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WEEKLY COMMODITY REPORT BY EPIC RESEARCH-30 APRIL 2012
1. Weekly Commodity Report (30Apr-05May)
Commodity Updates
๏Russia and Mexico buys over 16 tonnes of
Gold in March: IMF
๏Silver supply falls in 2011, net producer
hedging tumbles 82%
๏Copper stocks-to-consumption ratio at 4 year
lows, indicates huge upside potential
๏China Copper production set to decline,
imports to remain strong
๏Japan Zinc demand growth to beat China in
2012
Silver futures down on weak global cues
๏China's Iran oil imports drop 54% in March
๏BofAML cuts natural gas forecast to
$2.40/MMBtu in 2012
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Technical Charts
Mcx Gold
MCX GOLD after giving a strong break out on its daily chart trend line, continued to move on higher levels
for the whole week. Immediate resistance is seen at 29230, once able to cross this level, than it may move
towards its life high.
RESISTANCE: 29220, 29320, 29440
SUPPORT: 28980, 28820, 28580
TREND: BULLISH
STRATEGY: BUY ON DIPS
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Mcx Silver
MCX SILVER remained volatile for the whole week. A stiff resistance is seen on daily chartโs trend line
and proper break out of this trend line will only take silver towards 57000 in the upcoming sessions.
RESISTANCE: 56200, 56900, 57750
SUPPORT : 55300, 54420, 53200
TREND : SIDEWAYS
STRATEGY : BUY ON DIPS
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Mcx Copper
MCX COPPER has gone into bullish territory last week after touching the levels of 410 it got reversed and now
trading near 444 levels. It may test 460 levels soon.
RESISTANCE: 428, 433,438
SUPPORT : 437, 434,430
TREND : SIDEWAYS
STRATEGY: SELL ON HIGHS
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Mcx Crude oil
MCX CRUDEOIL remained volatile for the whole week with upward bias. On weekly chart it is consolidating at
top levels and a break out is expected in the upcoming sessions.
RESISTANCE: 5580 5660, 5730
SUPPORT : 5475, 5440, 5390
TREND : BILLISH
STRATEGY : BUY ON DIPS
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