Commodity Market News-31 Dec 2014

Silver
Silver prices rose by Rs 169 to Rs 36,653 per kg in futures trading today as speculators indulged in creating fresh positions amid a firming trend in the precious metals overseas.

Copper
Copper smelters raised output 33 per cent in April-November over a year before, to take advantage of higher conversion rates — treatment and refining charges (Tc/Rc) in industry parlance.

Chana
NCDEX Chana Jan. futures traded on positive note (2.69% higher) as Govt is considering a 10% tax on overseas purchases of pulses to support the local farmers. Overall sentiments have turned positive for Chana amid lower sowing this season and expected lower output in 2014-15.

Soybean
Yesterday, NCDEX Soybean Jan futures closed negative (0.90% lower) taking clues from the international markets and on profit booking on higher levles. In the international markets, soybean was also down by 0.38%.

Jeera
Jeera On Monday Jeera Jan. futures closed positive (0.57% higher) on anticipation of lower crop sowing and good demand for the exports. Jeera of Indian origin in the international markets was quoting around $1900-2000/ton.

Turmeric
Turmeric Jan. futures traded lower on a second successive day (1.77% lower) on account of flat domestic demand and good supply in the mandis from the growing belts. Turmeric prices remained flat in benchmark Nizamabad and Erode market.

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Commodity Market News-29 Dec 2014

Gold rose the most in 2-1/2 weeks on Friday in thin post-Christmas trading, boosted by short-covering after China's central bank was reported to be considering a loosening of liquidity requirements at the country's banks.

Silver rose 2.7 percent to $16.09 an ounce. The People's Bank of China (PBOC) is weighing changing rules governing how loan-to-deposit ratios are calculated at banks, a move that would boost liquidity conditions, sources with direct knowledge told Reuters.

Crude Oil prices fell Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the United States, trumped worries about falling production from Libya.

U.S. natural gas futures hit a more than two-year bottom below $3 on Friday, finishing the worst week in 10 months, as disappointing weekly draws of the fuel raised worries about growing supplies of gas in storage.

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Commodity Market News-24 Dec 2014

Bullions:

Gold
Gold was little changed on Tuesday, paring earlier gains after strong U.S. growth data lifted the dollar, and was looking vulnerable to more losses as appetite for risk boosted equities.

Silver
Silver added 0.5 percent to $15.70 an ounce after falling 2.6 percent to a three-week low of $15.49 on Monday.

Crude Oil
Oil rose by more than $2 a barrel on Tuesday, rallying for a second time in three days, after data showing the fastest rate of U.S. economic growth in 11 years bolstered expectations for crude demand.

Natural Gas
U.S. natural gas futures ended up nearly 1 percent on Tuesday after falling to a 23-month low on weak holiday demand and seasonal temperature forecasts for the next two weeks.

Base Metals

Copper prices dropped on Tuesday, extending the previous session's fall as the dollar rallied and concerns over weak demand in top consumer China persisted.

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AGRI COMMODITY MARKET

BULLIONS COMMODITY MARKET

CS TURMERIC (APRIL) OVERVIEW: TREND BULLISH RESIST 2:8535 RESIST 1:8450 SUP1:8240 SUP2:8120 STRATEGY: BUY ON DIPS CS SOYABEAN (JANUARY) OVERVIEW: TREND MIXED TO BULLISH RESIST 2:3370 RESIST 1:3355 SUP1:3330 SUP2:3320 STRATEGY: BUY ON DIPS CS CHANA (JANUARY) OVERVIEW: TREND MIXED TO BULLISH RESIST 2:3385 RESIST 1:3355 SUP1:3300 SUP2:3265 STRATEGY: BUY ON DIPS CS DHANIYA (JANUARY) OVERVIEW: TREND MIXED TO BULLISH RESIST 2:13025 RESIST 1: 12900 SUP1:12550 SUP2:12350 STRATEGY: BUY ON DIPS

