Commodity markets positive in opening trade

The Multi Commodity Exchange (MCX) COMDEX opened positive after a fall of 0.69% on Thursday. 

It is currently trading higher by 19.63 points, or 0.53%, at 3,748.57 at 11.52 p.m. after opening at 3,731.84.

Other index like MCX Metal is trading upward by 64.52 points, or 1.25%, at 5,240.92 after opening at 5,183.94.

MCX Agri is trading up 43.34 points, or 2.01%, at 2,204.07 after opening at 2,174.37.

Meanwhile MCX Energy is trading down by 35.14 points, or 1.02%, at 3,403.34 after opening at 3,441.14.

Gold futures trade down 0.41% at Rs 30,729 per 10 gm

Gold futures declined in noon trade on Wednesday. February 2012 gold futures at the MCX were trading down 0.41% at Rs 30,729 per 10 grams at 12.04 p.m. after hitting high of Rs 30,785. It opened at Rs 30,785.

Commenting on the outlook, Emkay Commodity Research said, "Gold is expected to go down as lesser volumes and fiscal cliff worries would weaken the prices. Gold in India is expected to follow international prices and a stronger rupee would further weaken the prices. Gold for February delivery on the Multi Commodity Exchange (MCX) was 0.19% down at Rs 30,854/10 gms."

Commenting on the gold, copper,and crude outlook,

Gold:

Gold futures fell sharply and broke four month lows as investors off-loaded the metal lost its` safe haven appeal on account of positive U.S. economic indicators last week. The U.S. third quarter Gross Domestic Product (GDP) recorded 3.1% which upbeat the preliminary report, current account deficit was narrowed for the third quarter and home builder's confidence climbed to the highest level in six years. As exchange rate plays a major role to arrive commodity price in India's bourses, tracking USDINR fluctuations is important. Rupee traded volatile against the dollar but slightly fell as the Reserve Bank of India (RBI) left interest rates (Repo/reverse repo) unchanged and Cash Reserve Ratio (CRR), which is the amount of funds that the banks have to keep with the RBI, also remains untouched as India's central bank is hawkish about rising inflation. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined to 1350.52 tons as on Dec. 20, 2012, down 0.07% compared with 1351.42 tons on Dec. 14, 2012.

MCX February Gold futures are expected to trade lower on unwinding long positions before Christmas and books closing in U.S. Due to unavoidable US fiscal cliff on spending cuts and raising tax issues, markets hold under pressure. Strength in the DX is also expected to exert downside pressure on the gold prices. MCX February gold shall find a support at 30,350/30,150 levels and resistance 30,900/31,100 levels. Spot Gold has support at 1,625/1,610 and resistance at 1,665/1,675 levels.

Copper:

MCX February Copper traded lower in the last week on the back of higher inventories at LME ware house which jumped to the highest in four years. Further, worsening New York region`s manufacturing contracted for the fifth straight month and inflows in U.S. financial assets rose less than expectation, which also added negative sentiments.

MCX February Copper is expected to trade slightly lower on account of uncertainty in the global equity market and unresolved US fiscal cliff issue. Further, market participants are unwinding their positions ahead of Christmas and New Year holiday. MCX February Copper shall find a support at 428/422 levels and resistance 446/451 levels.

Crude:

MCX January crude oil futures traded higher in the last week on the back of Middle East tensions, which may disrupt oil exports as Iran`s foreign minister said that the nation`s deadlock with major powers over its nuclear program needs to be resolved. Lower inventories of US crude oil also provided support to the prices. As per Energy Information Administration (EIA)`s weekly inventories, US commercial crude oil inventories decreased by 10 lakh barrels and distillate inventories also dropped 11 lakh barrels last week, which indicates oil demand is picking up in U.S. Further, Rise in US GDP in third quarter and there was news that China is setting a target 7.5% growth rate for second year while inflation target is lowest level since April 2006 which is positive for crude oil prices. Additionally, Organization of Petroleum Exporting Countries (OPEC) will cut crude exports by 2.6% next month, which supplies about 40 percent of the world`s oil added bullish market sentiments.

MCX December crude oil is expected to trade higher on account of lower inventories. Higher US GDP in third quarter coupled with an announcement of cut crude exports by 2.6% from OPEC is also supportive for crude oil prices. MCX January crude oil shall find a support at 4,850/4,790 levels and resistance 5,080/5,125 levels.

