Daily Commodity Report by www.epicresearch.co 22nd March 2013

Gold rose to a near one-month high, as safe-haven buying emerged after the European Union gave Cyprus an ultimatum to raise billions of euros it needs to clinch a bailout deal or face a likely exit from the currency zone.

indore, India (prHWY.com) March 22, 2013 - HEADLINE

Gold hits near one-month high on Cyprus debt fears.
Gold rose to a near one-month high, as safe-haven buying emerged after the European Union gave Cyprus an ultimatum to raise billions of euros it needs to clinch a bailout deal or face a likely exit from the currency zone. The metal has risen in five of six sessions on resurgent fears about euro zone debt fears, and on hopes that the US Federal Reserve will maintain aggressive stimulus to battle still-high unemployment. Silver also rose 1.5 percent, on track for its biggest oneday gain in almost two months..
LME copper inventories at 10-year high.
LME copper stocks have risen 165 per cent since October, amid an increase global mine production and slower purchases from China, which has seen a rapid build-up of copper stocks in recent years. Stocks on the LME rose 6,625 tonnes to 557,450 - the highest since October 2003, when the commodities supercycle driven by China's industrialisation was still in its infancy.Although LME stocks only represent one chunk of global inventories, they are closely watched by traders and analysts as an indication of the amount of surplus metal that is readily available to deliver into the market.
TRADING TIP:
 Sell Aluminium Mar
Below 102.90
TGTS-102/101
SL-103.50
 Sell Crude Oil Apr
Below 5050
TGTS 5020/4980
SL- 5080

ANALYSIS
DAILY MCX GOLD CHART
OPEN: 29662
HIGH: 29847
LOW: 29613
CLOSE: 29827
* GOLD LOOKS SIDEWAYS
* TREND: CONSOLIDATE
* STRATEGY: BUY ON DIPS
DAILY MCX SILVER CHART
OPEN: 54392
HIGH: 55100
LOW: 54150
CLOSE: 55063
* SILVER LOOKS SIDEWAYS
* TREND: CONSOLIDATE
* STRATEGY: BUY ON DIPS


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