CS COPPER (FEBRUARY) OVERVIEW: TREND MIXED TO BEARISH RESIST 1:410 RESIST 2:412.50 SUP 1:404 SUP 2:402 STRATEGY: SELL ON RISE CS CRUDE (JANUARY) OVERVIEW: TREND MIXED TO BULLISH RESIST 1:3680 RESIST 2:3720 SUP1:3570 SUP2:3480 STRATEGY: BUY ON DIPS FOR SMALL PROFITS. CS GOLD (FEBRUARY) OVERVIEW: TREND BEARISH RESIST 1:26750 RESIST 2:26860 SUP1:26500 SUP2:26375 STRATEGY: SELL ON RISE CS SILVER (MARCH) OVERVIEW: TREND BEARISH RESIST 1:36800 RESIST 2:37050 SUP1:36000 SUP2:35800 STRATEGY: SELL ON RISE

Commodity Market News-23 Dec 2014

Bullions:

Gold dropped nearly 2 percent and silver slid 3 percent on Monday, triggering automatic sell orders in thin pre-holiday dealings as oil prices eased back toward $55 per barrel.

Silver was down 2.5 percent at $15.63 an ounce, after falling more than 3 percent to a session low at $15.49

Crude Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price.

U.S. natural gas futures dropped more than 9 percent to end at a 22- month low on Monday on expectations for moderate temperatures and weak holiday demand over the next two weeks.

Base Metals:

Copper dipped on Monday after oil prices retreated and as worries over growth in top consumer China persisted, though a trimming back of surplus forecasts for next year limited losses

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CapitalStars Research Expert view on Commodity Market for the week (22-12-2014 to 27-12-2014)

PRECIOUS METALS:-

IN THIS WEEK WE HAVE SEEN RANGE BOUND MOVEMENT IN BOTH THE PRECIOUS METALS i.e. GOLD & SILVER. SILVER HAS SHOWN MORE BEARISHNES THAN GOLD AS IT HAS IMPACTED FROM BASE METAL AS WELL.

IN THE COMING WEEK, PRECIOUS METALS WILL TRADE MIXED TO LOWER AS PRESSURE OF RISE OF INTEREST RATE IN U.S. IS SURE TO HAPPEN. ALSO STRONG DOLLAR & WEAK OIL PRICES WILL FURTHER ACT AS NEGATIVE FACTOR.

GOLD FEB CAN MOVE DOWNWARD TO THE LEVELS OF 26200 & THEN 25800 BREAKING SUPPORTS OF 26500 & 26000. REISTANCES ARE AT 27360 & 27700 LEVELS.

COMEX MARKET SUPPORTS ARE AT 1165 OUNCE & 1176 OUNCE & RESISTANCE ARE AT 1219 OUNCE & 1240 OUNCE.

SILVER MARCH CONTRACT IS ALSO IN BEARISH PAHSE & EXPECTED TO COME DOWN TO 35100 TO 34500 BREAKING SUPPORTS OF 36100 & 34900 LEVELS.

RESISTANCES ARE AT 37800 TO 38050 & 39350 LEVELS.

COMEX MARKET SUPPORTS ARE AT 15.40 CENT & 14.70 CENT & RESISTANCE ARE AT 16.85 CENT & 17.65 CENT.

BASE METAL SEGMENT:-

IN THIS WEEK WE HAVE SEEN RANGE BOUND MOVEMENT IN COPPER FEB CONTRACT. IT HAS MADE HIGH OF 414.90 & LOW OF 401.25 LEVELS.

IN THE COMING WEEK TOO, WE WILL GOING TO SEE SOME UPWARD MOVEMENT TO THE LEVELS OF 415-418 LEVELS WILL GET RESISTANCE OF 421-424 LEVELS & THEN COME DOWN TO 407-404 & 398-396 LEVELS BREAKING SUPPORTS OF 405 & 400 LEVELS

COMEX MARKET SUPPORTS ARE AT 2.84  CUBIC & 2.78 MT & RESISTANCE ARE AT 2.97 MT & 3.01 MT.

