DAILY MCX NEWSLETTER

27 - JAN. JAN.-2014 2014

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BULLION:
London price fixing may be the oldest and most opaque of all the intervention methodology. It has now re-entered the mainstream vernacular on the heels of the German quest to repatriate its physical gold holdings. Recently, Deuthce Bank removed itself from the "fixing process", which also re-enters the collective awareness via the now generally accepted absurdity around the London Interbank Offered Rate (LIBOR). Essentially, a room full of representatives from the largest financial institutions making a collective decision on the price of assets that form the base of money flow and value is astounding.

BASE METAL:
Commodities continue to underperform despite some positive trends in global economy due to extended period of supply gains, according to Barclays Research. Commodities have been underperforming equities and pricing in below levels unwarranted by the uptick in industrial production, manufacturing indices and the business sentiment indicators. The HSBC China flash Purchasing Managers Index (PMI) data and US Markit PMI has been below consensus but business confidence is set to be positive in January.

ENERGY:
Brent-WTI Crude Oil spreads have fallen in the past few days to $10 per barrel, a level last seen in December. Barclays Research points out that strong US refining margins and low product stock cover in the OECD could push WTI prices even higher in the coming weeks as the US continues exporting high levels of light products. Adverse weather in US caused a rally in natural gas, power and oil products as heating demand surged, raising concerns about ample inventories in the coming months. The International Energy Agency's (IEA) bullish report and the start of TRanscanada's Market link Pipeline also helped WTI strengthen against Brent crude.

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BULLION

GOLD (5 FEB.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 29680, 29900 : - 28250, 28970 : - SELL ON HIGH

SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 45260, 45750 : - 44100, 43600 : - SELL ON HIGH

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ENERGY

CRUDEOIL (19 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 6150, 6200 : - 6030, 5950 : - BUY ON DIPS

NATURAL GAS (28 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 325.00, 330.00 : - 315.00, 310.00 : - BUY ON DIPS

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BASE METAL

COPPER (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 458.00, 462.10 : - 452.60, 448.00 : - SELL ON HIGH

LEAD (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 136.00, 137.00 : - 134.20, 133.00 : - SELL ON HIGH

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ZINC (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 127.00, 128.00 : - 125.50, 124.00 : - SELL ON HIGH

ALUMINUM (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 108.70, 109.80 : - 107.50, 106.00 : - SELL ON HIGH

NICKEL (31 JAN.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 915.00, 930.00 : - 900.00, 885.00 : - BUY ON DIPS

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1271.26 19.882 3.266 96.68 733.60 1431.10

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.8350 01.3682 102.433 00.8947 01.6501 01.1061

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