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									   MTECHTIPS COMMODITY MARKET NEWS 4
MTECHTIPS:-Gold little changed in cautious trade; EZ GDP data, G20 in
focus
Gold futures fluctuated between small gains and losses in rangebound trade during European
morning hours on Thursday, as investors digested reports showing larger-than-forecast contractions
in German and French fourth quarter economic growth.Market players remained cautious ahead of a
meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature
discussions on competitive currency devaluation.A weak technical picture also continued to weigh
on the precious metal after prices broke below a key support level earlier in the week.On the Comex
division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,644.75
a troy ounce during European morning trade, nearly flat on the day.Prices held in between a tight
range of USD1,641.75 a troy ounce, the daily low and a session high of USD1,646.25 a troy ounce.
Gold futures fell to a five-week low of USD1,639.65 a troy ounce on February 12.Gold prices were
likely to find support at USD1,626.05 a troy ounce, the low from January 4 and resistance at
USD1,670.25, the high from February 11.The euro came under heavy selling pressure after data
showed that Germany’s economy, the euro zone’s largest, contracted by 0.6% in the in the fourth
quarter, worse than expectations for a 0.5% fall.France’s economy also contracted more than
forecast, with gross domestic product falling by 0.3%, from 0.1% growth in the third quarter.
Economists had forecast a contraction of 0.2% in the fourth quarter.The euro zone was to release
preliminary data on fourth quarter growth later in the session.Meanwhile, in Japan, official data
showed that Japan’s economy contracted by 0.1% in the fourth quarter, compared to expectations
for an uptick of 0.1%.The downbeat global growth outlook prompted investors to shun riskier assets
and move in to the relative safety of the U.S. dollar.

MTECHTIPS:-Crude oil futures higher despite grim euro zone growth
outlook
Crude oil futures were higher during European morning hours on Thursday, despite data showing a
worsening of the financial situation in the euro zone.On the New York Mercantile Exchange, light
sweet crude futures for delivery in March traded at USD97.31 a barrel during European morning
trade, up 0.3% on the day.New York-traded oil prices held in between a tight range of USD96.94 a
barrel, the daily low and a session high of USD97.38 a barrel. Oil prices rose to USD98.09 a barrel
on Wednesday, the strongest level since February 1.Fresh euro zone concerns were sparked by
official data showing that Germany’s economy, the bloc's largest, contracted by 0.6% in the in the
fourth quarter, worse than expectations for a 0.5% fall, after a 0.2% expansion in the three months to
September. Separately, France’s economy also contracted more than forecast, with gross domestic
product falling by 0.3%, from 0.1% growth in the third quarter. Economists had forecast a contraction
of 0.2% in the fourth quarter.Also Thursday, data showed that Italy’s economy shrank 0.9% in the
three months ended December 31, worse than expectations for a 0.6% drop.The euro zone was to
release preliminary data on fourth quarter growth later in the session.

MTECHTIPS:-Copper futures turn lower after dismal German, French
GDP data
Copper futures turned lower during European morning hours on Thursday, as appetite for growth-
linked assets weakened amid fresh fears over the euro zone’s economic outlook.Activity was
subdued with market participants in China away for the Lunar New Year holiday. China is the world’s
largest copper consumer, accounting for almost 40% of world consumption last year.On the Comex
division of the New York Mercantile Exchange, copper futures for March delivery traded at
USD3.737 a pound during European morning trade, down 0.2% on the day.New York-traded copper
prices held in between a tight range of USD3.736 a pound, the daily low and a session high of
USD3.750 a pound.Fresh euro zone concerns were sparked by official data showing that Germany’s
economy, the bloc's largest, contracted by 0.6% in the in the fourth quarter, worse than expectations
for a 0.5% fall, after a 0.2% expansion in the three months to September.Separately, France’s
economy also contracted more than forecast, with gross domestic product falling by 0.3%, from
0.1% growth in the third quarter. Economists had forecast a contraction of 0.2% in the fourth quarter.

MTECHTIPS:-NCDEX Jeera: Support at 12800; resistance 13700
Trend of jeera on the NCDEX for March delivery is looking sideways at current levels
with support for the commodity seen at 12800 level and resistance at 13700.The
contract is trading on a positive note at Rs.13225, a gain of 0.42% as of 12.20PM IST,
Thursday.“Over all trend of jeera for March delivery is looking sideways at current
levels. Support is seen at 12800 level while 13700 is the resistance.“Either side break
out will give clear direction to the prices. Until then it is expected to trade in the current
range of 12800-13700,” he added.Higher production prospects are likely to keep
pressure on market sentiments. Good sowing reports from Gujarat and Rajasthan of
India are also keeping sentiments down.

MTECHTIPS:-NCDEX Wheat likely to witness trend reversal above 1480
Trend reversal in NCDEX Wheat March contract is expected as the commodity has
breached the key resistance level of 1480.The contract was trading on a positive note
at Rs. 1473, a gain of 2.22% as of 02.54 due to good buying along with good volumes.
Fundamentals are also strong which limits the down side.“Support for the contract is
seen at 1430 level.“Traders may buy at these levels as potential for downside is likely
to remain low,” he added.India's wheat output is likely to be close to last year's record
level of 93.90 million tons. According to official data, area sown under wheat has
declined to 294.98 lakh hectares so far in the current rabi season, from 295.93 lakh
hectares in the year-ago period.

								
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