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Daily Metals and Energy Report, 1st February 2013

Daily Metals and Energy Report, 1st February 2013

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Published by Angel Broking
1st February 2013
1st February 2013

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Published by: Angel Broking on Feb 01, 2013
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Commodities Daily Report
 
International Commodities
Friday| February 01, 2013
 
www.angelcommodities.com
 
Content 
OverviewPrecious MetalsEnergyBase MetalsImportant Events for today
Angel Commodities Broking Pvt. Ltd.
Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093.Corporate Office: 6th Floor, Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 2921 2000MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX: Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
Disclaimer:
The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completeness andcorrectness. The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in whole or inpart, by any recipient hereof for any purpose without prior permission from “Angel Commodities Broking (P) Ltd”. Your feedback is appreciated on 
commodities@angelbroking.com
 
Research Team
Nalini Rao - Sr. Research Analystnalini.rao@angelbroking.com (022) 2921 2000 Extn. 6135 Anish Vyas - Research Analyst D Vijiya Rao - Research Analystanish.vyas@angelbroking.com vijiya.d@angelbroking.com  (022) 2921 2000 Extn. 6104
view:
(022) 2921 2000 Extn. 6134
view
 
 
Commodities Daily Report
 
International Commodities
Friday| February 01, 2013
 
www.angelcommodities.com
 
Overview
 
US Unemployment Claims increased to 368,000 for w/e on 25
th
Jan.
 
German Unemployment Rate declined to 6.8 percent in December.
 
UK’s Nationwide HPI rose by 0.5 percent in the current month.Asian markets are trading on a mixed note today on the back of rise inJapan’s unemployment rate, fall in China’s manufacturing PMI along withunfavorable jobless claims data from the US in yesterday’s tradingsession.US Unemployment Claims increased by 38,000 to 368,000 for the weekending on 25
th
January as against a rise of 330,000 in prior week.Employment Cost Index rose by 0.5 percent in Q4 of 2012 from rise of 0.4percent in Q3 of 2012. Personal Spending increased at slow pace of 0.2percent in December as compared to rise of 0.4 percent in November.Chicago Purchasing Managers' Index (PMI) increased by 4 points to 55.6-mark in January when compared to 51.6-level in December.US Dollar Index (DX) traded on a flat note and declined by 0.1 percentyesterday on account of mount in the Chicago PMI and mixed economicdata from the US. However, sharp downside in the currency wascushioned on the back of rise in the US jobless claims data. Apart fromthat, US equities also traded on a weak note which also preventedfurther fall in the DX.In the initial part of the trade, the currency had appreciated as a result ofrise in risk aversion in the global market sentiments which led to rise indemand for the low yielding currency. The currency touched an intra-daylow of 79.16 and closed at 79.23 on Thursday.The Indian Rupee traded on a flat note and appreciated marginally by 0.1percent in yesterday’s trading session. The currency appreciated on theback of increase in the foreign inflows. Additionally, selling of dollarsfrom exporters also supported an upside in the currency.However, sharp upside in the currency was capped on account of weakdomestic market sentiments along with strength in the DX in the earlypart of the trade. The Indian Rupee touched an intra-day high of 53.06and closed at 53.26 against dollar on Thursday.For the month of January 2013, FII inflows totaled at Rs 22,059.20 crores($4,059.32 million) as on 31
st
January 2013. Year to date basis, net capitalinflows stood at Rs.22,509.10 crores ($4,059.30 million) till 31
sr
January2013.
Market Highlights
 
(% change)
as on 31 January, 2013 
 
Last Prev day w-o-w m-o-m y-o-yINR/$(Spot)
53.26 -0.1 0.8 3.1 -7.1
$/Euro(Spot)
1.3578 0.1 1.5 2.9 3.8
DollarIndex
79.26 -0.1 -0.9 -0.8 -0.2
NIFTY
6034.8 -0.3 0.3 2.2 16.1
SENSEX
19895.0 -0.5 -0.1 2.4 15.7
DJIA
13860.6 -0.4 0.3 5.8 9.7
S&P
1497.7 0.20 0.2 0.6 14.64
Source: Reuters 
The Euro appreciated by 0.1 percent in yesterday’s tradingsession as result of German Unemployment Change declinedby 16,000 in December from earlier fall of 2,000 a month ago.German Unemployment Rate declined to 6.8 percent inDecember as compared to rise of 6.9 percent a month earlier.Additionally, weakness in the DX also acted as a positive factorfor the currency.However, sharp upside in the currency was capped on the backof German Retail Sales declined by 1.7 percent in December asagainst a rise of 0.6 percent in November. The Euro touched anintra-day high of 1.3593 and closed at 1.3578 against dollar onThursday.
 
