Gold MCX, Silver, Crude oil Trend

 - Gold heads for its biggest weekly drop since early 2009.

 - Base metals and crude oil up due to dollar weakness

MCX Silver Trend

Silver is expected to trade with a sideways bias mainly taking mixed cues from decline in gold prices, dollar weakness and upside in base metals. COMEX Silver Dec futures also ended in the pool of Red and fell by 2.55 percent to $39.501 per troy ounce yesterday from $40.533 per troy ounce the prior day. Investment demand for the white metal remained unchanged yesterday at iShares Silver trust.

Gold MCX Trend

Gold Dec Futures lost their safe haven appeal yesterday and fell by 2.47 percent to $1,781.4 per troy ounce from $1,826.5 per troy ounce the prior day. Such news favor the equity markets and prove to be negative for the Safe haven assets. In evening session US data effect the trend of MCX Gold.

Crude oil MCX Trend

We expect crude oil prices to trade with a positive note today mainly taking cues from positive sentiments in the markets along with dollar weakness.NYMEX Crude oil Oct futures surged by 0.55 percent to $89.40 per barrel from $88.81 per barrel yesterday.

Prices have been consolidating for the last couple of days. Going forward it seems to be forming a triangle in the range of 413-422 levels. Either the side break out would be required to suggest fresh directional moves later. However intraday we favour an initial dip followed by a recovery later.

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MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
FRI 16TH SEP	6:30pm	USD	TIC Long-Term Purchases	27.3B	3.7B
	7:25pm	USD	Prelim UoM Consumer Sentiment	56.4	55.7
	7:25pm	USD	Prelim UoM Inflation Expectations		3.5%

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MCX Commodity Live Updates

MCX Gold Trend

Investment demand for the yellow metals has still not showed any signs of renewal as holdings at SPDR Gold ETF remained unchanged yesterday. Today in the evening session of the trade we have U.S. Jobless Claims data which is expected to decline, hence would support the greenback. We also have the U.S. CPI data which is a measure for inflation and hence would affect the greenback. e MCX, Gold October contract traded lower by more than 1 percent on account of Rupee appreciation and touched an intra-day low of Rs27,842/10 gms.

MCX Copper Trend

Copper which is considered as a bellwether of the economy tumbled down yesterday even though stock markets rallied and greenback was weak. The RED Metal got pressurized on weak U.S. Retail Sales data and closed down by 1.79 percent to $3.885 per pound yesterday from $3.9560 per pound the prior day.

The base metals complex traded higher on the LME in today’s trading session mainly on account of dollar weakness coupled with rise in risk appetite in the markets globally. Nickel was the top performer of the day as the metal rose 2 percent on the LME and around 1.4 percent in the MCX today.

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Live MCX Market Data

MCX Market Data, Live MCX

Date	Time	Currency	Economic Data	Forecast	Previous
THU 15TH SEP	6:00pm	USD	Core CPI m/m	0.2%	0.2%
	6:00pm	USD	Unemployment Claims	410K	414K
	6:00pm	USD	CPI m/m	0.3%	0.5%
	6:00pm	USD	Current Account	-122B	-119B
	6:00pm	USD	Empire State Manufacturing Index	-3.9	-7.7
	6:45pm	USD	Capacity Utilization Rate	77.5%	77.5%
	6:45pm	USD	Industrial Production m/m	0.1%	0.9%
	7:30pm	USD	Philly Fed Manufacturing Index	-14.7	-30.7
	8:00pm	USD	Natural Gas Storage	85B	64B
	11:15pm	USD	FOMC Member Tarullo Speaks

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Bullion & Base Metals Trend

MCX Commodity Trend

Gold Trend

Investment demand for the yellow metal still showed no signs of reversal as holdings at SPDR Gold ETF showed 0.61 tonnes of redemption yesterday. Spot Gold prices fell reversing the gains made earlier today on downgrade of French banks. Credit rating agency Moody’s downgraded top two banks of France by a notch.

Silver Trend

Investment demand for the white metal at iShares Silver trust remained muted yesterday as the holdings remained unchanged.Silver is expected to trade with a sideways bias today as it will take mixed cues from a stronger dollar, downside in base metals and choppy sentiments in the global equity markets.

Crudeoil Updates

Crude oil inventories declined 5.05 million barrels to 344.2 million last week, the American Petroleum Institute said. Gasoline stockpiles rose 2.76 million barrels to 212.7 million, the report showed while inventories of distillates, including heating oil and diesel, rose 67,000 barrels. Demand growth for 2012 is estimated to decline by 1,90,000 bpd to 1.42 million bpd. IEA is forecasting that world oil  onsumption will increase more slowly than expectations this year as well as the next year. The OPEC and the US department of energy both have also cut their forecasts for global oil demand growth this month. As per the IEA report OPEC oil production increased 1,65,000 bpd in August as against 30.26 million bpd in July.

Copper updates

In the evening session of the trade we have U.S. Retail Sales and Business inventory data which if comes better than expected then would support the Base Metals Complex. The sell off seen so far during the day may not continue unless trades below 413 convincingly. For the day initial dips likely to find

support near 416-14 regions and turn higher later. However broad picture requires a close above 424 for bigger rallies.

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MCX Market Data

MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 14TH SEP	6:00pm	USD	Core Retail Sales m/m	0.2%	0.5%
	6:00pm	USD	PPI m/m	-0.1%	0.2%
	6:00pm	USD	Retail Sales m/m	0.2%	0.5%
	6:00pm	USD	Core PPI m/m	0.3%	0.4%
	6:00pm	USD	Treasury Sec Geithner Speaks
	7:30pm	USD	Business Inventories m/m	0.4%	0.3%
	8:00pm	USD	Crude Oil Inventories		-4.0M

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