Friday, 27 February 2015

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Gold pared gains on Thursday after stronger-than-expected U.S. data lifted the dollar and impetus from Chinese buying petered out, but it remained higher after the Federal Reserve indicated this week that it was in no rush to raise interest rates.
Silver was up 0.1 percent at $16.57 an ounce. U.S. consumer prices fell over the past year for the first time since 2009 as gasoline prices continued to tumble, which could allow a cautious Federal Reserve more room to hold off on raising interest rates.

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Live Updates on Energy Market

Crude oil futures fell sharply on Thursday as rising inventories in the United States pressured both Brent and U.S. contracts and countered expectations for recovering demand.

Natural gas futures fell more than 5 percent on Thursday on a much weaker than-expected storage draw and forecasts for less cold over the next two weeks.

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Base Metals Daily Market Update

Copper jumped to the highest in six weeks on Thursday as bearish investors scrambled to buy futures to close out their positions after Chinese trading resumed following a holiday break.

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Thursday, 26 February 2015

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Gold prices seen supported as Federal Reserve Chair Janet Yellen said the central bank would not hike rates for the next few meetings. Gains in gold are likely to be limited, however, by expectations that rates remain on track to rise.

Gold trading range for the day is 25934-26414.

Silver gains after data showed that U.S. new home sales fell less than expected in January, easing concerns over the health of the housing sector.

Silver trading range for the day is 35866-37124.

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Live Updates on Energy Market

Crude oil prices recovered from lows after Saudi Arabia's oil minister said oil demand was growing. The American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 8.9 million barrels in the week ended February 20.

Crudeoil trading range for the day is 2989-3199.

Natural gas dropped as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand.

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Base Metals Daily Market Update

Copper prices recovered from lows after Greece secured a four-month extension of its financial rescue.

Copper trading range for the day is 358-367.

Zinc prices slipped on uncertainty about Greek debt, and disappointed economic data from the United States.

Zinc trading range for the day is 125-130.2.

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Wednesday, 25 February 2015

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Gold
Spot gold prices traded lower by 0.2 percent yesterday after Federal Reserve Chairwoman Janet Yellen waxed positive about the economy’s performance, even as she appeared to temper any expectations of an imminent rate increase.

On the MCX, gold prices declined by 0.4 percent yesterday and closed at Rs.26059/10 gms.

Silver
Last week, spot silver prices in the international markets declined by 0.5 percent in line with weakness in gold prices. However, strength in the base metals pack coupled with weakness in the DX restricted sharp fall. Spot silver prices in the international markets fell by 0.5 percent and closed at $16.2/oz.

On the MCX, silver prices fell by 0.6 percent and closed at Rs.35974/kg.

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Live Updates on Energy Market

Crude oil extended losses with NYMEX WTI contract for April expiry closed lower to $49.30 per barrel.

At MCX though Crude Mar contract posted a moderately positive closing and should see gap down opening today.

Natural Gas commodity traded in a small band though was volatile as markets asses the cues between ongoing colder climate in the US and overall supplies which continue to rise.

At closing, NYMEX NG managed modest gains to the tune of 1% to $ 2.90 per MMBTU whereas MCX NG too gained.

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Base Metals Daily Market Update

Copper was the best performer amongst the base metals sector yesterday, posting gains of around 2% and settled at $5785 MT from its previous close.

Nickel continued to be in the top performers list form the base metals sector posting gains of around 1.6% and settled at $14350 MT from its previous close.

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Tuesday, 24 February 2015

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Gold opened higher amidst FED minutes updated on ;late Wednesday though shut the session on a lower footing as compared to day’s high.

Gold Apr expiry contract at MCX too moved in similar way and closed higher by just 0.5% to Rs 26226.

Silver at international and domestic markets incurred looses with Silver at COMEX, March contract declining by around 0.12% whereas Silver at MCX declined around 0.32%. 

It should be noted that the whitish metal followed the sell trend similar to the base metals yesterday.

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Live Updates on Energy Market


Oil prices traded lower on Monday as the expanding strike at U.S. refineries and the resumption of operations at Libya's largest oil field fueled the bearish sentiment.

On the MCX, crude prices plunged by 2.8 percent and closed at Rs.3209/bbl.

U.S. natural gas futures declined by 2.3 percent on Monday, amid speculation supplies are more than ample to meet demand. Total U.S. natural gas storage stood at 2.157 trillion cubic feet as of last week, 2.8% above the five-year average for this time of year.