ENERGY SEGMENT:-

CRUDE OIL JAN CONTRACT DROPED NEARLY 50% OVER THE PAST 6 MONTHS ON WORRIES ABOUT FAST GROWING U.S.SHAIL OIL SUPPLIES & ACCELERATED AFTER OPEC’s DECISION OF  NOT TO CUT OUTPUT IN NOV 2014. THIS IS FURTHER INDICATING AN OVER-SUPPLIED MARKET & BLEAK DEMAND.

IN COMING WEEK, WE CAN SEE SOME  RECOVERY IN THE OIL & IT CAN MOVE UPWARD TO 3750 TO 3850-3880 LEVELS BREAKING RESIATANCE OF 3690-3710 LEVELS & WILL FACE MAJOR RESISTANCE AT 3900-3935 LEVELS & THEN CAN COME DOWN TO 3500 TO 3430 LEVELS BREAKING SUPPORTS 3570 & 3500 LEVELS.

IN NYMEX MARKET, CRUDE OIL HAVING SUPPORTS AT 54.71 BARREL & 51.44 BARREL. REISTANCES AT 60.13 & 62.28 BARREL.

MARKET HAS WITNESSED VOLATILE MOVEMENTS IN NATURAL GAS DEC CONTRACT. IN THE COMING WEEK, WE WILL WITNESS A VOLATILE SESSION DUE TO EXPIRY OF NATURAL GAS DEC CONTRACT. NATURAL GAS DEC CAN COME DOWN TO 215 – 212 & 208 LEVELS ON BREACHING SUPPORTS OF 218 & 211 LEVELS. AT 208 LEVELS, NATURAL GAS IS EXPECTED TO GET STRONG SUPPORT & UPWARD MOVEMENT TO 225 & 239 TO 251 LEVELS CAN BE SEEN TECHNICALLY. FUNDAMENTALLY, MORE THAN 48 STATES OF U.S. IS EXPERENCING MILD TO WARMER TEMPERATURE & IT WILL EXPECTED TO BE CONTINUE IN COMING WEEK TOO. Moderate winter temperatures in the past week or so are expected to give way to colder temperatures beginning next week.

IN NYMEX MARKET, NATURAL GAS HAVING SUPPORTS AT 3.19 & 3.00 MMBTU. RESISTANCES ARE AT 3.74 & 4.11 MMBTU.

Commodity Market News-19 Dec 2014

Bullion:

Gold
Spot gold prices rose by 0.8 percent to $1197.7 on Thursday after the Federal Reserve said it would take a patient approach toward raising interest rates, boosting stock markets and commodities, though it pared early gains as the dollar strengthened against a basket of currencies.

Silver

Spot silver prices rose by 1 percent to $15.9 in yesterday’s trading session in tandem with rise in gold prices. However, strength in the dollar index coupled with weak base metals pack capped the rally.

Energy:

Crude Oil
Crude oil prices declined on both sides of the Atlantic with WTI and Brent falling by 4.2 and 3.1 percent to close at $54.1 and 59.3/bbl respectively. The fall was as due as traders placed fresh bets that the market would resume a six-month rout on worries about a supply glut.

Natural Gas
U.S. natural gas futures turned negative and ended down 0.46 percent on Thursday after weather forecasts changed from colder-than-normal to warmer-than-normal over the course of the day. Prices declined despite a government report that utilities pulled more gas from storage last week than expected.

Base metals
Base metals on the LME traded on a negative note yesterday as the outlook in top metals consumer China remained gloomy following house price data. In addition, mixed economic data from the US dragged prices lower.

Copper
LME Copper prices declined by 0.9 percent on Wednesday as China's new home prices fell again in November as the market continued to defy government efforts to revive it.

