Technical Levels for Metals and Energy Thursday, March 20, 2014
Commodity Exchange Contract Trend S2 S1 LTP R1 R2
Bullions
Gold MCX Apr Sideways 29700 29850 29981 30100 30250
Spot Gold Sideways 1319 1325 1331 1336 1343
GoldHedge NCDEX Mar Sideways 26090 26220 26344 26440 26580
Silver MCX May Down 44800 45200 45673 45900 46200
Spot Silver Down 20.20 20.40 20.65 20.70 20.90
SilverHedge NCDEX Apr Down 4040 4070 4120.00 4140 4160
Base Metals
LME Copper Sideways 6360 6440 6514 6550 6600
Copper MCX Apr Sideways 397 402 406.50 409 412
Zinc MCX Mar Up 119.00 120.00 121.10 122.00 123.00
Lead MCX Mar Up 125.50 126.50 127.40 128.50 129.50
Aluminium MCX Mar Sideways 102.00 103.00 104.00 105.00 106.00
Nickel MCX Mar Up 977 986 994.10 1002 1011
Energy
Crude Oil MCX Apr Up 5980 6020 6063 6090 6130
Crude Oil NYMEX May Up 99.10 99.80 100.55 101.00 101.60
Brent Crude Oil MCX Apr Sideways 6510 6550 6600 6620 6660
Brent Crude Oil NYMEX May Sideways 104.70 105.40 106.10 106.50 107.10
Natural Gas MCX Mar Down 267 270 273.10 276 280
Outlook Gold Silver
Gold has lost nearly 4 percent in the last three sessions, partly due to profit-taking after its rally on tensions over Ukraine. The U.S. central bank also proceeded with its reductions to its massive bond-buying stimulus, announcing it would cut its monthly purchases of U.S. Treasuries and mortgage-backed securities to $55 billion from $65 billion. A stronger dollar will also weigh on gold, with the dollar index jumping 0.7 percent yesterday. We expect gold to trade on weak note in today’s session. In the Indian markets rupee weakness will cushion the fall in gold prices.
Natural Gas
EIA Inventories Forecast
The US Energy Department (EIA) released its weekly natural gas inventories report tonight at 8:00pm IST and inventories are expected to show a buildup for the week ending 14th March 2014.
Outlook Energy
From intraday perspective, crude prices will trade higher on the back of positive sentiments with regards to the growth in the US economy. Also expectations of inventory to be drained at Cushing in the coming weeks also act as a supportive factor. In addition, the tensions between US and Russia have increased as United States warned Moscow that it was on a "dark path" to isolation as Russian troops seized two Ukrainian naval bases, including a headquarters in the Crimean port of Sevastopol where they raised their flag.
In the Indian markets, prices will trade stronger mixed on account of the rupee weakness and further developments in the Crimean region.
Outlook Base metal
We expect base metals prices to trade on a mixed note today as weak market sentiments due to another round of QE tapering by the US Federal Reserve coupled with strength in the DX will exert downside pressure in the prices.
While on the other hand, expectations of favorable industrial orders data from UK will act as a positive factor. Further, forecast for upbeat industrial orders data from the UK along with estimates of rise in existing home sales and Philly fed manufacturing index from the US in the evening session will support an upside in the prices.
In the Indian markets, depreciation in the Rupee will act as a positive factor for the prices.
