MCX Commodity Updates

Gold Tips

Today in evening session bullion may rise form the iampact of US. In absence of liquidity amid sharp decline in the European Markets coupled with strong U.S. Dollar, investors reduced their Precious Metals holdings yesterday and the selling made the COMEX Gold Oct futures end the day at $1,810.6 per troy ounce, down 2.5 percent from $1,857.1 per troy ounce made on 9 th Sept, 2011. A rise in the data would support the Precious Metals Complex.

Silver Tips

Spot silver declined almost 3 percent in yesterday’s trading session mainly taking cues from fall in gold prices coupled with a stronger dollar. We expect silver trade higher in today trading session.

Crude Oil Updates

Its expected that crude to trade higher in todat session. NYMEX Crude oil futures which were pressurized in the early session recovered after making a low of $85 and ended the day at 1.09 percent gain to $88.19 per barrel from $87.24 per barrel the prior day. Rebound in the Euro towards the later session of the trade boosted the sentiment and also weighed down on the dollar.

Copper Updates

With Bullion in base metal copper also trade with bullish trend, Copper three month futures on LME also ended down by 0.77 percent to $8,766 per ton from $8,834 per ton the prior day.

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MCX Market Data

MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 13TH SEP	1:30am	USD	FOMC Member Fisher Speaks
	6:00pm	USD	Import Prices m/m	-0.7%	0.3%
	7:30pm	USD	IBD/TIPP Economic Optimism		35.8
	11:30pm	USD	Federal Budget Balance	-126.5B	-129.4B

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Live MCX Commodity Updates

Gold Trend

Gold rose more than 1 percent on account of Rupee depreciation. Gold hit record high of Rs 28,744/10 gms and ended its trading session at Rs28,200/10 gms last week. Holdings in the SPDR Gold Trust, world’s largest gold-backed exchange-tradedfund (ETF), rose 0.8 percent to 1241.92 tonnes till 9th September from the previous level of 1232.31 on 2nd September 2011.

Silver Trend

We except silver trade in pressure today,even though the day’s bias may remain choppy, breaks below 64400 would rejuvenate selling pressure towards 64000/62800 levels. On the higher side prices would be needed to close above 66000 to edge higher towards 67700 where the upper daily Ballinger band resistance is placed.

Crudeoil Updates

Dips to 4020-4000 are likely to invite bargain hunting that could lift prices towards 4090/4120 levels, which we favoured initially. However, it would be required to trade consistently above 4150 to continue further upside. A direct dip below 3990 would be an early signal of selling pressure till 3960/3920 levels.

Copper Trend

Copper Shanghai weekly Inventory rose sharply by 5.1 percent to 113,300 tonnes last week which acted as a negative factor for prices. On the MCX, copper declined 0.9 percent and touched a low of Rs 411.80/kg last week. Prices have cleared the rising trend line support of 414-412.50 regions in the early session. While prices stay below the same expect to continue the sell off towards 407/404, which we favour for the day. However an unexpected turn higher above 414 would be a signal of recovery, but unlikely for major short covering rallies later.

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Live MCX Data

Live MCX Data

FRI 9TH SEP	12:30am	USD	Consumer Credit m/m	6.3B	15.5B
	4:30am	USD	President Obama Speaks
	Day 1	USD	G7 Meetings
	7:30pm	USD	Wholesale Inventories m/m	0.8%	0.6%

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MCX Commodity Updates

MCX Gold Trend

Investment demand for the yellow metal at SPDR Gold ETF remained muted yesterday as gold holdings were unchanged. Today in the evening session of the trade we have U.S. Jobless Claims which are expected to decline and hence would pressurize the Precious Metals while we also have the U.S. Trade Deficit data which is also expected to narrow, hence would support the greenback.

Silver Trend

Silver seems bullish for today trading session.For intraday we expect prices may swing higher initially but that initiative may hang up in the region of 65500 for a slowdown and may trigger a corrective selling towards 64600/64100 and later towards 63600/62800. Conversely successful trade attempts above 65700 region may find resistance at 66600 firstly and then 67000.

Copper Trend

Though the uptrend looks shaky, extended possibilities of the same would be alive as long as dips as held above 419/417. Meanwhile, 425 is expected to prompt some profit booking, but a sustained buying interest past the same should call for 429. Copper rose around 1.7 percent on the LME mainly on the back of supply fears in Freeport McMoRan Copper & Gold's Grasberg, the third-biggest copper mine in Indonesia and Cerro Verde, third largest copper mine in Peru.

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MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 8TH SEP	6:00pm	USD	Trade Balance	-50.3B	-53.1B
	6:00pm	USD	Unemployment Claims	409K	409K
	8:00pm	USD	Natural Gas Storage		55B
	8:30pm	USD	Crude Oil Inventories	-2.9M	5.3M

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