ZINC 27.06.2012:- Sell MCX Zinc June between 102.20-102.40, SL- 103.10, Target -101.10/100.80
Wednesday, June 27, 2012
ZINC 27.06.2012
ZINC 27.06.2012:- Sell MCX Zinc June between 102.20-102.40, SL- 103.10, Target -101.10/100.80
GOLD CALL 27.06.2012
GOLD 27.06.2012:- Sell below 30000 stop loss 30115 target-29900- 29850 ranges. (neal bhai)
Tuesday, June 26, 2012
GOLD NEWS UPDATES 26.06.2012 (10.11pm)
GOLD NEWS UPDATES 26.06.2012 (10.11pm):- SINGAPORE: Gold prices held steady above $1,580 an ounce in Europe on Tuesday ahead of this week's European Union summit, with investors awaiting more clarity on how euro zone leaders will tackle the bloc's simmering debt crisis.
Prices have regained some lost ground, having slid last week after the Federal Reserve disappointed those who had expected more aggressive stimulus measures to kick-start growth, a move that would have kept up pressure on long-term interest rates.
They have found little impetus for a recovery, however, as the euro continues to fall, sliding to a two-week low on Tuesday, and as concerns over the outlook for Spain and Greece keep up pressure on the wider markets.
Spot Gold was little changed at $1,584.50 an ounce at 1022 GMT against $1,584.08 late on Monday, while U.S. gold futures for August delivery were down $3.40 an ounce at $1,585.00.
"Gold is capped on the upside by disappointment post-Fed, while on the downside, we have some bargain hunting, and a bit of physical buying into the troughs," Societe Generale analyst Robin Bhar said.
"We are stuck in a fairly small range here, in the 1570-1600 area, certainly until the weekend when we will get to hear more on how the euro zone will be (tackled)."
The two-day summit in Brussels on June 28-29 will be the 20th time EU leaders have met to try to resolve a crisis that has spread across Europe since it began in Greece in early 2010.
Risk aversion was elevated in the financial markets after a formal request from Spain for European funds and Moody's mass downgrade of 28 of its banks, plus news that Cyprus had become the fifth euro zone nation to request a bailout.
The euro declined, stock markets fell and Spanish and Italian government bond yields extended the previous day's sharp gains as scepticism grew that EU leaders will produce significant measures to stem the debt crisis.
"Time is running out for policymakers in the euro zone to announce specific steps to closer fiscal integration and a detailed plan for tackling the debt crisis," VTB Capital said in a note.
"Leaders in the monetary union will have to move quickly, otherwise sentiment is likely to remain negative and the dollar would only hold higher as pressure on gold prices resumes yet again."
Prices have regained some lost ground, having slid last week after the Federal Reserve disappointed those who had expected more aggressive stimulus measures to kick-start growth, a move that would have kept up pressure on long-term interest rates.
They have found little impetus for a recovery, however, as the euro continues to fall, sliding to a two-week low on Tuesday, and as concerns over the outlook for Spain and Greece keep up pressure on the wider markets.
Spot Gold was little changed at $1,584.50 an ounce at 1022 GMT against $1,584.08 late on Monday, while U.S. gold futures for August delivery were down $3.40 an ounce at $1,585.00.
"Gold is capped on the upside by disappointment post-Fed, while on the downside, we have some bargain hunting, and a bit of physical buying into the troughs," Societe Generale analyst Robin Bhar said.
"We are stuck in a fairly small range here, in the 1570-1600 area, certainly until the weekend when we will get to hear more on how the euro zone will be (tackled)."
The two-day summit in Brussels on June 28-29 will be the 20th time EU leaders have met to try to resolve a crisis that has spread across Europe since it began in Greece in early 2010.
Risk aversion was elevated in the financial markets after a formal request from Spain for European funds and Moody's mass downgrade of 28 of its banks, plus news that Cyprus had become the fifth euro zone nation to request a bailout.
The euro declined, stock markets fell and Spanish and Italian government bond yields extended the previous day's sharp gains as scepticism grew that EU leaders will produce significant measures to stem the debt crisis.
