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Morning Technical Levels for Metals and Energy 18 March 2014

Morning Technical Levels for Metals and Energy  18 March 2014

Commodity        Exchange Contract Trend        S2           S1          LTP        R1           R2
Bullions
Gold                  MCX         Apr         Down       30000   30150     30375    30500    30600
Spot Gold                                           Sideways  1343    1350       1360       1366     1370
GoldHedge        NCDEX    Mar        Sideways   26620   26750   26955    27060    27150
Silver                 MCX        May        Sideways   45800   46300   46741    47100    47400
Spot Silver                                         Sideways   20.60   20.90   21.09       21.20     21.40
SilverHedge      NCDEX     Apr       Sideways    4140    4185    4225        4250      4285 

 
Base Metals LME
Copper                                               Sideways   6420     6470     6550    6580    6660
Copper              MCX         Apr         Sideways   394       397       401.80  404      409
Zinc                  MCX         Mar         Sideways   117.80  118.80  119.70 120.80 121.50
Lead                 MCX        Mar          Sideways   123.00  124.00  125.00 126.00 127.00
Aluminium       MCX        Mar          Sideways  101.50  102.50  103.60  104.50 105.50
Nickel              MCX        Mar           Up            955       964        972.80  982     990
Energy
Crude Oil        MCX         Mar          Down        5880     5940     5977    6030   6070
Crude Oil        NYMEX   Apr           Down        96.10    97.10    97.77   98.60  99.20
Brent Crude Oil  MCX     Apr          Down        6500     6560     6600    6650   6690
Brent Crude Oil  NYMEX Apr         Down       104.70  105.70  106.31 107.10 107.80
Natural Gas      MCX         Mar        Sideways  270       274       277.7    280       283

International Commodities
Tuesday| March 18, 2014
Important Events DATA for Today
Indicator                                          Country Time (IST) Actual  Forecast Previous  Impact
German ZEW Economic Sentiment Euro    3:30pm           -        52.8        55.7        High
ZEW Economic Sentiment               Euro    3:30pm           -        67.3        68.5        Medium
Building Permits                               US      6:00pm            -       0.97M     0.94M     High
Core CPI m/m                                   US      6:00pm            -       0.1%        0.1%      High
CPI m/m                                            US      6:00pm            -       0.1%        0.1%      Medium
Housing Starts                                   US      6:00pm             -      0.92M      0.88M    Medium
BOE Gov Carney Speaks                  UK     11:15pm          -         -                  -         High

Outlook for Gold Silver
Gold and silver prices are expected to trade on a negative note today as
better-than-expected US industrial production for February gave investors a reason to
sell the precious metal. Also, worries about the US economy and an escalating crisis
in Eastern Europe seem to have settled down and investors chose to dump the precious
metal and put the money in equities. Indian markets will take cues from international
markets in today’s session and prices are expected to trade weak.


Outlook Energy
From an intraday perspective, crude prices will trade lower as the data
geopolitical tensions from the Crimean peninsula have eased down and the impact
of ample global supplies will take a toll on prices. Besides the slowdown
in Chinese economy will and decline in implied oil demand suggests
that Chinese demand has taken a beating.
However prices will be cushioned as Libyan oil production has fallen to less
than 250,000 barrels per day after the El Sharara oil field
stopped pumping due to a new protest.
In the Indian markets, prices will trade negative taking cues from
international markets as rupee is expected to trade on a mixed note.

Outlook Copper
We expect base metals prices to trade on a mixed note today on the back
of upbeat market sentiments coupled with weakness in the DX will support
an upside in the prices. Further, expectations of favorable building
permits and housing starts data from the US in the evening trade will
act as a positive factor. While on the other hand, estimates of decline in
economic sentiments data from Germany and Euro Zone will exert downside
pressure on the prices.
In the Indian markets, movement in the Rupee will exert
downside pressure or reversal in the prices can be seen.


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