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Technical Levels for Metals and Energy 05 May 2014

Commodity -----Exchange Contract Trend-------- S2 -------S1 ---------LTP-------- R1--------- R2
Bullions

Gold --------------MCX ------June------- Sideways ---28600--- 28750----- 28871------ 29000----- 29150
Spot Gold -----------------------------------Up ----------1295 -----1302------- 1307------- 1313------ 1320
Gold Hedge -----NCDEX -----May------ Sideways --24870 ----25000----- 25112------ 25220---- 25350
Silver -------------MCX-------- July ------Sideways ---41900 ----42300----- 42540------ 42800 ---43200
Spot Silver---------------------------------- Sideways ---19.20------ 19.40------ 19.53------ 19.60---- 19.80
Silver Hedge -----NCDEX----- June----- Sideways ---3710------ 3750 --------3773------ 3790 ----3830
Base Metals 


 
LME Copper --------------------------------Sideways ---6590------ 6640------- 6699------ 6730------ 6800
Copper------------ MCX --------June------ Sideways--- 405------- 408-------- 411.55---- 414------ 418
Zinc ---------------MCX --------May -------Sideways--- 121.50--- 122.50----- 123.50--- 124.50- 125.50
Lead--------------- MCX -------May ------Sideways---- 124.00---- 125.00----- 126.00--- 127.00 -128.00
Aluminium -------MCX===== May----- Sideways -----104.00 ---105.00------ 106.20-- 107.00- 108.00
Nickel -------------MCX-------- May------ Sideways--- 1180 ------1190--------- 1101.2 ---1111 ----1122
Energy
Crude Oil ---------MCX-------- May------ Down --------5940 -----5970 -------6010-------- 6040--- 6090
Crude Oil--------- NYMEX---- June -----Down ---------98.60----- 99.10 -----99.81 ----100.30 --101.10
Brent Crude Oil --MCX --------May ----Sideways -----6620------ 6650------- 6695------ 6720 ----6770
Brent Crude Oil--- NYMEX---- June--- Sideways ---107.30---- 107.80----- 108.46 ---108.90 --109.70
Natural Gas--------- MCX ------May----- Down--------- 275----- 279--------- 282.3------ 285------ 289


Outlook gold and silver
On an intraday basis, we expect gold and silver prices to trade with a positive bias taking cues from the non-manufacturing PMI from the US if the data does not print in as per the market expectations.
Also, the recent housing data released from the US and the industrial activity are showing signs of improvement and consistent trading below the $1300 mark will pressurize gold prices in the coming session.

Outlook crude oil
On an intraday basis we expect crude prices to trade sideways to positive as NYMEX crude prices are trading positive in the US. However, sharp upside in prices will be capped as crude inventories in the US are at all time highs acting as a negative factor. Besides, the bad economic data from China and restart of Libyan crude exports can exert downside pressure on prices.
On the MCX, crude prices are expected to trade sideways taking cues from weak international markets and rupee movements.

Outlook Copper
We expect LME Copper prices to trade lower today on the back of weak manufacturing data from the biggest consumer, China. Also, weak market sentiments will exert downside pressure on prices. However, weakness in the DX will cushion sharp downside in prices.
In the Indian markets, Rupee movement will provide further direction to prices.

Important Events for Today
Indicator-------------------------------- Country Time (IST) Actual Forecast Previous Impact
Bank Holiday -------------------------Japan -----All Day - - ---------------------------------- -
HSBC Final Manufacturing PMI ---China -----7:15am---- 48.1 ---48.4 ----48.3 -----High
Bank Holiday --------------------------UK --------All Day - - - - --------------------------
EU Economic Forecasts --------------Euro-------- 2:30pm - - --------------------------- Medium
Eurogroup Meetings----------------- Euro -------All Day - ----------------------------- - Medium
ISM Non-Manufacturing PMI------- US-------- 7:30pm ----------- 54.3------ 53.1---- High





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