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02 April 2014 Technical Levels for Metals and Energy

Commodity ---Exchange Contract-- Trend ------S2 ---------S1-------- LTP------- R1----------- R2 
Bullions 
Gold------------ MCX----- June ------Sideways-- 27700---- 27800----- 27912---- 28050 -------28200 
Spot Gold -------------------------------Down -----1272------ 1277------ 1282------ 1288--------- 1295 
Gold Hedge ---NCDEX--- May -----Down ------24590---- 24680----- 24784 -----24900------ 25040 
Silver----------- MCX -----May------ Down ------41800 ----42200------ 42588----- 42900 -----43400 
Spot Silver------------------------------ Down -----19.40----- 19.60 -------19.79------ 19.90------ 20.20 
Silver Hedge--- NCDEX --Apr ------Down----- 3740------ 3780-------- 3817------- 3840 ------3890 
Base Metals 


LME Copper ----------------------------Sideways- 6550----- 6600 --------6665-------- 6700------ 6750 
Copper ---------MCX------ Apr------- Sideways 397 -------400 ---------403.75------- 406------- 409 
Zinc ------------MCX -----Apr-------- Down------ 116.50--- 117.50 -----118.40------ 119.50 ----120.50 
Lead ------------MCX ----Apr-------- Sideways --120.50--- 121.50 -----122.45------ 123.50----- 124.50 
Aluminium---- MCX----- Apr------- Sideways--- 104.50 ---105.50---- 106.35------ 107.00 -----108.80 
Nickel ----------MCX ----Apr --------Sideways ---946------- 954 -------963.50 -------971 --------980 
Energy 
Crude Oil ------MCX---- Apr--------- Down ------5910------ 5950------- 5990-------- 6030------ 6080 
Crude Oil ------NYMEX- May -------Down------ 98.30------ 99.00------ 99.69------ 100.30 -----101.10 
Brent Crude Oil MCX ---Apr-------- Down------ 6490------- 6530 -------6575 -------6610 -------6660 
Brent Crude Oil NYMEX May ------Down ------104.20----- 104.90 -----105.56----- 106.20 ----107.00 
Natural Gas ----MCX ----Apr --------Down ------253 ---------254 --------257.80------ 260--------- 263

Outlook Gold Silver
From an intraday perspective, we expect gold and silver prices to continue its downward trend as strong manufacturing data from US has raised the prospects of the economy in turn reducing appeal for the safe haven. Also, rising US equities will further exert downside pressure in prices. In addition, easing of geo-political tensions and fall in the SPDR holdings further will act as a negative factor.
On the MCX, we expect prices to trade lower tracking cues from international markets and rupee appreciation.


Outlook Energy
We expect crude prices to trade lower on an intraday basis as poor economic data from China and Europe will act as a negative factor. Besides, rebels in Libya have agreed to end its protest with the government making room for more exports from Libya in the coming days. Also, the inventory report from EIA to be released tonight is expected to show buildup for consecutive fourth week.
In the Indian markets, prices are expected to trade lower tracking cues from international markets and rupee appreciation.


Outlook Base Metals
We expect LME copper prices to trade on a positive note today taking cues from concerns that earthquake in the world’s biggest producer, Chile will lead to supply disruption. Also, estimates of favorable economic data from Euro Zone and strong construction data from UK, weakness in the DX along with upbeat global market sentiments will support gains.
Further, positive economic data from the US in the evening session will add an upside to prices.
In the Indian markets, Rupee appreciation will keep a check on gains.


International Commodities
Wednesday, April 02, 2014
Important Events DATA for Today

 
Indicator --------------------------------------Country Time (IST) Actual Forecast Previous-- Impact 

Nationwide HPI m/m -----------------------UK -------11:30am------------- - 0.7% ---0.6%--- Medium 
Spanish Unemployment Change ----------Euro------ 12:30pm ------------ (-5.3K) (-1.9K) --Medium 
Construction PMI ---------------------------UK --------2:00pm ------------- 63.1------ 62.6 ----High 
ECOFIN Meetings --------------------------Euro------- Day 2 - - --------------------------------- Medium 
MPC Member Cunliffe Speaks ------------UK --------5:15pm ------------------------------- - - Medium 
ADP Non-Farm Employment Change ----US --------5:45pm - ------------192K---- 139K--- High 
Factory Orders m/m------------------------- US --------7:30pm ------------- 1.3%--- (-0.7%) --Medium 
Crude Oil Inventories ------------------------US------- 8:00pm ------------- 1.1M---- 6.6M---- Medium


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