WEEKLY COMMODITY REPORT 18TH FEBRUARY 2013

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 HEADLINES
Gold dips to 6-month lows on weak euro ahead of G20. The recommendations of the expert group set up by the Reserve Bank of India on moderating gold demand, even if accepted, are unlikely to discourage demand. The demand for gold is only the outward manifestation of loss of faith in financial instruments on account of high inflation. Steps to curb the growth of gold-loan BFCs, reduce their access to bank finance, introduce differential pricing of banking services and finance for gold import, set up a gold bank, dematerialise gold, recycling domestic scrap gold, etc, all of which have been suggested by the group.

TRADING TIP:

Sell Silver Mar

Around 57000 TGTS-56000/55000 SL-57500

Base metals in consolidation mode, await drivers

Buy Nickel Feb Above 994.40 TGTS-1020/1060 SL- 988

from US data and G20 Base metals held within their recent ranges in premarket, stuck in consolidation mode while awaiting the outcome of the G20 meeting and US data releases. Movements have been dictated by currencies the euro continued its descent, falling to 1.3311 against the dollar its weakest since January 24 after stops were triggered on the way down. It has since settled slightly higher at 1.3329.

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9752199966 Sentiment took a turn for the worse on Thursday after the release of forecast-missing GDP data from Europe

 MCX WEEKLY GOLD CHART

ANALYSIS
OPEN: 30829 HIGH: 30835 LOW: 30006 CLOSE: 30194

GOLD LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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MCX WEEKLY SILVER CHART

ANALYSIS
OPEN: 58309 HIGH: 58360 LOW: 55947 CLOSE: 56063

SILVER LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

 MCX WEEKLY COPPER CHART

ANALYSIS
OPEN: 446.70 HIGH: 449.50 LOW: 442.65 CLOSE: 448.45

COPPER LOOKS UPWARD TREND: BULLISH STRATEGY: BUY ON DIPS

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 MCX WEEKLY CRUDE OIL CHART

ANALYSIS
OPEN: 5147 HIGH: 5273 LOW: 5129 CLOSE: 5211

CRUDE OIL LOOKS SIDEWAYS TREND: CONSOLIDATE STRATEGY: SELL ON RISE

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 COMEX WEEKLY SILVER CHART

ANALYSIS
OPEN: 31.43 HIGH: 31.51 LOW: 29.67 CLOSE: 29.80

COMEX SILVER LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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 COMEX WEEKLY GOLD CHART

ANALYSIS
OPEN: 1667.07 HIGH: 1669.35 LOW: 1597.73 CLOSE: 1608.75

COMEX GOLD LOOKS DOWNWARD TREND: BEARISH STRATEGY: SELL ON RISE

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