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Weekly commodity-report by epic research 27-02-2012
1. Weekly Commodity Report (27 Feb-3mar)
Commodity Updates
India gold imports to fall 20% in 2012
Crude oil surge continues, WTI crude set to cross
$110 mark
Iraq oil production to rise 28% in 2012
India gold imports to drop by 35% in 2012/13:
Govt panel
Copper sees the biggest shortage in 2 years: ICSG
Tight fundamentals will push up aluminum
prices: Barclays
Us nat gas drops to $2.55/MMBtu on weak
fundamentals
Silver futures down on weak global cues
Base Metals Advance as Finance Ministers Reach
Agreement on Greek Bailout
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Technical Charts
Mcx Gold
MCX GOLD has given a strong breakout on its daily chart triangle pattern and showed a good rally. On the
last trading session of the week it showed some correction from higher levels, but expected to remain
bullish.
RESISTANCE: 28770, 28900, 30000
SUPPORT: 28560, 28430, 28300
TREND: BULLISH
STRATEGY: BUY ON DIPS
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Mcx Silver
MCX SILVER is consolidating on weekly charts below its important resistance level of 57000-58000. On
weekly basis if managed to close above 58400 than its ultimate target will be 62000-63000.
RESISTANCE: 58900, 60700, 61500
SUPPORT : 57750, 57000, 56300
TREND : BULLISH
STRATEGY : BUY ON DIPS
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Mcx Copper
MCX COPPER after making recent high of 434.65 crashed from that level n remained bearish for the whole
week. On weekly charts it has given breakout of channel pattern so further downside expected
RESISTANCE: 419.60, 421.20, 424.20
SUPPORT : 412.50, 409.50,405
TREND : SIDEWAYS
STRATEGY: BUY ON DIPS
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Mcx Crude oil
MCX CRUDEOIL remained bullish for the whole week ahead of uncertainties of crude oil supply, and Iran has also
put ban on 6 euro zone nations. On nymex also it is well sustaining near $110/barrel which shows further upside
movements.
RESISTANCE: 5500, 5620, 5740
SUPPORT : 5360, 5275, 5180
TREND : BEARISH
STRATEGY : SELL ON HIGHS
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