MTECHTIPS

MTECHTIPS:Commodity Overview:
1.GOLD&SILVER:- Gold futures are trading flat in early Asia electronic trades today with the mixed movement in Asian equities and weak US dollar leading the sentiments. In the major events for the day, India's rate decision is due around 11 a.m, and the Reserve Bank of India is expected to cut rates for the first time in three years to revive sagging growth, though inflation pressures and a heavy fiscal deficit are concerns. Today rupee was seen quoting at 51.61/62 to the dollar, stronger than Monday's close of 51.68. Gold for June delivery is trading flat at $ 1651 per ounce on the Comex division of the New YorkMercantile Exchange. It ended lower by $10.5 or 0.6%, to end at $1,649.7 an ounce. The metal had gained 1.8% last week. MCX benchmark gold may open today's session near Rs 28550 levels with support around Rs 28470 levels and resistance around Rs 28610 levels.
2.CRUDE OIL:- Crude oil futures surged above $103 a barrel in Asia following the upbeat U.S. retail sales for March, however the gains are limited as China's foreign direct investment into fell 6.1% in March taking China and Hong Kong lower. Light, sweet crude for May delivery is trading up 4 cents at $ 102.96 per barrel. Yesterday it ended up 10 cents to settle at $102.93 a barrel on the New York Mercantile Exchange. Adding to the supporting factors, Enbridge Inc. and Enterprise Products Partners LP said they would start crude oil shipments on the Seaway pipeline from Cushing, Oklahoma, to the U.S. Gulf Coast on about May 17, according to a filing with regulators. The reversal shipment of crude oil would ease stocks pressure at the
New York benchmark delivery port.
3.COPPER:- Copper is likely to trade on sideways during the morning session on Tuesday, 17th April as
the investors focus on the Spain bond auction due later today might weigh on the sentiment. Copper at MCX is likely to find support at Rs 410 per kg and Rs 407.8 per kg and resistance at Rs 418.4 per kg and rs 421.4 per kg. Copper plunged on Monday, 16th April at LME as the slowing growth fears in China, rising Spain and Italian government bond yields and soft manufacturing and housing market data from the US intensified the investors fret on weak global economic growth. Copper and aluminium consumption in the power sector (which accounts for around 40% of Chinese copper consumption and 16% for aluminium) will prove
to be a source of demand strength.