Wednesday, 31 December 2014

Commodity Market Gold and Silver Daily Rates

MCX Gold for same months expiry in India, closed higher by 1% to Rs 27050 per 10 gms wherein probably Rupee movement capped larger gains locally.

OUTLOOK: Gold gained yesterday whereas modestly lower than expected US Consumer confidence data, fall in equity markets and modest cut in the Greenback most likely supported the positive move in Bullion during late evening trade. While we believe, traders might have made decent amount of money during the afternoon session on selling, evening session gains took even us by surprise.

Silver MCX contract for March expiry too gained, with the commodity rising by 2.4% to Rs 37335 per Kg.

OUTLOOK: We held selling bias in Silver, wherein we also advised traders to look for buying Gold/Silver Ratio on dips. We were more bearish in silver on expectations subdued Chinese data on PMI which released today morning might continue to put pressure on base metals and also impact silver commodity negatively.

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Natural Gas and Crude Oil Market Updates

Crude oil too traded down for most part of the day though likewise other commodities it too managed decent pullbacks and closed higher by 1% to $54.10 at NYMEX.

Natural Gas Feb once again is taking traders on a ride as the commodity on Monday rose by around 5% whereas on last day slipped 3.3% to $3.09 per MMBTU at NYMEX.

MCX NG Jan contract slid nearly 4% to Rs 197 per MMBTU

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Base Metals Daily Commodity Market Update

Aluminum did not budge much from its previous close and settled at $1858 MT, down by a mere 0.05%. Fundamentally, LME Cash to 3M forward contango widened to be at $27, whereas the fall in inventory was negated by an equal fall in the cancelled warrants.

Copper surprised many and closed at a positive note to settle at $6325 MT, up by 0.56% from its previous close. The dark shadows were already looming on the metal as China’s HSBC manufacturing number released today was although better than the expectations but remained below the crucial 50 marks, not indicating any major boost for the economy.

Nickel gained marginally and closed at $15075 MT after have fallen by more than 1% the previous day. Fundamentally, LME Cash to 3M forward contango squeezed back to being at $76; however the cancelled warrants declined by around 1344 MT followed by a rise in inventories, indicates a weakness in the spot demand for the metal.

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Tuesday, 30 December 2014

Commodity Market Gold and Silver Daily Rates

SILVER March contract was trading at Rs 37288 down Rs 27, or 0.07 percent. The SILVER rate touched an intraday high of Rs 37377 and an intraday low of Rs 37210. So far 496 contracts have been traded. SILVER prices have moved down Rs 8689, or 18.90 percent in the March series so far.

Gold coin sales reached 524,500 ounces in 2014 so far, down from 856,500 ounces in 2013, data on Monday showed.

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Friday, 26 December 2014

Commodity Market News about Gold and Silver

The spot gold is opened today and trading at $1185, therefore the electronic traded COMEX gold is up this morning by $10 and trading at $1185. Since the US markets are closed today we have only the electronic trading platform opened so therefore, very thin trading session is expected today.

Silver is also seen trading marginally positive this morning at $15.95 up by 1.51% from its previous close. We hold the same stance for the same and the key resistances could be noticed at $16.00 and $18.20 levels respectively.

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Natural Gas and Crude Oil News For Today

Natural Gas for January future at NYMEX traded down while it was shut on 25th and this morning the same is seen trading at $3.072 higher by 1.39% from its previous close.

This morning oil is seen trading at $56.12 up by half per cent from its previous close. We have been seeing a range bound trade in oil despite the rise in oil inventories, data released by the DOE on Wednesday.

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Base Metals Daily Commodity Market Update

Aluminum continued to trail on the bearish side and settled at $1861 on 24th Dec, 2014, down by around 0.43% from its previous close. Due to the Christmas Eve the markets closed a little early on 24th Dec and therefore not much volatility was witnessed.