On the MCX, gas prices fell by 1.3 percent and closed at Rs.181.6/MMbtu but sharp losses were cushioned owing to Rupee depreciation.

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Base Metals Daily Market Update

Aluminum declined a tad by around 0.11% yesterday and settled at $1791 MT. The metal declined despite the decline in the inventories and a stupendous rise in the cancelled warrants by 32,220 MT.

Copper declined by around 0.37% yesterday and settled at $5672 MT, majorly due to the absence of the Chinese traders due to lunar holidays which kept the market participation on a lower side.

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Monday, 23 February 2015

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Gold
Spot gold prices traded lower for most of the last week with prices trading in the range of $30. Prices traded lower on signs that Greek banks will continue to get emergency funding despite a breakdown in debt talks between their government and euro zone partners.

On the MCX, gold prices declined by 1.55 percent last week and closed at Rs.26277/10 gms.

Silver
Last week, spot silver prices in the international markets declined in tandem with fall in gold prices. Strength in the dollar index and weakness in Nickel prices could not stop the rally in silver prices. Spot silver prices in the international markets declined by 6.13 percent and closed at $16.23/oz.

On the MCX, silver prices declined by 4.95 percent and closed at Rs.36314/kg.

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Live Updates on Energy Market

Crude Oil
Oil prices traded lower last week after industry group American Petroleum Institute estimated a supply build of more than 14 millionbarrels. Threats to Middle East crude production and the falling U.S. oil rig count seemed to spur market bulls despite global inventory data suggesting an oversupply of up to 2 million barrels per day.

On the MCX, crude prices declined by 2.4 percent and closed at Rs.3215/bbl.

Natural gas
U.S. natural gas futures settled up 3.48 percent on Friday, hitting threeweek highs as freezing weather across much of the country fueled speculation about higher heating demand that overshadowed worries about high gas stockpiles. For the last week, prices rose by 5.04 percent and closed at $2.94/MMbtu.

On the MCX, gas prices rose 6.11 percent and closed at Rs.184/MMbtu.

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Base Metals Daily Market Update

Base Metals
Base metals on the LME traded lower last week in the absence of Asian market participants over Chinese New Year. Also, rising expectations of rate hike earlier this year after strong jobs data from the US dragged prices lower.

Copper
LME Copper prices fell by 0.3 percent last week owing to strength in the DX after a report showed fewer Americans filed for jobless claims, pointing to a strengthening U.S. labor market. Also, reports that Germany rejected a proposed bailout extension request from Greece acted as a negative factor.

MCX copper prices fell by 0.1 percent in line with international trends and closed at Rs.356.8/kg on Friday.

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Friday, 20 February 2015

Market Research on Gold and Silver

Gold was little changed on Friday as investors eyed talks over Greek debt, but the metal was headed for its fourth straight weekly dip as a last-minute deal was expected to break the impasse over the Mediterranean country's bailout programme.Gold had initially seen some safe-haven bids as the uncertainty over the Greek crisis dragged on, but market concerns eased on hopes that a deal would be patched together. Spot Gold is at $1207.

MCX Gold Apr is currently trading at `26278. It is trading up by `12 points for the day. Comex Silver is at $16.43. whereas MCX Silver Mar is currently trading at `36497,it is up by `77.

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Thursday, 19 February 2015

Market Research on Gold and Silver

Gold
Spot gold prices rose on Wednesday by 0.3 percent and closed at $1212.6/oz. Prices rebounded above a six-week low after minutes from the Federal Reserve's latest meeting showed policymakers were concerned about raising interest rates too soon.

On the MCX, gold prices declined by 0.31 percent and closed at Rs.26137/10 gms.

Silver
On Wednesday, spot silver prices declined by 0.1 percent and closed at $16.5/oz. The fall is in contrary to the rise in gold prices. Stronger dollar further exerted downside pressure on prices. On the MCX, silver prices declined by 0.26 percent and closed at Rs.36278/kg.

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Latest Price & Updates on Energy

Crude Oil
On Wednesday, WTI and Brent crude lost its value by 2.6 and 3.2 percent respectively. Investors were overwhelmed by the latest estimates for U.S. supply builds that came in nearly five times above market expectations.

