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					     MTECHTIPS COMMODITY MARKET NEWS 1
MTECHTIPS:-Gold slightly higher after Cyprus rejects deposit tax

Gold futures are trading modestly to the upside in the early part of
Wednesday’s Asian session after Cyprus’ parliament rejected the
controversial bank deposit levy plan set forth by the European Union
and the International Monetary Fund. The vote is seen as imperiling
the island nation’s ability to secure vital bailout assistance. On the
Comex division of the New York Mercantile Exchange, gold futures for
April delivery rose 0.06% to USD1,612.20 per troy ounce in Asian
trading Wednesday after settling up 0.43% at USD1,611.50 a troy
ounce in U.S. trading on Tuesday. Gold futures were likely to test
support USD1,590.80 a troy ounce, Monday's low, and resistance at
USD1,619.40, the high from Feb. 26.Late Tuesday, Cypriot
policymakers rejected the highly unpopular plan that would tax bank
deposits in the country of less than EUR100,000 at a rate of 6.75% and
deposits north of that amount at a rate of 9.9%. The vote casts doubt
on the ability of the country to secure bailout funding and has
prompted fears Cyprus could go bankrupt and be forced out of the
euro zone. While Cyprus has rejected one plan, some market
participants expect another plan will be forthcoming as European
policymakers do not want to tempt fate and risk the departure of any
of the euro zone member states.

MTECHTIPS:-Oil rises despite Cyprus’ rejection of deposit tax

Oil futures are trading slightly higher during the early going in
Wednesday’s Asian despite news that Cyprus’s parliament rejected
the plan offered by the European to tax bank deposits in the tiny
island nation. On the New York Mercantile Exchange, light, sweet
crude futures for April delivery rose 0.01% to USD92.53 per barrel in
Asian trading Wednesday after falling slightly during Tuesday’s U.S.
session. New York-traded oil prices held in a range between USD93.69
a barrel, the daily low and a session high of USD94.45 a barrel, which
was strongest level since February 25.Traders appear to be focusing
more on Cyprus than the most recent economic data out of the U.S.,
the world’s largest oil consumer. In economic news, the Commerce
Department said U.S. housing starts increased 0.8% last month a to
seasonally-adjusted rate of 917,000. Permits to build new homes rose
4.6% to 946,000 units, the best rate since June 2008. Single-family
housing starts increased 0.5%.Late Tuesday, Cypriot policymakers
rejected the highly unpopular plan that would tax bank deposits in
the country of less than EUR100,000 at a rate of 6.75% and deposits
north of that amount at a rate of 9.9%. The vote casts doubt on the
ability of the country to secure bailout funding and has prompted
fears Cyprus could go bankrupt and be forced out of the euro
zone.While Cyprus has rejected one plan, some market participants
expect another plan will be forthcoming as European policymakers do
not want to tempt fate and risk the departure of any of the euro zone
member states.

MTECHTIPS:-NCDEX Sugar: Sell at 3020 with stop loss 3045; target
2990

Sugar futures for April delivery on India's National Commodity and
Derivatives Exchange (NCDEX) is expected to trade negative in
upcoming sessions, according to our analyst“The commodity has good
resistance at 3045 while 2990 is the support. Traders are advised to
take short sell position near 3020 with the stop loss of 3045 for the
target of 2990,Earlier, NCDEX sugar prices edged down on fresh selling
and closed at 3012. Sluggish demand from the bulk buyers followed
by higher supply are the key reasons for the negative trend in both
spot and futures market.Meanwhile, sugar mills in Maharashtra have
stopped their crushing process due to non availability of sugar
cane.India's sugar production in 2013-14 may fall to around 24 mn tn
against current year’s output of 24.5 mn tons, according to a
statement by the union Agriculture Minister Sharad Pawar.India's
sugar output for the season 2013 – 14 is set to fall below demand for
the first time in four years as a result of severe water shortage in key
sugar cane growing areas

MTECHTIPS:-NCDEX Chana range bound; trading range 3350-3450

On the NCDEX, chana for April delivery is looking range bound for the
day. The commodity's trading range is likely to be between 3350-
3450, according to our analyst.The contract was trading on a positive
note at Rs. 3407, a gain of 0.24% as of 11.34 AM IST,
Wednesday.“Trend of chana for April delivery is looking range bound
and 3350-3450 is likely to be the range for the commodity. Either side
break out will give clear direction to the prices,Chana acreage has
increased to 94.78 lakh ha vs 89.92 lakh ha last year. Good
weatherconditions in growing areas in MP, Maharashtra and
Rajasthan have been responsible for the improved productivity and
production prospects.Regular imports are also preventing major
uptrend for Chana rates. Raising of MSP for Chana last year has
resulted in higher acreage for the Rabi crop this year in states of
Madhya Pradesh and Maharashtra. Conducive weather in growing
states have been creating a bearish impact on the commodity rates
for last few months.
MTECHTIPS:-NCDEX Coriander down on profit booking; positive for
short term

