Friday, May 02, 2014
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
1283.49
19
99.69
343.5
6625
1784
18322
2078.75
2013
Chg
-7.8
-0.11
-0.38
-1.9
-11
-1.75
-28
-14.25
-8
% Chg
-0.60%
-0.58%
-0.38%
-0.55%
-0.17%
-0.10%
-0.15%
-0.68%
-0.39%
Asian markets are trading mixed on the
back of broadly weaker economic data
from the US and China
Chinese manufacturing data was less
than expected and Initial jobless claims in
the US climbed
Meanwhile, the dollar was higher against
the yen ahead of the all important
payrolls report today.
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
22417.8
6696.4
22134.0
2026.4
14485.1
9603.2
4487.4
16558.9
3594.4
Chg
-48.4
-18.9
-319.9
6.0
181.0
19.1
-10.3
-22.0
12.3
% Chg
-0.22%
-0.28%
-1.42%
0.30%
1.27%
0.20%
-0.23%
-0.13%
0.34%
Precious Metals
Precious metals continue to trade with a
negative bias after the Fed’s decision to
taper another $10 billion from its asset
purchases
US GDP numbers were much weaker than
expected but an ISM report yesterday
indicated that the manufacturing index
climbed to 54.9 in April from 53.7 in
March
Meanwhile, assets in the SPDR Gold Trust
declined by 2.39 tonnes to 785.55 tonnes
yesterday, following 4.19 tonnes on
Wednesday
MCX Gold is trading in a range between
support at 28500 and resistance at 28950
level. Sustained trading below 28500
could lead to a fall towards major support
at 28300 level. Buying is advisable only
on sustained trading above 28750 levels.
Silver looks weak intraday below 42100
level and is trading close to the short
term support at Rs.41900 level.
US GDP numbers were much weaker than
expected but an ISM report yesterday
indicated that the manufacturing index
climbed to 54.9 in April from 53.7 in
March
1
Please refer to disclaimer at the end of the report.

Base Metals
Base metals are trading weaker in early trade
with copper set for its biggest weekly loss in
seven weeks as Chinese manufacturing data was
lower than expected
Aluminium fell to a one-month low as activity in
China's factories increased marginally in April but
export orders fell sharply.
Activity in base metals may be limited as China's
markets are closed today for a second day, while
the LME will be shut on Monday.
Copper has immediate resistance at 409/411
while Rs.414 could act as a strong resistance and
only sustained break above the same could lead
to a rally higher.
Immediate support for Nickel remains Rs.1094
followed by 1084 whereas strong resistance is at
Rs.1117.
Aluminium fell to a one-month low as
activity in China's factories increased
marginally in April but export orders fell
sharply.
LME Inventory
Commodity
Copper
Zinc
Lead
Nickel
Aluminium
Change
-2325
-5525
250
3030
-9025
Source: Reuters
Energy
WTI Crude oil prices are trading lower and set
for a second consecutive weekly decline as high
inventories continue to weigh on prices
Additionally, US GDP growth and Chinese
manufacturing data was disappointing which
further pushed prices lower.
Meanwhile, Natural gas prices declined as
inventories rose by 82 Bcf, 24 Bcf larger than
the 5-year average net injection.
Medium term trend for Crude oil continues to
remain weak and selling on rise is advisable.
Strong intraday resistance is at Rs.6055/6075.
Natural Gas, as long as below Rs.294, selling on
rise is advisable for the target of Rs.283.50
which is a next important support level.
Natural gas prices declined as
inventories rose by 82 Bcf, 24 Bcf larger
than the 5-year average net injection.
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
June
June
May
July
May
June
June
May
May
May
May
Close
28887
1296
41329
19.15
6015
99.74
408.30
123.90
126.85
1107.1
107.60
S2
28425
1280
40732
18.80
5944
98.54
402.80
122.57
125.65
1086.9
106.23
S1
28656
1288
41030
18.98
5979
99.14
405.55
123.23
126.25
1097.0
106.92
Pivot
28814
1293
41460
19.22
6040
99.95
410.45
124.07
127.00
1104.5
107.73
R1
29045
1301
41758
19.40
6075
100.55
413.20
124.73
127.60
1114.6
108.42
R2
29203
1307
42188
19.64
6136
101.36
418.10
125.57
128.35
1122.1
109.23
Trend
Strong
Flat
Bearish
Bearish
Bearish
Bearish
Bearish
Bearish
Bearish
Bearish
Bearish
Conviction
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Low
Low
Moderate
Moderate
Moderate
Range
28735 - 29124
1290 - 1304
40881 - 41609
18.89 - 19.31
5962 - 6058
98.8 - 100.3
404.2 - 411.8
123.7 - 125.2
126 - 127.3
1101 - 1118
106.6 - 108.1
For any details contact:
Commodities Advisory Desk - +91 22 3958 3600
commoditiesresearch@motilaloswal.com
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3
Please refer to disclaimer at the end of the report.