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Daily Metals and Energy Report, March 6

Daily Metals and Energy Report, March 6

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Published by Angel Broking
6th March, 2013
6th March, 2013

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Published by: Angel Broking on Mar 06, 2013
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Commodities Daily Report
International Commodities
Wednesday| March 6, 2013
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
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 in
part, by any recipient hereof for any purpose without prior permission from “Angel Commodities Broking (P) Ltd”. Your feedback is appreciated on
Research Team
Vedika Narvekar - Sr. Research Analyst
vedika.narvekar@angelbroking.com(022) 2921 2000 Extn :6130
Saif Mukadam
Research Analyst
saif.mukadam@angelbroking.com(022) 2921 2000 Extn :6136
Anish Vyas - Research Analyst
anish.vyas@angelbroking.com(022) 2921 2000 Extn :6104
Commodities Daily Report
International Commodities
Wednesday| March 6, 2013
US ISM Non-Manufacturing PMI increased to 56-mark in February.European Retail Sales rose by 1.2 percent in the month of January.
India’s HSBC Services PMI declined to 54.2
-mark in the last month.
UK’s Services PMI increased by 0.3 points to 51.8
-mark in February.Asian markets are trading higher today on the back of favorableeconomic data from US coupled with expectations that central banksover the world will continue with its stimulus measures.US Institute for Supply Management (ISM) Non-ManufacturingPurchasing Managers Index (PMI) increased by 0.8 points to 56-mark inFebruary as against a rise of 55.2-level in January. Investor's BusinessDaily (IBD) / Techno Metrica Institute of Policy and Politics (TIPP)Economic Optimism declined by 5.1 points to 42.2-mark in March fromearlier rise of 47.3-level in February.
India’s HSBC Services Purchasing Managers Index (PMI) declined by 3.3
points to 54.2-mark in February as against a rise of 57.5-level in January.US Dollar Index (DX) depreciated marginally by 0.1 percen
t in yesterday’s
trading session on the back of rise in risk appetite in the global marketsentiments which led to fall in demand for the low yielding currency.Additionally, unexpected rise in the US non-manufacturing PMI coupledwith expectations that US Federal Reserve will continue with its stimulusmeasures program also exerted downside pressure on the currency.
In addition, US equities also traded on a positive note in yesterday’s
trade which also acted as an unfavorable factor for the DX. The currencytouched an intra-day low of 81.96 and closed at 82.15 on Tuesday.
The Indian Rupee traded on a flat note in yesterday’s trading session. The
currency depreciated in the later part of the trade on the back of dollardemand from the importers. However, weakness in the DX coupled withupbeat global market sentiments cushioned sharp fall in the currency.Additionally, in the early part of the trade currency appreciated as aresult of selling of dollars by exporters. The Indian Rupee touched anintra-day high of 54.60 and closed at 54.94 against dollar on Tuesday.For the month of March 2013, FII outflows totaled at Rs.238.50 crores($47.11 million) as on 5
March 2013. Year to date basis, net capitalinflows stood at Rs.46,259.70 crores ($8,587.50 million) till 5
UK’s Services Purchasing Managers Index (PMI) increased by 0.3 points to
51.8-mark in February as against a rise of 51.5-level in January. BritishRetail Consortium (BRC) Shop Price Index increased by 1.1 percent inFebruary from earlier rise of 0.6 percent in January.
Market Highlights
(% change)
as on 5 March, 2013