International Commodities
Thursday, March 20, 2014
Important Events DATA for Today
Indicator Country Time (IST) Actual Forecast Previous Impact
German PPI m/m Euro 12:30pm - 0.2% -0.1% Medium
BOJ Gov Kuroda Speaks Japan 12:45pm - - - High
EU Economic Summit Euro Day 1 - - - Medium
CBI Industrial Order Expectations UK 4:30pm - 5 3 Medium
Unemployment Claims US 6:00pm - 327K 315K High
Existing Home Sales US 7:30pm - 4.65M 4.62M High
Philly Fed Manufacturing Index US 7:30pm - 4.2 -6.3 High
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Commodity Exchange Contract Trend S2 S1 LTP R1 R2
Bullions
Gold MCX Apr Sideways 29700 29850 29981 30100 30250
Spot Gold Sideways 1319 1325 1331 1336 1343
GoldHedge NCDEX Mar Sideways 26090 26220 26344 26440 26580
Silver MCX May Down 44800 45200 45673 45900 46200
Spot Silver Down 20.20 20.40 20.65 20.70 20.90
SilverHedge NCDEX Apr Down 4040 4070 4120.00 4140 4160
Base Metals
LME Copper Sideways 6360 6440 6514 6550 6600
Copper MCX Apr Sideways 397 402 406.50 409 412
Zinc MCX Mar Up 119.00 120.00 121.10 122.00 123.00
Lead MCX Mar Up 125.50 126.50 127.40 128.50 129.50
Aluminium MCX Mar Sideways 102.00 103.00 104.00 105.00 106.00
Nickel MCX Mar Up 977 986 994.10 1002 1011
Energy
Crude Oil MCX Apr Up 5980 6020 6063 6090 6130
Crude Oil NYMEX May Up 99.10 99.80 100.55 101.00 101.60
Brent Crude Oil MCX Apr Sideways 6510 6550 6600 6620 6660
Brent Crude Oil NYMEX May Sideways 104.70 105.40 106.10 106.50 107.10
Natural Gas MCX Mar Down 267 270 273.10 276 280
Outlook Gold Silver
Gold has lost nearly 4 percent in the last three sessions, partly due to profit-taking after its rally on tensions over Ukraine. The U.S. central bank also proceeded with its reductions to its massive bond-buying stimulus, announcing it would cut its monthly purchases of U.S. Treasuries and mortgage-backed securities to $55 billion from $65 billion. A stronger dollar will also weigh on gold, with the dollar index jumping 0.7 percent yesterday. We expect gold to trade on weak note in today’s session. In the Indian markets rupee weakness will cushion the fall in gold prices.
Natural Gas
EIA Inventories Forecast
The US Energy Department (EIA) released its weekly natural gas inventories report tonight at 8:00pm IST and inventories are expected to show a buildup for the week ending 14th March 2014.
Outlook Energy
From intraday perspective, crude prices will trade higher on the back of positive sentiments with regards to the growth in the US economy. Also expectations of inventory to be drained at Cushing in the coming weeks also act as a supportive factor. In addition, the tensions between US and Russia have increased as United States warned Moscow that it was on a "dark path" to isolation as Russian troops seized two Ukrainian naval bases, including a headquarters in the Crimean port of Sevastopol where they raised their flag.
In the Indian markets, prices will trade stronger mixed on account of the rupee weakness and further developments in the Crimean region.
Outlook Base metal
We expect base metals prices to trade on a mixed note today as weak market sentiments due to another round of QE tapering by the US Federal Reserve coupled with strength in the DX will exert downside pressure in the prices.
While on the other hand, expectations of favorable industrial orders data from UK will act as a positive factor. Further, forecast for upbeat industrial orders data from the UK along with estimates of rise in existing home sales and Philly fed manufacturing index from the US in the evening session will support an upside in the prices.
In the Indian markets, depreciation in the Rupee will act as a positive factor for the prices.
International Commodities
Thursday, March 20, 2014
Important Events DATA for Today
Indicator Country Time (IST) Actual Forecast Previous Impact
German PPI m/m Euro 12:30pm - 0.2% -0.1% Medium
BOJ Gov Kuroda Speaks Japan 12:45pm - - - High
EU Economic Summit Euro Day 1 - - - Medium
CBI Industrial Order Expectations UK 4:30pm - 5 3 Medium
Unemployment Claims US 6:00pm - 327K 315K High
Existing Home Sales US 7:30pm - 4.65M 4.62M High
Philly Fed Manufacturing Index US 7:30pm - 4.2 -6.3 High
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
