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28 Feb 2013

Gold price surge as Bernanke’s doves fly again

             
                Markets have been roiled over the last 48 hours by the three B’s: Berlusconi, Bernanke and Boehner. The indecisive Italian election outcome and the strength of the anti-austerity vote has many traders thinking that the whole eurozone issue is not receding in the rear-view mirror quite as quickly as some had hoped. EURUSD fell by more than two cents on Monday afternoon as news from Italy was digested. Stock markets also fell sharply, along with industrial commodities. In contrast, gold held onto its early-day gains.
Ben Bernanke therefore had an important task to do in his Congressional testimony yesterday: reassuring markets that, contrary to the head fake in the last batch of FOMC minutes, easy money policies will last for a long time to come yet.
He didn’t disappoint – noting “we [the FOMC] do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery… Inflation is currently subdued, and inflation expectations

Bernanke defends low rates in House hearing

                   The policy is needed “to keep interest rates a little bit lower to help support housing, automobiles and other parts of the economy that need support,” Bernanke said during his second day of his testimony to Congress on the economy and monetary policy.
Investors were pleased with Bernanke’s stance. The Dow Jones Industrial Average rose to its highest levels in the late afternoon, up almost 200 points to 14,098.Read Market Snapshot.
In January, the Fed decided to keep buying $85 billion worth of Treasury bonds and mortgage-backed securities a month until it saw a substantial improvement in the labor market. The Fed has also kept interest rates close to zero since December 2008.
For the second day, Bernanke strongly defended the bond-buying program and repeating that the potential costs don't outweigh the benefits. Read about first day’s testimony.
Some Fed officials are worried that the program will create financial instability and could foster inflation if the central bank has difficulty engineering a smooth exit strategy.
The Fed will review its bond-buying program at its next meeting on March 19-20.
Bernanke said results of the easy policy stance are starting to emerge.
“We are getting some traction in the housing market, which has shown some strength in the last few days, some of the data most recently. In automobiles and other durable goods, to some extent in investment, to some extent, perhaps, in commercial real estate we’ve seen some signs of improvement,” Bernanke said.
Republicans on the House panel were skeptical.
“There seems to be…a lot of evidence out there that the benefits of the low interest rate and quantitative easing are accruing primarily to the federal government, foreign governments and large banks,” said Rep. John Campbell, a Republican from California.
A common theme among Republicans was that Bernanke was “enabling” runaway spending by the federal government.
Jan Hatzius, chief economist at Goldman Sachs, noted that Bernanke sent a “modestly dovish signal” by suggesting the Fed is debating holding the securities on its balance sheet longer than currently expected or letting them run off without selling.

“Our estimates suggest that the effects on long-term interest rates of such a move would be modest,” he said.
Bernanke repeated his call for Congress and the White House to agree to take steps so the economy could avoid the impact of the across-the-board federal spending cuts, known as the sequester.
The cuts are set to start to take effect Friday.
“Most economists…would say that [the sequester] would cost a lot of jobs in the short-run and you can achieve the same results with longer-term programs,” the Fed chairman said.
“Would it be fair for me to paraphrase this to average people that the chairman of the Federal Reserve thinks that sequestration is stupid? asked Rep. Michael Capuano. a Democrat from Massachusetts.
“I wish you wouldn’t do that,” Bernanke replied.
Asked if low rates were punishing seniors, Bernanke said that raising rates prematurely would only hurt the economy.
“It’s very striking that if you look at every other industrial country around the world, interest rates are about exactly where they are here,” the chairman said.
“And that says something about the fundamentals, which are very weak in most of these industrial countries. And until we can get greater forward momentum, we’re not going to be able to see sustainable higher returns,” he added.

Courtesy : Market Watch

27 Feb 2013

India forex reserves up marginally to $295.6 billion




India's foreign exchange reserves climbed marginally to $295.6 billion at the end of December last year, from $294.4 billion in March 2012.

According to latest Economic Survey 2012-13 presented by country's Finance Minister, P. Chidambaram in the Lok Sabha on Wednesday, on month-on-month basis forex reserves remained in the range of $ 286.0 billion (at end-May 2012) to $ 295.6 billion (at end-December 2012).

