Morning Technical Levels for Metals and Energy 18 March 2014
Commodity Exchange Contract Trend S2 S1 LTP R1 R2Bullions
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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