On the MCX, oil prices declined by 0.2 percent and closed at Rs.3313/bbl.

Natural gas
U.S. natural gas futures rose 2 percent on Wednesday, supported by cold weather and higher heating demand forecasts, though market bears cautioned about the extraordinarily high stockpiles of the fuel for this time of year.

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Base Metals Commodity Market Update

Base Metals
On Wednesday, Base metals on the LME traded ,mixed as Greece will submit a proposal to the EU and Germany with regards to its loan agreement while slowdown in China has raised concerns over demand for the base metals pack.

Copper
LME Copper prices rose by 0.7 percent on Wednesday as bulls took advantage of Chinese investors being absent due to the week-long Lunar New Year holiday.

MCX copper prices rose by 1.5 percent and closed at Rs.359.5/kg in line with strength in international markets.

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Wednesday, 18 February 2015

Market Research on Gold and Silver

Gold
Spot gold prices declined by 1.8 percent on Tuesday owing to signs that Greek banks will continue to get emergency funding despite a breakdown in debt talks between their government and euro zone partners.

On the MCX, gold prices declined by 1.82 percent and closed at Rs.26219/10 gms.

Silver
Spot silver prices declined by 4.1 percent on Tuesday to close at $16.5/oz. Fall in silver prices is in tandem with fall in gold prices. Weak base metals pack further acted as a negative factor.

On the MCX, silver prices declined by 4.6 percent and closed at Rs.36374/kg.

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Latest Price & Updates on Energy

Crude Oil
On Tuesday, WTI and Brent crude oil rose by 1.4 and 1.8 percent respectively on account of short covering despite market remain depressed by worries about euro zone stability.

On the MCX, oil prices declined by 1.2 percent and closed at Rs.3247/bbl.

Natural gas
U.S. natural gas futures fell nearly 2 percent on Tuesday, with traders taking profit from last week's rally despite cold weather and higher heating demand which could be offset by large gas supplies in storage.

On the MCX, gas prices declined by around 6 percent to close at Rs.169.20/Mmbtu.

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Base Metals Commodity Market Update

Base Metals
On Tuesday, Base metals on the LME traded lower on concerns over Greece’s sustainability in the Euro area after caution over a deadlock in talks between Greece and its international creditors. Also, slowdown in China, as indicated by a string of weak data from the biggest consumer acted as a negative factor.

MCX copper prices declined by 1.6 percent and closed at Rs.354.3/kg in line with weak international markets.

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Tuesday, 17 February 2015

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Monday, 16 February 2015

Market Research on Gold and Silver

Gold
Spot gold prices traded lower for most of the last week with prices making a low of $1216.45 and high of $1245.80. Rise in the dollar offset the supportive impact of concerns over Greece's future in the euro zone and fears over escalating violence in Ukraine, which hurt risk appetite.

Gold prices declined by 0.33 percent last week and closed at $1229.2/oz. On the MCX, gold prices declined by 0.41 percent last week and closed at Rs.26691/10 gms.



Silver
Last week, spot silver prices in the international markets rose in contrary to the fall in gold prices. Strength in the dollar index and weakness in Nickel prices could not stop the rally in silver prices.

Spot silver prices in the international markets rose by 3.59 percent and closed at $17.29/oz. On the MCX, silver prices rose by 3.19 percent and closed at Rs.38204/kg.


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Latest Price & Updates on Energy

Crude Oil
Oil markets traded volatile last week trading in the range of $5 making an high of $53.99and low of $48.04.

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Base Metals Commodity Market Update

Base Metals
Base metals on the LME (except Copper) traded on a negative note owing to concerns over Greece’s sustainability in the Euro area after caution over a deadlock in talks between Greece and its international creditors. Also, slowdown in China, as indicated by a string of weak data from the biggest consumer acted as a negative factor. 

MCX copper prices rose by 0.8 percent and closed at Rs.357.3/kg in line with strength in the international markets.

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Friday, 13 February 2015

News and Research on Gold and Silver

Bullion remained highly volatile last week though on Friday the highly positive US Jobs data weighed the two commodities lower. Non-Farm payrolls addition stood at 257,000 for Jan against markets forecast for 225-230K addition.

Gold MCX contract for April expiry too moved in a zig-zag manner while as of last count stood at Rs 26520 per 10 Gms, lower by 0.5% and likely that a gap-up opening would be there today for the commodity.