Copper slipped slightly and settled at $6302 MT, down by 0.44% from its previous close. Due to the Christmas Eve yesterday, the markets remained closed and therefore no trading took place.

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Wednesday, 24 December 2014

Commodity Market News about Gold and Silver

Gold prices can correct further towards 26600/26550 levels if prices sustain below 26850 on pullback rallies. Thus, intraday pullbacks and weakness from around 26850 will give and intraday shorting opportunity for traders. Prices will continue to trade on a weak note until prices stay below 27000 levels. We expect a range of 26900 to 26550 for the session.

Silver prices have broken below its key supports at 36500 and 36200 levels. Sustenance below these levels will see prices enter a corrective phase which can see the counter test 35800. Failure to find support at 35800 will see prices correct further towards 35500. The overall view will remain negative until prices continue to trade below 37200 levels.

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Natural Gas and Crude Oil News For Today

Crude Oil
Jan. Crude oil prices will witness momentum again once prices break above 3570 levels. Prices have strong support on the downside at 3470 levels and any reversals from lower levels should be used to go long in the counter. A break above 3570 will see prices test 3620/3670 levels.

Natural Gas
Dec. natural gas prices will pullback further once prices convincingly trade above 206.50 levels. Failure to sustain above 206.50 will be a sign of weakness and prices can re-test 200/197.50 levels. Overall the counter is weak and any major weakness after intraday pullbacks should be sold into.

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Base Metals Daily Commodity Market Update

Copper:
Sustenance below 406 levels will see copper test its next major support at 403 levels. Prices are likely to break down below 406 if it fails to sustain above 409 on pullbacks. We don’t expect the counter to correct beyond 403 levels today.

Zinc:
Zinc prices can retrace towards its major support at 136 levels. Prices can find buying support at lower levels which will prevent it from falling further. Fresh up move can be seen only if prices can trade above 139 levels. We expect a range of 136 to 138.50 for the day.

Lead:
Further pullback in lead prices can be seen only above 119.60 levels until then the counter will trade weak. Immediate support on the downside is seen at 117.50 levels. A break below 117.50 will see prices test 116.40. Weakness from around 119.30 119.50 can be sold by day traders.

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Tuesday, 23 December 2014

Commodity Market News about Gold and Silver

This morning bullion-gold and silver are trading at $1179 and $15.70 respectively and looks like any pullback should be treated as a strong resistance levels.

The call for the week is to sell at $1205-1207 TP 1182/1167 with SL above 1225. At MCX the call is to sell February at Rs. 27,100-27120 TP 26840/26600 SL above 27,450.

Silver after rising around 9% in past two weeks once again came back to its downward stance wherein the commodity lost more than triple the amount of loss seen in gold in the past week.

The call for Silver in the next week is to sell at $16.17-16.20 TP 15.60-15.40 SL above 16.80. At MCX, for March future we recommend selling at Rs. 37,300-37400 TP 36400-35800 with SL above 38200.

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Natural Gas and Crude Oil News For Today

Natural gas commodity slid almost 9% on Monday to settle at $3.144/MMBTU. Also, locally the December future ended down by 9% to settle the day at Rs. 200.50/MMBTU.

This morning WTI oil grade is seen trading at $56.15, up by 1.52%. We believe generally it has been noticed that the Asian and the Europeans are selling the counter from higher levels which is helped by the US traders to pull down and next day morning the formers book the profit hence we see a recovery in the prices.

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Base Metals Daily Commodity Market Update

LME forward Aluminum was one of the worst performers from the base metals complex declining to $1880 MT, down by 1.4% from its previous close. Fundamentally, Cash to 3M forward contango widened to $26.75 MT, indicating the lack of spot demand.

LME Copper slashed its gains yesterday and declined by around 0.7% to settle at $6355 MT. The prices of the metal had been rising mainly on the speculation that SRB of China is purchasing Copper for the state reserve. 