MCX Gold, Silver, Copper, Crude Oil Updates Today 21 Dec. 2012

Bullion: Gold have been "caught in the crossfire" of a broad-based commodities slump Thursday, but its outlook for next year appears far rosier than that of its peers. Silver fell below $30 a troy ounce for the first time since August on Thursday as traders cashed out of precious metals on worries about the approach of the U.S. fiscal cliff. 

Metals: Base metal contracts on MCX traded in the red, despite a fall in rupee against the US dollar, as weak cues from the London Metal Exchange weighed on sentiments. On the LME, base metals traded with a weak  bias today, as market participants remained wary about the US fiscal cliff negotiations. Support for February copper is seen at Rs.430 while Resistance is seen at Rs. 440.

Energy: Domestic crude oil futures were trading slightly higher tracking depreciation in the rupee against the US dollar, but a range-bound trend in benchmark New York Mercantile Exchange contracts capped the upside, Crude oil futures slipped Thursday evening as concerns about U.S. jobless claims outweighed the upside impact of a major winter storm on the Midwest.

MCX Gold, Silver, Copper, Crude Oil Updates Today 20 Dec. 2012

Bullion: Gold futures hit a six-week low on the domestic exchanges as the rupee strengthened against the dollar. Silver futures were trading lower tracking the strong rupee and weak trend in MCX futures. Precious metals prices are trading firm on MCX today.

Metals: Base metal futures on MCX were trading lower tracking  appreciation in rupee against the US dollar. Industrial/Base metals prices are trading lower on international bourses today. We expect metal prices to remain weak on account of weak physical demand from China. Copper in particular can be sold on rallies.

Energy: Crude futures rose Wednesday ahead of weekly government data on domestic oil and fuel inventories that traders expect will show a dip in supplies. Crude oil prices are trading a tad lower on MCX today. In the evening session we have the final GDP numbers to be released by the US. Any positive data reported is likely to support oil prices from lower levels.

MCX Gold, Silver, Copper, Crude Oil Updates Today 19 Dec. 2012

Bullion: Gold futures contracts were trading down on local exchanges. Precious metals prices are trading firm after a sharp drop on MCX. We expect prices to remain firm for the day on account of a weaker US dollar overseas. Buying at dips is recommended for the day.

Metals: Most base metal futures on MCX traded higher tracking  benchmark contracts on the London Metal Exchange, where weak dollar against the euro supported prices. On MCX, copper, nickel, lead, zinc traded firm, while aluminium pared early gains on profit booking. Support for February copper is seen at Rs.441 while resistance is seen at Rs. 450.  

Industrial/Base metals prices are trading little changed on international bourses today. We expect a further decline in copper prices as stockpiles at major exchange traded warehouses rise. Copper in particular can be sold on rallies.

Energy: Crude oil prices are trading higher on MCX today. We expect oil prices to edge higher as positive economic developments in US and China is likely to support oil prices. Buying at dips is recommended for the day.

MCX Commodity Market Updates Today 18 Dec. 2012

Precious metals prices are trading higher on MCX today. We expect a further rise in the prices of precious metals on account of ample liquidity injection by major central banks of the

globe. Buying at dips is recommended for the day.

Industrial/Base metals prices are trading firm on international bourses today. We expect copper prices to remain under pressure as stockpiles at major trading warehouses increase. Copper can be sold on rallies for the day.

Crude oil prices are trading higher on MCX today. We expect oil prices to remain firm on account of increased demand outlook from China the second largest oil consuming nation of the globe.

Weekly MCX Commodity Market Updates

Gold:

Gold is expected to go down as uncertainty over the fiscal cliff continues to put pressure on gold prices. Gold in India is expected to follow international prices but weaker rupee can support the prices.

Overall, MCX Gold February future is range bound and also sustaining above 31,100 levels. So for this week 30,700/30,350 will act as a major support whereas 31,600/31,900 will act as a major resistance level in MCX Gold February future. Last week MCX Gold February future was sustaining around 31,200.  For this week, trader can use sell on higher level strategy, if MCX Gold February future sustain below 31,000 levels then it could test the levels 30,800 /30,650.

