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MTECHTIPS:-Gold slightly higher on safe-haven buying Gold futures are trading modestly higher in the early part of Tuesday’s Asian session as traders continue embracing the yellow metal’s status as a safe-haven investment.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery are up 0.01% at USD1,604.80 per troy ounce in Asian trading Tuesday after settling up 0.81% at USD1,605.50 a troy ounce in U.S. trading on Monday. Gold futures were likely to test support USD1,590.80 a troy ounce, the earlier low, and resistance at USD1,619.40, the high from Feb. 26.Traders scampered into gold Monday amid one slack U.S. data point and news that Cyprus, the tiny euro zone nation of just 1 million people, is flirting with bankruptcy and possible departure from the common currency program. In U.S. economic news, the National Association of Homebuilders said its March Housing Market Index fell to 44 from 46 in February in what is the lowest reading since October. Analysts expected a March reading of 48.The one-time tax taking aim at Cypriot bank deposit holders as part of a EUR10 billion bailout deal sent the euro falling amid fears unease may grow since smaller depositors will be affected, which sparked a rally in gold markets.
MTECHTIPS:-Oil rises following Saudi comments, Libya clashes Oil prices inched higher in the early part of Tuesday’s Asian session after Saudi Arabia said current prices will not damage global economic growth, perhaps implying the largest producer in the Organization of Petroleum Exporting Countries sees little need to boost output in the near-term. On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.09 to USD93.82 per barrel in Asian trading Tuesday after settling down 0.30% at USD93.20 per barrel in U.S. trading Monday.Oil fell in the U.S. on the back of some tepid housing data. In U.S. economic news, the National Association of
Homebuilders said its March Housing Market Index fell to 44 from 46 in February in what is the lowest reading since October. Analysts expected a March reading of 48.Saudi Arabian oil minister Ali al-Naimi said oil prices at current levels should not hamper Asian growth. China, among other emerging Asian economies, have previously grappled with high oil prices. China is the second-larges oil consumer in the world behind the U.S. al-Naimi said crude at $100 per barrel is a reasonable price.Elsewhere, traders see support for oil futures, particularly Brent, the global benchmark, Iran and the West are still butting heads over the OPEC member’s nuclear regime. Some Western nations, including the U.S., have levied economic sanctions against Iran making it difficult for the country to sell its oil in U.S. dollars or euros. MTECHTIPS:-NCDEX Chana traders may buy on dips but with stop loss of 3370 Chana traders may take buying position on each dip in prices with stop-loss of 3370, according to NCDEX chana futures traded with a positive bias on Monday and closed at 3419 on NCDEX April contract. It made an intra-day high of 3449 and witnessed some correction in the last trading hours.“Overall trend remains positive and prices are having good support and resistance at 3370 and 3450 levels. Traders are advised to take buying position on each dips in prices, with stop loss of 3370.According to IBIS, imports of chana in the month of February declined to 0.46 lakh metric tonnes compared to 2.31 lakh metric tonnes during the previous month.Agriculture Canada forecasts exports of chickpeas will reach 60,000 MT this season and 65,000 MT in the coming marketing year.
MTECHTIPS:-India Coal demand to touch 980 mn tons by 2016-17 India's coal demand has been estimated to increase from 640 mn to 980.5 mn tons in 2016-17 which represents an increase of 340.5 mn tons, according to the data released by the Ministry of Coal.The total coal production by Coal India Limited (CIL) has been projected to increase from 435.8 mn tons to 615 mn tons in 2016-17.Therefore the incremental production of coal targeted for CIL during the 12th plan period works out to 52.6% of the estimated incremental demand
in the 12th plan period.For the current year (2012-13), all India coal demand has been assessed to be 512 mn tons for power utilities in the country.There is a proposal to engage an independent Third Party Sampling Agency for sampling & analysis of coal in view of general demand from the public sector undertakings / power generating companies after the introduction of Gross Calorific Value (GCV).There is a provision in Fuel Supply Agreement (FSA) between the coal supplying company and power houses for joint sampling at the loading ends. As per Fuel Supply Agreement, supply of coal to Power Stations is made under joint sampling and analysis at loading ends and payment of coal by the Power Stations is made as per analyzed grade.
MTECHTIPS:-NCDEX Jeera range bound; may trade 12800 - 13400 Jeera (Cumin seed) futures for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) is range bound and expected to trade 12800 – 13400 range for the day, according to our analyst.“Trading above 13400 level the commodity is expected to reach 13800 levels and traders are advised to buy on dips,NCDEX jeera for April delivery was down by 1.28 percent at Rs.13122.5 per 100 kg as of 11.14 AM IST on Tuesday.Higher production estimates as well as significant rise in arrivals at major spot market are putting pressure on futures movement.Meanwhile, news of removal of 5% VAT levied in Rajasthan might result in cheaper availability of jeera which may attract bulk buyers.India's jeera production for 2013 is estimated around 36-38 lakh bags up by 2-4 lakh bags from last year, according to sources. Upcoming strong export demand may support jeera futures in the long term.