"Time is running out for policymakers in the euro zone to announce specific steps to closer fiscal integration and a detailed plan for tackling the debt crisis," VTB Capital said in a note.
"Leaders in the monetary union will have to move quickly, otherwise sentiment is likely to remain negative and the dollar would only hold higher as pressure on gold prices resumes yet again."
Currencies 26.06.2012
Asian markets are trading on a negative note due to ongoing concerns of
the Euro debt crisis and German Chancellor Angela Merkel resist sharing
the Euro area debt causing the crisis to worsen further thereby limiting
growth of the entire global economy.
Moody’s the credit rating agency downgraded 28 Spanish banks due to
piling sovereign debt and souring real-estate loans. The agency
downgraded six banks by four levels and 10 by three grades and the rest
getting one- and two-tier declines.
US New Home Sales increased by 26,000 to 369,000 in May as against a
previous rise of 343,000 a month ago.
China’s Conference Board (CB) Leading Index rose by 1.1 percent in May
when compared to earlier rise of 0.9 percent in April.
US Dollar Index
US Dollar Index (DX) gained by 0.3 percent yesterday on back of rise in the
risk aversion in the global markets ahead of the EU summit to be held on
June 28-29 in Brussels. U.S. equities settled on a negative note in
yesterday’s trading session. The currency touched an intra-day high of
82.83 and closed at 82.66 on Monday.
Dollar/INR
The Indian Rupee swung between gains and losses in yesterday’s trading
session and settled with appreciation of 0.2 percent. The currency
appreciated on the back of series of measure taken by the Reserve Bank
of India (RBI) to curb the fall in Indian Rupee.
The RBI raised the External Commercial Borrowing (ECB’s) by $10 billion
and also raised FIIs investment in corporate bonds to $20 billion and
government bonds by $15 billion respectively.
However, further appreciation in the Indian Rupee was capped taking
cues from weak domestic equities. The currency touched an intra-day
high of 56.37 and closed at 56.98 on Monday.
For the current month, FII outflows totaled at Rs 350.60 crores till 25th
June 2012. While on a year to date basis, net capital inflows stood at Rs
42,143.80 crores till 25th June 2012.
Outlook
We expect Rupee to depreciate today on the back of rise in risk aversion
in the global markets which will lead to increase in demand for DX and
exert downside pressure on the Indian Rupee.
the Euro debt crisis and German Chancellor Angela Merkel resist sharing
the Euro area debt causing the crisis to worsen further thereby limiting
growth of the entire global economy.
Moody’s the credit rating agency downgraded 28 Spanish banks due to
piling sovereign debt and souring real-estate loans. The agency
downgraded six banks by four levels and 10 by three grades and the rest
getting one- and two-tier declines.
US New Home Sales increased by 26,000 to 369,000 in May as against a
previous rise of 343,000 a month ago.
China’s Conference Board (CB) Leading Index rose by 1.1 percent in May
when compared to earlier rise of 0.9 percent in April.
US Dollar Index
US Dollar Index (DX) gained by 0.3 percent yesterday on back of rise in the
risk aversion in the global markets ahead of the EU summit to be held on
June 28-29 in Brussels. U.S. equities settled on a negative note in
yesterday’s trading session. The currency touched an intra-day high of
82.83 and closed at 82.66 on Monday.
Dollar/INR
The Indian Rupee swung between gains and losses in yesterday’s trading
session and settled with appreciation of 0.2 percent. The currency
appreciated on the back of series of measure taken by the Reserve Bank
of India (RBI) to curb the fall in Indian Rupee.
The RBI raised the External Commercial Borrowing (ECB’s) by $10 billion
and also raised FIIs investment in corporate bonds to $20 billion and
government bonds by $15 billion respectively.
However, further appreciation in the Indian Rupee was capped taking
cues from weak domestic equities. The currency touched an intra-day
high of 56.37 and closed at 56.98 on Monday.
For the current month, FII outflows totaled at Rs 350.60 crores till 25th
June 2012. While on a year to date basis, net capital inflows stood at Rs
42,143.80 crores till 25th June 2012.