Silver:

MCX Silver future is consolidating around 62,200 levels. Last week, MCX Silver March future was sideways for most part of the week but in last day of the week it breached the consolidation down side. For this week, 63,500/64,200 is the major resistance levels whereas 60,500/60,000 are major support in MCX Silver March futures.

For current week traders can use sell on higher level strategy, if Silver March futures sustains below 61,400 then it could test the levels of 60,800 / 60,280.

Crude oil:

MCX Crude oil is consolidate and looking weak for the entire week. So for this week 4,590 and 4,450 will act as major supports levels whereas 4,950 & 5,100 will act as major resistance in MCX Crude oil December futures. For current week, if the crude oil December future does not sustain above the level of 4,750 then it could trade down side and it could test the level of 4,690/ 4,620. So, traders can use sell on higher level strategy.

Copper:

Overall, trend of MCX Copper future is consolidate and also, sustaining around 445 levels. So, for this week it could face major resistance of 455 levels whereas 425 could be a major support level in MCX Copper. For current week in MCX Copper traders can go for sell on higher level strategy, if Copper future sustains below 439.2 level then it could test the levels of 434.5/ 427.9.

MCX Commodity Market Updates Today 14 Dec. 2012

Precious metals prices are trading little changed on MCX today. Buying at dips is recommended for the day. Industrial metals prices are trading lower on International bourses today. Crude oil prices are trading higher on MCX today. Buying at dips is recommended for the day.

• Bullions:

Gold dropped about 1 percent yesterday after the Federal Reserve linked its monetary policy to unemployment, raising concerns that future economic stimulus could be limited. Gold has risen nearly 9 percent so far this year. But gold is likely to remain range bound, as many investors are closing books for the year, while the difficult U.S. budget talks keep them away from big bets. 

• Base Metals:

Copper fell on Thursday as an impasse in U.S. budget talks showed little sign of being resolved and a Federal Reserve decision to tie its monetary policy to unemployment raised concerns that its economic stimulus might be limited. But today morning copper recovered on LME after data showed China’s manufacturing may expand at a faster pace, adding to signs that demand in the world’s top metals buyer is recovering. 

• Energy:

U.S. crude-oil futures seen falling again as worries about the impending fiscal cliff brought a quick end to any euphoria over fresh economic stimulus from the Federal Reserve.

Gold, Silver, Copper, Crude Oil Updates Today 13 Dec. 2012

Precious metals prices are trading lower on MCX today. We do not expect any major fall in the prices of bullions as further accommodative policy from the US is likely to further boost investment demand for bullions. Buying at dips is recommended for the day. 

Industrial/Base metals prices are trading higher on international bourses today. We expect a further rise in the prices of metals on account of accommodative measures by Fed officials and robust Chinese economic data. Nickel and Zinc can be bought at dips. 

Crude oil prices are trading higher on MCX today. We expect a further rise in the prices of oil on account of increased global demand by EIA and overall optimism in global financial markets. Buying at dips is recommended for the day.

Gold, Silver, Copper, Crude Oil Updates Today 12 Dec. 2012

Precious metals prices are trading little changed on MCX today.  Industrial metals prices are trading steady near two-month highs on international bourses today. Signs of a revival in China's economic growth and hopes of further easing by the United States are likely to support prices for the day. Crude oil prices are trading firm on MCX today. We expect oil prices to remain firm after OPEC comments that members pumped less oil last month.

Bullion:-

Gold:

Spot gold prices ended on a flat note on Tuesday. On the MCX, Gold February contract ended 0.4 percent lower due to appreciation in the Indian rupee. 

Silver:

Spot silver declined 0.8 percent on Tuesday taking cues from bearishness in the spot gold prices in most part of the trading session along with weakness in the base metals pack. MCX silver prices fell taking cues from weakness in the spot silver prices along with appreciation in the Indian rupee.

Energy:-

Crude Oil:

Nymex crude oil prices traded on a flat note and declined marginally by 0.1 percent yesterday on the back of rise in the US crude oil inventories. 

Base Metals:- 

The base metal pack traded on a negative note yesterday on the back of worries over the unsolved US fiscal cliff issue. Appreciation in the Indian Rupee also added downside pressure on the base metals prices. 

Intraday MCX Commodity Market Updates Today 11 Dec. 2012

Precious metals (Gold and Silver) prices are trading firm on MCX today ahead of a U.S. Federal Reserve meeting where policy makers are expected to announce more stimulus measures, seen to support bullion appeal as a hedge against inflation.

