DAILY MCX NEWS LETTER-13 FEB 2015

BULLION

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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Commodity Market News-06 Feb 2015

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.

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AGRI & BULLIONS COMMODITY MARKET LEVELS-04 FEB 2015

AGRI COMMODITY MARKET

CS TURMERIC   (APRIL) OVERVIEW:
TREND  MIXED TO BULLISH
RESIST 2:8315
RESIST 1:8245            
SUP1:8080
SUP2:7990
STRATEGY: BUY ON DIPS

CS SOYABEAN (FEBRUARY) OVERVIEW:
TREND  MIXED TO BEARISH
RESIST 2:3485
RESIST 1:3460
SUP1:3420
SUP2:3395
STRATEGY: SELL ON RISE

CS CHANA  (FEBRUARY) OVERVIEW:                        
TREND  MIXED TO BULLISH
RESIST 2:3530
RESIST 1:3510
SUP1:3470
SUP2:3445
STRATEGY: BUY ON DIPS

CS DHANIYA (APRIL) OVERVIEW:
TREND   MIXED TO BEARISH
RESIST 2:7810
RESIST 1: 7670             
SUP1:7425
SUP2:7325
STRATEGY: SELL ON RISE

BULLION COMMODITY MARKET

CS COPPER (FEBRUARY) OVERVIEW:
TREND  BULLISH
RESIST 1: 357
RESIST 2: 361
SUP 1: 346
SUP 2: 338.50
STRATEGY: BUY ON DIPS

CS CRUDE (FEBRUARY) OVERVIEW:
TREND  BULLISH
RESIST 1:3290
RESIST 2:3350
SUP1:3180
SUP2:3050
STRATEGY: BUY ON DIPS

CS GOLD (APRIL) OVERVIEW:                        
TREND  BEARISH
RESIST 1:27600
RESIST 2:27850
SUP1:27200
SUP2:27000
STRATEGY: SELL ON RISE

CS SILVER (MARCH) OVERVIEW:
TREND  BEARISH
RESIST 1:38750
RESIST 2:39000             
SUP1: 37500
SUP2:37100
STRATEGY: SELL ON RISE

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Commodity Market News-30 Jan 2015

Gold lost its sheen with prices falling by Rs 120 to Rs 28,300 per ten grams at the bullion market today owing to slackened demand at prevailing levels amid weak global cues.

Silver also dropped by Rs 420 to Rs 39,100 per kg on reduced offtake by industrial units and coin makers.

Crude Oil ended lower and continued the journey towards unchartered territory . The prices  settled at Rs 2754 per barrel against 2772 per barrel a day before. Crude Oil tested a high of Rs 2798 and a low of Rs 2720 per barrel.

Copper prices declined by 0.70% to Rs 334.90 per kg in futures trading today as speculators offloaded positions.

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Commodity Market News-28 Jan 2015

Gold: rose 1 percent on Tuesday after two sessions of losses, as the dollar and shares eased ahead of a U.S. Federal Reserve policy meeting that may push back expectations for when U.S. interest rates will start to rise.

Silver: was up 0.9 percent at $18.03 an ounce. U.S. business investment spending fell for a fourth straight month in December, a sign that slowing global growth may be weighing on the economy, but consumers remained upbeat and new home sales in December hit their highest level since June 2008.

Crude Oil: jumped as much as 3 percent on Tuesday as a weak dollar propped up commodities, but crude prices came off their highs in post-settlement trading on signs of another big U.S. supply build last week.

Natural Gas: U.S. natural gas futures ended up 3.5 percent on Tuesday on forecasts for more cold weather over the next two weeks while a blizzard continues to batter parts of the U.S. Northeast.

Copper: slid on Tuesday back towards the prior session's 5-1/2 year low on concerns over slowing growth and weak demand in top consumer China as well as rising metal inventories.

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Commodity Market News-27 Jan 2015

Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market Saturday as demand from jewellers and retailers eased at existing levels amidst a weak global trend.

Silver prices also edged lower by Rs 65 to Rs 40,035 per kg on reduced offtake by industrial units and coin makers.