Nickel finally posted gains yesterday to settle at $15650 MT, up by around 0.32% from its previous close. Fundamentally, bearishness continues in Nickel as well as the inventories continue to rise followed by a decline in the cancelled warrants, LME Cash to 3M forward contango also further widened to $71 MT.

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Thursday, 18 December 2014

Gold and Silver Market Review for Today

Gold Comex Feb expiry contract was unchanged at $1194 per ounce though it touched a high around $1203 and low near the $1182 per ounce mark respectively.

Locally, Rupee was volatile yesterday due to which MCX Gold Feb expiry closed lower by 0.88% to Rs 26955.

Silver after a big fall over around 5% the previous day, saw moderate 1% gains wherein Silver March expiry Comex shut at $15.92 per ounce

Indian MCX Silver for same month’s expiry however was unchanged at Rs 36730 per Kg on a day to day perspective.

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Natural Gas and Crude Oil News For Today

Crude Oil
World oil prices jumped as much as 6 percent on Wednesday before closing off their peaks as weeks of nearly non-stop selling abruptly halted, and traders said failure to break below key chart support levels meant a long rout may be running out.

Natural Gas
U.S. natural gas futures on Wednesday ended up 2.3 percent on forecasts for cooler weather over the next two weeks. Weather models for the lower 48 U.S. states moved from well above normal to slightly above normal levels for the next two weeks, boosting the likelihood of increased demand for gas for heating.

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Base Metals Daily Commodity Market Update

Copper steadied on Wednesday on oil prices moving up from recent 5-1/2-year lows and a relief rally in global equities, but the metal's gains were expected to be short lived given mounting evidence of rising supply.

Aluminium remains vulnerable to the plunge in the rouble, which could entice Russian producers to lift production of the metal, which is sold in dollars, or it could lead to lower sales in Russia, prompting producers to increase exports.

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Tuesday, 16 December 2014

Gold and Silver Market Review for Today

Bullion sector at the global market declined heavily yesterday with the appreciation in the USD and cautiousness ahead of the US Fed meeting later during the week also pushing the commodity lower.

Gold Comex Feb expiry contract fell around 1.2% yesterday to $1207 per ounce whereas locally, Rupee depreciation and heavy inflows in terms of imports aided some support to MCX Gold which added 0.4% to Rs 27320. 

Silver too fell heavily yesterday closing lower by around 3% to $16.55 per ounce at Comex whereas Spot markets saw a further extended fall in late night session in the US and the same is getting reflected in early morning trade in Comex today morning as Silver loses over 2.5%.

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Friday, 12 December 2014

Base Metals Daily Commodity Market Update

Base Metals
Base metals on the LME traded on a mixed note on Thursday as weak economic data from the Euro Zone along with mixed trend in LME stocks dragged prices lower.

Copper
LME Copper prices rose by 0.6 percent yesterday owing to strong economic data from the US. Also, weakness in the DX supported gains.

On the MCX, prices jumped by 1.3 percent taking cues from Rupee depreciation and closed at Rs.408.7/kg on Thursday.

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Natural Gas and Crude Oil News For Today

Crude Oil
On Thursday, WTI and Brent oil prices declined by 1.6 and 0.9 percent respectively continuing its recent run of losses. Persistent concerns over a supply glut and a bearish demand outlook is leading to decline in oil prices.

On the MCX, crude oil prices rose marginally by 0.1 percent and closed at Rs.3816/bbl.

Natural gas
U.S. natural gas futures ended down 1.43 percent on the latest weather forecasts calling for continued warmer-than-normal temperatures over the next two weeks. That decline came despite a government report early Thursday of a bigger-than expected storage draw. The EIA said utilities withdrew 51 billion cubic feet of gas from storage last week.

On the MCX, crude prices are expected to trade weaker in tandem with falling international markets.