Base metals prices are trading mixed on international bourses today. We expect prices to remain firm on account of positive economic data points from China, the highest consumer of

metals.

MCX Copper may note some decline tracking slight retreat in international markets, however the downside. LME Copper trades slightly lower after noting sharp gains yesterday. Support for February copper is seen at Rs.440 while resistance is seen at Rs. 452.

Crude oil prices are trading higher on MCX today. We expect prices to remain firm on account of improved demand outlook from major oil consuming nations.

Weekly MCX Commodity Market Report

Bullions:

Bullion counter has seen lot of selling pressure in past few weeks but investors will be watching the FOMC meeting this week on Wednesday to get further clues about monetary easing. Strong support for gold is 30,800 in MCX. Gold is expected to trade in the range of 30,800-31,800 while silver can trade in range of 61,400-64,000. Meanwhile Gold silver ratio can move in the range of 50.5-52 in near term. Meanwhile rupee can strengthen further towards 53 levels and can cap the upside in billions on domestic bourses. 

Metals:

In base metals section the recent bullish momentum may witness some pause and can trade on volatile path as the slowdown in euro zone economy and fiscal cliff concerns can lead to profit booking at higher levels. Red metal Copper may move in the range of 425-455. Aluminum prices may also trade in the range of 110-116. Zinc can trade in range of 105-112 while Lead can trade in the range of 115-123. Nickel prices can trade in the range of 910-960 in MCX.

Energy:

Crude oil may remain on volatile path as investors will keep close eye on the OPEC meeting euro zone debt situation coupled with fiscal cliff in US. Furthermore any escalation of Middle East tensions will spur the crude prices higher. Crude oil can trade in the range of 4,600-4,950 in MCX. Natural gas prices can trade sideways with upside bias. Expectation of colder weather conditions can give support to the prices. 

Weekly MCX Gold, Silver, Copper, Crude Oil Updates

Gold:

Gold futures were trading at lower levels as the sharp rise in rupee against the dollar weighed on prices. We also saw the profit booking in the market due to higher value of the rupee against the dollar. But last 2 days of the week we saw the short covering in the market.

Over all, MCX Gold February future is range bound and also sustaining above 31,000 levels. So for this week 30,850/30,650 will act as a major support whereas 31,950/32,500 will act as a major resistance level in MCX Gold February future. For current week trader can use buy on lower level strategy, if MCX Gold February future sustain above 31,470 levels then it could test the levels 31,700, 31,900.

Silver:

MCX Silver future is consolidating and sustaining around 62000 levels. Last week MCX Silver March futures were sideways around lower levels. For this week 65,700/66,500 is the major resistance levels whereas 60,900 is a major support in MCX Silver March futures.

For current week traders can use buy on lower level strategy, if Silver March futures sustains above 62,850 then it could test the levels of 63,700 / 64,900.

Copper:

Copper was down as demand concerns from the Euro zone and the US put pressure on prices. Overall, trend of MCX Copper future is consolidate and also, sustaining around 442 levels. So, for this week it could face major resistance of 453 levels whereas 425 could be a major support level in MCX Copper. For current week in MCX Copper traders can go for sell on higher level strategy, if Copper future sustains below 439 levels then it could test the levels of 434.50/ 427.90

Crude oil:

Crude oil prices went down as the Euro zone economy would contract in 2013 thus raising concerns for weak global oil demand. Crude oil prices to be down as demand concerns over-weigh supply disruptions and uncertainty over fiscal cliff continues to raise recession fears in US.

Technically MCX Crude oil is in consolidation and looking weak on charts. Last week, MCX Crude Oil December futures traded downward for the entire week. For this week 4,570 and 4,450 will act as major supports levels whereas 4,950 & 5,100 will act as major resistance in MCX Crude oil December futures. For current week traders can use sell on higher levels strategy. If MCX Crude oil December futures sustains below the level of 4,670 then it could test the level of 4,620/ 4,590.