At this level, reserves provided about seven months of import cover, the Survey observes.

India’s foreign exchange reserves comprise foreign currency assets (FCA), gold , special drawing rights (SDRs) and reserve tranche position (RTP) in the International Monetary Fund (IMF).

The level of foreign exchange reserves is largely the outcome of the Reserve Bank of India (RBI) intervention in the foreign exchange market to smoothen exchange rate volatility and valuation changes due to movement of the US dollar against other major currencies of the world.

Courtesy : Bullion Street

Oil rebounds in Asia lifted by data points

                             

                  Oil futures rebounded modestly during Wednesday’s Asian as traders digested some solid U.S. economic data points that went mostly ignored in the oil pits Tuesday. 

On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.26% to USD92.88 per barrel in Asian trading Wednesday. Oil settled down 0.58% at USD92.57 a barrel on Tuesday in the U.S. 

A day after a report showed Chinese oil imports rose in January, two data points showed U.S. demand could be improving as well. In U.S. the Conference Board said its consumer confidence index rose to 69.6 in February from a

Goldman Sachs cut 2013 Gold forecast to $1,600, 2014 to $1450




                       Leading global investment banking and securities firm Goldman Sachs cut its 2013 gold price forecast to $1,600 an ounce from $1,810 an ounce.

In a statement, Goldman Sachs cut its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800.

The bank also cut its 2014 forecast to $1,450 an ounce from $1,750 an ounce. It said gold's recent price drop and an increase in U.S. real interest rates have led it to bring forward its projections for a decline in the metal.

Goldman Sachs said while the latest sell-off is "likely excessive," it has "exposed a quickly waning conviction in holding gold positions, especially ETFs.

If that projection proves accurate, it will mark the first year gold has recorded a lower average price year-on-year since 2001, when its record-breaking 12-year bull run began, the bank said.

Goldman predicted a turn in gold's bull cycle in December, saying a rise in real interest rates on the back of improved growth could offset any further balance sheet expansion from the Federal Reserve.

Courtesy : Bullion Street

Gold down slightly in Asia after U.S. gains

               Gold futures declined slightly in the early going of Wednesay’s Asian session after posting a strong performance during Tuesday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.17% to USD1,612.80 per troy ounce in Asian trading Wednesday. Bullion settled up 1.76% at USD1,614.50 a troy ounce in U.S. trading Monday in what was one of the best one-day performances for the yellow metal in weeks. 

Gold futures were likely to test support USD1,574.80 a troy ounce, Monday's low, and resistance at USD1,653.75, the high from Feb. 13. 

Traders ignored Goldman Sachs taking the ax to its gold price targets in the U.S. Tuesday as Federal Reserve Chairman heartened gold bugs by saying the Fed’s quantitative easing program has not jolted U.S. inflation to uncomfortable levels. 

On Tuesday, Goldman Sachs lowered its 2013 price forecast for gold to USD1,600 an ounce from USD1,800. The venerable Wall Street cited gold’s

26 Feb 2013

26-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

26-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 108.60 109.45 110.05 107.15 106.55 105.70
COPPER 424.50 426.55 428.40 420.60 418.75 416.70
CRUDEOIL 5095 5138 5173 5017 4982 4939
GOLD 29698 29778 29882 29514 29410 29330
LEAD 124.80 125.80 126.50 123.10 122.40 121.40
NATURALGAS 190.00 192.20 195.90 184.10 180.40 178.20
NICKEL 910.60 922.10 928.70 892.50 885.90 874.40
SILVER 54271 54569 54949 53593 53213 52915
ZINC 112.85 113.30 114.10 111.60 110.80 110.35
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25 Feb 2013

