MTECHTIPS COMMODITY MARKET NEWS 3
MTECHTIPS:-'Intra-day MCX Gold looks directionless'
Before the US Federal Reserve's FOMC or Federal Open Market Committee comes outwith its statement on monetary policy in the initial hours of Thursday, Indian time, goldfutures look directionless and does not provide f
or a clear trend.“Indian Rupee has been
appreciating which may restrict upside movement of gold in our market. However, inthe international markets, bullion is trading on a positive note and looks bullish on thecharts."More of monitoring is required before a trend can be finalised." he added.
WTI Crude Oil: Will it score a century?
Is WTI crude oil futures all set to score a ton, a 100?For the short term, NYMEX crudeoil prices are having a crucial resistance of $98 and once it sustains above the same,may move further and touch $100 levels, according to.On the lower side, prices have agood support at $96 levels.Meanwhile, the commodity on the MCX opened on a positivenote in today's session and is expected to gain strength in the coming days subsequentto hitting 18 weeks highs recently.Crude oil inventory data is set to be released by USDepartment of Energy this evening at 9.00 PM IST and the said data is deemed
surprisingly neutral for the commodity.“ Last week stockpiles data has said crud
einventories were ruling at 2.8M barrels even as the forecasts say that stockpiles couldbe at 2.9M barrels for the current week. The minimal shift to the upside may prove to
be of neutral impact.”
Will India's anti-Gold consumption drive become asuccess?
India Government has raised the import duty on gold again by 2% to 6% and that ongold dore bars to 5% from 2%. Dore, an alloy of gold and silver is used by refineries toproduce pure gold, accounts for about 100 tons of annual imports out of a total of 800tons imported on an average in the country.Last year when gold import duty was raisedfrom 2-4%, it led to widespread protests from the bullion, jewellery industry and theydowned shutters for weeks. However, this time the protests have been feeble with theGem and Jewellery Export Promotion Council (GJEPC) asking for a reduction in goldimport rate in its pre-budget memorandum submitted to the Finance Ministry.
MCX Copper: Be on the buying side
MCX copper gained in the morning session as optimism mounted pertaining to thehealth of global economy.The prices may trade in the range of 435-442 as data showthat US durable goods orders jumped more than expected in December by 4.6%compared to expectations of a rise of 1.8%.Chinese buying has remained subdued