COMMODITY WRAPUP

GOLD

MCX GOLD February contract was closed at Rs 28454 up Rs 90 , or +0.32 percent. The GOLD rate touched an intraday high

of Rs 28479 and an intraday low of Rs 28282. So far 9370 contracts have been traded. Gold Price is taking support at 28280

and trade in sideways range all day. In evening session gold price broke the nearest resistance 28450 and made high of 28479

BUY GOLD ABOVE 28480 TGTS 28560/28660 SL 28350

SELL GOLD BELOW 28270 TGTS 28190/28090 SL 28380

SILVER

MCX SILVER March contract was closed at Rs 43992 up Rs 79, or +0.18 percent. The SILVER rate touched an intraday high of Rs

44150 and an intraday low of Rs 43709. 11278 contracts had been traded. Silver opened at morning with gap down and made day

low. In mid session silver traded in narrow range and made day’s low 43709 . After evening there had been seen more buying pres-

sure in silver and it will helpful to break the nearest resistance 44200.

BUY SILVER ABOVE 44000 TGTS 44200/44500 SL 43700

SELL SILVER BELOW 43700TGTS 43500/43200 SL 44050

SPECIAL NEWS

Mortgage approvals in U.K. for house purchases increased to 45,044 in Nov. from 43,315 in Oct. It also exceeded ex- pected level of 44,400. Mortgages approved in Nov. rose as housing schemes boosted demand from first-time buyers. Gross mortgage borrowing of GBP 10.3 bn in Nov. was higher than Oct. and 37% higher than in Nov. a year ear- lier. For some time, higher capital repayment led to net monthly contractions in borrowing. However, the overall mortgage stock did rise in Nov.

France's economy contracted by 0.1 percent quarter-on- quarter in the third quarter, final results released by the statistical office Insee showed Tuesday, confirming the preliminary estimates.

The Euro zone Conference Board leading economic index increased 0.5% MoM to 110.4. This comes after a 0.4% in- crease in Oct and a 0. 5% rise in Sept. A leading indicator of Euro zone's economic activity increased further in Nov, signaling improvement in the region's growth prospects.

COMMODITY BUZZ

The news of liquidity infusion by China has brought rise in Copper prices. LME three month prices were trading at $ 7285 per tonne, up $ 50 per tonne from last session. In- dian Copper that closely tracks the moves of international markets was trading at Rs 460.25 per kg, up 0.7%. The prices of Indian Copper have seen an increase of 3.36% year to date. A trading interest was built in the contract soon after People's Bank of China injected $4.8 billion into the country's interbank market.

US Department of Labor is expected to release its weekly data on Initial Jobless Claims and Continuing Jobless claims at 19.00 IST today.

Chinese crude oil demand is expected to grow at a moder- ate pace of 350 thousand b/d (3.5%) in 2014. It is expected that Libyan government would soon reach a settlement

with protesters those controlling major crude oil export ports for months.

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