Outlook
We expect Rupee to depreciate today on the back of rise in risk aversion
in the global markets which will lead to increase in demand for DX and
exert downside pressure on the Indian Rupee.
GOLD CALL 26.06.2012
GOLD 26.06.2012:- Buy Gold between 29935 - 30000, SL-29805, Target - 30250/30350/30450 (NEAL BHAI)
COMMODITIES UPDATES 26.06.2012
COMMODITIES UPDATES 26.06.2012:- NEW YORK: Speculators increased bets on a rally in commodities for a second consecutive week, just as prices tumbled into a bear market after the Federal Reserve refrained from expanding monetary stimulus.
Hedge funds and other money managers raised net-long positions across 18 US futures and options by 7% to 628,560 contracts in the week ended June 19, Commodity Futures Trading Commission data show. That's the highest in four weeks and the first consecutive gain since the end of February.
Commodities slumped into a bear market on June 21, a day after the Fed extended its Operation Twist program while refraining from a third round of debt buying known as quantitative easing.
Reports last week showed that Americans filed for more jobless claims than forecast, sales of previously owned US homes fell in May and manufacturing in the Philadelphia region contracted this month at the fastest pace in almost a year.
"People were thinking that we'd see the next stimulative event, and they started to front-run the trade, and that got reversed quickly," said Jeffrey Sherman, who helps manage $37 billion of assets for DoubleLine Capital in Los Angeles. "We're in for a volatile time in commodities as people try to ascertain what's going to drive growth."
Hedge funds and other money managers raised net-long positions across 18 US futures and options by 7% to 628,560 contracts in the week ended June 19, Commodity Futures Trading Commission data show. That's the highest in four weeks and the first consecutive gain since the end of February.
Commodities slumped into a bear market on June 21, a day after the Fed extended its Operation Twist program while refraining from a third round of debt buying known as quantitative easing.
Reports last week showed that Americans filed for more jobless claims than forecast, sales of previously owned US homes fell in May and manufacturing in the Philadelphia region contracted this month at the fastest pace in almost a year.
"People were thinking that we'd see the next stimulative event, and they started to front-run the trade, and that got reversed quickly," said Jeffrey Sherman, who helps manage $37 billion of assets for DoubleLine Capital in Los Angeles. "We're in for a volatile time in commodities as people try to ascertain what's going to drive growth."
Monday, June 25, 2012
COPPER 25.06.2012 NEWS
Copper eked out small gains in quiet New York trade on
Friday on a spate of technical buying after prices hit
multi-week lows earlier in the session as they were
dragged down by a lower London market and by weak
German and U.S. data.
• London dropped to six-month lows on Friday only
managing to pare some losses late in the day. A
downgrade to some of the world's leading banks
deepened concerns about the global economy and
demand for raw materials.
• Friday's minor gains in New York did little to offset the
ailing market's woes though, with prices down almost 2.5
percent on the week. Despair over the stalemate in
Europe regarding the debt crisis and weakening demand
for the red metal with high stockpiles in China have sent
prices lower every week except one since the start of
May.
• Prices fell over 2.6 percent on Thursday amid
disappointment that the U.S. Federal Reserve chose to
plow more money into bond buying to revive the world's
largest economy, rather than implementing a third round
of stimulus which, would have provided a greater boost to
copper demand.
Friday on a spate of technical buying after prices hit
multi-week lows earlier in the session as they were
dragged down by a lower London market and by weak
German and U.S. data.
• London dropped to six-month lows on Friday only
managing to pare some losses late in the day. A
downgrade to some of the world's leading banks
deepened concerns about the global economy and
demand for raw materials.
• Friday's minor gains in New York did little to offset the
ailing market's woes though, with prices down almost 2.5
percent on the week. Despair over the stalemate in
Europe regarding the debt crisis and weakening demand
for the red metal with high stockpiles in China have sent
prices lower every week except one since the start of
May.
• Prices fell over 2.6 percent on Thursday amid
disappointment that the U.S. Federal Reserve chose to
plow more money into bond buying to revive the world's
largest economy, rather than implementing a third round
of stimulus which, would have provided a greater boost to
copper demand.
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