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Daily Gold Silver Rates in Commodity Market

Gold
On Thursday, spot gold prices ended marginally higher by 0.07 percent to $1227.6/oz amid conflicting signals as the firm dollar fueled hopes that interest rates will rise sooner or later while weak U.S. economic data spurred safe-haven buying.

On the MCX, gold prices rose by 0.25 percent and closed at Rs.27258/10 gms.

Silver
Spot silver prices rose by 0.2 percent to $17.1 in yesterday’s trading session in tandem with rise in gold prices. Strength in the dollar and weakness in Nickel prices however capped upside.

On the MCX, silver prices rose by 0.14 percent and closed at Rs.38722/kg.

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Wednesday, 10 December 2014

Base Metals Daily Commodity Market Update

Aluminum
Aluminum at LME traded up to settle at $1972 up by 0.31% from its previous close. The metal rose as the physical premiums in Japan witnessed a hike of around 4.8% for Jan-March deliveries, indicating that the demand for the metal continues to remain strong in the medium term. 

Copper
Copper was the best performer amongst the base metals complex yesterday posting gains of around 1.17% and closed at $6467.5 MT. One of the main reasons for the metal to rise was the prospect for a strike at mine in Peru which in turn sparked supply concerns. 

Nickel
Nickel commodity traded down yesterday and closed at $16540 MT, down by 0.8%. This morning nickel is seen trading down by $5 from its previous close. The broad fundamentals of the metal continue to look strong and therefore major losses are restricted for the metal. 

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Natural Gas and Crude Oil News For Today

Crude oil prices added decent weight yesterday with both Brent and the WTI adding around 1% by the end of trade to finish near the $66 and $63.80 per barrel mark respectively.

Natural gas was a party popper on Tuesday as the commodity initially trade weak while later touched 3.70 per MMBTU, higher by over 3% from prior session closing, but finally finished with gains of around 1.5% to 3.65 mark.

Daily Gold Silver Rates in Commodity Market

Gold commodity finally blasted off the major resistance zone around the $1222 mark while the commodity continues its upsurge post that, tried to touch $1240 mark while finally finished 3% higher to $1232 per ounce mark.

Indian MCX Gold for FEB expiry too scaled higher with gains of 3% to Rs 27160 per 10 Gms.

Silver commodity too jumped higher with the commodity owing to its higher beta advanced over 5% to $17.13 per ounce for March expiry at Comex

Silver same months settlement at MCX moved at the similar rate adding over 5% to Rs 38520 per Kg level.

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Friday, 5 December 2014

Base Metals Daily Commodity Market Update

Base Metals
The base metals pack traded positive in yesterday’s session in reaction to the favorable services data from the Chinese economy.

Copper
Copper climbed on Thursday to its highest in nearly a week on dollar weakness dollar slid following uncertainty about potential stimulus in Europe and after a fire at a mine, though concerns about the outlook for demand from top consumer China limited gains.

On the MCX, prices gained around 1.3 percent taking cues from strong international markets and closed at Rs.403.9/kg on Thursday.

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Natural Gas and Crude Oil News For Today

Crude Oil
Oil prices ended lower on Thursday as the debate over pricing continued after Saudi Arabia announced deep discounts for the crude it sells Asian and U.S. buyers in an apparent attempt to defend market share.

On the MCX, crude oil prices declined by 1.2 percent and closed at Rs.4136/bbl.

Natural gas
U.S. natural gas futures fell over 4 percent on Thursday for a fifth down day in a row on a smaller-than-expected storage draw and forecasts for continued warmer-than normal weather over the next two weeks. The U.S. Energy Information Administration said utilities withdrew 22 billion cubic feet of gas from storage last week. 

On the MCX, gas prices declined by 3.61 percent and closed at Rs.226.80/Mmbtu.

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Daily Gold Silver Rates in Commodity Market

Gold
Spot gold prices ended lower by 0.32 percent to $1205.3/oz after European Central Bank chief Mario Draghi said the bank would re-evaluate the case for more stimulus next year, but remained under pressure ahead of key U.S. data on Friday.