Oil climbs slightly on bargain hunting

Following a weekly loss that saw futures trade around their weakest levels since early January, oil futures inched higher in the early part of Monday’s Asian session as traders saw an opportunity to perhaps grab crude on the cheap. On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.03% to USD93.16 per barrel in Asian trading Monday. On the New York Mercantile Exchange, light sweet crude futures for delivery in April rose 0.5% Friday to settle the week at USD93.33 a barrel by close of trade. On the week, New York-traded oil futures lost 2.7%. Oil futures, as was the case with gold and other dollar-denominated commodities, came under pressure on speculation the Federal Reserve is mulling an end to its money-printing endeavors that have previously boosted stocks and other riskier assets such as oil. With traders thinking that oil, gold and other commodities could be in for a near-term pullback, the U.S. dollar’s status as a safe-haven has proven appealing. The U.S. Dollar Index, which tracks the performance of the greenback against a basket of six other major currencies, ended the week at 81.55, the strongest level since August 30. Futures were also pressured by news that Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, may increase output to avoid demand destruction at the hands of higher prices. Speaking of OPEC, Iran is set to meet with the U.S. and five other nations later today in Kazakhstan. Iran has been under sanctions from the West regarding its pursuit of a nuclear agenda and those sanctions have crippled the country’s ability to receive dollars or euros for the sale of crude to foreign buyers. Meanwhile, Oil & Gas UK forecast that country’s oil production will slip 3% to 6% this year due to issues in the North Sea before rising next year. Elsewhere, Brent for April delivery fell 0.22% to USD114 per barrel on the ICE Futures Exchange.

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Courtesy:INVESTING

Russia, Kazakhstan Expand Gold Reserves for Fourth Month

Russia and Kazakhstan expanded gold reserves for a fourth straight month in January, while Azerbaijan acquired bullion for the first time in more than a decade as central banks sought to diversify their assets. Russian holdings climbed 12.2 metric tons to 970 tons last month after gaining 8.5 percent over 2012, according to International Monetary Fund data. Kazakhstan’s hoard grew 1.5 tons to 116.8 tons, following last year’s 41 percent expansion, data on the IMF website showed. Azerbaijan bought 1 ton after reporting no holdings since 1999 and Mexico sold 0.1 ton. Enlarge image Gold will probably peak in 2013 and keep declining the following year as U.S. growth accelerates, Goldman Sachs said in a report on Dec. 5. Photographer: SeongJoon Cho/Bloomberg Gold fell for a fourth month in January, with analysts from Goldman Sachs Group Inc. to Credit Suisse Group AG calling an end to the metal’s 12-year bull run as data showed the global economy improving. Gold slumped to a seven-month low last week as investors cut holdings in exchange-traded products. Central banks will again be strong buyers this year after they boosted purchases 17 percent to 534.6 tons last year, the most since 1964, according to the London-based World Gold Council “Central-bank buying remains one of the bullish factors for gold,” Jiang Yangjing, an analyst at China International Capital Corp., said by phone from Beijing. “Prices at the moment are driven largely by macroeconomic data.” Federal Reserve Gold for immediate delivery traded at $1,583.30 an ounce at 12:07 p.m. in Singapore, down 5.5 percent this year. The price dropped to $1,555.55 on Feb. 21, the lowest since July 12, as some U.S. Federal Reserve policy makers advocated more flexibility in economic stimulus. A fall in February for a fifth monthly loss would be the worst run since 1997. Turkey’s holdings, which rose 10.3 tons last month, jumped 84 percent in 2012 as it accepted gold in its reserve requirements from commercial banks. Belarus’s reserves expanded 0.5 ton in January, while Tajikistan acquired 0.1 ton the same month, according to the IMF data, which are updated as countries report. Serbia bought 2.5 tons in December, and Venezuela added 1.9 tons in November, the data showed. Billionaire investors George Soros and Louis Moore Bacon cut their stakes in gold ETPs in the last quarter of 2012, while John Paulson maintained his share, filings showed this month. Total investor holdings in ETPs stood at 2,560.097 tons on Feb. 22, down 2.8 percent from a record reached on Dec. 20. An “inevitable unwind of the 12-year gold bull market has begun,” Ric Deverell and Tom Kendall, analysts at Credit Suisse, wrote in a Feb. 21 report. Gold will probably peak in 2013 and keep declining the following year as U.S. growth accelerates, Goldman Sachs said in a report on Dec. 5. Immediate-delivery metal reached a record $1,921.15 an ounce in September 2011.