Coriander futures for April delivery on India's National Commodity
and Derivatives Exchange (NCDEX) is down on profit booking,
however the commodity looks positive for short term, according to
our analyst.“Intra-day sellers can get benefit of the profit booking by
selling with some gains, while buyers may buy on dips,“Short term
traders can buy around 6550 with the stop loss of 6400 for the target
7050. The commodity has support at 6400 while 7050 is the
resistance,” he added.NCDEX coriander for April delivery was down by
1.27 percent at Rs.6789 per 100 kg as of 11.44 PM IST on
Wednesday.Rising arrivals in physical markets are expected to keep
coriander prices down. However, for long term the commodity looks
positive to bullish on lower production estimates.

MTECHTIPS:-NCDEX Soy Oil range bound; trading range 665-675

Soy oil on the NCDEX for April delivery is looking range bound. Trading
range of the commodity is likely to be between 665-675, as per our
analyst.The contract was trading on a positive note at Rs.669.6, a gain
of 0.07% as of 11.59 AM IST, Wednesday.“Trend for soy oil for April
delivery is looking range bound and 665-675 is likely to be the range
for the commodity. Either side break out will give clear direction to
the prices,India's import of vegetable oils during February 2013 is
reported at 969,175 tons compared to 876,669 tons in February 2012,
consisting of 954,176 tons of edible oils and 14,999 tons of non-edible
oils, up by 10.55 %.The overall import of vegetable oils during Nov.’12
to Feb.’13 is reported at 3,735,263 tons compared to 3,061,923 i.e. up
by 21.99%.
MTECHTIPS:-NCDEX Castor Seed likely to be negative; support at 3500

On India’s NCDEX, castor seed for April delivery is likely to be
negative. The commodity is likely to have support at 3500 and
resistance at 3740 level, as per our analyst.The contract was trading
on a positive note at Rs.3625, a gain of 0.78% as of 02.34 PM IST,
Wednesday.“Castor seed on the NCDEX is looking negative and sell on
rise is advised to the traders. Support for the commodity is likely to be
at 3500 while resistance is at 3740 level,Castor seed output of India
may fall to the lowest levels since 2010- 11 at around 1.14 mt for2012-
13, according to estimates. Inadequate water availability has affected
the castor crop prospects in India, the world’s largest producer of the
oilseed.Production fall is seen in Gujarat and Rajasthan, two major
castor growing states, at around29% and 11%, respectively. Total area
under castor crop in the country has been registered at around 1.1 mn
hectares (ha) this year against 1.14 mn ha, lower by about five per
cent on year- on- year basis.

MTECHTIPS:-Gold futures hold steady near 3-week high ahead of Fed
decision

Gold futures were little changed near the previous session’s three-
week high on Wednesday, as investors looked ahead to the outcome
of the Federal Reserve’s policy meeting later in the day.
Uncertainty remained over the situation in Cyprus, where the
country’s parliament rejected a proposed bank deposit tax, which
formed part of a EUR10 billion international bailout deal.On the
Comex division of the New York Mercantile Exchange, gold futures for
April delivery traded at USD1,610.60 a troy ounce during European
morning trade, nearly flat on the day.Prices held in a tight USD5-
trading range between USD1,609.70 a troy ounce, the daily low and a
session high of USD1,613.90. Comex gold prices rose to USD1,614.60 a
troy ounce on Tuesday , the strongest level since February 26.Gold
prices were likely to find support at USD1,560.60 a troy ounce, the
low from March 8 and near-term resistance at USD1,619.40, the high
from February 26.Market players were looking ahead to the outcome
of the Federal Reserve’s two-day policy meeting, as investors try to
assess the central bank's attitude towards monetary stimulus.Data on
Friday showed that U.S. inflation was contained in February, leaving
the way clear for the central bank to continue its bond-buying
program.Fed Chairman Ben Bernanke is to give a press conference
after the release of the policy statement.Moves in the gold price this
year have largely tracked shifting expectations as to whether the Fed
could bring quantitative easing to an end this year.