MTECHTIPS;-NCDEX Turmeric short term bullish; resistance at 6800 On the NCDEX, trend of turmeric for April delivery is looking bullish for short term. Support for the commodity is seen at 6350 while resistance is at 6800 level, according to our analyst.The contract was trading on a positive note at Rs.6614, a gain of 0.33% as of 11.34AM IST, Tuesday.“Trend for turmeric on the
NCDEX for April delivery is looking bullish for short term. Support is seen at 6350 while resistance at 6800 level,” said Milan Shah, Research Analyst, Commodity Online.“Traders can enter in to buying position at 6500 level with stop loss of 6350 for the target of 7100 in short term,” he added.India's turmeric production in 2012-13 is expected around 50 lakh bags. Production in Nizamabad is expected around 12 lakh bags.In 2011-12 the production is projected at historical high of 10.62 lakh tn. It is estimated that next year’s carryover stocks would be around 10 lakh bags.Low rainfall activities in the Southern states of Andhra Pradesh, Karnataka and Tamil Nadu are likely to keep turmeric production lower by 30-40% this year which signals a medium to long term bullish trend for the commodity
MTECHTIPS:-NCDEX Coriander positive; resistance at 7050 Coriander(dhaniya) on the NCDEX is looking positive for the day and buy on every dips is advised to the traders. Commodity may remain positive as the estimated production and acreage is low.The contract was trading on a positive note at Rs.6885, change of 1.03% as of 11.49 AM IST, Tuesday.“Dhaniya on the NCDEX for April delivery is looking positive and buy on every dips is advised to the traders,“Support for the commodity is seen at 6700 level while 7050 is the resistance,” he added.Strong buying is seen in spot markets for well-dried crop while the new coriander crop contains high moisture content. Demand continues from South India.Coriander output is estimated at 50 lakh bags in the major producing states – Rajasthan and Madhya Pradesh, while carry forward stocks pegged at 20 lakh bags.
MTECHTIPS:-Cyprus Deposit Levy: Next in line could be Eurozone Gold confiscation Do you know any Petroleum Transfer Engineer (PTE)?You see him regularly at your nearest petrol pump where you pull up and command a fill. The person at the petrol pump aka PTE would 'engineer' the 'transfer' of the said quantity of
'petrol' to your vehicle and may occasionally exchange pleasantry. Now you know PTE!Now, you would also be interested in knowing two other euphemistic phrases. One of them is of recent origin and the other predates the second world war and post-dates the Great Depression.I would start off with the recent one. It is called solidarity levy:Solidarity levy is a one-time proposed fee on the deposits of bank accounts in Cyprus. If you have a deposit to the tune of 100,000 Euros in any bank in Cyprus and if the said proposal being considered by the lawmakers in Cyprus comes into law, would exact 6750 Euros from your account once and for all. If you have deposits above 100,000 Euros, the figure may climb to 9900 Euros.In return, you would get the shares of the bank which you are helping to bail out. It does not matter your bread is earned by the sweat of your brows, you would lose your money just for the sake of you having deposited it with some bank hoping it is safe and would earn you some decent interest. What a pity!
MTECHTIPS:-MCX Gold may trade positive for Tuesday on strong global cues Gold futures on India's Multi Commodity Exchange (MCX) is expected to trade positive for the day on strong global cues, according to our analyst.“For intra day the commodity has support at 29300 while 29650 is the resistance. Trader can enter in to buy deal near 29400 with stop loss of 29300 for target near 29600,MCX gold for April delivery was up by 0.28 percent at Rs.29630.00 per 10 grams as of 02.16 PM IST on Tuesday.Earlier, MCX gold opened lower on appreciation of Indian rupee against US dollar. Ongoing festive and wedding season demand are also boosting bullion price movement in India.A key voting process in Cyprus Parliament to decide individual deposit cut to meet country's expenditure may chart further bullion movement in the international market.Investors are cautious over long term impact of bail out package proposed by Cyprus government.
MTECHTIPS:-NCDEX Chilli short term negative; support at 6600
On the NCDEX, Chilli for April delivery is looking negative for short term and sell on rise is advised to the traders. Support for the commodity is seen at 6600 level, as per our analyst.The contract is trading at Rs. 6728, a gain of 0.15% as of 02.19 PM IST, Tuesday due to short covering.“Trend for chilli is looking negative and sell on rise is advised to the traders. Support for the commodity is seen at 6600 level while 6880 is the resistance.Red chilli production in India's Guntur area is down by 25-30 per cent and total production may be around 70-75 lakh bags. Carry forward stock may be around 20 lakh bags.In 2011-12, chilli was cultivated on 34,186 hectares of land whereas the yield was 25,639 ton. In 201213, area under cultivation has fallen to 7,790 hectares and the yield is down to 9,000 ton.
MTECHTIPS:-MCX Crude Oil likely to trade 5080 - 5160 range Crude Oil futures on India's Multi Commodity Exchange (MCX) is positive and expected to trade in green territory for the day, according to our analyst.“For intra-day, the commodity has good support at 5080 while 5160 is the resistance for the day. Crude prices are expected to trade in the aforesaid range,“Traders are advised to take long position around 5120 with the stop loss of 5080 and wait for the target near 5160,” he added.MCX crude oil for April delivery was up by 0.80 percent at Rs.5147 per barrel as of 02.56 PM IST on Tuesday.Earlier, crude futures extended gains after previous volatile session and recovered well from lower levels. For the time being the commodity is trading on a positive note.Crude oil investors are closely watching the developments in the Euro zone following the controversial Cyprus bailout deal.The American Petroleum Institute is scheduled to release its crude oil inventory data later today. Wednesday’s government report is expected to portray a rise of 2.3 mn barrels in inventory figures.US Federal Reserve two-day policy meeting is scheduled to begin later today and investors are closely watching the developments. WWW.MTECHTIPS.COM 07489294118-119
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