Oil fell in Asia today after the anti-austerity party Syriza swept to victory in Greece's general elections, dealing a further blow to the struggling euro, analysts said.

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Commodity Market News-13 Jan 2015

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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Daily Commodity Market News-07 Jan 2015

BULLIONS

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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Commodity Market News-02 Jan 2015

BULLIONS

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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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-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-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-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

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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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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Commodity Market News-24 Nov 2014

BULLION

Gold prices gained marginally after sliding over the last two sessions at the domestic bullion market today due to renewed offtake by jewellery stockists and traders to meet seasonal demand.

Silver also recovered sharply to reclaim Rs 37,000 per kg-mark on heavy speculative demand coupled with firm industrial support.

ENERGY

Crude Oil and Brent Oil January futures are marginally up at $ 76.62 and $ 80.55, respectively.

Natural Gas January contract has slumped 4.5 per cent to $ 4.219.

BASE METAL

Copper March delivery is trading with a gain of 0.3 per cent at $ 30.37

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Commodity Market News-21 Nov 2014

Gold:- Spot gold prices traded negative last week on combination of falling crude oil prices and strength in the dollar. Continued outflows from the ETF ’s further exacerbated the fall in gold prices. Higher U.S. quits rate and new jobless claims remaining near a 14-year low suggest the U.S. job market is moving toward full health, undermining gold's appeal as a hedge against economic uncertainty. Bullion investors looked to the currency and energy markets for trading cues.

Silver:- 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.

Base Metal:- Base metals may trade with sideways bias on mixed fundamentals. Copper may trade in range of 408-420 while Lead may move in range of 125-127. Aluminum may move in range of 125-127.50.

Copper:- Copper slipped on Thursday as weak manufacturing in China and slower business growth in the euro zone raised concerns about demand, while nickel hit a five-week high due to expectations of an ore shortage.

Crude Oil:- Brent crude oil steadied above $78 a barrel on reports that oil producers would agree to cut output next week offset weak economic data from China and Europe. Ministers from the Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 27 to decide how to respond to a collapse in oil prices that have fallen more than 30 percent in five months.

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Commodity Market News-20 Nov 2014

Gold:- Spot gold prices traded negative last week on combination of falling crude oil prices and strength in the dollar. Continued outflows from the ETF ’s further exacerbated the fall in gold prices. Higher U.S. quits rate and new jobless claims remaining near a 14-year low suggest the U.S. job market is moving toward full health, undermining gold's appeal as a hedge against economic uncertainty.

Silver:- Spot silver prices in the international markets gained by 3.44 percent and closed at $16.26/oz. On the MCX, silver prices gained by 3.55 percent taking cues from international markets and closed at Rs.36000/kg.

Copper:- MCX Nov Copper futures have resumed its privileged bearish trend breakout through the “descending triangle” chart pattern in intraday charts. Now the bias remains weak and further decline is expecting towards 406 & 403 levels. However, any rise can be limited at 412.90 and bring some selling pressure from the same.

Natural Gas:- Natural Gas futures surged 6% on D-o-D basis and ended in a strong buying zone. Now the view remains positive and further rally is likely to be favor towards 72.8% Fibonacci level of 269.40 levels. However, downside support lies at 256.50 levels.

Jeera:-  Jeera prices traded initially higher, making a high of 12430 and later closed the day at 12215. As prices holds the support of 11980 could see pullbacks to higher regions.

Soybeans:- Soybean futures traded on a positive note almost 1.58% on account of increasing demand in soyameal in the physical market. The daily arrival recorded around 5.5 to 6 lakh bags.

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Commodity Market News-19 Nov 2014

BULLION

Gold and Silver December futures have declined 0.4 per cent each at $ 1,192.10 and $ 16.108, respectively.

Platinum January 2015 contract has shed over 0.5 per cent at $ 1,197.75.

ENERGY

Crude Oil January 2015 future has moved down 0.3 per cent at $ 74.45.

Brent Oil January 2015 expiry is up 0.2 per cent at $ 78.56.

Natural Gas December delivery has gained 0.3 per cent at $ 4.268.

BASE METAL

Copper December future is also up 0.2 per cent at $ 3.007.
 

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