✍ MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS

The ECB said it would buy government bonds from this March until the end of September 2016 despite opposition from Germany's Bundesbank and concerns in Berlin that it could allow spendthrift countries to slacken economic reforms. Together with existing schemes, the new quantitative easing program will pump 60 billion euros a month into the economy.
U.S. crude stocks rose much more than expected last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 10.1 million barrels in the last week, compared with analysts' expectations for an increase of 2.6 million barrels. Gasoline stocks rose by 588,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million barrels gain. Distillate stockpiles, which include diesel and heating oil, fell by 3.3 million barrels, versus expectations for a 250,000 barrels increase, the EIA data showed.
1. ECB announced stimulus of €60 billion per month, starting in March.
2. US Unemployment Claims decreased to 307,000 in the last week.
3. UK’s CBI Industrial Order Expectations fell to 4-mark in January.
The US Dollar Index (DX) traded higher by 1.3 percent yesterday after the release of relatively positive U.S. jobless claims data. Also, the European Central Bank announced a large scale quantitative easing program gave support to the Greenback.

PRECIOUS METAL
Silver was up 1.6 percent at $18.40 an ounce.The European Central Bank took the ultimate policy leap on Thursday,launching a government bond-buying programme which will pump hundreds of billions in new money into a sagging euro zone economy.The ECB said it would purchase sovereign debt from this March until the end of September 2016, despite opposition from Germany's Bundesbank and concerns in Berlin that it could allow spendthrift countries to slacken economic reforms.

Gold turned higher and touched a five-month high above $1,300 per ounce on Thursday, after the European Central Bank (ECB) launched a Multi billion euro bond-buying program aimed at reviving a sagging euro zone economy. President Mario Draghi said the ECB would print money to buy up 60 billion euros ($69 billion) worth of sovereign bonds a month in the euro zone, where inflation at minus 0.2 percent is far below the central bank's target of just under 2 percent. He said inflation was expected to increase gradually later in 2015 and in 2016. The metal has risen around 10 percent since the beginning of the month, its strongest month so far in two years, underpinned by higher demand for assets perceived as safer.
BASE METAL
Base metals on the LME declined on Thursday as the Euro zone economy is in doldrums and the monetary easing boost by the ECB to pump in 60 billion euros in the economy is a step in the right direction. Although, slowdown in China and Japan remains the concern for overall demand for base metals. In the Indian markets, all the base metals (except lead) traded lower in line with international markets.
Copper fell on Thursday as climbing inventories highlighted oversupply in the market and consumers waited for weaker prices. Also weighing on the market was profit-taking on long positions built up ahead of Thursday's European Central Bank (ECB) quantitative easing (QE) programme. Copper was also under pressure from news that investment this year by the Chinese State Grid will rise 9 percent, not the 24 percent previously expected, after last year's investment figure was released on Thursday and was higher than originally reported. Goldman Sachs said in a note on Wednesday that the impact of grid investment was overblown. Instead, copper's fortunes are far more closely tied to the country's ailing property sector, the investment bank said.

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