On the MCX, gold prices declined by 0.52 percent and closed at Rs.26636/10gms

Silver
Spot silver prices rose marginally by 0.1 percent to $16.4/oz in contrary to the fall in gold prices. Weakness in the dollar index coupled with strength in the base metals pack acted as a negative factor for prices.

On the MCX, silver prices rose by 0.62 percent and closed at Rs.37269/kg.

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Wednesday, 3 December 2014

Daily Gold and Silver Outlook In Commodity Market

Gold held below a five-week high as a strengthening dollar curbed demand for a store of value, with a U.S. policy maker saying the Federal Reserve is getting closer to replacing its vow to hold rates low for a considerable time. Bullion rose and fell at least 0.2 percent, and traded at $1,200.05 an ounce.Spot Gold is currently trading at $1200. MCX Gold Feb is currently at ` 26560, it is trading up by `69 points for the day. Comex Silver is currently trading at $16.33 whereas MCX Silver Mar is currently trading at `36908, it is down by 

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 720.02 tonnes as per latest available data on their website.

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Thursday, 27 November 2014

Base Metals Update in Commodity Market

Base Metals
Base metals on the LME traded on a mixed note yesterday as weak housing and consumer confidence data in the US led to renewed concerns about demand.

Copper
LME copper prices fell by 0.2 percent yesterday amid escalated demand concerns after data showed from the US showed home sales, durable goods orders and consumer sentiments slowed down in the second biggest consumer.

On the MCX, red metal prices gained 0.4 percent despite Rupee appreciation and closed at Rs.405.5/kg on Wednesday.

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Natural Gas, Crude Oil and Energy News For Today

Crude Oil
Oil prices declined on both sides of the Atlantic with Brent and WTI falling by 0.3 percent and 0.5 percent respectively. it appeared unlikely producer club OPEC would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and U.S. stocks boosted available supplies.

Natural gas
U.S. natural gas futures fell by 4.09 percent on Wednesday on worries about mild weather forecasts in the near term, erasing early gains that came on last week's huge gas consumption for heating. Profit-taking ahead of Thursday's U.S. Thanksgiving holiday also drove the market lower.

On the MCX, gas prices gained by 1.07 percent and closed at Rs.274.70/MMbtu.

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Today Gold Silver Rates in Commodity Market

Gold
Spot gold prices eased on Wednesday and steadied at just under $1200 anounce amid low volumes ahead of the U.S. Thanksgiving holiday and a key Swiss vote on bullion holdings.

On the MCX, gold prices rose by 0.14 percent and closed at Rs.26362/10 gms.

Silver
Spot silver prices declined by 1.1 percent in tandem with falling gold prices amid thin volumes ahead of thanksgiving holiday today. Decline in copper as well as nickel prices also dragged prices further.

On the MCX, silver prices rose by 0.20 percent and closed at Rs.36594/kg.

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Tuesday, 25 November 2014

Base Metals Update in Commodity Market

MCX Nov Nickel has violated the rising resistance line of the rising channel. Height of the channel is of 80 points. This has provided us the price target of 1080. One can go long around the resistance turned support line.

Zinc underperformed Lead on the first day of the week and declined by 0.26% closing at $2282.25 MT. Fundamentally, no fresh cues are available for the metal and therefore based on the revised US GDP q/q which is expected to be lower than prior number, the metal might decline during the day.

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Natural Gas, Crude Oil and Energy News For Today

MCX Dec Crudeoil penetrated the falling resistance line of the falling channel in the Friday’s session. However, it failed to close above the same. Closing above the resistance line in the past session has confirmed the breakout and surge up to 4880 levels in likely.

Natural gas opened with 5% cut yesterday as the so called arctic blast was seen giving way for warmer to normalized temperatures in December month. While the commodity closed lower, it managed to half its losses and finished 2.5% down to $4.15 per MMBTU mark whereas Indian MCX NG shut lower by 4.4% Rs 254 level.

