Commodity Market News-16 Feb 2015

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

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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-13 Feb 2015

BULLION

Gold April and Platinum futures have added 0.5 per cent each at $ 1,226.70 and $ $ 1,205.10, reseptectively.Silver March future has spurted nearly a per cent at $ 16.936.

ENERGY

Crude Oil March future is up 0.4 per cent at $ 51.42.Brent Oil April future has gained 0.3 per cent at $ 59.52.Natural Gas March future has advanced 0.6 per cent at $ 2.732.

The Crude Oil MCX February futures bounced back into green after two day of significant fall. On Thursday, the energy futures gained to reach a high of Rs 3,198 per barrel and ended the session with a prominent gain of over 3(Rs 95) at Rs 3,170 per barrel on account of renewed buying in NYMEX Crude Oil prices.

The MCX Natural Gas February futures after facing strong resistance above the 20-DMA at Rs 180, however reversed its gains in yesterday's trade and ended with a significant loss of over 3 per cent at Rs 169 following NYMEX Natural Gas futures on bearish storage data.

BASE METAL

Copper March future has gained 0.3 per cent at $ 2.611.

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AGRI COMMODITY MARKET LEVELS-13 FEB 2015

CS TURMERIC   (APRIL) OVERVIEW:
TREND  MIXED TO BEARISH
RESIST 2:8320
RESIST 1:8160            
SUP1:7910
SUP2:7820
STRATEGY: SELL ON RISE

CS SOYABEAN (APRIL) OVERVIEW:
TREND  MIXED TO BEARISH
RESIST 2:3420
RESIST 1:3410
SUP1:3390
SUP2:3360
STRATEGY: SELL ON RISE

CS CHANA  (APRIL) OVERVIEW:                        
TREND  MIXED TO BULLISH
RESIST 2:3675
RESIST 1:3660
SUP1:3625
SUP2:3600
STRATEGY: BUY ON DIPS

CS DHANIYA (APRIL) OVERVIEW:
TREND   CONSOLIDATE
RESIST 2:7500
RESIST 1:7425            
SUP1:7255
SUP2:7165
STRATEGY: SELL ON RISE

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Agri Commodity Market Level-12 Feb 2015

AGRI COMMODITY
CS TURMERIC   (APRIL) OVERVIEW:
TREND  MIXED TO BULLISH RESIST 2:8365 RESIST 1:8295             SUP1:8110 SUP2:7990
STRATEGY: BUY ON DIPS
 
CS SOYABEAN (APRIL) OVERVIEW:
TREND  BEARISH RESIST 2:3410 RESIST 1:3390 SUP1:3360 SUP2:3345
STRATEGY: SELL ON RISE

CS CHANA  (APRIL) OVERVIEW:                        
TREND  BULLISH RESIST 2:3695 RESIST 1:3670 SUP1:3610 SUP2:3585
STRATEGY: BUY ON DIPS

CS DHANIYA (APRIL) OVERVIEW:
TREND   BEARISH RESIST 2:7500 RESIST 1: 7400             SUP1:7255 SUP2:7200
STRATEGY: SELL ON RISE

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MCX Silver drops 0.6%,Natural Gas extends gains

 

The MCX Silver March is trading into the negative zone following the NYMEX Silver futures.

The Silver price in India opened today with a loss of Rs 147 (0.4 per cent) at Rs 37,250. Soon, the precious metal has extended its losses and has tumbled around Rs 350 (0.9 per cent) to touch a low at Rs 37,050.

Now, the Indian Silver has dropped 0.6 per cent (Rs 222) to Rs 37,175.

The MCX Natural Gas has extended its gains for the fourth straight day on the back of rise in International Natural Gas prices.

Currently, the MCX Natural has gained 0.7 per cent at Rs 176. The counter has seen trades of around 3,661 contracts on the MCX.

The MCX Crude Oil February future started the day marginally in green at Rs 3,078 from previous close of Rs 3,075 on the back of positive International prices.

Thereafter, the Crude Oil has extended its gains and touched a high of Rs 3,103.

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Commodity Market News-12 Feb 2015

Gold demand fell in 2014 in countries like India and China, two of the largest importers worldwide. However, India regained the top slot from its neighbour in terms of demand for the yellow metal, India’s gold imports, too, despite a sharp rebound in second half of 2014, remained lower than previous year, data from the World Gold Council showed.

MCX SILVER May contract was trading at Rs 37385 down Rs 280, or 0.74 percent. The SILVER rate touched an intraday high of Rs 37500 and an intraday low of Rs 37362.

Crude Oil futures prices rose notably by 0.70% to Rs 3,178 per barrel today as speculators engaged in enlarging positions, tracking a firming trend in Asia.

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