We saw a lot of whipsaws in Silver commodity as well during the past week though the major sentiment negative was the better Jobs report from the US economy.

Silver MCX same months expiry closed lower by 0.45% to Rs 37225 and modest positive opening can be seen.

Latest Price & Updates for Crude Oil & Natural Gas

In India, we saw MCX Crude gaining at a moderately lower rate of 3% to Rs 3170ànd may see decent higher opening today.

NYMEX NG for active March expiry contract fell 3% to $2.71 per MMBTU. MCX NG for Feb expiry fell by a similar rate closing lower by 3.15% to Rs 164 per MMBTU.

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Base Metals Prices & Analysis in Commodity Market

Aluminum closed on a positive note at $1841.5 MT, up by around 1.03% from its previous close.We saw no major shift in inventory which continues to fall at LME though contango for the commodity at LME has lowered a tad to $15.1.

Copper was the best performer yesterday, gaining around 2.5% and settled at $5740 MT. It should be noted that Cu was able to post gains despite the weak macro economic data from US in terms of retail sales which landed below the expected levels.

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Wednesday, 11 February 2015

News and Research on Gold and Silver

Gold
Spot gold prices declined by 0.41 percent on Tuesday and closed at $1233.8/oz on rise in the dollar offset the supportive impact of concerns over Greece's future in the euro zone and fears over escalating violence in Ukraine, which hurt risk appetite.

On the MCX, gold prices declined by 0.53 percent and closed at Rs.26856/10 gms.

Silver
Spot silver prices declined by half a percent on Tuesday and closed at $16.9/oz in tandem with fall in gold prices. Strength in the dollar coupled with weak base metals pack further dragged prices.

On the MCX, silver prices declined by 0.53 percent and closed at Rs.37599/kg.

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Latest Price & Updates for Crude Oil & Natural Gas

Crude Oil
On Tuesday, crude oil prices declined by 5.4 percent and closed at $50/bbl after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production.

On the MCX, oil prices declined by 4.3 percent and closed at Rs.3167/bbl.

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Base Metals Prices & Analysis in Commodity Market

Base Metals
On Tuesday, base metals on the LME traded negative on profit booking at higher levels after the recent rally.

Copper
LME Copper prices declined by 1.2 percent on Tuesday as slowdown in China have raised concerns on the demand side for copper.

MCX copper prices declined by 1 percent and closed at Rs.351.7/kg in line with weak international markets.

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Tuesday, 10 February 2015

News and Research on Gold and Silver

Gold moved in a small range with the commodity at Comex moving in just $8 per ounce levels while finally closed higher by 0.1% to $1241 per ounce for Apr expiry

Gold MCX on the other side was a better performer as moderate Rupee depreciation aided support to local nonagri commodities while. MCX Gold shut shop adding 0.5% to Rs 26944 per 10 Gms.

Silver Comex March expiry contract too traded in a broad ranged though intraday volatility was as bit higher in whitish metal as compared to the former.

Silver at one point of time was higher by around 2% at Comex though finally closed marginally lower by 0.25% to $17.07 per ounce.

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Latest Price & Updates for Crude Oil & Natural Gas

Crude oil March expiry contract at NYMEX traded in a mercurial manner with fresh developments from OPEC adding to the volatility.

Natural Gas Feb MCX contract however managed to shut in a near similar manner while was almost flattish to Rs 161 per MMBTU mark.

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Base Metals Prices & Analysis in Commodity Market

Copper was the best performer yesterday, gaining around 0.41% and settled at $5673 MT. While the Trade Balance data from China indicated slump in the imports by around 19%, depicting low demand, Copper continued to gain may be due to the rate cut by PBOC and the expectation of fresh stimulus owing to the depleting macro data from China.

Nickel was the worst performer yesterday declining by around 0.53% to settle at $15155 MT from its previous Though we maintain our broad optimistic view in the commodity over short-term mainly the seasonal weather changes in Philippine provide support to the metal, some bearishness in the very near term appears to be imminent as the economic data across the globe is slashing downwards.

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Monday, 9 February 2015

News and Research on Gold and Silver

Bullion remained highly volatile last week though on Friday the highly positive US Jobs data weighed the two commodities lower. Non-Farm payrolls addition stood at 257,000 for Jan against markets forecast for 225-230K addition.