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AGRI COMMODITY MARKET

BULLIONS COMMODITY MARKET

CS TURMERIC (APRIL) OVERVIEW: TREND BULLISH RESIST 2:8170 RESIST 1:8120 SUP1:8000 SUP2:7950 STRATEGY: BUY ON DIPS CS SOYABEAN (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3330 RESIST 1:3310 SUP1:3275 SUP2:3250 STRATEGY: BUY ON DIPS CS CHANA (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3360 RESIST 1:3305 SUP1:3220 SUP2:3135 STRATEGY: BUY ON DIPS CS DHANIYA (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:13100 RESIST 1: 13000 SUP1:12820 SUP2:12745 STRATEGY: SELL ON RISE

CS COPPER (FEBRUARY) OVERVIEW: TREND MIXED RESIST 1:407 RESIST 2:411.50 SUP 1:400 SUP 2:396 STRATEGY: BUY FOR SMALL PROFITS CS CRUDE (JANUARY) OVERVIEW: TREND BEARISH RESIST 1:3560 RESIST 2:3650 SUP1:3430 SUP2:3380 STRATEGY: SELL ON RISE CS GOLD (FEBRUARY) OVERVIEW:   TREND: MIXED TO BEARISH RESIST 1:27160 RESIST 2:27350 SUP1:26550 SUP2:26400 STRATEGY: SELL ON RISE CS SILVER (MARCH) OVERVIEW: TREND MIXED TO BEARISH RESIST 1:37250 RESIST 2:37750 SUP1:36300 SUP2:35950 STRATEGY: SELL ON RISE

Commodity Market News-18 Dec 2014

BULLIONS

Feb. Gold prices have resistance between 27160-27200 zones. Failure to trade above 27200 consistently will be a sign of weakness for the remainder of the session and prices can correct to 26900.

Mar. Silver prices have crucial resistance at 37250. No upside will be seen until prices trade below this level. Failure at higher levels will see supply in the counter and prices can test 36650.

BASE MATELS

Copper prices have crucial support at 404 and prices will trade weak if they sustain below this level. Counter rally towards 409 once they trade above 406.50. A close below 404 will be bearish as prices can test 402.50/401.

Zinc prices have crucial support at 134. Sustenance below 134 will see the counter facing heavy selling pressure and prices can test 132 on the downside. Resistance for the counter is seen between 135.80-136 levels. If prices hold on to 134 then can form a range between 134-136 levels.

Lead prices are in a strong downtrend and prices can test its major support around 114.50 levels during the coming sessions. Counter shouldn’t correct beyond 114 in this corrective leg. Pullbacks to 118.50 will face resistance.

Nickel prices will trade negative till prices trade below 990 today. Prices can correct towards 970/965 zones on the downside. Intraday pullbacks to around 985 and weakness should be sold into by traders. Sell on rise.

Crude palm oil prices rose by 0.42% to Rs 426.50 per 10 kg in futures trading today as speculators indulged in creating fresh positions, supported by rising demand in the spot market amid a firming trend overseas.

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Commodity Market News-17 Dec 2014

Gold: The price of standard gold fell 1.1 per cent in India’s spot market in early trade on Tuesday, after the metal slipped below a key support level of $1,200 an oz in the international market, on fear of an interest rate increase by the US.

Silver: The price of silver increased $0.36 to $16.62 an oz.

Lead: Lead prices eased by 0.32% to Rs 125.30 per kg in futures trade today in tandem with a weakening trend in base metals at the London Metal Exchange.

Oil: Oil suffered fresh losses in Asia today, sinking to new multi-year lows as dealers watch Russia's ruble crisis and await the latest US crude supply report, analysts said.