MCX Gold, Silver, Copper, Crude Updates Today 07 Dec. 2012

• Bullions:

Gold futures rose Thursday, as some investors closed out bets on lower prices ahead of Friday's closely watched U.S. unemployment report. Gold futures have fallen for six of the last eight weeks, as investors turned their focus toward the impending set of automatic tax increases and spending cuts set to take effect in the U.S. in January. The chance that politicians will fail to come to a deal to avert the measures, and that the U.S. dollar may rise 

in response should investors seek the safe-haven currency, has made investors wary of betting on higher gold prices. 

• Base Metals

Copper futures slipped Thursday, as renewed worry about Europe's economic health and a stronger U.S. dollar pushed some investors to cash out after the previous day's six-week highs. Futures Wednesday had climbed to the highest prices since Oct. 18 on signs that China and the U.S., the world's largest consumers of the metal, were on track for stronger-than-expected economic growth. But copper traded lower for most of Thursday's session, as a decline in crude-oil prices and wavering U.S. equities markets eroded investor appetite for risk. Meantime, the European Central Bank cut its euro-zone growth forecast for 2013, putting further pressure on copper prices. The ECB now predicts a contraction of 0.3% next year, a sharp downward revision from the prior forecast of 0.5% growth made just three months ago. 

•  Energy

Crude Oil prices were lower yesterday, weighed down by Wednesday's oil-inventory report and a weak economic outlook in the euro zone. Market participants said investors were still reacting to Wednesday's U.S. oil-inventory report, which said gasoline inventories rose by 7.9 million barrels last week, an increase of historic proportions. Distillate stocks were also somewhat higher. Market participants are also gearing up for Friday's release of the monthly U.S. nonfarm payroll data. Economists expect Hurricane Sandy was a drag on net job growth this month. The median forecast of economists surveyed by Dow Jones Newswires expects only 80,000 new jobs were added in November, less than half the healthy 171,000 created in October. Finally, the market is beginning to turn its eye to the Organization of the Petroleum Exporting Countries, which meets next week in Vienna. Given the lofty state of crude oil inventories, some experts expect OPEC to consider trimming output.

Bullions, Base-Metals and Energy Updates Today 06 Dec. 2012

•  Bullions

Gold futures eased to a one-month low Wednesday after a day of indecisive trading, as persistent worries about potential shifts in U.S. tax policy and a cut in Goldman Sachs's gold-price forecast pushed traders to the sidelines. Investors have been wary of holding precious metals as negotiations to avert the coming package of U.S. spending cuts and tax increases showed little progress. Traders have focused on currencies, and particularly on the chance that the policy shift will stoke demand for the safe-haven U.S. dollar. Gold and the currency tend to move 

inversely.

•  Base Metals

Copper rose to a six-week high on Wednesday, as improved U.S. factory orders and hopes for further economic-stimulus measures in top consumer China bolstered the demand outlook. Wednesday's gains were fueled by a rise in Chinese equities markets on hopes that China's new set of political leaders would back state support for the economy following a meeting of the new top leadership. Data released on Wednesday showing a larger-than-expected rise in U.S. factory orders in October also stoked copper-demand expectations, analysts said. A slate of recent reports showing a recovery in the housing sector has also helped keep a floor under copper prices.

  

•  Energy

Crude-oil futures fell Wednesday, after government data showed a surge in fuel stockpiles that suggests production is outpacing demand. Rising inventories were accompanied by a 3.4% decline in domestic fuel usage, suggesting that production is more than meeting demand as consumers and businesses hold off on spending amid worries about the broader economy.  

Gold, Silver, Copper, Crudeoil Updates Today

Bullions:

Gold edged up on bargain hunting today morning, but still hovered near its weakest in a month as talks between the White House and Congress to avoid year-end tax hikes and spending cuts showed little progress and kept most investors at bay. Gold investors are now focusing on the outlook for U.S. non-farm payrolls data on Friday, due to the link between job creation and monetary policy. Another round of aggressive Fed asset buyback and possible economic stimulus from the Bank of Japan could lift gold prices. 

Base Metals:

Copper futures settled slightly lower Tuesday as bullish investment sentiment yielded to concerns about U.S. deficit talks and pressure from weaker equity markets, though a stronger euro kept steeper losses at bay. Copper traders continued to keep watch on Washington, where lawmakers are negotiating ways to avoid an automatic spending-cut and tax-increase package scheduled for 2013. Copper prices gave up earlier gains as uncertainty dimmed investor confidence. Copper traders worry that a sudden economic slowdown would cut demand for goods like cars, refrigerators and cell phones, which all contain copper. Earlier yesterday, copper prices had marched higher as foreign buyers were lured to the market by a weaker dollar. 