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Courtesy:Bloomberg

Gold edges up on improved physical buying

Gold advanced in Asian trade Monday as physical buying improved. Gold for immediate delivery was seen trading at $1583.67 an ounce at 12.00 noon Singapore time while US gold was seen at $1583.27 an ounce on the comex division of nymex. Analysts said the precious yellow metal is likely to remain highly volatile during the day as investors were cautious over the outcome of an unpredictable election in Italy and its impact on the euro zone. The euro bounced from a six-week low around $1.3145, but further upside may be limited as investors eye the vote in Italy. They added that an unstable government in Italy could cause another crisis of confidence in the European Union's single currency. Gold hit a seven-month low of $1,554.49 on Thursday after minutes from the U.S. Federal Reserve's latest policy meeting triggered worries the central bank might stop or slow its bond buying programme. On Friday, April gold settled at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange, down $5.80 for the session. Gold struck a record of around $1,920 in September 2011, when a worsening debt crisis in Europe ignited a buying rush.

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Courtesy:Bullion Street


22 Feb 2013

22-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

22-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 112.20 112.80 113.40 111.00 110.40 109.80
COPPER 431.75 434.45 437.00 426.50 423.95 421.25
CRUDEOIL 5151 5200 5233 5069 5036 4987
GOLD 29926 30111 30442 29410 29079 28894
LEAD 127.35 128.25 129.50 125.20 123.95 123.05
NATURALGAS 182.30 186.10 189.50 175.10 171.70 167.90
NICKEL 922.50 932.00 941.80 903.20 893.40 883.90
SILVER 54572 55031 55779 53365 52617 52158
ZINC 115.25 115.75 116.70 113.80 112.85 112.35
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21 Feb 2013

Oil falls on Fed headlines, hedge fund rumors



Oil futures extended losses seen in U.S. trade Wednesday during Thursday’s Asian session as traders digested a couple of points of market speculation, neither of which is seen as healthy for oil’s near-term outlook. On the New York Mercantile Exchange, light, sweet crude futures for April delivery fell 0.52% to USD94.72 per barrel in Asian trading Thursday after losing 2.32% to settle at at USD94.85 a barrel in Wednesday’s U.S. session. That was good for oil’s biggest one-day drop this year. Oil and other dollar-denominated commodities were hit with a wave of selling after Federal Open Market Committee meeting minutes indicated the Federal Reserve may begin winding down or even cease its asset-buying programs. The Fed’s various easing endeavors have helped lift commodities prices, particularly gold and oil, over the past few years, but monetary easing has also punished the dollar. With some traders seeing an end to quantitative easing in sight, the trade appears to be dump commodities and run to the greenback. Meanwhile, the American Petroleum Institute said U.S. oil inventories increased by 3 million barrels last week. Gasoline and distillate inventories declined by 122,000 barrels and 1.6 million barrels, respectively. The U.S. Energy Information Administration releases its weekly inventory report later today. Traders also appeared to respond to rumors that a large hedge fund or a group of them had liquidated significant positions in oil and other commodities on Wednesday. Other speculation that crept into the market was the theory that Saudi Arabia, which has recently been paring oil production, may boost output during the second quarter to prevent prices from rising too rapidly. The kingdom is the largest producer in the Organization of Petroleum Exporting Countries. Elsewhere, Brent crude for April delivery fell 0.08% to USD114.97 per barrel.

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Courtesy: Investing.com 

Gold keeps falling following Fed minutes



Gold futures, already hovering at their lowest levels since July, continued falling during Thursday’s Asian session following the release of minutes from the Federal Open Market Committee’s latest meeting released during Wednesday’s U.S. session. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery slipped 0.68% to USD1,567.30 per troy ounce in Asian trading Thursday. Gold futures were likely to test support USD1,562.45 a troy ounce, the from July 23, 2012, and resistance at USD1,618.70, Monday's high. Gold was following in advance of the FOMC minutes and plummeted after the minutes showed the Fed may start easing or outright halt its bond-buying activities before originally planned. While there is no guarantee that will happen in the near-term,

