Daily Commodity Report by www.epicresearch.co -- 28th January 2013
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India may slap 10% duty on gold jewellery import from Thailand.
India has told Thailand that it will impose six-10 per cent duty on gold jewellery imports in the proposed free trade agreement ( FTA), according commerce ministry sources. The move is aimed at curbing a spurt in gold jewellery imports in recent times, which may rise further as the government raises Customs duty on gold imports. However, the commerce ministry has ruled out a total ban on gold imports from Thailand.
Copper rallies as Chinese manufacturing boosts confidence.
Coppertraders are bullish for a third consecutive week as the fastest expansion in Chinese manufacturing in two years boosts confidence that the biggest buyer of the metal is leading a global recovery. Eleven analysts surveyed by Bloomberg expect prices to rise next week, six were bearish and a further five were neutral. ETF Securities said $28 million went into its ETFS Physical Copper exchange-traded product last week, the most since its introduction in 2010.
TRADING TIP:
Sell Zinc Jan
* Below 111
* TGTS-110.10/109
* SL-111.60
Sell Silver Mar
* Below 58200
* TGTS-58000/57700
* SL- 58300
ANALYSIS
DAILY MCX GOLD CHART
ANALYSIS
OPEN: 30458
HIGH: 30488
LOW: 30258
CLOSE: 30331
* GOLD LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY MCX SILVER CHART
OPEN: 58954
HIGH: 59034
LOW: 58176
CLOSE: 58250
* SILVER LOOKS SIDEWAYS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
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