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Daily Metals and Energy Report, April 29

Daily Metals and Energy Report, April 29

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Published by Angel Broking
29th April, 2013
29th April, 2013

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Published by: Angel Broking on Apr 29, 2013
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Commodities Daily Report
 
International Commodities
Monday| April 29, 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 in
part, by any recipient hereof for any purpose without prior permission from “Angel Commodities Broking (P) Ltd”. Your feedbac
k is appreciated on 
commodities@angelbroking.com
 
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
Monday| April 29, 2013
 
www.angelcommodities.com
 
Overview
US Advance Gross Domestic Product (GDP) grew by 2.5 % in Q1 2013.German Import Prices declined by 0.1 percent in the last month.US Revised UoM Consumer Sentiment increased to 76.4-mark in April.Asian markets are trading on a positive note on the back of expectationsthat central banks over the world will continue with its loose monetarypolicy programs.US Advance Gross Domestic Product (GDP) grew by 2.5 percent in Q1 of 2013 as against a rise of 0.4 percent in Q4 of 2012. Advance GDP PriceIndex increased by 1.2 percent in first quarter of 2013 from rise of 1percent a quarter ago. Revised University of Michigan (UoM) ConsumerSentiment increased by 4.1 points to 76.4-mark in April as compared torise of 72.3-level in March. Revised UoM Inflation Expectations was at 3.1percent in April with respect to 3 percent in last month.The US Dollar Index (DX) declined by 0.3 percent in the last week on theback of rise in risk appetite in the global market sentiments which led todecline in demand for the low yielding currency. Additionally, favorablenew home sales, jobless claims along with rise in GDP and consumersentiments data from US also exerted downside pressure on thecurrency.Further, US equities traded on a positive note which acted as a negativefactor for the DX. The currency touched a weekly low of 82.46 and closedat 82.571 on Friday.On a weekly basis, Indian Rupee depreciated by 0.7 percent. Thecurrency depreciated on account of dollar demand from crude oil andgold importers. However, upbeat global and domestic market sentimentscoupled with weakness in the DX cushioned sharp fall in the currency.Further, forecast that economy will grow by 6.4 percent in the currentfiscal year as per the Economic Review report of the government, sellingof dollars from exporters and custodian banks along with expectations of increase in foreign inflows prevented sharp fall in the Indian Rupee. Thecurrency touched a low of 54.44 in the last week and closed at 54.375against dollar on Friday.For the month of April 2013, FII inflows totaled at Rs.4,450.0 crores($822.66 million) as on 26
th
April 2013. Year to date basis, net capitalinflows stood at Rs.60,072.30 crores ($11,132.70 million) till 26
th
April2013.
Market Highlights
 
(% change)
as on 26 April, 2013
 
Last Prev day w-o-w m-o-m y-o-yINR/$(Spot)
54.375 -0.5 -0.8 -0.2 -3.6
$/Euro(Spot)
1.3026 0.1 -0.2 1.6 -1.4
DollarIndex
82.57 -0.3 -0.3 -0.7 3.9
NIFTY
5871.5 -0.8 1.5 3.3 12.9
SENSEX
19286.7 -0.6 1.4 2.4 5.5
DJIA
14712.6 0.1 1.1 1.0 11.4
S&P
1582.2 -0.2 2.6 1.2 13.0
Source: Reuters
The Euro depreciated by 0.2 percent in the last week on theback of 
decline in the region’s manufacturing and services PMI
data coupled with fall in the German Ifo business climate.Further, more than expected rise in the Spanish unemploymentrate also exerted downside pressure on the currency.However, weakness in DX coupled with optimistic globalmarket sentiments cushioned sharp decline in the currency.German Import Prices declined by 0.1 percent in March asagainst a rise of 0.3 percent in February. Money Supplyincreased at slow pace of 2.6 percent in March from rise of 3.1percent a month ago. Private Loans declined by 0.8 percent inthe last month. The Euro touched a weekly low of 1.2954 andclosed at 1.3026 against dollar on Friday.
 
