Nickel futures fell during noon trade With Weak Physical Demand

 

Base Metal tips -  Nickel futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for nickel from alloy-makers in the domestic spot market.
 

Weak US economic data which showed that jobless claims rose last week and services growth hit a six-month low in November, signaled a slowdown in the world’s biggest economy also threatened to curb demand for the industrial metal.
 

The number of Americans who filed for claiming unemployment insurance benefits climbed 9,000 to 269,000 in the week ended November 28, while the gauge measuring US services fell the most in seven years, dropping to 55.9 in November from 59.1 in October, with a reading above 50 signaling expansion.
 

At the MCX, Nickel futures for December 2015 contract were trading at Rs 594.20 per 1 kg, down by 0.15 per cent, after opening at Rs. 594.6, against the previous closing price of Rs. 595.1. It touched an intraday low of 592.3.

Continue reading →

Zinc futures Ended Lower in the Domestic Market

Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid soft physical demand for Zinc in the domestic spot market.

Further, fears that a worsening outlook in China, the world’s Huge metals consumer, may curb the demand for the industrial metal also weighed on sentiment as China’s factories remained in contraction mode as the China official PMI came in at 49.8 in September, tad below the neutral 50-mark, a sign that the country’s slowdown isn’t easing any time soon. Deepening factory-gate deflationary spiral, weak external demand and industrial overcapacity are weighing down China’s factories, raising fears that the economy may miss the 7 % growth target for this year.

At the MCX, Zinc futures for September 2015 contract closed at Rs 110.65 per 1 kg, down by 0.45 per cent after opening at Rs 111.55, against the previous closing price of Rs 111.15. It touched the intra-day low of Rs 110.05.

Read more - stock futures tips

Continue reading →

Zinc Prices Lost 2.5 % In The Domestic Market On Tuesday

Concerns over reduced demand prospects from China, the world’s biggest metals consumer, took severe toll on Zinc prices which lost 2.5 per cent in the domestic market on Tuesday while softer physical demand for the metal in the domestic spot market also weighed on sentiment.

 

The steep devaluation of the Yuan last week which will make the metal more expensive for Chinese buyers may curb Zinc demand in the world’s second biggest economy which is poised to grow at the slowest pace in two decades this year. China’s stocks on Tuesday fell prey to the worst sell off in three weeks, shedding over 6 per cent of their value amid speculation of reduced state intervention to support the country’s beaten down equities.
 

Meanwhile investors cast aside data which showed that home prices in China rose in 31 out of the 70 cities tracked by a government survey, in July, signaling a housing rebound following the removal of property curbs and monetary easing.
 

At the MCX, Zinc futures for August 2015 contract closed at Rs per 115.70 1 kg, down by 2.5 per cent after opening at Rs 118.85, against the previous closing price of Rs 118.65. It touched the intra-day low of Rs 115.50.

 

Read More - Zinc Tips

Continue reading →

Mcx commodity tips and News for 9 June 2015

Mcx commodity tips : Maize prices ended lower by 2.87 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for June 2015 contract closed at Rs. 1,116 per quintal, down by 2.87 per cent, after opening at Rs. 1,140 against the previous closing price of Rs. 1,149. It touched the intra-day low of Rs. 1,116.

Mustard Seed prices closed lower by 2.55 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for June 2015 contract closed at Rs. 4,081 per quintal, down by 2.55 per cent, after opening at Rs. 4,188 against the previous closing price of Rs. 4,188. It touched the intra-day low of Rs. 4,047.

For More Info click here : Mcx commodity tips

Continue reading →

Mcx Commodity Tips and News for 6 June 2015

Mcx Commodity Tips : Chana prices closed lower by 1.3 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states. At NCDEX, chana futures for June 2015 contract closed at Rs. 4,712 per quintal, down by 1.3 per cent, after opening at Rs. 4,755 against the previous closing price of Rs. 4,712. It touched the intra-day low of Rs. 4,644.

Jeera prices closed lower by 0.89 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for June 2015 contract closed at Rs. 17,790 per quintal, down by 0.89 per cent, after opening at Rs. 18,100 against the previous closing price of Rs. 17,950. It touched the intra-day low of Rs. 17,540.

Continue reading →

ENERGY UPDATES AND BASE METALS FOR 27 MAY 2015

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.

Continue reading →

Precious Metals Tips and Updates for 26 May 2015

Gold futures wrapped up the week in bearish mode as prices retreated in the domestic market on Friday after US Federal Reserve Chair Janet Yellen termed a 2015 interest rate hike as “appropriate”, dimming the luster for the precious metal as a store of value. Yellen sees the world’s top central bank raising interest rates for the first time since 2006 this year, if economic data comes in line with forecasts, with a gradual pace of tightening, thereafter. Better than expected US inflation data further bolstered the case for rate tightening in 2015. Core consumer prices in the US climbed 0.3 per cent in April 2015 from the previous month, the biggest gain since January 2013, signaling a pickup in inflationary pressures in the world’s biggest economy. A stronger dollar also kept pressure on gold by curbing the demand for the precious metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold may extend losses today amid renewed US rate hike fears. At the MCX, Gold futures for June 2015 contract closed at Rs 27,082 per 10 gram, down by 0.10 per cent after opening at Rs 27,159, against the previous closing price of Rs 27,108. It touched the intra-day low of Rs 27,053 till the closing.