MTECHTIPS:-Crude oil futures edge higher ahead of U.S. supply data,
Fed meeting

Crude oil futures edged higher during European morning hours on
Wednesday, as traders looked ahead to closely-watched weekly
supply data on U.S. stockpiles of crude and refined products from the
U.S. Energy Information Administration later in the day.Investors
were looking ahead to the outcome of the Federal Reserve’s policy
meeting, as well as developments surrounding a bailout deal for
Cyprus.On the New York Mercantile Exchange, light sweet crude
futures for delivery in April traded at USD92.78 a barrel during
European morning trade, up 0.3% on the day.New York-traded oil
prices held in a range between USD92.36 a barrel, the daily low and a
session high of USD92.95 a barrel.Oil traders looked ahead to data
from the U.S. government on oil and fuel supplies later in the day to
gauge the strength of demand from the world’s largest oil
consumer.The report was expected to show that U.S. crude oil
stockpiles increased by 2 million barrels last week, while gasoline
inventories were forecast to fall by 2.1 million barrels.After markets
closed Tuesday, the American Petroleum Institute, an industry group,
said that U.S. crude inventories unexpectedly fell by 0.4 million
barrels last week, while gasoline stocks rose by 0.3 million
barrels.Market players also looked ahead to the outcome of the
Federal Reserve’s two-day policy meeting later in the day, as investors
try to assess the central bank's attitude towards monetary
stimulus.Fed Chairman Ben Bernanke is to give a press conference
after the release of the policy statement.

MTECHTIPS:-Copper futures bounce off 7-month low with Fed, Cyprus
in focus

Copper futures regained strength during European morning hours on
Wednesday, bouncing off a seven-month low as investors were
looking ahead to the outcome of the Federal Reserve’s policy meeting
later in the day, as well as developments surrounding a bailout deal
for Cyprus.Weakness in the U.S. dollar also contributed to copper’s
strength. The dollar index, which tracks the performance of the
greenback against a basket of six other major currencies, was down
0.2% to trade at 82.98.On the Comex division of the New York
Mercantile Exchange, copper futures for May delivery traded at
USD3.438 a pound during European morning trade, up 1% on the
day.New York-traded copper prices rose by as much as 1.2% earlier in
the day to hit a session high of USD3.444 a pound.New York-traded
copper prices fell to USD.3389 a pound on Tuesday, the weakest level
since August 21, as worries over a controversial bailout deal for
Cyprus and concerns over a slowdown in demand from top consumer
China weighed on the industrial metal.Cyprus’s President Nicos
Anastasiades called an emergency meeting with political leaders to
look at alternatives after parliament rejected the terms of the bailout
agreement on Tuesday.Following the vote, the European Central Bank
said it will provide liquidity to Cypriot banks within existing
rules.Market sentiment remained supported amid growing
expectations that the European Union will renegotiate a deal with
Cyprus to keep the country in the euro zone.

				
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Description: MTECHTIPS COMMODITY MARKET NEWS 1 MTECHTIPS:-Gold slightly higher after Cyprus rejects deposit tax Gold futures are trading modestly to the upside in the early part of Wednesday’s Asian session after Cyprus’ parliament rejected the controversial bank deposit levy plan set forth by the European Union and the International Monetary Fund. The vote is seen as imperiling the island nation’s ability to secure vital bailout assistance. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.06% to USD1,612.20 per troy ounce in Asian trading Wednesday after settling up 0.43% at USD1,611.50 a troy ounce in U.S. trading on Tuesday. Gold futures were likely to test support USD1,590.80 a troy ounce, Monday's low, and resistance at USD1,619.40, the high from Feb. 26.Late Tuesday, Cypriot policymakers rejected the highly unpopular plan that would tax bank deposits in the country of less than EUR100,000 at a rate of 6.75% and deposits north of that amount at a rate of 9.9%. The vote casts doubt on the ability of the country to secure bailout funding and has prompted fears Cyprus could go bankrupt and be forced out of the euro zone. While Cyprus has rejected one plan, some market participants expect another plan will be forthcoming as European policymakers do not want to tempt fate and risk the departure of any of the euro zone member states. MTECHTIPS:-Oil rises despite Cyprus’ rejection of deposit tax Oil futures are trading slightly higher during the early going in Wednesday’s Asian despite news that Cyprus’s parliament rejected the plan offered by the European to tax bank deposits in the tiny island nation. On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.01% to USD92.53 per barrel in Asian trading Wednesday after falling slightly during Tuesday’s U.S. session. New York-traded oil prices held in a range between USD93.69 a barrel, the daily low and a session high of USD94.45 a barrel, which was s