 
Commodities Daily Report
 
International Commodities
Friday| February 01, 2013
 
www.angelcommodities.com
 Market Highlights - Gold
(% change)
as on 31 January, 2013 
 
Gold Unit LastPrevdayWoW MoM YoYGold (Spot) $/oz
1663.0 -0.8 -0.3 -0.7 -4.4
Gold (Spot-Mumbai)Rs/10gms
30250.0 0.5 -1.3 -0.8 7.5
Gold(LBMA-PMFix)
 
$/oz
1664.8 -0.8 -0.4 #N/A -4.5
ComexGold(Feb’13)$/oz
1663.0 -1.0 -0.4 -0.7 -4.3
MCX Gold(Feb’13)Rs /10gms
29871.0 -1.1 -1.9 -3.2 6.4
Source: Reuters 
Market Highlights - Silver
 
(% change)
as on 31 January, 2013 
 
Silver Unit Last Prev day WoW MoM YoYSilver(Spot)$/oz
31.4 -1.9 -0.7 3.6 -5.2
Silver(Spot -Mumbai)
 
Rs/1 kg
59300.0 1.6 -0.2 2.7 126.9
Silver(LBMA)
 
$/oz
3203.0 2.2 0.6 6.9 -4.7
ComexSilver(Mar’13)$/ oz
3130.0 -2.6 -1.2 3.7 -5.8
MCX Silver(Mar’13)
 
Rs / kg
57849.0 -2.1 -1.9 0.0 2.5
Source: Reuters 
Technical Chart – Spot Gold
Source: Telequote 
 
BullionGold
Spot gold prices declined 0.8 percent as US inflation concerns fadedwhich led to reduction in the demand for the metal as a hedgeagainst inflation. The US Federal Reserve had yesterday in its policymeeting said that the inflation has been below the committee’slonger run objective. This caused selling in the gold prices. However,weakness in the DX cushioned sharp fall in the prices.The yellow metal touched an intra-day low of $1,657.54/oz andclosed at $1,662.99 per ounce on Thursday. On the MCX, GoldFebruary contract ended 1.1 percent lower due to appreciation in theIndian Rupee. MCX gold prices closed at Rs.29,871 per 10 gms onThursday after touching an intra-day low of Rs. 29,794 per 10gm.
Silver
Spot silver erased earlier gains of the previous day and ended 1.9percent lower on Thursday. Weakness in the spot gold prices alongwith bearishness in the base metals pack led spot silver prices totrade lower yesterday. However, weakness in the DX cushioned sharpfall in the silver prices. Appreciation in the Indian rupee exerteddownside pressure on the MCX silver prices.The white metal touched an intra-day low of $ 31.1/oz and closed at$ 31.41 per oz on Thursday. In the Indian markets, MCX silver pricesgained 2.1 percent and closed at Rs.57,849/kg on Thursday andtouched an intra-day low of Rs. 57,472/ kg. Appreciation in the rupeepushed prices of white metal lower in yesterday’s session.
Outlook
 In today’s session, we expect precious metals to trade higher as theeconomic data from the major consuming nations are indicating slowgrowth. Investors might also adopt a cautious approach ahead of the jobs data to be released in the evening today. This is likely to restrictgains in the precious metals. Weakness in the DX might support anupside in the previous metals. In the domestic markets, depreciationin the rupee is likely to act as supportive factor for the preciousmetals on MCX.Technical Outlook
valid for February 01, 2013
 
Unit Support ResistanceSpot Gold $/oz
1656/1650 1665/1670
MCX Gold Apr’13 Rs/10 gms
30480/30380 30650/30750
Spot Silver $/oz
31.20/31.05 31.50/31.70
MCX Silver Mar’13 Rs/kg
57500/57300 58100/58400

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