Friday, September 20, 2013
Market Overview (Economy)
Commodity
Gold / USD Spot
Silver / USD Spot
Crude oil $ Spot
COMEX Copper $
LME Copper (3M)
LME Aluminum (3M)
LME Nickel (3M)
LME Lead (3M)
LME Zinc (3M)
Last
1364.39
23.03
106.26
343.5
7329
1826.75
14365
2117.5
1906
Chg
-0.15
0.16
-1.97
-1.9
4
0.25
-4
-8.5
1.75
% Chg
-0.01%
0.70%
-1.82%
-0.55%
0.06%
0.01%
-0.03%
-0.41%
0.09%
Equity
BSE Sensex Index
S&P CNX NIFTY
Hang Seng Index
Shanghai Index
Nikkei 225 Index
DAX Index
CAC 40 Index
Dow Jones
NASDAQ 100 Index
Last
20646.6
6115.6
23502.5
2191.9
14766.2
8694.2
4206.0
15636.6
3237.6
Chg
684.5
216.1
385.1
6.3
260.8
58.1
35.6
-40.4
6.3
% Chg
3.43%
3.66%
1.67%
0.29%
1.80%
0.67%
0.85%
-0.26%
0.20%
Asian markets are trading mixed after a
rally yesterday as optimism in the
markets after the Fed’s continued
monetary stimulus holds and economic
data provided additional support
US data turned out to be fairly positive
with Initial claims falling, Philadelphia Fed
manufacturing index rising and existing
home sales surged the most in six years
The dollar recovered, a day after
incurring sharp losses owing to good
economic data and Treasury yields rose
from one-month lows on profit booking
Precious Metals
Gold prices are lower in early trading as
economic numbers in the US suggested
that the economic recovery is on track
and thereby reducing safe haven demand
after yesterday’s surge
Economic data yesterday showed sales of
previously
owned
U.S.
homes
unexpectedly rose in August to the
highest level in more than six years, while
jobless claims gained less than forecast
last week
Top officials from the finance and trade
ministries in India will meet today to
break a two-month impasse on gold
imports that has restricted supply in the
domestic markets
While the rally in gold yesterday was
mostly a short covering rally, it remains to
be seen if the momentum sustains given
that economic data has been positive. On
the MCX, 30800/31100 is an immediate
resistance while 30240/30170 is near
term support levels
1
Please refer to disclaimer at the end of the report.

Base Metals
Industrial metals continued being positive after
the Fed decided to hold onto its tapering and
copper prices are on track to log its largest
weekly gain in a year
In economic news, US home resales surged in
August to a 6-1/2-year high and factories grew
busier in the Mid-Atlantic region this month, signs
that rising borrowing costs are weighing only
modestly on the economy
Markets are now expecting data from China to be
good for September and October because of
seasonal strength with property sales and the
export orders being filled for Christmas, which
will keep prices higher
The Shanghai Futures Exchange will remain shut
today as well for a holiday and will reopen on
Monday. As a result, LME volumes were
exceptionally thin with less than 1,000 lots of
total turnover
With thin trading volumes on LME
and China out of markets, we expect
this week to end with solid gains and
a follow-up rally in the next week.
Bias for the short term looks positive
and volatility will pertain backed by
INR moves
LME Inventory
Commodity
Copper
Zinc
Lead
Nickel
Aluminium
Change
-3375
475
-1000
-84
40550
Source: Reuters
Energy
Crude oil prices came under pressure yesterday
as Iran's president fuelled hopes that he could
be seeking better relations with the West. Iran
also indicated that it is ready facilitate a dialog
between the Syrian government and the
opposition
Further pressuring prices was the fact that
Libya’s oil output increased and Syrian President
Bashar al-Assad said he will give inspectors
access to chemical-weapons facilities
OPEC, excluding Angola and Ecuador, will export
about 23.9 million barrels a day in the four
weeks to Oct., up 320,000 barrels a day from
the period to Sept. 7, according to Oil
Movements data released yesterday
Natural gas was nearly flat after the EIA
reported that operators injected 46 billion cubic
feet into storage last week, below estimates
Crude oil is likely to trade with a
negative bias with $104.60 being a
key support. On the MCX,6550 is a
key support while upside remains
capped at 6765/6700
2
Please refer to disclaimer at the end of the report.

Level Playing Sheet
Commodity
Gold
Gold
Silver
Silver
Crude Oil
Crude Oil
Copper
Zinc
Lead
Nickel
Aluminum
Exchange
MCX
COMEX
MCX
COMEX
MCX
NYMEX
MCX
MCX
MCX
MCX
MCX
Expiry
Oct
Dec
Dec
Dec
Oct
Oct
Nov
Sept
Sept
Sept
Sept
Close
30544
1369
51750
23.29
6630
106.39
465.45
116.60
131.20
891.10
111.30
S2
29859
1351
49081
22.61
6489
104.24
455.95
113.47
126.27
863.37
108.03
S1
30201
1360
50416
22.95
6559
105.32
460.70
115.03
128.73
877.23
109.67
Pivot
30448
1368
51290
23.20
6685
107.15
463.75
116.22
130.12
886.47
110.78
R1
30790
1377
52625
23.54
6755
108.23
468.50
117.78
132.58
900.33
112.42
R2
31037
1385
53499
23.79
6881
110.06
471.55
118.97
133.97
909.57
113.53
Trend
Flat
Flat
Flat
Bullish
Bearish
Bearish
Flat
Flat
Bearish
Flat
Flat
Conviction
Moderate
Moderate
Moderate
High
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Range
30325 - 30914
1364 - 1381
50853 - 53062
23.07 - 23.66
6524 - 6720
104.8 - 107.7
462.2 - 470
115.6 - 118.4
127.5 - 131.4
882 - 905
110.2 - 113
For any details contact:
Commodities Advisory Desk - +91 22 3958 3600
commoditiesresearch@motilaloswal.com
Disclaimer:
This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Motilal Oswal
Commodities Broker Private Limited (hereinafter referred as MOCBPL) is not soliciting any action based upon it. This report is not for public distribution and has
been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form.
The report is based upon information from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete,
and it should not be relied upon such. MOCBPL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to
any person from any inadvertent error in the information contained in this report.
MOCBPL or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this
report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and no infringement.
The recipients of this report should rely on their own investigations. MOCBPL and/or its Group Companies, their Directors, affiliates and/or employees may have
interests/ positions, financial or otherwise in the Securities/Commodities and other investment products mentioned in this report.
This information is subject to change without any prior notice. MOCBPL reserves the right to make modifications and alternations to this statement as may be
required from time to time.
3