 
Commodities Daily Report
 
International Commodities
Monday| April 29, 2013
 
www.angelcommodities.com
 Market Highlights - Gold
(% change)
as on 26 April, 2013
 
Gold Unit LastPrev.dayWoW MoM YoYGold (Spot) $/oz
1462.5 -0.3 4.2 -8.5 -11.6
Gold (Spot -Mumbai)Rs/10gms
27000.0 1.5 4.4 -8.5 -6.4
Gold(LBMA-PMFix)
 
$/oz
1471.5 1.4 4.7 -7.9 -11.0
Comex Gold(
June’13
)$/oz
1453.6 -0.6 2.3 -7.7 -12.4
MCX Gold(
June’13
)Rs /10gms
27055.0 0.1 4.8 -8.3 -6.8
Source: Reuters
Market Highlights - Silver
 
(% change)
as on 26 April, 2013
 
Silver Unit Last Prev day WoW MoM YoYSilver(Spot)$/oz
24.0 -1.4 3.5 -16.5 -22.7
Silver(Spot -Mumbai)
 
Rs/1 kg
46400.0 2.5 1.3 -15.3 -17.7
Silver(LBMA)
 
$/oz
2402.0 3.1 1.5 -16.7 -21.8
ComexSilver(
May’13
)$/ oz
2375.8 0.0 1.9 -12.7 -24.2
MCX Silver(
May’13
)
 
Rs / kg
44805.0 -0.8 4.4 -17.1 -19.9
Source: Reuters
Technical Chart
 –
Spot Gold
Source: Telequote
 
BullionGold
Spot gold prices increased by 4.2 percent in the last week on the backof rise in risk appetite in the global market sentiments coupled withweakness in DX. Further, expectation of rise in physical demand afterthe biggest drop also supported an upside in the prices.Additionally, rise in central bank purchases along with favourableeconomic data from US acted as a positive factor for the prices. Theyellow metal touched a weekly high of $1484.81/oz and closed at$1462.50/oz in last trading session of the week.In the Indian markets, prices gained by 4.8 percent as a result of depreciation in the Indian Rupee and closed at Rs.27055/10 gms onFriday after touching a high of Rs.27447/10 gms in the last week.Holdings in the SPDR Gold Trust, the world's largest gold-backedexchange-traded fund, declined by 3.56 percent to 1,083.05 tonnes ason 26
th
April 2013 from previous level of 1,123.06 tonnes as on 19
th
 April 2013.
Silver
Taking cues from rise in gold prices along with upside in the basemetals complex, Spot silver prices gained by 3.5 percent in the lastweek. Further, optimistic global market sentiments, favourableeconomic data from US along with weakness in the DX also supportedprices to trade on positive note. The white metal prices touched aweekly high of $24.82/oz and closed at $23.98/oz in the last tradingsession of the week.On the domestic front, prices rose by 4.4 percent as a result of depreciation in the Indian Rupee and closed at Rs. 44805/kg on Fridayafter touching a weekly high of Rs.45820/kg.Holdings in the iShares Silver Trust, the world's largest silver-backedexchange-traded fund, decline by 0.56 percent to 10,392.42 tonnes ason 26
th
April 2013 from previous level of 10,451.01 tonnes as on 19
th
 April 2013.
Outlook
In the intraday, we expect precious metals to trade on a positive noteon the back of optimistic global market sentiments coupled withweakness in DX. Further, expectation of rise in physical demand afterthe biggest drop may support prices. However, US GDP grew on aslower note as compared to the expectation may cap sharp gains inthe prices. In the Indian markets, appreciation in the Indian Rupee mayprevent sharp gains in the prices.Technical Outlook
valid for April 29, 2013
 
Unit Support ResistanceSpot Gold $/oz
1462/1454 1476/1481
MCX Gold June
’1
3 Rs/10 gms
27050/26900 27300/27400
Spot Silver $/oz
24.10/23.85 24.40/24.70
MCX Silver May
’1
3 Rs/kg
44800/44400 45400/45900

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