Thursday, February 19, 2015

COMMODITY REPORT ON BASE METALS & ENERGY MARKET

Base Metals & Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures closed on a bearish note in the domestic and overseas market on Tuesday as investors and speculators exited positions in the energy commodity as traders eyed the close of the winter season in the US, the world’s biggest fuel consumer, which will curb heating demand. The MDA Weather Services predicted moderate temperatures following a frigid end to the month of February. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 169.20 per 1 kg, down by 5.7 per cent after opening at Rs 178.1, against the previous closing price of Rs 179.4. It touched the intra-day high of Rs 168.4 till the closing.

ZINC 
Zinc futures closed lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Investors cast aside upbeat German data which showed a rise in investor confidence to a one-year high in February in Europe’s biggest economy, lifting the demand outlook for industrial metals. The gauge measuring German investor sentiment rose to 53 in February from 48.4 in January. At the MCX, Zinc futures for February 2015 contract closed at Rs 130.45 per 1 kg, down by 2.36 per cent after opening at Rs 133.4, against the previous closing price of Rs 133.6. It touched the intra-day low of Rs 130.35 till the closing.

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