For More Updates Click Here: Mcx commodity tips

Continue reading →

Crude Oil Futures Closed Bigger in the Domestic Market

Crude oil futures closed bigger in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a second straight drop in US crude oil supplies eased fears over a US supply glut. US crude oil stockpiles fell by 2.19 million barrels to 484.8 million barrels in the week ended May 8, 2015, the EIA reported. Meanwhile, gasoline supplies fell 1.1 million barrels, while distillate stockpiles slided by 2.5 million barrels. The International Energy Agency (IEA) raised its forecast for global oil consumption in 2015 by 50,000 barrels/day with world crude desired set to increase by 1.1 million barrels a day this year, or 1.2 %, to average 93.6 million barrels. The agency upgraded its forecast for Non OPEC output growth by 200,000 barrels per day this year amid “surprisingly strong” production in Q1 from the likes of Russia, China, Colombia, Vietnam and Malaysia. US retail sales were little changed in April, compared to expectations of a 0.2 per cent rise, signaling weakness in the world’s largest economy, clouding the demand outlook for the fuel, curbing gains in oil futures. Oil may fall today as IEA’s warning over escalating OPEC supplies and higher production from Non OPEC countries such as Russia may keep oil bulls quiet. 

At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,909 per barrel, up by 0.57 per cent, after opening at Rs 3,900, against the last close price of Rs 3,887. It touched an intraday high of Rs 3,965 till the closing. 

Jeera prices closed lower by 0.8 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At NCDEX, jeera futures for May 2015 contract closed at Rs. 17,450 per quintal, down by 0.8 per cent, after opening at Rs. 17,585 against the previous closing price of Rs. 17,590. It touched the intra-day low of Rs. 17,345.

Continue reading →

DAILY COMMODITY REPORT FOR 11 MARCH 2015

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures fell by 0.48 per cent on Tuesday at the domestic markets from China showed a sharper than expected drop in producer prices, though consumer prices were stronger than expected. Producer prices year-on-year for February fell 4.8 per cent, more than the 4.3 per cent decline expected. But consumer prices year-on-year for the same month rose 1.4 per cent, faster than the 0.9 per cent gain expected. Further, stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 25,899 per 10 gram, down by 0.48 per cent after opening at Rs 25,962, against the previous closing price of Rs 26,024. It touched the intra-day low of Rs 25,880 till the trading. (At 11.40 AM). 

Base Metals

D A I L Y B U Z Z

COPPER 

Copper prices fell by 0.87 per cent on Tuesday at the domestic markets as investors digested the recent key economic data from China and the U.S. to gauge the strength of demand for the metal. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. China and the U.S. are the two biggest consumers of the industrial metal. At the MCX, copper futures for April 2015 contract were trading at Rs.370.80 per 1 kg, down by 0.87 per cent, after opening at Rs. 372.80 against the previous closing price of Rs. 374.05. It touched the intra-day low of Rs. 370.65 till the trading. (At 11.40 AM). 

Continue reading →

Mcx commodity tips: Bullion traders were in upbeat mood in the market

Mcx commodity tips: Bullion traders were in upbeat mood in the domestic market on Friday as Gold futures rose ahead of the Fed Chair Janet Yellen’s speech later on Friday who may offer further cues over the timing of a US rate hike.

Majority of Thursday’s US economic releases signaled underlying weakness in the world’s biggest economy, bolstering the case for the Fed to delay a maiden rate lift-off since 2006, boosting the appeal of the bullion as a store of value.

Jobless claims in the US climbed last week, while sales of previously owned homes fell 3.3 per cent to a 5.04 million annualized pace in April, and the gauge measuring manufacturing declined to a 16-month low of 53.8 in May from 54.1 in April, with a reading above 50 signaling expansion.

At the MCX, Gold futures for June 2015 contract is trading at Rs 27,194 per 10 gram, up by 0.32 per cent after opening at Rs 27,159, against the previous closing price of Rs 27,108. It touched the intra-day high of Rs 27,200.

MCX Crude oil futures are trading in a very sluggish manner today after the steep losses on last Friday. 

The commodity lingered around Rs 3900 per barrel levels for the benchmark February contract, eying a tight movement in the world prices. 

The global prices edged higher towards $86 per barrel, bouncing off its two week lows as the Asian stocks were off to an impressive start to a new week today as the resignation of Egyptian President Hosni Mubarak spilled over its positive influence on the global markets and the appetite for risk improved.

Continue reading →

Commodity updates: Copper futures were trading in the red 22 May 2015

Commodity updates: Copper futures were trading in the red in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after a plunge in the sales of previously owned homes in the US signaled a cooling housing market recovery in the world’s biggest economy, clouding the demand outlook for copper.

Sales of existing US homes fell 3.3 per cent to a 5.04 million annualized pace in April from the previous month, data showed on Thursday.

At the MCX, Copper futures for June 2015 contract is trading at Rs 402.50 per 1 kg, down by 0.09 per cent after opening at Rs 402.60, against the previous closing price of Rs 402.85. It touched the intra-day low of Rs 402.20

Mentha oil futures erased last session’s bears and traded in strong mode during the early hours of trading on Multi Commodity Exchange [MCX] Monday on technical correction. 

Benchmark February contract in futures gained Rs 23.40 at Rs 1,090 a kg, budging in the range of Rs 1,094.40-1,075 a kg at 10:31 am IST. Volume of the contract stood at 812 lots so far.

Forward March contract traded Rs 23.60 up, at Rs 1,095 a quintal, and moved in the range of Rs 1,099-1,082. Volume of the contract so far was 233 lots.

Continue reading →