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AGRI COMMODITY MARKET

BULLION COMMODITY MARKET

CS TURMERIC (APRIL) OVERVIEW: TREND MIXED TO BULLISH RESIST 2:8050 RESIST 1:7925 SUP1:7830 SUP2:7700 STRATEGY: BUY ON DIPS

CS COPPER (FEBRUARY) OVERVIEW: TREND BEARISH RESIST1:412 RESIST2:415 SUP1:403 SUP2:398 STRATEGY: SELL ON RISE

CS SOYABEAN (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:3330 RESIST 1:3305 SUP1:3270 SUP2:3260 STRATEGY: SELL ON RISE

CS CRUDE (DECEMBER) OVERVIEW: TREND CONSOLIDATE RESIST1:3690 RESIS 2:3800 SUP1:3410 SUP2:3320 STRATEGY: SELL ON RISE

CS CHANA (JANUARY) OVERVIEW: TREND BULLISH RESIST 2:3250 RESIST 1:3220 SUP1:3140 SUP2:3085 STRATEGY: BUY ON DIPS

CS GOLD (FEBRUARY) OVERVIEW: TREND BEARISH RESIST1:27500 RESIST2:28100 SUP1:26855 SUP2:26500 STRATEGY: SELL ON RISE

CS DHANIYA (JANUARY) OVERVIEW: TREND BEARISH RESIST 2:13280 RESIST 1: 13105 SUP1:12840 SUP2:12750 STRATEGY: SELL ON RISE

CS SILVER (MARCH) OVERVIEW: TREND BEARISH RESIST1:37850 RESIST2:38550 SUP1:36100 SUP2:35500 STRATEGY: SELL ON RISE

Commodity Market News-16 Dec 2014

Gold prices on MCX were trading lower on Tuesday. MCX Gold April contract was trading at Rs 27175 down Rs 266, or 0.97 percent.

Silver prices on MCX slipped on Tuesday. MCX Silver May contract was trading at Rs 38051 down Rs 919, or 2.36 percent.

Oil prices sank further to new multi-year lows in Asia today, with analysts weighing the possible political and economic fallout in oil-producing countries with little respite in the selling.

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Commodity Market News-15 Dec 2014

Silver Prices fell sharply by 1% to Rs 38,320 per kg in futures trade today as speculators indulged in offloading positions.

Zinc futures prices today edged up by 0.55% to Rs 138.10 per kg as participants enlarged positions amid a firming trend at the London Metal Exchange.

Cardamom Prices rose 1.37% to Rs 877.50 per kg in futures trade today largely on the back of pick-up in demand in the spot market amid low stocks.

Crude Oil futures fell by 0.32% to Rs 3,669 per barrel today as traders trimmed positions amid a weakening trend in Asian trade where it sank to a fresh five-year low.

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Commodity Market News-12 Dec 2014

Bullion

• 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.

• 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.

Energy

• Crude 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.

• 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.

• 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 prices rose by 0.6 percent yesterday owing to strongeconomic data from the US. Also, weakness in the DX supported gains.

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Commodity Market News-10 Dec 2014

Crude oil futures today fell by Rs 25, or 0.63% to Rs 3,918 per barrel as speculators reduced their exposures, tracking a weak trend in Asian trade.

Zinc prices fell by 0.54% to 137.80 per kg in futures trade today after speculators trimmed positions, tracking a weak global trend.

Mentha oil prices ose 0.38% to Rs 715.50 per kg in futures trading today as speculators indulged in creating fresh positions, supported by pick up in demand from consuming industries in the spot market.

Nickel prices dropped 0.42% to Rs 1,028.90 per kg in futures trade today on weakening trend at the London Metal Exchange and subdued demand at domestic spot markets.

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AGRI & BULLIONS COMMODITY MARKET LEVELS:

CS TURMERIC   (APRIL) OVERVIEW:
TREND  BULLISH
RESIST 2:7740
RESIST 1:7670              
SUP1:7470
SUP2:7350
STRATEGY: BUY ON DIPS

CS SOYABEAN (JANUARY) OVERVIEW:
TREND  BEARISH
RESIST 2:3335
RESIST 1:3320
SUP1:3285
SUP2:3260
STRATEGY: SELL ON RISE

CS CHANA  (DECEMBER) OVERVIEW:                        
TREND  MIXED TO BEARISH
RESIST 2:3135
RESIST 1:3095
SUP1:3015
SUP2:2940
STRATEGY: SELL ON RISE

