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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