Natural Gas edges up amid forecasts for cooler temps, eyes supplies



Natural gas futures extended Tuesday's gains into Wednesday, as weather forecasting services continued to issue calls for colder-than-normal temperatures to return for much of the nation. On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.280 per million British thermal units, up 0.26%. The commodity hit a session low of USD3.259 and a high of USD3.313. Weather forecasting services originally calling for seasonable temperatures began to forecast cooler-than-normal thermometer readings for much of the U.S., which sparked a rally in natural gas markets on Tuesday, with prices shooting up 3.8%. Industry weather group MDA Federal said it expected a "chilly, unsettled pattern" with below-normal temperatures settling in for much of the nation in its one to five-day outlook. Natural gas futures are very sensitive to weather reports in the U.S. winter. The U.S. heating season, which runs from November through March, sees peak demand for gas. About half of U.S. households use gas for heating purposes, according to Energy Department data. Market participants, meanwhile, looked ahead to a U.S. government report on natural gas supplies due for release on Thursday. Early withdrawal estimates range from 118 billion cubic feet to 154 billion cubic feet. Inventories fell by 155 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 140 billion cubic feet. Total U.S. natural gas storage stood at 2.527 trillion cubic feet as of last week, 16% above the five-year average for this time of year. If withdrawals for the rest of winter season match the five-year average pace, inventories will end the heating season at 2.076 trillion cubic feet, nearly 20% above normal, but 16% below last year's end-winter record of 2.48 trillion cubic feet. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were down 1.97% and trading at USD95.19 a barrel, while heating oil for March delivery were down 0.93% and trading at USD3.1509 per gallon.

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Courtesy:INVESTING.COM

21-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

21-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 113.30 114.50 115.50 111.10 110.10 108.90
COPPER 436.65 441.05 443.55 429.75 427.25 422.85
CRUDEOIL 5258 5352 5415 5101 5038 4944
GOLD 29911 30243 30446 29376 29173 28841
LEAD 128.20 129.55 130.30 126.10 125.35 123.95
NATURALGAS 179.90 181.20 182.90 176.90 175.25 173.85
NICKEL 941.10 958.80 970.10 912.10 900.80 883.10
SILVER 54910 56100 56922 52898 52076 50886
ZINC 115.75 116.65 117.25 114.25 113.65 112.75
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20 Feb 2013

20-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

20-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 113.55 114.30 114.90 112.20 111.60 110.85
COPPER 441.10 444.85 446.95 435.20 433.05 429.30
CRUDEOIL 5261 5277 5298 5224 5203 5187
GOLD 30189 30326 30432 29946 29840 29703
LEAD 129.40 130.20 130.85 127.95 127.30 126.50
NATURALGAS 179.70 181.70 185.20 174.20 170.70 168.70
NICKEL 962.10 979.90 990.90 933.30 922.30 904.50
SILVER 56071 56970 57570 54572 53972 53073
ZINC 116.15 116.70 117.25 115.05 114.50 113.95
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16 Feb 2013

Natural Gas extends losses on soft supply data




Natural gas futures extended Thursday's losses into afternoon trading on Friday after official data revealed that stockpiles fell less than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.155 per million British thermal units, down 0.27%. The commodity hit a session low of USD3.126 and a high of USD3.193. The U.S. Energy Information Administration said in its weekly report on Thursday that natural gas storage in the U.S. in the week ended Feb. 8 fell by 157 billion cubic feet, below expectations for a drop of 162 billion cubic feet. Inventories fell by 113 billion cubic feet in the same week a year earlier, while

15 Feb 2013

Oil down despite speculation of OPEC supply cut

Oil futures declined modestly during Friday’s Asian session even amid speculation the Organization of Petroleum Exporting Countries will pare crude shipments this month. On the New York Mercantile Exchange, light, sweet crude futures fell 0.02% to USD97.30 per barrel in Asian Friday after up settling up 0.24% at USD97.24 a barrel on Thursday in the U.S. On Thursday, it appeared traders focused more on U.S. economic news than the comparable headlines out of Europe. Data showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a

15-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

15-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 115.05 115.45 116.05 114.05 113.45 113.05
COPPER 446.65 447.60 449.05 444.25 442.80 441.85
CRUDEOIL 5276 5296 5325 5227 5198 5178
GOLD 30565 30666 30723 30407 30350 30249
LEAD 130.25 130.65 131.20 129.30 128.75 128.35
NATURALGAS 176.10 181.90 185.10 167.10 163.90 158.10
NICKEL 991.20 998.00 1003.10 979.30 974.20 967.40
SILVER 57323 58017 58403 56243 55857 55163
ZINC 118.00 118.70 119.25 116.75 116.20 115.50
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14 Feb 2013

