Gold June and Platinum July futures are trading on a soft note in early trade at $ 1,197.40 and $ 779.80, respectively.
Silver May contract has declined 0.4 per cent at $ 16.218.
ENERGY
Crude Oil May delivery has tumbled over a per cent to $ 56.04.
Natural Gas May contract has added 0.2 per cent at $ 2.689.
BASE METAL
Copper May future is almost unchanged at $ 2.776.
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Indian gold prices were at a premium of $2-$3 an ounce over the international benchmark and are expected to remain in the same range in the short term, according to trade sources.
Copper prices fell 0.17 per cent to Rs 356.70 per kg in futures trade today as speculators offloaded positions.
Oil prices have marched higher. Brent rose over 3 per cent in Friday's session, about 6 per cent on the week and nearly 16 per cent on the month. Gains heightened after its front-month contract switched on Thursday at a premium.
Nickel prices rose 0.34 per cent to Rs 912.50 per kg in the futures market today as speculators enlarged positions
GOLD
moved higher in COMEX on Thursday on a weaker dollar and data showing
the U.S. economic recovery remains fragile. The dollar eased against a
basket of international currencies, giving gold prices a boost. Gold
advanced further after two reports showed the U.S. continues to
encounter potholes on the road to recovery. In a worrisome signal of
weak consumer spending, January retail sales fell 0.8%. In addition,
initial jobless claims, a measure of layoffs, rose by 25K to a
seasonally adjusted 304K in the week ended Feb. 7. Investors also
continue to watch Greece and Ukraine. Eurozone officials are wrangling
over Greece's debt problems, while Ukraine peace talks yielded a
cease-fire deal with Russia-backed separatists.
BASE METAL
COPPER prices
rose on Thursday, as investors cheered reports of a cease-fire
agreement between Russia and Ukraine. Russian President Vladimir Putin
confirmed that a cease fire deal with Ukraine starting February 15 had
been reached, following months of violence. The U.S. dollar index, which
measures the greenback's strength against a trade-weighted basket of
six major currencies, went down. A weaker dollar boosts demand for base
metals as an alternative investment and makes dollar-priced commodities
cheaper for holders of other currencies. Market sentiment remained
subdued after talks between Greece and European Union officials ended
without an agreement, though both sides said there was still hope for a
deal. Further talks are due to be held next Monday.
ENERGY
CRUDE OIL
futures climbed on Thursday, arresting a two-session losing streak, as
industry spending cuts and a weaker dollar spurred buying. The chief
executive of Shell said supply might not be able to keep up with growing
demand after oil companies slashed budgets following a near-halving of
oil prices since June. U.S. crude reached $51.41 on Thursday before
paring gains after oil services firm Genscape reported a large build at
the Cushing, Oklahoma, storage hub and delivery point for the U.S. crude
contract. Traders pointed to a weaker dollar as boosting buying on
Thursday, as the drop made dollar-priced commodities such as oil
cheaper. Natural gas futures extended losses on Thursday, after data
showed that U.S. natural gas supplies fell less than forecast last week,
underlining concerns over weak demand.
BULLION , ENERGY & BASEMETAL OVERVIEW:-
CS GOLD (APRIL) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:26900
RESIST 1:26710
SUP1:26425
SUP2:26320
STRATEGY: SELL ON RISE
CS SILVER (MARCH) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:37950
RESIST 1:37650
SUP1: 36925
SUP2:36620
STRATEGY: SELL ON RISE
CS CRUDE (FEBRUARY) OVERVIEW:
TREND MIXED TO BULLISH
RESIST 2:3270
RESIST 1:3220
SUP1:3100
SUP2:3030
STRATEGY: BUY ON DIPS
CS NATURAL GAS (FEBRUARY) OVERVIEW:
TREND MIXED TO BEARISH
RESIST 2:185
RESIST 1:177
SUP1:164
SUP2:159
STRATEGY: SELL ON RISE
CS COPPER (FEBRUARY) OVERVIEW:
TREND MIXED TO BULLISH
RESIST 2: 365
RESIST 1: 361
SUP 1: 352.50
SUP 2: 347.50
STRATEGY: BUY ON DIPS
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Silver: • Spot silver prices in the international markets and MCX silver prices have declined by around 16.5 percent and 15 percent respectively in 2014.
