are trading lower in the range of 0.2% to 0.6% at the time of writing the report. Metals pack continued to trade lower for the larger part of the day taking negative cues from the weak manufac turing data from the Euro-Zone. The inventory data was positive for nickel wherein the cancelled warrants for the commodity increased by 1% and helped the commodity reduce its

losses from the morning session.

Crude oil’s active April contract at the NYMEX is trading marginally lower by 0.15% down to $102.65 per barrel. In the Indian markets, prices for the March expiry are trading with moderate gains as we adjust for the additional gains seen last night at the NYMEX, post the closing of the MCX markets.

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