Last Prev day w-o-w m-o-m y-o-yINR/$(Spot)
54.94 0.0 -1.6 -3.6 -9.3
1.305 0.2 -0.1 -3.9 -1.3
82.15 -0.1 0.3 3.3 3.4
5784.3 1.5 0.4 -2.9 9.5
19143.2 1.4 0.7 -2.6 4.7
14253.8 0.9 2.5 2.0 10.0
1539.8 1.0 2.9 1.9 12.9
Source: Reuters
The Euro appreciated by 0.
2 percent in yesterday’s trade on
the back of optimistic global market sentiments coupled withweakness in the DX. Further, positive Retail sales data fromEurope also supported an upside in the Euro currency.However, unfavorable data from the Italian and SpanishServices PMI capped the further appreciation in the currency.Spanish Services Purchasing Managers' Index (PMI) declined by2.3 points to 44.7-mark in February from earlier rise of 47-levelin January. Italian Services PMI declined by 0.3 points to 43.6-level in February as against a rise of 43.9-mark in January.European Retail Sales rose by 1.2 percent in January ascompared to previous decline of 0.9 percent a month ago.
Commodities Daily Report
International Commodities
Wednesday| March 6, 2013
 Market Highlights - Gold
(% change)
as on5 March, 2013
Gold Unit LastPrev.dayWoW MoM YoYGold (Spot) $/oz
1575.1 0.1 -2.4 -5.8 -7.7
Gold (Spot -Mumbai)Rs/10gms
29600.0 0.3 0.7 -2.3 7.1
1579.8 0.3 -0.7 -5.6 -7.3
1574.6 0.2 -2.5 -5.8 -7.9
MCX Gold(
)Rs /10gms
29569.0 -0.3 -1.7 -1.9 -
Source: Reuters
Market Highlights - Silver
(% change)
as on 5 March, 2013
Silver Unit Last Prev day WoW MoM YoYSilver(Spot)$/oz
28.7 0.4 -2.4 -9.8 -15.7
Silver(Spot -Mumbai)
Rs/1 kg
55580.0 0.0 0.5 -5.8 -4.7
2893.0 0.8 0.6 -9.6 -15.4
)$/ oz
2856.3 0.4 -2.4 -10.3 -15.1
MCX Silver(
Rs / kg
53803.0 0.0 -1.4 -7.8 -
Source: Reuters
Technical Chart
Spot Gold
Source: Telequote
Spot gold prices increased by 0.1 percent in the in yesterday aretrading session on the back of expectation among the marketparticipants that major central banks will maintain the stimulusmeasures to spur growth coupled with weakness in DX.Further, Bank of Korea bought 20 metric tons of gold also supportedprices. The yellow metal touched an intra-day high of $1586.5/oz andclosed at $1575.25/oz on
trading session.In the Indian markets, prices declined by 0.3 percent yesterday andclosed at Rs.29569/10 gms after touching an intra-day low of Rs.29556/10 gms on Tuesday. In the domestic markets upside in theprices was capped on the back of appreciation in the rupee.
Taking cues from rise in gold prices coupled with positive trading inthe base metals pack, Spot silver prices ended positive by 0.4 percenton Tuesday.Expectation among the market participants that major central bankswill maintain the stimulus measures to spur growth, positiveeconomic data from Europe and UK supported prices to trade onpositive note. Further, positive ISM Non-Manufacturing PMI datafrom US coupled with weakness in DX supported prices. However,sharp downfall in prices was cap due to negative Services PMI datafrom Spain and Italy. The white metal prices touched an intra-dayhigh of $29.1/oz and closed at $28.7/oz
in yesterday’s trade
.On the domestic front, prices ended on a flat note as a result of appreciation in the Indian Rupee and closed at Rs. 53803/kg aftertouching an intra-day low of Rs. 53750/kg on Tuesday.
In the intraday, we expect precious metals to trade on a positive noteon the back of optimistic global market sentiments coupled withweakness in the DX. In the Indian markets, appreciation in the IndianRupee will cap sharp rises in the prices on the MCX.Technical Outlook
valid for March 6, 2013
Unit Support ResistanceSpot Gold $/oz
1574/1570 1581/1585
MCX Gold Apr
3 Rs/10 gms
29490/29420 29630/29700
Spot Silver $/oz
28.70/28.50 29.10/29.30
MCX Silver May
3 Rs/kg
54450/54150 55200/55600

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