DAILY MCX NEWS LETTER-13 FEB 2015

BULLION

GOLD moved higher in COMEX on Thursday on a weaker dollar and data showing the U.S. economic recovery remains fragile. The dollar eased against a basket of international currencies, giving gold prices a boost. Gold advanced further after two reports showed the U.S. continues to encounter potholes on the road to recovery. In a worrisome signal of weak consumer spending, January retail sales fell 0.8%. In addition, initial jobless claims, a measure of layoffs, rose by 25K to a seasonally adjusted 304K in the week ended Feb. 7. Investors also continue to watch Greece and Ukraine. Eurozone officials are wrangling over Greece's debt problems, while  Ukraine peace talks yielded a cease-fire deal with Russia-backed separatists.

BASE METAL

COPPER  prices rose on Thursday, as investors cheered reports of a cease-fire agreement between Russia and Ukraine. Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence. The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, went down. A weaker dollar boosts demand for base metals as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies. Market sentiment remained subdued after talks between Greece and European Union officials ended without an agreement, though both sides said there was still hope for a deal. Further talks are due to be held next Monday.

ENERGY

CRUDE OIL futures climbed on Thursday, arresting a two-session losing streak, as industry spending cuts and a weaker dollar spurred buying. The chief executive of Shell said supply might not be able to keep up with growing demand after oil companies slashed budgets following a near-halving of oil prices since June. U.S. crude reached $51.41 on Thursday before paring gains after oil services firm Genscape reported a large build at the Cushing, Oklahoma, storage hub and delivery point for the U.S. crude contract. Traders pointed to a weaker dollar as boosting buying on Thursday, as the drop made dollar-priced commodities such as oil cheaper. Natural gas futures extended losses on Thursday, after data showed that U.S. natural gas supplies fell less than forecast last week, underlining concerns over weak demand. 

BULLION , ENERGY & BASEMETAL OVERVIEW:-

CS GOLD (APRIL) OVERVIEW:  

TREND  MIXED TO BEARISH 

RESIST 2:26900 

RESIST 1:26710 

SUP1:26425 

SUP2:26320 

STRATEGY: SELL ON RISE  

CS SILVER (MARCH) OVERVIEW: 

TREND  MIXED TO BEARISH 

RESIST 2:37950 

RESIST 1:37650 

SUP1: 36925 

SUP2:36620 

STRATEGY: SELL ON RISE 

CS CRUDE (FEBRUARY) OVERVIEW:   

TREND  MIXED TO BULLISH 

RESIST 2:3270 

RESIST 1:3220 

SUP1:3100 

SUP2:3030 

STRATEGY: BUY ON DIPS 

CS NATURAL GAS (FEBRUARY) OVERVIEW: 

TREND  MIXED TO BEARISH 

RESIST 2:185 

RESIST 1:177 

SUP1:164 

SUP2:159 

STRATEGY: SELL ON RISE 

CS COPPER (FEBRUARY) OVERVIEW: 

TREND  MIXED TO BULLISH 

RESIST 2: 365 

RESIST 1: 361 

SUP 1: 352.50 

SUP 2: 347.50 

STRATEGY: BUY ON DIPS 

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