CS DHANIYA (DECEMBER) OVERVIEW:
TREND    BEARISH
RESIST 2:12770
RESIST 1: 12680              
SUP1:12500
SUP2:12435     
STRATEGY:  SELL  ON RISE

BULLIONS COMMODITY MARKET LEVELS:

CS COPPER (FEBRUARY) OVERVIEW:
TREND   BEARISH
RESIST2:415
RESIST1:410              
SUP 1:400
SUP 2:396
STRATEGY: SELL ON RISE

CS CRUDE (DECEMBER) OVERVIEW:
TREND BEARISH
RESIST 2:4090
RESIST 1:4030
SUP1:3870
SUP2:3820
STRATEGY: SELL ON RISE

CS GOLD (FEBRUARY) OVERVIEW:                        
TREND  BULLISH
RESIST 2:27750
RESIST 1:27500
SUP1:26950
SUP2:26600
STRATEGY: BUY ON DIPS

CS SILVER (MARCH) OVERVIEW:
TREND BULLISH
RESIST 2:39300
RESIST 1:38950              
SUP1:37000
SUP2:37250     
STRATEGY:  BUY ON DIPS

Commodity Market News-09 Dec 2014

Gold Prices rose sharply by Rs 150 or 0.57% to Rs 26,618 per 10 grams in futures trade today after speculators enlarged positions taking cues from overseas markets.

Silver futures traded 0.54% higher at Rs 37,392 per kg today as participants created fresh speculative positions positions, tracking overnight gains in global markets.

Nickel Prices were down by 0.32% to Rs 1,029.80 per kg in futures trade today after speculators off-loaded their positions, tracking a weak trend in base metals overseas.

Chana Prices were down by 0.45% to Rs 3,080 per quintal in futures trade today as speculators booked profits at existing higher levels coupled with subdued demand in the spot market.

Crude Oil futures fell by 1.22% to Rs 3,885 per barrel today as speculators engaged in reducing their exposures amid a weakening trend in Asian trade where it tumbled to fresh five-year lows owing to weak demand.

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AGRI & BULLIONS COMMODITY MARKET LEVELS:

CS TURMERIC   (DECEMBER) OVERVIEW:
TREND MIXED TO BULLISH
SUP1:6360
SUP2:6270              
RESIST1:6450
RESIST2:6540
 
CS SOYABEAN (DECEMBER) OVERVIEW:
TREND BULLISH
SUP1:3270
SUP2:3255
RESIST1:3290
RESIST2:3300
 
CS CHANA  (DECEMBER) OVERVIEW:                        
TREND  MIXED TO BULLISH
SUP1:3050
SUP2:3015
RESIST1:3130
RESIST2:3174
STRATEGY: BUY ON DIPS
 
CS DHANIYA (DECEMBER) OVERVIEW:
TREND    BEARISH
SUP1:12710
SUP2: 12650              
RESIST1:12850
RESIST2:12910     
STRATEGY:  SELL  ON RISE
 
BULLIONS COMMODITY MARKET LEVELS:

CS COPPER (FEBRUARY) OVERVIEW:
TREND   BEARISH
SUP1:396
SUP2:393              
RESIST1:404
RESIST2:407
STRATEGY: SELL ON RISE
 
CS CRUDE (DECEMBER) OVERVIEW:
TREND BEARISH
SUP1:3810
SUP2:3770
RESIST1:3950
RESIST2:4060
STRATEGY: SELL ON RISE
 
CS GOLD (FEBRUARY) OVERVIEW:                        
TREND  MIXED TO BULLISH
SUP1:26300
SUP2:26050
RESIST1:26800
RESIST2:27150
STRATEGY: SELL ON RISE
 
CS SILVER (MARCH) OVERVIEW:
TREND CONSOLIDATE
SUP1:36450
SUP2:36100               
RESIST1:37150
RESIST2:37550     
STRATEGY:  SELL ON RISE

Commodity Market News-08 Dec 2014

Gold Prices plummeted by Rs 195 to Rs 26,675 per 10 grams at the bullion market in the national capital today due to a weakening trend overseas.

