MCX India Commodity Outlook & Intraday Trading Tips – 11 Apr’2013

Commodity Outlook-11.04.2013GOLD MCX JUN:

Gold trading projected high range for the day is 29475-29745

Gold trading projected low range for the day is 2903-29432

Gold ended lower as details from Fed’s latest policy meeting showed more discussion on throttling back on the central bank’s easy-money policies.

Goldman Sachs cut its 2013 gold price forecast for the second time in six weeks, to $1,545 an ounce from $1,610

SPDR gold trust holdings dropped by 16.85 tonnes to 1183.54 tonnes

Major Resistance on upside at 29572-29919-30266

Trend Deciding Level at 29377

Major Support on downside at 29030-28835-28488

SILVER MCX MAY:

Silver trading projected high range for the day is 5209-52550

Silver trading projected low range for the day is 52193-51740

Silver slid as signs US Fed’s monetary stimulus programme could be easing towards an end dented bullion’s safe-haven appeal

Minutes from the Fed’s March 19-20 meeting showed that a number of FOMC participants saw QE tapering around midyear.

Market has been rattled by worries that steadily growing US economy would spur Federal Reserve to end its easy-money policies sooner.

Major Resistance on upside at 52307-52792-53277

Trend Deciding Level at 51886

Major Support on downside at 51401-50980-50495

CRUDE MCX APR:

Crude trading projected high range for the day is 5146-5169

Crude trading projected low range for the day is 5126-5103

Crude settled flat as inventories in US hit third highest level on record and OPEC lowered its global oil demand growth outlook.

U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 0.3 million barrels.

OPEC’s production fell by 170,000 barrels per day last month to 30.25 million barrels per day.

Major Resistance on upside at 5161-5177-5193

Trend Deciding Level at 5131

Major Support on downside at 5115-5085-5069

COPPER MCX APR:

Copper trading projected high range for the day is 413.48-415.43

Copper trading projected low range for the day is 413.18-411.22

Copper down as weaker China imports data weigh on copper prices, fan demand worries.

Chilean mine workers resume operations, stoking concerns about excess supply

China’s imports of unwrought copper and copper semis declined 30.8% YoY in March, dimming outlook for copper demand.

Warehouse stock for Copper at LME was at 587925mt that is up by 375mt.

Major Resistance on upside at 414.5-416.35-418.20

Trend Deciding Level at 412.45

Major Support on downside at 410.60-408.55-406.70

MENTHA OIL MCX APR:

Mentha Oil trading projected high range for the day is 1001-1015

Mentha Oil trading projected low range for the day is 1014.5-1000

Mentha Oil ended lower as subdued demand from retailers and stockiest following sufficient stocks weighed on prices.

Weak demand from consuming industries in the spot market, also added to the downside of the commodity.

Mentha Oil output is estimated to remain at around 65,000 tonnes this year, compared to 53,000 tonnes in the previous year.

Major Resistance on upside at 1006-1025-1044

Trend Deciding Level at 996

Major Support on downside at 977-967-948

NATURAL GAS MCX APR:

Natural Gas trading projected high range for the day is 226-229.75

Natural Gas trading projected low range for the day is 224.25-220.50

Natural gas ended with good gains on talk weekly supply will reveal rising demand for the commodity.

Gas prices have rallied 22% this year as a colder-than-normal end to winter raised heating demand.

Total natural gas storage: EXP: -12B PREV: -94B. Actual is at 8.00PM.

Major Resistance on upside at 228.16-231.33-234.50

Trend Deciding Level at 223.83

Major Support on downside at 220.60-216.33-213.16

Today Major Global Events:

Date

Time

Region

Event

Period

Survey

Prior

Impact

11-04-2013

05:20

JN

Machine Orders [MoM]

Feb

6.90%

-13.10%

Slight

11-04-2013

05:20

JN

Machine Orders YoY%

Feb

-7.60%

-9.70%

Slight

11-04-2013

11:30

GE

Consumer Price Index [MoM]

Mar F

0.50%

0.50%

Slight

11-04-2013

13:30

EC

ECB Publishes Monthly Report

—-

—-

—-

—-

11-04-2013

18:00

US

Import Price Index [MoM]

Mar

-0.50%

1.10%

Slight

11-04-2013

18:00

US

Initial Jobless Claims

6-Apr

360K

358K

—-

11-04-2013

11:00

IN

Industrial Production YoY

Feb

—-

2.40%

Negative

11-04-2013

18:00

US

Continuing Claims

30-Apr

3073K

3063K

—-