By end of the week though, Gold Comex closed down by 3.5% to $1234 per ounce whereas in Indian markets we saw MCX Gold April too lost 3.5% to Rs 26800 per 10 Gms.

Silver commodity at Comex traded with high volatility last week though overall broader perspective continued from the bigger precious metal gold and thus we are seeing negative performance week on week.

Almost all of losses last week for whitish metal came on Friday with Silver Comex March closed 3% lower to $16.70 per ounce, down by 3%.

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Latest Price & Updates for Crude Oil & Natural Gas

Crude oil commodity for active March expiry contract at NYMEX has a highly erratic week with the commodity initially gaining backed by refinery strike in the US, tumbled heavily on Wednesday led by weekly inventory report whereas once again gained in latter half to close the week strongly in the green.

Natural gas NYMEX March expiry contract finished on sharply lower note last week with losses extending over 4% to $2.57 per MMBTU.

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Base Metals Prices & Analysis in Commodity Market

Prices after correcting from 1280 to 870 levels in the five wave decline has now formed the double bottom chart pattern on the daily chart. Prices broke the neckline resistance on 2nd Feb but failed to sustain above the same and fell back in to the pattern area.

MCX Feb Copper also corrected in five wave decline similar to that of MCX Nickel. Prices on weekly chart ended with a bull candle after doji candle. Rise above 361 i.e. previous swing high will be the first indication of end of downtrend. Thus, bulls can initiate long positions above 361.

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Friday, 6 February 2015

Commodity Market Base Metals News and Tips

We saw mercurial movements in Bullion during the week though for full January month, the commodity has posted gains of around 8%, marking its best monthly advance since January 2012.

Gold Comex contract for Apr expiry saw healthy movement yesterday as the commodity moved lower towards $1255 per ounce mark while managed late session recovery to shut, marginally lower on a day to day comparison

At MCX, Gold same months settlement lost 0.4% to Rs 27300 per 10 Gms 

Silver too lost weight along with gold though its higher mercurial nature pressed it further down as compared to the yellow metal marginally

Silver Comex March expiry contract slipped 1.15% while Indian MCX Silver fell 1.45% yesterday.

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Today Energy News in Commodity Market

Energy, oil continues to be highly volatile with the NYMEX oil after plunging near 8% on Wednesday gained around 4% yesterday.

Natural gas NYMEX contract for March expiry closed lower yesterday with losses to the tune of 2.3% to $2.6 per MMBTU.

NG Feb expiry at MCX too shut lower though losses were modestly lower to 1.75% to Rs 162 per MMBTU.

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Commodity Market Base Metals News and Tips

Aluminum bounced back from the lows and closed on a positive note at $1885 MT, up by around 0.37% from its previous close. Fundamentally, there has been no change from the inventory side however LME Cash to 3M forward contnago squeezed down to $14, giving mixed cues for the metal.

Zinc closed on a positive note at $2144.5 MT, up by around 0.21% from its previous close. Fundamentally, there has been no major change in the metal. On the other hand we have Lead which was the only metal to close on negative side at $1848 MT, down by around 1.07% from its previous close.

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Thursday, 5 February 2015

Precious Metals Report on Commodity Market

Gold gained after surprising Swiss Central Bank’s decision to decouple the it’s currency against the Euro amidst concerns about rising currency struggle faced by major central banks globally.

Gold Comex contract for Apr expiry shut shop by 0.3% to $1264 per ounce. At MCX, Gold same months settlement added 0.4% to Rs 27400 per 10 Gms.

Silver was marginally higher by closing time with the commodity adding 0.4% to $17.40 per ounce. Silver in India too moved in similar passion though gains locally were marginally higher aided by Rupee.

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Today Energy News in Commodity Market

Crude oil continues to be volatile. While had recommended a momentary call in the commodity on Wednesday, we clearly stated traders to avoid going long as inherent strength looked missing after the surprising over 15% gains in last few sessions wherein expectations over inventory data stood weaker.

Natural gas commodity traded weak in line with our expectations with NYMEX NG March active contract closing lower by 3.3% to $2.66 per MMBTU.

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Commodity Market Base Metals News and Tips


Aluminum dipped a tad yesterday and closed at $1878 MT, down by around 0.68% from its previous close. The fall in the price levels could be attributed to the rising Dollar index above 94 marks which could have weighed upon selective metals.