Crude Oil: • Crude oil is the worst performer in the non agri commodity space in 2014 falling by more than 45 percent (WTI)
Natural Gas: • Natural gas the favorite of all traders is an abundant resource across the United States, and new discoveries and extraction methods have led to a dramatic rise in shale gas development making America the world’s leading natural gas producer.
Copper: • Copper, an indicator of the strength of the global economy, has been amongst the worst performer in the base metals space with prices declining by around 14.8 percent in 2014.
Nickel: • Nickel the primary raw material to produce steel, started the year 2014 on a positive note gaining around 12 percent. It has been the best performer across non-agri commodities in 2014.
Silver prices plunged by Rs 496 to Rs 37,662 per kg in futures trade today as speculators reduced their exposures.
Gold prices moved down by 0.35% to Rs 26,960 per 10 gram in futures trade today as participants offloaded positions partially, taking weak cues from the global market.
Crude Palm Oil prices fell 1.15% to Rs 461.50 per kg in futures trade today, tracking a weak trend in domestic as well as overseas markets.
Cardamom prices today rose by 1.21% to Rs 1,095.70 per kg in futures market as participants created speculative positions, supported by rise in demand in the spot markets.
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Silver prices jumped by Rs 453 to Rs 37,424 per kg in futures trading today as speculators indulged in creating fresh positions. Nickel prices fell by 0.63% to Rs 940.50 per kg in futures trade today as speculators indulged in offloading positions after the metal declined in global markets.
Jeera prices spurted by another Rs 910, or 5.97% to Rs 16,140 per quintal in futures trade today as speculators indulged in creating fresh positions amidst lower output reports.
Oil continued their rout on Tuesday with Brent crude and US WTI both falling to their lowest in almost six years, as a persistent global supply glut offset data showing record high imports by key consumer China.
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GOLD: Gold jumped more than 1 percent to a three-week high on Tuesday, extending gains on safe-haven buying as stock markets slid on mounting concern over Greece's future in the euro zone and as oil prices tumbled.
SILVER: Silver was up 2.3 percent at $16.51 an ounce. Growth in the U.S. services sector braked in December and new orders for manufactured goods fell for a fourth straight month in November, signs the economy lost some momentum in the fourth quarter.
CRUDE OIL: Global oil markets on Tuesday slumped for a fourth straight session as mounting worries about a supply glut pressured crude prices, which have fallen almost 10 percent this week to their lowest since spring 2009.
NATURAL GAS: U.S. natural gas futures settled up 2 percent on Tuesday, recouping half of the previous session's loss, as bets for colder weather helped the market recover from early lows pressured by falling oil prices.
BASE METALS
COPPER: Copper fell on Tuesday as prices remained close to 4-1/2 year lows hit in the previous session due to dollar strength, plunging oil prices and concerns on demand from top consumer China as the country moves to raise output.
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GOLD: Gold fell 1.5 percent on
pressure from weak oil prices and gains in the U.S. dollar on Wednesday,
and was poised to end 2014 down a slight 2 percent after falling below
$1,200 an ounce.
SILVER: Silver fell 3.9 percent to $15.63 an ounce on Wednesday and was on track for a 19.5 percent annual decline.
CRUDE OIL: Oil
prices fell on Wednesday to a 5-1/2-year low and ended with their
second-biggest annual decline ever, down by half since June
underpressure from a global glut of crude.
NATURAL GAS: U.S.
natural gas prices ended the year down more than 30 percent for their
worst performance since 2011 after unseasonably warm weather raised
questions on whether gas in storage was excessive for the heating
required in coming months.
BASE METALS
COPPER: Copper
prices ended 2014 with a loss of 14 percent, their biggest annual
decline in three years, on concerns that a supply surplus will hit the
market next year just as Chinese economic growth shifts down another
gear.
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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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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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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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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.
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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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
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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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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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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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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