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Today Gold Silver Rates in Commodity Market

Gold was trading close to a three-week high on Monday (although down by $4 to $1196.49/oz), holding its ground from the previous session on hopes that a surprise rate cut in China would boost demand for bullion in the top consumer, though a strong dollar capped gains. 

Spot silver prices are also trading lower by 0.06 percent at $16.33/oz in tandem with fall in gold prices. Strength in the dollar indexcoupled with weak base metals pack is also exerting downside pressure on prices. On the MCX, silver prices are trading flat at Rs.36072/kg.

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Thursday, 20 November 2014

Base Metals Update in Commodity Market

Copper rose on Wednesday, supported by signs of physical supply tightness and hopes for another wave of stimulus in Japan and Europe. Longer term however, the market is still expected to move into surplus next year, with analysts polled by Reuters in October pegging the excess supply versus demand at 350,000 tonnes next year.

Nickel was the biggest LME mover, closing 3.2 percent higher at $16,145, having earlier hit its highest level in a month at $16,300, as some investors bet on shortages developing next year.

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Natural Gas, Crude Oil and Energy News For Today

Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."

U.S. natural gas futures ended up 3 percent on Wednesday on forecasts that colder than-normal weather will continue through at least early December, keeping heating demand high.

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Today Gold Silver Rates in Commodity Market

Gold fell more than 1 percent in choppy trade on Wednesday after a poll showed weaker support among Swiss voters for a referendum that would force the central bank to boost its gold reserves. Bullion also came under pressure after the minutes of the Federal Reserve's late October policy meeting showed policymakers were  concerned about weakening inflation pressure, dampening the metal's appeal as a hedge.

Silver edged down 0.2 percent at $16.12 an ounce. GFMS analysts at Thomson Reuters said on Tuesday that silver demand would fall 7 percent in 2014 because of a slower pace of buying by jewelers and industrial fabricators

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Monday, 17 November 2014

Gold and Silver Rates for Today

Spot gold prices traded negative last week on combination of falling crude oil prices and strength in the dollar, however prices rose on short covering at the end of the week. The Commodity Futures Trading Commission (CFTC) Commitments of Traders report in the week to November 11th showed that investors have declined
their net longs positions by 6399 contractsto 38673 contracts, down by 14.2 percent week on week.

Last week, spot silver prices in the international markets traded lower for the entire week in line with fall in gold prices, however recovered strongly at the end of the week on short covering. Silver prices will have significantly corrected in the recent weeks and given an opportunity for bargain hunting at lower levels.

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Friday, 14 November 2014

International Commodity Market News for Evening

Spot gold prices are trading lower for a second straight session today at $1158.30/oz as investors awaited U.S. jobless claims data for possible cues, and sentiment remained fragile as optimism over an economic recovery and a strong dollar dented  bullion's appeal as a hedge. More outflows from bullion-backed exchange-traded funds indicated that investors anticipate further price falls as the dollar stays close to a four-year peak against a basket of major currencies. On the MCX, gold prices are trading flat at Rs.25790/10gms.

Spot silver prices are trading marginally higher diverging from fall in gold prices. Weakness in the DX coupled with strong base metals complex is also acting as a positive factor for prices. On the MCX, silver prices are trading marginally higher by 0.32 percent at Rs.34806/kg.

LME Copper prices rose 0.26 percent today although evidence that China's economic growth cooled in October dented demand prospects but it has raised bets that Beijing will have to loose further stimulus to shore up its struggling property market. Copper prices have been stuck in range since mid-September with modest demand met by supply which is expected to swell next year, pressuring prices. MCX copper prices are trading higher by 0.47 percent at Rs.413/kg till 4:00pm IST.

