Mcx commodity tips: Natural Gas futures closed lower in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid fading forecasts for a heat wave in the US East Coast, dimming the outlook for a pickup in the demand for the fuel which is used for firing-up power plants as cooling demand at offices and homes arises.
At the MCX, Natural Gas futures for May 2015 contract closed at Rs 179 per 1 kg, down by 0.33 per cent after opening at Rs 180, against the previous closing price of Rs 179.60. It touched the intra-day low of Rs 177.80 till the closing.
Zinc futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Home prices in the US rose at a quicker than expected pace in the year to March 2015 while sales of new homes climbed more than expected in April, signaling a pickup in the housing market of the world’s biggest economy, lifting the demand outlook for industrial metals. US home prices climbed 5 per cent in the 12 months to March 2015, topping the 4.8 per cent gain estimated by analysts. Moreover, sales of new homes climbed 6.8 % to a 517,000 annualized pace in April 2015.
At the MCX, Zinc futures for May 2015 contract closed at Rs 139.45 per 1 kg, up by 1.12 per cent after opening at Rs 138.35, against the last ending price of Rs 137.90. It touched the intra-day maximum of Rs 140.10 till the closing.
