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Daily MCX Newsletter 30April2013

Daily MCX Newsletter 30April2013

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Published by Rehana Kapoor
Silver futures for May delivery on
India's Multi Commodity Exchange
(MCX) may trade bullish according to
our analyst and further buying is
expected only above 46000 level for
the day. Two major US data releases
are scheduled at 06.00 PM IST today
and may have high impact on bullio
Silver futures for May delivery on
India's Multi Commodity Exchange
(MCX) may trade bullish according to
our analyst and further buying is
expected only above 46000 level for
the day. Two major US data releases
are scheduled at 06.00 PM IST today
and may have high impact on bullio

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Categories:Types, Research
Published by: Rehana Kapoor on Apr 30, 2013
Copyright:Attribution Non-commercial

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04/30/2013

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 www.TheEquicom.com+919200009266
 
30
th
APRIL’2013
www.TheEquicom.com +919200009266
 
Daily MCX Newsletter30
th
April’2013
MCX NEWSLETTER- DAILY 
 
 www.TheEquicom.com+919200009266
 
MARKET WRAP
 
 www.TheEquicom.com+919200009266
 
BULLION
Silver futures for May delivery onIndia's Multi Commodity Exchange(MCX) may trade bullish according toour analyst and further buying isexpected only above 46000 level forthe day. Two major US data releasesare scheduled at 06.00 PM IST todayand may have high impact on bullion.Barclays expect gold prices to recoverto an average $1,500/oz in Q4 13 butgiven the weight of cash negative ETPholdings, they believe downside risk
 
still exists in the near term, andexpects prices to average $1350/oz.Continued ETP outflows remain a keydownside risk to prices in the nearterm and are on track to mark a freshrecord high, surpassing the weakness
 
in February.
 
MARKET NEWS
ENERGY 
According to pipeline data estimates,natural gas production has recoveredin late April to above 65 Bcf/d andBarclays in its recent market report,expects production to average aroundthis level before dipping into declinesin the second half of the year.For next Tuesday’s EIA-914production report, Barclays expects amoderate m/m growth for February’snatural gas
 
lower-48 production.Furthermore, production shouldcontinue to recover in March andApril, as well freeze offs slowly comesback online.Natural gas prices came off at thefront end of the curve, with theprompt contract down 5% w/w, asthe weather forecast for the next 15days turned milder.
 BASE METAL
LME cash price forecast to$16,766/tfrom $17,766/t and upgraded thesize of the surplus to 108Ktfrom88Kt.LME stocks have risen 33Kt year-to-date, which particularlydemonstrates the oversupply in themarket ex-China, given that netrefined imports into China rose 36%y/y in Q1 alone. Within China,while it is difficult to ascertainexact volumes and a breakdownbetween
 
Private/SRB stockpiling, Barclaysbelieve as much as 25Kt of inventory has built over the sameperiod given ongoing weakness inthe domestic stainless sector.

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