DAILY MCX NEWSLETTER

05 - FEB. FEB.-2014 2014

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BULLION:
The Financial Technologies India (FTIL) knew about the fictitious trades being conducted at National Spot Exchange Ltd (NSEL) through a ProSys audit but NSEL officials did not respond timely to the draft audit report. This was revealed in the Forensic Auditing conducted by chartered accountants Choksi and Choksi as per the directive of commodity markets regulator, Forward Markets Commission. The audit firm notes that there was no formal method documented to mark delivery default and fictitious trades weren't interrupted. NSEL in a press release points out that action could not be taken on the ProSys audit report as it was at a draft stage.

BASE METAL:
International Stainless Steel Forum (ISSF), in its preliminary report, shows that global stainless crude steel production increased by 5.5% for the first 9 months of 2013 yoy. Production for the first nine months of 2013 totalled 28 million metric tons (mmt), up 1.4 mmt in comparison to the same period of 2012. Production for the 3rd quarter 2013 was at 9.3 mmt, a new alltime 3rd quarter high. However significant differences in regional development prevail.

ENERGY:
The US State Department has endorsed the proposed Keystone XL pipeline permit that would carry crude oil from Canadian Oil Sands to US gulf coast refineries. There is still considerable uncertainty regarding the project and that final Presidential approval remains in doubt, according to a Barclays Report. It pointed out that President still has sufficient reasons to approve, rject or request modification of the permit.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 28800, 29000 : - 28400, 28200 : - SELL ON HIGH

SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 43800, 44000 : - 43400, 43200 : - SELL ON HIGH

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ENERGY

CRUDEOIL (19 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 6150, 6200 : - 6040, 6000 : - BUY ON DIPS

NATURAL GAS (25 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 340.00, 350.00 : - 325.00, 320.00 : - BUY ON DIPS

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BASE METAL

COPPER (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 444.00, 446.00 : - 440.00, 438.00 : - SELL ON HIGH

LEAD (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 131.70, 132.50 : - 130.00, 129.00 : - SELL ON HIGH

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ZINC (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 123.50, 124.50 : - 121.90, 121.00 : - SELL ON HIGH

ALUMINUM (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 104.90, 106.00 : - 103.00, 102.00 : - SELL ON HIGH

NICKEL (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BEARISH : - 875.00, 885.00 : - 860.00, 850.00 : - SELL ON HIGH

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1254.10 19.544 3.204 97.65 704.30 1374.20

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.7800 01.3510 101.376 00.9037 01.6324 01.1095

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