Friday, November 28, 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
1191.25
16.21
73.7
343.5
6515.25
2043.25
16288
2055
2258.5
Chg
-6.34
-0.26
-0.34
-1.9
-32.5
0.25
-87
-2
0
% Chg
-0.53%
-1.58%
-0.46%
-0.55%
-0.49%
0.01%
-0.53%
-0.10%
0.00%
Asian markets are mostly higher in early
trade even as U.S. markets were shut
yesterday for a holiday as lower oil prices
and a weaker yen helped markets.
The yen fell toward a seven-year low as
data earlier today showed household
spending declined for a seventh month in
November and CPI came in lower than
expected.
The dollar meanwhile continues to be
broadly supported against most peers as
euro zone inflation data later today will
likely weaken the euro.
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
28438.9
8494.2
24004.3
2630.5
17248.5
9974.9
4382.3
17827.8
4318.0
Chg
52.7
18.5
-107.7
26.1
-135.1
59.3
8.9
12.8
29.8
% Chg
0.19%
0.22%
-0.45%
1.00%
-0.78%
0.60%
0.20%
0.07%
0.69%
Precious Metals
Precious metals are lower in early trade
and gold even as U.S. markets were
closed yesterday as investors await the
Swiss gold referendum.
Oil prices have slumped heavily and the
resultant
easing
of
inflationary
expectations will keep gold prices under
pressure.
Meanwhile, the USD gained strength
against most peers which is piling on
further pressure on precious metals.
MCX Gold traded sideways to negative in
the previous session and has closed near
Rs.26250 level. Immediate supports are
now at Rs.26180 / 26100 / 25955 while
immediate
resistance
is
at
Rs.26300/26470 / 26540 /26625 level.
Selling on rallies is advisable.
Oil prices have slumped heavily and the
resultant easing of inflationary
expectations will keep gold prices under
pressure.
1
Please refer to disclaimer at the end of the report.

Base Metals
Base metals are mostly lower in early trade
following not so encouraging economic data from
the U.S. earlier.
LME copper is set for a more than 3 percent loss
this week, steepest since March, while Shanghai
prices were headed for a nearly 2 percent fall, the
most since mid-September
Earlier, October Chicago PMI report from the U.S.
came in at 60.8, below market expectations while
new home sales rose less than expected by 0.7%.
Also, a poll suggested that growth in China's
manufacturing sector likely slowed in November
which will pressure base metals.
MCX Copper after breach of strong support near
Rs.408.80 fell sharply towards Rs.403 level.
Strong intraday support is now at Rs. 403 / 399
whereas Rs.407.30 / 408.80 /410.50 could act as
resistances.
A poll suggested that growth in China's
manufacturing sector likely slowed in
November which will pressure base metals.
LME Inventory
Commodity
Copper
Zinc
Lead
Nickel
Aluminium
Change
-175
2725
-25
1854
-10025
Energy
Oil prices slumped heavily setting fresh four
year lows as the OPEC decided to keep its
output unchanged..
The meeting in Vienna was closely watched and
Saudi Arabia blocked calls from other members
of the OPEC for production cuts.
The group maintained its collective production
ceiling of 30 million barrels a day which led
Brent crude to drop as much as 8.4 % at one
time.
Meanwhile, EIA data earlier indicated a 1.9
million drop in total inventories which will
further weigh on oil prices.
MCX Crude Oil fell sharply yesterday and is
trading at a 4 year low. It has strong intraday
resistances at Rs.4350 / 4415 whereas supports
are placed at Rs.4220 /4170 levels. Selling on
rise is advisable for the session.
Source: Reuters
The group maintained its collective
production ceiling of 30 million barrels
a day which led Brent crude to drop as
much as 8.4 % at one time.
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
Dec
Dec
Dec
Dec
Dec
Jan
Nov
Nov
Nov
Nov
Nov
Close
26247
1197
35887
16.57
4291
73.49
403.65
139.65
126.95
1011.3
128.45
S2
26034
1191
35266
16.39
4069
73.49
400.12
138.32
125.92
1002.6
127.12
S1
26141
1194
35577
16.48
4180
73.49
401.88
138.98
126.43
1007.0
127.78
Pivot
26237
1198
36015
16.57
4373
73.49
404.57
140.12
127.12
1012.3
128.82
R1
26344
1201
36326
16.66
4484
73.49
406.33
140.78
127.63
1016.7
129.48
R2
26440
1204
36764
16.75
4677
73.49
409.02
141.92
128.32
1022.0
130.52
Trend
Bearish
Strong
Bearish
Strong
Bearish
Flat
Bearish
Bearish
Bearish
Bullish
Bearish
Conviction
Moderate
Low
Moderate
Moderate
Moderate
Moderate
Low
Low
Moderate
Moderate
Moderate
Range
26088 - 26291
1192 - 1199
35422 - 36171
16.43 - 16.61
4125 - 4429
73.5 - 73.5
401 - 405.5
138.7 - 140.5
126.2 - 127.4
1010 - 1019
127.5 - 129.2
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.