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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Commodity Market News-01 Dec 2014

Gold:- fell 2.13% to trade at $1150 a oz in Singapore after closing at $1175 an oz on Friday.

Silver:- prices also followed gold and fell by 4.24% to trade at $10.91 an oz in early Monday trade.

Base metals:- prices declined around one per cent on Friday after the decision of the Organization of the Petroleum Exporting Countries (Opec) to not cut crude oil output to arrest a price fall.

Oil:- prices fell further in Asia today to new multi-year lows, continuing a steep selloff sparked by OPEC's decision to maintain crude output in an oversupplied market.

Natural gas:- which has gained significant speculative attention six months ago on the Multi Commodities Exchange (MCX), has now lost the luster with sharp fall in prices.

Copper:- prices fell by 0.75% to Rs 400.25 per kg in futures trade today after speculators trimmed positions on a weak global trend.

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Commodity Market News-28 Nov 2014

Gold prices eased by 0.47% to Rs 26,509 per 10 grams in futures market today as speculators offloaded their positions.

Silver prices fell by 0.90% to Rs 35,563 per kg in futures trade today as speculators engaged in reducing their positions largely in tune with a weakening trend overseas.

Copper prices fell by 0.75% to Rs 400.25 per kg in futures trade today after speculators trimmed positions on a weak global trend.

Oil prices struggled in Asian trade today after the OPEC cartel refused to cut production despite a global glut that has sent prices slumping to four-year lows, with analysts warning of further falls by the end of the year.

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Commodity Market News-27 Nov 2014

Gold prices fell by Rs 20 to Rs 26,880 per 10 grams at the bullion market in the national capital on Wednesday on easing demand from jewellers and retailers at prevailing levels amid a weak global trend.

silver strengthened by Rs 175 to Rs 37,200 per kg on persistent buying support from industrial units and coin makers.

Nickel prices moved up by 0.91 per cent to Rs 1,008.30 per kg in futures trade today as speculators enlarged their position, tracking a firming trend in spot market on increased demand from alloy-makers.

Copper prices gained 0.34 per cent to Rs 414.45 per kg in futures trade today as speculators enlarged positions, supported by pick up in demand from consuming industries amid a firming global trend.

Oil prices rose in Asia Friday on fresh hopes that the OPEC cartel will overcome internal resistance to trim output, while upbeat US economic data also provided support, analysts said.

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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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