Weekly commodity report 15 oct 2013 by epic research

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EPIC Research Report This Report contains all the study and strategy required by trader to trade on MCX commodities. Refer to the chart attracted in the Report to take proper Trading Decision.

Date: 14-OCTOBER-2013

MCX Weekly Newsletter (14-OCTOBER-2013)

WEEKLY COMMODITY WRAP…..!!!!!

Base metals

Precious metals

LME base metals traded higher this week, deriving cues from the elation regarding Fed’s policy move. In addition, progress in Chinese economic activity has also proved supportive for the nonferrous pack.

Precious metals witnessed a volatile session this week, with gold and silver prices remaining under pressure initially as markets were trying to factor in the probability of moderate tapering by US Federal Reserve.

On fundamental front, International Lead and Zinc Study Group reported that the global zinc market was in surplus by 70,000 tons during the first seven months of the year, while the global lead market was in deficit by 41,000 tons respectively.

However, the pack pared losses and registered a stunning upside after Fed delivered a surprise by keeping the US$85bn monthly bond buying program intact. The central bank Elaborated that tapering in the monetary stimulus at the current Juncture can disrupt the economic recovery and it will look forward to more positive developments on the macroeconomic front before taking any steps on scaling down the stimulus.

International Nickel Study Group reported that the global nickel market was in surplus by 90,300 tons during Jan-Jul’13 period Although macroeconomic activity has improved in China and Europe, the underlying demand scenario for most of the metals seems to be uninspiring.

Meanwhile, US dollar tumbled against various currencies, with the dollar index sinking towards 80 levels. In credit markets, US 10 year sovereign bond yields have moderated by literally 15 basis points.

This can be manifested by the fact that barring Lead, all the non-ferrous metal markets are projected to have a global surplus. In our short term view, prices may trade steady, courtesy to the Fed move but the sustainability of gains remains a question.

It will be interesting to witness whether substantial investment Demand is preceded by the Federal Reserve’s recent policy Move. In this respect, we believe that the euphoria regarding The delay in tapering may not last long.

It is just a matter of time before the apex body starts scaling down the monetary stimulus, whereby some decent string of macroeconomic numbers (categorically employment scenario) can trigger this move. However, as we head towards October, market focus can swing back towards the debt ceiling negotiations in US and uncertainty on the same can provide some prop to gold.

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MCX Weekly Newsletter (14-OCTOBER-2013)

GOLD MCX TECHNICAL VIEW

TRADING STRATEGY: GOLD MCX is trading too volatile and has faced correction last week. Momentum seem to be in favour of bears and also USDINR may face correction this week.

Immedaite Resistance @30250 and Support @29300 1. GOLD BUY ABOVE 28750 TGTS 28950/29150 SL 28500 2. GOLD SELL BELOW 28050 TGTS 27850 /27650 SL 28300

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MCX Weekly Newsletter (14-OCTOBER-2013)

SILVER MCX TECHNICAL VIEW

TRADING STRATEGY: SILVER MCX faced correction last week. Momentum seem to be in favour of bears and also USDINR may face correction this week. Hence fresh Short Positions can be created.

Immediate Resistance @51500 and Support @48850 1. SILVER BUY ABOVE 47250 TGTS 47550/47850 SL 46800 2. SILVER SELL BELOW 45600TGTS 45300/45000 SL 46000

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MCX Weekly Newsletter (14-OCTOBER-2013)

COPPER MCX TECHNICAL VIEW

TRADING STRATEGY: COPPER MCX also faced correction last week and May take Support around levels @460. Any Correction towards 465 will be buying opportunity in Copper.

Immediate Resistance @470 and Support @460 1. COPPER BUY ABOVE 451 TGTS 461/471 SL 438 2. COPPER SELL BELOW 438 TGTS 428/418 SL 452

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MCX Weekly Newsletter (14-OCTOBER-2013)

CRUDEOIL MCX TECHNICAL VIEW

TRADING STRATEGY: CRUDEOIL MCX has strong support Support around 6600 levels and any correction towards those levels will be buying opportunity. Alternetively we may see selling if beaks support @6550 Immediate Resistance @6800 And Support @6550 1. CRUDE OIL BUY ABOVE 6310 TGTS 6410/6510 SL 6150 2. CRUDE OIL SELL BELOW 6140 TGTS 6040/5940 SL 6280

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MCX Weekly Newsletter (14-OCTOBER-2013)

WEEKLY ECONOMIC EVENT…..!!!!

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MCX Weekly Newsletter (14-OCTOBER-2013)

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