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Wednesday, 12 November 2014

Commodity Market Evening Outlook

We expect gold and silver prices to trade lower as rising US equities coupled with further strength in the dollar will exert downside pressure. Outflows from the SPDR gold trust also indicates waning interest in the yellow metal acting as a negative 
factor for prices.


Crude oil prices are expected to trade lower continuing its recent run of losses as suppressed demand amid high supplies will act as a negative factor for prices. Opec nations continue its high production despite oil prices falling in the recent weeks.  Weak Chinese demand on account of slowdown in industrial activity will also act as a negative factor.

We expect copper prices to trade higher today as favorable data from Euro Zone along with increased concerns of supply disruption after strike at at Peru’s Antamina mine will support prices. However, investors will remain cautious ahead of industrial production from China due to be released tomorrow.

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Tuesday, 11 November 2014

Latest News On Base Metals

Aluminium prices fell on Monday after data showed heavy exports of aluminium products from China, while nickel declined after inventories rose to a record high. rade data over the weekend showed a strong pace of Chinese unwrought aluminium and products exports in October, up 12.5 percent for the year to date.

Workers at Peru's largest copper mine began an indefinite strike on Monday,although the union and the Antamina mine provided differing accounts on the impact of the dispute on operations.

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Latest News on Crude Oil and Natural Gas

U.S. crude fell more than $1 on Monday, edging below $78 a barrel, and Brent crude also dropped with both reversing early gains as U.S. dollar strength outweighed worries about conflict in Libya and Ukraine.

U.S. natural gas futures lost 3.6 percent on Monday, ending a nine-day streak of gains, as traders cashed in on a 26 percent price rise over the past two weeks despite forecasts that Arctic weather will blanket the U.S. Midwest over the next two weeks

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MCX Gold and Silver Price Today

Gold fell over 2 percent on Monday as the dollar rose, nearly wiping out its previous session's rally, but signs of renewed buying interest in the U.S. futures market could underpin prices, traders said.

Silver was down 1.6 percent at $15.53 an ounce. U.S. job growth increased at a steady clip in October and the unemployment rate fell to a fresh six-year low, underscoring the economy's resilience in the face of slowing global demand.

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Friday, 7 November 2014

Today Mentha Oil Review In Commodity Market

The mentha oil futures market remained closed because of Gurunank jayanti. On Wednesday, the spot prices at the key physical markets increased a tad. The spot prices at the Chandausi markets increased by around Rs.5/kg and quoted near  Rs.710/Kg. Meanwhile, spot prices at the Barabanki and Sambhal markets spot prices rose to Rs.745/Kg and Rs.777/Kg respectively up byRs.5/Kg. We did not see any major changes in the arrivals too and it stood around 150 drums. Since, the spot prices rose slightly and the effect was seen in the MCX futures prices too. Therefore, it closed the day with a gain of 1.83% and settled at Rs.703/Kg.

Since couple of days, we are seeing that the arrivals are on a same note at the key physical market of Uttar Pradesh. According to market sources, we feel that farmers are not selling their stocks, because they might face huge losses at the current price level. Therefore, the supplies coming to the market have been very limited. On intraday basis, we feel that a slight demand from domestic consumers together with the restricted supplies might support mentha oil prices in the today’s trade. By looking at the future platform and the November PVOI performance, we can observe that the price moved up with higher volumes and lower open interest. Therefore, we feel that the futures might further show short covering and eventually prices might trade on a positive mark. Hence, we are recommending buying in the lower levels for the November expiry contract during the intraday’s trade.

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News About NCDEX Soybean Prices

NCDEX Nov Soybean: prices have reached the lower end of the falling channel. We expect that the prices will break the support line and lower levels of 3150 and 3120 can be seen.

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Daily Lead Price Update in Commodity

MCX Nov Lead: tested the falling resistance line in the past session pegged at 124.8 and witnessed some selling pressure from those levels. On the daily chart price structure is looking positive. We expect that in today’s session prices will pierce the resitsance line and test the previous swing high.