14-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

14-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 114.35 114.95 115.90 112.80 111.90 111.25
COPPER 446.75 448.60 450.20 443.30 441.70 439.85
CRUDEOIL 5271 5294 5314 5228 5208 5185
GOLD 30624 30694 30751 30497 30440 30370
LEAD 130.70 131.80 132.55 128.85 128.10 126.95
NATURALGAS 180.80 182.50 185.70 175.90 172.70 170.90
NICKEL 995.10 999.20 1004.40 985.90 980.60 976.50
SILVER 57726 58011 58171 57281 57121 56836
ZINC 118.75 119.80 120.40 117.05 116.40 115.35
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13 Feb 2013

Obama's 2013 State of the Union Address(TEXT VERSION)



Remarks of U.S. President Barack Obama -- As Prepared for Delivery 
Mr. Speaker, Mr. Vice President, Members of Congress, fellow citizens: 
 Fifty-one years ago, John F. Kennedy declared to this Chamber that “the Constitution makes us not rivals for power but partners for progress…It is my task,” he said, “to report the State of the Union – to improve it is the task of us all.” 

Tonight, thanks to the grit and determination of the American people, there is much progress to report.  After a decade of grinding war, our brave men and women in uniform are coming home.  After years of grueling recession, our businesses have created over six million new jobs.  We buy more American cars than we have in five years, and less foreign oil than we have in twenty.  Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before.

Together, we have cleared away the rubble of crisis, and can say with renewed confidence that the state of our union is stronger.

But we gather here knowing that there are millions of Americans whose hard work and dedication have not yet been rewarded.  Our economy is adding jobs – but too many people still can’t find full-time employment.  Corporate profits have rocketed to all-time highs – but for more than a decade, wages and incomes have barely budged. 

It is our generation’s task, then, to reignite the true engine of America’s economic growth – a rising, thriving middle class.

It is our unfinished task to restore the basic bargain that built this country – the idea that if you work hard and meet your responsibilities, you can get ahead, no matter where you come from, what you look like, or who you love.

It is our unfinished task to make sure that this government works on behalf of the many, and not just the few; that it encourages free enterprise, rewards individual initiative, and opens the doors of opportunity to every child across this great nation.

The American people don’t expect government to solve every problem.  They don’t expect those of us in this chamber to agree on every issue.  But they do expect us to put the nation’s interests before party.  They do expect us to forge reasonable compromise where we can.  For they know that America moves forward only when we do so together; and that the responsibility of improving this union remains the task of us all.

Our work must begin by making some basic decisions about our budget – decisions that will have a huge impact on the strength of our recovery.

Over the last few years, both parties have worked together to reduce the deficit by more than $2.5 trillion – mostly through spending cuts, but also by raising tax rates on the wealthiest 1 percent of Americans.  As a result, we are more than halfway towards the goal of $4 trillion in deficit reduction that economists say we need to stabilize our finances.    

Now we need to finish the job.  And the question is, how?

13-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

13-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 112.95 113.30 113.90 111.95 111.40 111.05
COPPER 446.15 447.15 448.80 443.50 441.85 440.85
CRUDEOIL 5273 5299 5326 5220 5193 5167
GOLD 30628 30683 30739 30517 30461 30406
LEAD 130.85 131.65 133.10 128.60 127.15 126.35
NATURALGAS 178.30 180.70 182.40 174.20 172.50 170.10
NICKEL 988.50 992.10 996.70 980.30 975.70 972.10
SILVER 57722 57888 58144 57300 57044 56878
ZINC 119.00 119.70 120.90 117.20 115.95 115.35
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12 Feb 2013

Russia may raise Gold output by 5% every year till 2020

A day after Russian central bank announced adding 570 tons of gold to it's reserves in the last ten years, a top industry body sees country’s gold production at 226 tons in 2012. According to Russian Gold Industrialists' Union, country's gold production is likely to increase by 5 percent this year from 226 tonnes in 2012. The Union said Russia may increase production by 5 percent a year till 2020 if gold prices remain high. In 2011, Russia produced 222 tons of gold, driven by the development of Polyus Gold's projects. Polyus, Russia's largest gold miner increased output last year by 12 percent to 1.68 million ounces, thanks to further improvement in recovery rates and higher processing volumes. Another major producer, Polymetal’s gold production jumped 33 percent to 589,000 ounces. Gold averaged $1,668.77 an ounce last year. London Metal Exchange gold forward contracts show that traders forecast the price to reach $2,700 an ounce in 2023. China, the U.S and Australia are the world’s three biggest producers.

