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-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-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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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-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

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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