Copper had been posting gains backed on the speculation of stimulus to be introduced by PBOC. Yesterday, China announced a 50 basis points rate cut in its RRR, an indirect stimulus to boost the growth in the economy.

Nickel had been the best performer amongst the base metals sector for most part of the week, however lately it has been fading away its gains and had closed on a negative note at $15125 MT, down by around 1.21% from its previous close.

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Wednesday, 4 February 2015

Precious Metals Report on Commodity Market

We saw mercurial movements in Bullion during the week though for full January month, the commodity has posted gains of around 8%, marking its best monthly advance since January 2012.

Gold was highly volatile yesterday though closed in red. Feb Expiry Comex contract tumbled to a slow as $1255 per ounce whereas high in intraday was seen near $1286, before finally the commodity shut at $1260, -1.3%.

Silver too faced similar volatility as in case with gold with commodity moving in a range of 17.05 to $17.75 per ounce mark in intraday trade.

However the commodity was a net outperformer to Gold as base metals largely remained positive and Silver Comex ended the day higher by 0.3%.

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Today Energy News in Commodity Market

Crude oil stepped up heavily yesterday with the commodity moving towards the $54 per barrel mark at NYMEX and touching nearly $59 per barrel at Brent.

Natural gas had a shift in trading sentiment yesterday with the commodity rising around 2.5% at NYMEX however, I was somewhat expected as commodity slid over 9% last week.

Commodity Market Base Metals News and Tips

Aluminum continued to close on a positive note at $1891, up by around 0.96% from its previous close. Fundamentally, there have been no major changes from the inventories and LME Cash to 3M forward contango side.

Copper jumped its gains and landed at $5690 MT, up by around 3.45% from the previous close. It should be noted that the disappointing economic data across the globe is having a reverse impact upon the market sentiment as the speculation for monetary easing from PBOC is gaining momentum.

Nickel has been one of the best performers amongst the base metals sector lately, however a slight correction was seen in the metal yesterday and closed on a negative note at $15310 MT, down by a mere 0.10% from its previous close.

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Tuesday, 3 February 2015

Precious Metals Report on Commodity Market

Gold could trade range bound to weak as the Dollar remains firm. Support is at 1272.7 and 1257.0. Resistance is at 1280.9 and 1287.3. MCX Gold could trade range bound to weak. Support is at 27753 and 27665. Resistance is at 28010 and 28211. The Rupee has appreciated against the US Dollar today and could limit upside.

Silver could trade range bound to weak as the Dollar remains firm. Support is at 16.71. Resistance is at 17.43. MCX Silver could trade range bound to weak. Support is at 37332 and 36797. Resistance is at 38401 and 38984. The Rupee has appreciated against the US Dollar today and could limit upside.

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Today Energy News in Commodity Market

MCX Feb Crude oil has begun the day with a strong buying note and there after continued the same trend and finally settled above 3000 mark, up by 7% on d-o-d basis. Today’s outlook remains positive, any dip can utilize to accumulate fresh longs at 2977 levels for the target of 3100 & 3165 levels.

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Commodity Market Base Metals News and Tips

Nickel could trade firm. Support is at 15027 and 14905. Resistance is at 15150 and 15270. MCX could trade firm, tracking firm overseas prices. However, the Indian Rupee has appreciated today and could limit upside. Resistance is at 945.60 and 970.85. Support is at 924.35 and 913.95.

Copper could continue to remain range bound to weak. Downside could be limited on more stimulus hopes from China. Resistance is at 5608. Support is at 5441 and 5346. MCX could trade firm, tracking firm overseas prices. However, the Indian Rupee has appreciated today and could limit upside. Support is at of 338.85 and 332.55. Resistance is at 349.15 and 355.85.

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Monday, 2 February 2015

Precious Metals Report on Commodity Market

Bullion faced highly volatile week with gold commodity making zig-zag movements following economy cues from the US over FOMC and US GDP data.

Gold initially rose last week, however fell during middle sessions following the FED meeting update. Nevertheless, Friday’s subdued US GDP number supported it to trim losses and close down by just 1% to $1280 per ounce.

Silver commodity at Comex platform also faced mercurial trade in the past week with the commodity largely following the direction being depicted by the big brother gold.

On a weekly comparison though, the commodity which has a high beta saw its monthly gains almost halve, losing over 6% to $17.15 per ounce with all of its losses coming post the FOMC monetary policy update.

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