Daily Commodity Report by www.epicresearch.co - 25th February 2013

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indore, India (prHWY.com) February 25, 2013 - HEADLINE
Gold demand moderate as prices soften.
Gold demand in India, the world's biggest consumer of the metal, was moderate on Friday as the correction in prices lured some jewellers, but some investors were on the sidelines hoping for a sharp drop in future. As of 1206 GMT, the most active gold contract for April delivery on India's Multi Commodity Exchange (MCX) was 0.69 percent lower at 29,537 rupees per 10 grams. The contract hit a seven-month low of 29,263 rupees. At this point of time people are thinking there can be more lows so they are waiting for a correction," said Mohit Kamboj, president of the Bombay Bullion Association. The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal rose.
Base metals under pressure, 'gravity-defying' prices come back to Earth.
Base metals were unsettled in premarket, moving into a sideways-to-lower pattern after an slight recovery during Asian trading earlier this morning. It has been a massive down week and we have seen a small reaction to that today," a trader said. "This is to be expected pre-weekend after a sell-off. This isn't a correction. [Metal] prices have been defying gravity of late and we are now seeing some realism come back into markets.

TRADING TIP:
* Sell Crude Oil Mar

Around 5100
TGTS-5070/5030
SL-5130
* Sell Copper Feb

Around 426
TGTS-423/419
SL- 429
ANALYSIS
DAILY MCX GOLD CHART
OPEN: 29560
HIGH: 29623
LOW: 29548
CLOSE: 29605

* GOLD LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE

DAILY MCX SILVER CHART
OPEN: 53428
HIGH: 53735
LOW: 53428
CLOSE: 53702

* SILVER LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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