Energy:

Crude prices fell slightly Tuesday amid uncertainty surrounding US budget talks and caution ahead  of the weekly release of US oil supply data. On Wednesday, the US Department of Energy is due to issue its regular weekly report on US oil supplies, with analysts polled by Dow Jones Newswires predicting it would reflect a decrease of 400,000 barrels. Investors fear that if Republicans and Democrats fail to reach a compromise on longer-term budget-deficit reduction to avoid the cliff, demand for crude will drop. 

MCX Commodity Market Updates Today 04 Dec. 2012

Precious metals prices are trading little changed on MCX today. We expect prices to remain under pressure on account of a stronger US dollar overseas. 

Industrial/Base metals prices are trading a tad lower on international bourses today. We expect prices to trade soft for the day on account of weak Manufacturing PMI numbers from US. 

Crude oil prices are trading little changed on MCX today. We expect prices to be soft on account of weak Asian equity indices.

Bullions, Base-Metals and Energy Updates Today 03 Dec. 2012

•  Bullions

Gold trading steady today morning, after posting its second consecutive monthly decline in November, as uncertainty about the U.S. budget negotiations kept investors on tenterhooks. Gold posted minor gains today on strength in the euro, but uncertainty about the U.S. budget talks kept bullion's advances in check. Underscoring investors' interest in the metal, holdings of gold-backed exchange-traded funds hit a record high and speculators raised their net length in gold for the third straight week. The euro rose to a six-week high versus the dollar after upbeat China manufacturing data helped trigger stop-loss buying, and the dollar index dropped to a one-month low, making dollar-priced commodities more attractive for buyers holding other currencies. 

•  Base—Metals

Copper rose to its highest level in more than five weeks on Friday, supported by a weak dollar and growing confidence in the economic outlook for top consumer China, with prices on track to post their first monthly rise in two months. U.S. consumer spending and income data fell short of expectations earlier, though business activity in the U.S. Midwest expanded for the first time since August, data showed. Economists polled by Reuters expect China's factory activity in November probably expanded at its fastest pace in seven months, reinforcing views that the country's economic recovery is entrenched. The world's biggest copper producer, Codelco said in an interview that it saw encouraging signs of a recovery in China, adding that a pledge by China's new leadership to boost urbanisation would boost demand for the red metal. China's top maker of copper tubes, Golden Dragon Precise Copper Tube Group, expected 2013 production to rise by 14 percent from a year ago, as signs of an improving economy inspire cautious optimism, boosting 

orders at home and abroad. 

•  Energy

Crude-oil futures rose Friday, moving prices into positive territory for the week as traders were more hopeful that the U.S. fiscal cliff could be averted. Encouraging comments during most of the week from U.S. government officials has led to some cautious optimism that a budget deal can be reached before the end of the year, when a series of severe budget and tax cuts will automatically go into effect. Also crude oil rose on signs economic growth was reviving in China, the world's second-biggest oil consumer, and supply concerns triggered by tensions in the Middle East. Activity in China's manufacturing sector quickened for the first time in 13 months in November, a survey of private factory managers found, adding to evidence of a pickup after seven quarters of slowing growth. Investors will now be awaiting China's industrial output and trade data later this month for further confirmation of revival in the world's biggest energy consumer. Also offering support to the oil markets are tensions in the Middle East, such as hostilities between Israel and Palestine, fresh political unrest in Egypt and the conflict in Syria.

Commodities Weekly Technical Report

MCX Gold February as seen in the weekly  opened at 32,631 levels initially moved higher, but found very
good resistance at 32,830 levels. Later prices fell sharply towards 31,480 levels and finally closed sharply lower from the
previous weeks closing levels.
For the next week we expect gold prices to find Support at 31,400 – 31,380 levels. Trading consistently below 31,370 levels
would  extend the current fall  initially towards the strong support at 31,100-31,070 and then finally towards the major
support at 30,600 levels.
Resistance is observed in the range of 31,950-31,990 levels. Trading consistently above 32,000 levels would lead towards
the strong resistance at 32,430 levels, and then finally towards the Major resistance at 33,300 levels.