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Courtesy:BULLIONSTREET

Copper futures fall to 2-week low in risk-off trade

Copper futures were down for a second day on Tuesday, as market sentiment remained cautious ahead of U.S. President Barack Obama’s State of the Union speech later in the day and the upcoming meeting of the G20 group. Activity was subdued with market participants in China away for the Lunar New Year holiday. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.713 a pound during European morning trade, down 0.25% on the day. New York-traded copper prices fell by as much as

12-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

12-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 112.90 113.65 114.05 111.75 111.35 110.60
COPPER 446.75 449.45 451.50 441.95 439.95 437.25
CRUDEOIL 5266 5302 5371 5161 5092 5056
GOLD 30789 30938 31041 30537 30434 30285
LEAD 129.75 130.75 131.30 128.20 127.65 126.65
NATURALGAS 179.20 181.30 184.10 174.30 171.50 169.40
NICKEL 986.20 991.20 994.50 977.90 974.60 969.60
SILVER 58167 58672 58985 57349 57036 56531
ZINC 118.20 118.95 119.60 116.80 116.20 115.40
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11 Feb 2013

Gold slightly higher in light holiday trade in Asia

MCX GOLD TIPS
Gold futures edged higher during Monday’s Asian session amid light holiday trade. Markets in Hong Kong and China are closed for Lunar New Year festivities. 

On the Comex division of the New York Mercantile Exchange, gold futures for March delivery added 0.04% to USD1,667.65 per troy ounce in Asian trading Monday. The contract traded as high as USD1,669.75 and as low as USD1,666.90 per ounce. 

Gold prices were likely to find support at USD1,653.35 a troy ounce, the low from January 28 and near-term resistance at USD1,685.65, February 5’s high. Last week, gold futures fell modestly, losing 0.1%. 

10 Feb 2013

11-FEB-2013 INTRADAY LEVELS FOR MCX COMMODITY MARKET

11-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 113.05 113.50 114.30 111.80 111.00 110.55
COPPER 448.25 449.95 453.20 443.30 440.10 438.35
CRUDEOIL 5171 5198 5221 5121 5098 5071
GOLD 30849 30903 30965 30733 30671 30617
LEAD 130.70 131.25 132.05 129.35 128.55 127.95
NATURALGAS 178.40 180.00 181.30 175.50 174.20 172.60
NICKEL 990.00 995.90 1003.90 976.10 968.10 962.20
SILVER 58436 58660 58895 57977 57742 57518
ZINC 118.80 119.80 121.60 116.00 114.20 113.20
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7 Feb 2013

Crude oil posts slight rally after positive economic data

COMMODITY FREE TIPS
Oil prices rallied slightly in Asian trading on Thursday as traders priced in economic data that showed that the employment situation was improving in Australia and New Zealand. At the same time, investors eagerly awaited the European Central Bank’s interest rate decision.

On the New York Mercantile Exchange, oil futures for March delivery were up just 0.14% at

6 Feb 2013

MCX COMMODITY INTRADAY LEVELS (06-FEB-2013)

06-FEB-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 111.95 112.45 112.80 111.10 110.75 110.25
COPPER 444.20 445.85 446.95 441.45 440.35 438.70
CRUDEOIL 5162 5179 5198 5126 5107 5090
GOLD 30762 30926 31031 30493 30388 30224
LEAD 130.85 131.40 131.95 129.70 129.10 128.55
NATURALGAS 180.10 181.30 182.90 177.30 175.70 174.50
NICKEL 997.40 1000.50 1005.70 989.10 983.90 980.80
SILVER 58747 59137 59485 58009 57661 57271
ZINC 115.55 115.95 116.40 114.70 114.25 113.85
For More Details Please Visit MCX FREE TIPS