Silver followed suit and ended lower by Rs 200 to Rs 36,700 per kg on lack of buying support from industrial units and coin makers.

Copper Prices moved up by Rs 1.05, or 0.26%, to Rs 404.45 per kg in futures trade today.

Crude Palm Oil Prices rose by Rs 2.50 or 0.58% to Rs 430.50 per 10 kg in futures trading today, largely in tandem with a firming trend at spot markets on good demand.

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Daily Commodity Market News-04 Dec 2014

Bullion

Gold
Spot gold prices gained by 0.89 percent to $1209.2/oz on Wednesday boosted by firmer oil prices that prompted investors to shuffle positions while largely shrugging off the firm U.S. dollar.

Silver
Spot silver prices declined by 0.2 percent to $16.4/oz in contrary to the gains in gold prices. Strength in the dollar index coupled with decline in copper prices also acted as a negative factor.

Energy

 
Crude Oil
Brent crude oil futures price declined by 0.9 percent while NYMEX WTI oil prices rose by 0.7 percent on Wednesday after data showed a surprise tumble in inventories, but a report suggesting Saudi Arabia expected still lower prices for oil sent Brent below $70 a barrel. The spread between Brent and U.S. crude, narrowed to below $3 a barrel, its lowest in 1-1/2 months.

Natural gas
U.S. natural gas futures slid nearly 2 percent on Wednesday, its fourth straight losing session, on forecasts for continued warmer-than-normal weather over the next two weeks. Meanwhile, the natural gas inventory report due tonight by the EIA is expected to show a withdrawal of 41 bcf billion cubic feet of gas from storage last week.

Base Metals
The base metals pack traded on a mixed note in yesterday’s session on the back of unfavorable employment figures from the US economy acting as a negative factor. Further, strength in the DX exerted downside pressure on the prices.

Copper
LME Copper prices plunged around 0.6 percent yesterday on the back of unfavorable non-farm employment figures from the US hinting towards slow growth in world’s largest economy. Further, strength in the DX exerted downside pressure on the prices.

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Daily Commodity Market Strategy-03 Dec 2014

Copper and other base metals slid on Tuesday on persistent uncertainty over demand in top consumer China, more weak economic data in Europe and further losses in oil prices.

Gold slipped on Tuesday as a strong dollar and signals the U.S. economy is benefiting from a decline in oil prices renewed expectations of a tightening in monetary policy by the U.S. Federal Reserve around the middle of next year.

Silver was flat at $16.42 an ounce. Federal Reserve Vice Chairman Stanley Fischer said on Monday the United States may be on the verge of a long-awaited jump in wages
that could signal the labor market has begun to heal more fully from the effects of the 2007-2009 financial crisis.

Oil prices resumed their slide on Tuesday, driven lower by a deal that will add more Iraqi crude to already oversupplied markets, higher margin requirements for trading U.S. futures and a strengthening dollar.

U.S. natural gas futures fell more than 3 percent on Tuesday, down for a third day in a row, on forecasts for much warmer-than-normal weather over the next two weeks.

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Commodity Market News-02 Dec 2014

Gold prices fell by 0.74% to Rs 26,314 per 10 grams in futures trade today as speculators reduced their exposures amid a weak trend overseas on stronger dollar.

Silver prices plunged 1.92% to Rs 36,981 per kg in futures trade today after speculators offloaded positions amid a weak global trend.

Copper prices fell 0.67% to Rs 400.85 per kg in futures trade today as participants reduced positions amid a weak global trend.

Nickel fell 0.38% to Rs 1,015.30 per kg in futures trade today as speculators engaged in reducing positions amid a weak trend in global markets and subdued domestic demand.

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