Weekly MCX Newsletter 02 June 2014

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02
ND
TO 07
TH
JUNE2014

www.TheEquicom.com +919200009266

Gold fell almost 1 per cent to a near four-
month low on Friday, extending its losing
streak a fourth consecutive day, weighed
down by book squaring ahead of month
end and selling by commodity funds.

For the week, gold lost about 3.5 per cent
for its worst decline since late November
2013. Heavy technical selling throughout
the week sent bullion prices below $1,250
for the first time since Feb. 4.
Analysts noted a breakdown of gold's
usual inverse correlation with US bond
yields. Yields on 10-year US Treasuries fell
sharply this week to hit their lowest in 11
months. Spot gold was down 0.7 per cent
at $1,247.10
US gold futures for August delivery settled
down $11.10 an ounce at $1,246.

BULLION

Brent crude oil prices are expected to drop sharply
in the second half of this year as ample supply and
tepid demand offset worries over political risks, a
Reuters poll of analysts showed on Friday.

Brent crude oil will average $105.90 a barrel in 2014,
the Reuters monthly survey of 28 analysts projected,
significantly below the $108.19 average seen so far
this year.

The benchmark is expected to continue to slide over
the next two years, averaging $102.50 per barrel in
2015 and $100.50 in 2016, according to the poll.
Brent averaged $108.70 in 2013.

In order to average $105.90 for 2014, Brent would
need to drop sharply to an average of $104.26 a
barrel for the remaining seven months of this year.
That is nearly $6 below the current market level of
around $110 a barrel.

Analysts forecast US light, sweet crude, also known
as West Texas Intermediate or WTI, would average
$98.70 a barrel in 2014, slightly above the $98.05
average in 2013. WTI has averaged $99.93 so far this
year.

.

ENERGY

China has aggressively started scouting for
copper assets again to meet its seemingly
insatiable demand for concentrates as more
capacity comes on line and refined copper
imports diminish, according to SNL Metals and
Mining.
China government has also relaxed norms for
overseas deals with those under US $1 bn not
requiring prior approval. Previously, any deal
valued at more than US$100 million had to be
submitted to China's National Development and
Reform Commission.
Even more important in driving the current trend
is the fall in copper and some other metals
pricings: Long-term assets now can be gained at
prices that may seem relatively cheap.

BASEMETAL

OUTLOOK:
TREND : - BEARISH
RESISTANCE : - 27300, 27700
SUPPORT : - 26400, 26000
STRATEGY : - SELL ON HIGH

GOLD (5 JUN.)

OUTLOOK:
TREND : - BEARISH
RESISTANCE : - 40500, 41300
SUPPORT : - 39000, 382 00
SILVER (5 JULY.)

OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 6200, 6300
SUPPORT : - 6000, 5900
STRATEGY : - BUY ON DIPS

CRUDEOIL (19 JUN)

OUTLOOK:
TREND : - CONSOLIDATE
RESISTANCE : - 419.00, 425.00
SUPPORT : - 402.00, 395.00

COPPER (30 JUN.)

GOLD 1249.21
SILVER 19.792
COPPER 3.131
CRUDE OIL 102.83
NATURAL GAS 4.546
PALLADIUM 834.90
PLATINUM 1450.70
USDINR 59.2800
EURUSD 01.3633
USDJPY 101.729
USDCHF 00.8950
GBPUSD 01.6758
USDCAD 01.0845






SCRIPT R3 R2 R1 P S1 S2 S3
GOLD 28400 27900 27400 27000 26400 26000 25500
SILVER 42400 41800 40700 40100 39000 38400 37300
CRUDEOIL 6350 6250 6200 6100 6050 5950 5900
COPPER 425.50 422 416.50 413 407.50 404 398
LEAD 129 127.50 125.50 124 122 120.50 118.50

ZINC 127 125.50 124 122 120.50 119 117.50
ALIMINUM 115 112 110 107 105 102 100
NICKEL 1238.50 1204 1174 1139.50 1110

1075 1045
NATURAL GAS 298 287 279 268 260 248 241


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