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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Commodity Market News-18 Nov 2014

The prices of Copper recovered but were still unable to cross Rs 416 per kg in last session. The prices recovered and ended at Rs 415.2 per kg. Though the expectations of the prices to breach Rs 410 per kg on the closing basis are yet to be ascertained and whether this is sustainable or not. Volume increased on Tuesday which indicates that the prices of Copper are in for some choppy sessions. On the lower side, Copper is expected to remain tugged at Rs 408 per kg.

Gold moved higher and ended the day at Rs 26466 per 10 grams, 1.51%. Gold was also the most active contract in the commodities space. The previous closing price for Gold is Rs 26245 per 10 grams. The volumes for Gold were 16718. Further gains in Gold cannot be ruled out as the prices are now experiencing bottom fishing rally. Further gains in Gold can take the prices near to Rs 26700 per 10 grams. Supports for the contract is at Rs 26200 per 10 grams.

Crude oil drifted lower on profit selling after strong gains in the last session. Mixedto weak movement in global equities pulled the commodity lower. Prices had dropped lastweek amid tepid economic data from China and Europe. A sharp surge had pushed up the WTICrude above $76 per barrel but the sentiments turned around today and the counter quotesat $75.03 per barrel, down 79 cents per barrel on the day. MCX Crude oil futures aretrading at Rs 4639 per barrel, down Rs 23 per barrel on the day. The counter fell to lowsnear Rs 4600 per barrel earlier in the session.

Profit booking was seen in chana futures due to limited buying by traders at higher levels coupled with strong arrivals in local mandies. The NCDEX futures declined by 1.45 percent today.

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Commodity Market News-14 Nov 2014

MCX SILVER:- March contract was trading at Rs 35182 down Rs 236, or 0.67 percent. The SILVER rate touched an intraday high of Rs 35227 and an intraday low of Rs 35148. So far 91 contracts have been traded. SILVER prices have moved down Rs 10795, or 23.48 percent in the March series so far.

MCX GOLDPETAL:- December contract was trading at Rs 2583 down Rs 6, or 0.23 percent. The GOLDPETAL rate touched an intraday high of Rs 2590 and an intraday low of Rs 2582. So far 108 contracts have been traded. GOLDPETAL prices have moved down Rs 293, or 10.19 percent in the December series so far.

MCX Copper derailed:- The prices ended at Rs 407 per kg, from Rs 411 per kg. The metal is likely to slip below Rs 405 per kg on the intraday session today after closing below Rs 410 per kg yesterday. Copper prices declined by 0.97% in the trading session ending 13 November 2014. The prices tested a high of Rs 415.2 and a low of Rs 406.25 per kg.

MCX Crude Oil:- The prices tested a high of Rs 4756 per barrel and a low of Rs 4627 per barrel. This commodity has seen constant bearish phase in last one month. The prices settled at Rs 4641 per barrel, down 2.48%. The prices moved below critical and psychological resistance zone of Rs 4650 per barrel.

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Commodity Market News-13 Nov 2014

MCX SILVER March contract was trading at Rs 35450 up Rs 66, or 0.19 percent. The SILVER rate touched an intraday high of Rs 35550 and an intraday low of Rs 35430. So far 59 contracts have been traded. SILVER prices have moved down Rs 10527, or 22.90 percent in the March series so far.

MCX GOLD February contract was trading at Rs 25998 up Rs 28, or 0.11 percent. The GOLD rate touched an intraday high of Rs 26071 and an intraday low of Rs 25998. So far 33 contracts have been traded. GOLD prices have moved down Rs 2241, or 7.94 percent in the February series so far.

Natural gas futures edged lower on Wednesday after investors locked in gains stemming from the arrival of winter weather in the U.S. and sold the commodity for profits.

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Daily Commodity Market News-12 Nov 2014

The MCX December Gold contracts slipped back into the negative zone on Monday, the fall in precious yellow metal was on account of profit-taking.Yesterday, the Gold futures tested a low of Rs 25,600, before settling with a loss of almost a per cent at Rs 25,733.The MCX Gold contract so far has touched a low of Rs 25,533, and high of Rs 25,653. The contract is now quoted at Rs 25,544 - down Rs 189.

The MCX Crude Oil November futures in yesterday's trade had tumbled sharply from the day's high of Rs 4,920 and ended with a notable loss of more than 1.5 per cent (Rs 78) to Rs 4,783, following the NYMEX Crude Oil price - which also dropped over 1.5 per cent on Tuesday.As per the daily charts, the MCX Crude Oil futures are currently trading slightly above the lower-end of the Bollinger Band (Rs 4,733).

Gold and Silver December futures have dropped 0.5 per cent each at $ 1,154.10 and $ 15.593.Platinum January 2015 future has added 0.4 per cent at $ 1,202.75.