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Today Natural Gas Price in Commodity Market

MCX Nov Natural Gas prices after correcting around 4% from recent highs ended around the swing high of 265.8. if prices succeed in crossing the previous swing high then higher levels of 270-275 can be seen.

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Monday, 3 November 2014

MCX Commodity Copper Price

Base metals on the LME traded on a positive note last week as the Bank of Japan surprisingly voted to increase the monetary base at an annual pace of JPY 80-T per year, above its previous target of JPY 60-70-T. Also, better than estimated GDP data from the US acted as a positive factor.

In the Indian markets, copper prices surged by 0.6 percent and closed at Rs.414.7/kg on Friday.

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Latest News on Crude Oil

Oil prices traded lower for most of the last week extending a run of losses on concerns over growing oil supply. Growth concern in global economy, slow demand from Asia, inventory buildup in the US further added pressure.

Oil prices in the international markets declined by 0.58 percent and closed at $80.54/bbl. On the MCX, crude prices declined by 0.74 percent taking cues from weak international markets and closed at Rs.4931/bbl.

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MCX Gold and Silver Price Today

Gold
Spot gold prices traded negative last week on strong third-quarter U.S. economic growth and worries the Federal Reserve might raise interest rates sooner than expected.


On the MCX, gold prices declined by 3.83 percent and closed at Rs.26135/10gms.

Silver
Spot silver prices in the international markets declined by 5.78 percent and closed at $16.14/oz. On the MCX, silver prices declined by 5.98 percent taking cues from weak international markets and closed at Rs.35797/kg.

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Tuesday, 28 October 2014

Latest News on Natural Gas and Oil

Oil prices are trading lower today on abundant supply and lackluster demand despite a pick-up in global economic growth. Saudi Arabia has previously sent signals it is comfortable with lower oil prices and willing to maintain high supply levels to compete for market share. Kuwait's oil minister has said there is no negative effect on the country's development plan from lower oil prices. 

Global oil supply remains high despite disruption in producers such as Iraq and Libya. On the MCX, crude prices are trading higher by around 0.34 percent at Rs.4985/bbl.

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MCX Commodity Copper Price

Copper prices are trading higher by 0.2 percent ahead of favorable Pending Home Sales data from the US due tonight. Also, weakness in the DX acted as a positive factor. However, weak German Ifo Business Climate data restricted sharp upside in prices. MCX copper prices rose by 0.4 percent at Rs.414.10/kg owing to Rupee depreciation.

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MCX Gold and Silver Price Today

Gold could witness consolidation as investors wait for cues from the FOMC meeting, due Wednesday. Economists are expecting the Fed to end QE3. Comex December support is at 1217.0. Key resistance is at 1233.1. MCX Gold could track overseas prices. MCX support is at 26950. Resistance is at 27275. 

Silver could trade range bound. December support is at 17.07. Resistance is at 17.52. MCX Silver could track overseas prices. Key support is at 36821. Resistance is at 38587.

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Monday, 20 October 2014

Latest News on Natural Gas and Oil

Oil prices in the international markets declined by 3.58 percent and closed at $82.75/bbl. On the MCX, crude prices declined by 3.58 percent taking cues from weak international markets and closed at Rs.5095/bbl.

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MCX Commodity Copper Price

LME Copper prices plunged by 1.6 percent last week to their lowest levels in six months as signs of muted inflation signaled lower metal demand in the two biggest consumers, China and the US. Further, whopping gain of 5.3 percent in LME copper stocks acted as a negative factor

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MCX Gold and Silver Price Today

Spot gold prices gained by 1.2 percent and closed at $1237.69/oz. On the MCX, gold prices gained by 1.08 percent and closed at Rs.27256/10gms

MCX, silver prices declined by 0.29 percent taking cues from weak international markets and closed at Rs.38399/kg.

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