Daily Commodity Updates

MCX Bullion Tips

Gold & Silver both precious metals are shwoing bullish. Silver up by al most 2.65% & seems more bullish from this level. If silver cross 54500 level then it will go for next high of 55000+. Same in Gold, Gold climed 0.83% in day trading & because of dollar weekness it seems more bullish.

Today in the afternoon session of the day we have a range of economic data coming from the Euro Zone and we also have the Spanish and EFSF bond auction which will also test the investor’s confidence after the EFSF was downgraded by one notch by S&P. A drop in yields supported by a rise in demand would support the Euro and also the Precious Metals Complex. Silver was also trading  in green yesterday tracking  the gold prices and it was the investment demand which was driving it. Spot Silver prices rose to $29.93 per troy ounce from $29.72 per troy ounce the prior trading day.

Copper also show some good range for buying, but we not suggest for buy copper at thi level. Market data may reflect copper from this level.

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Gov. has changed import duty on Gold & Silver

Indian Commodity Live

India has changed the import duty on gold to two percent of value from the earlier flat 300 rupees per 10 grams, sending the shares of jewellery makers lower. The world's biggest importer of bullion has also altered silver import duty to six percent of value from the earlier 1,500 rupees per kilogram, the government said in a statement.

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MCX Commodity Data

Commodity data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 17TH      JAN	4:30am	USD	FOMC Member Duke Speaks
	7:00pm	USD	Empire State Manufacturing Index	10.8	9.5

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MCX Commodity Gold & Crude Oil Updates

No major movement seems due to American Market closing in Commodity.

Gold Updates  

After the downgrade the next test is for France which has its bond sales which will test the investor’s confidence after the nation lost its coveted AAA rating. U.S. Markets are closed on Monday on account of Martin Luther King holiday and trading activity is expected to remain thin and market will continued to discount the rating downgrades news with low volumes to be seen in the trading.

Crude Updates

US crude oil imports in November rose to 8.874 million barrels per day (b/d), up 384,000 b/d, or 4.52 percent, over October, the US Department of Commerce said Friday. November's import figure was up 278,000 b/d over November 2010. Year-to-date imports though November was down 144,000 b/d to 9.118 million b/d compared with the same period in 2010. Nigerian oil union Pengassan said it will only shut down oil output as “a last resort” in Africa’s top crude producer to give more time for negotiations with President Goodluck Jonathan’s government to end a strike now in the second week.

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MCX Gold Silver Trend for the day

Gold Intraday Trend - Bearish

Suggestion - Short on higher level

Silver Intraday Trend - Bearish

Suggestion - Short on higher level

Due to International commodity both precious metals shine not in glow, both metals on downside We strongly recommend it for short, Silver short term trend is also bearish.

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MCX Commodity Market Data for Today

 MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
FRI 13TH      JAN	12:30am	USD	Federal Budget Balance	-79.0B	-137.3B
	7:00pm	USD	Trade Balance	-44.8B	-43.5B
	7:00pm	USD	Import Prices m/m	0.0%	0.7%
	8:25pm	USD	Prelim UoM Consumer Sentiment	71.2	69.9
	8:25pm	USD	Prelim UoM Inflation Expectations		3.1%
	9:40pm	USD	FOMC Member Duke Speaks

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