Crude oil futures posted slim gains in the domestic market

Snapping a prolonged bearish ride, Crude oil futures posted slim gains in the domestic market on Tuesday as a retreat in the US dollar boosted the demand for oil as an alternative asset.Weaker greenback makes Oil cheaper for those holding other currencies, thus lifting demand.Moreover, speculation that an improving American economy will consume more fuel also supported sentiment. National chain-store sales in the US eked out a 0.2 per cent gain in the first two weeks of July from the same period in June, signaling improved consumer demand, boding well for Oil.However, the gains in the energy commodity were limited by a surprise bump in US storage levels which threatened to exacerbate a global supply glut at a time when Saudi production is at record highs while Iran is set to unleash millions of barrels of its crude as soon as sanctions against the Islamic nation are lifted following a landmark nuclear deal with the West last week.The American Petroleum Institute reported that US crude oil stockpiles climbed last week, up by 2.3 million barrels, compared to expectations of a 1.9 million barrels decline.Oil may extend gains today with government data likely to show a drop in US crude supplies.At the MCX, Crude oil futures, for the August 2015 contract, closed at Rs 3,235 per barrel, up by 0.09 per cent, after opening at Rs 3,224, against the previous close price of Rs 3,232. It touched an intraday high of Rs 3,285.
 

Read More On This Topic - Commodity updates

Continue reading →

Base Metals & Energy Updates For 25 May 2015

Mcx commodity tips: Copper prices plunged in the domestic market on Friday as a stronger dollar took the sheen off the industrial metal by curbing demand for copper as an alternative asset. Stronger greenback makes copper more expensive for those holding other currencies, thus hitting demand. Further, a drop in German business confidence in the month of May 2015 signaled a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. The gauge measuring German business sentiment fell for the first time in seven months, dropping to 108.5 in May from 108.6 in April, the Ifo Institute reported. Copper may extend a drop today as investors fret over a 2015 US interest rate hike after Fed Chair Janet Yellen termed a 2015 rate hike as “appropriate”. At the MCX, Copper futures for June 2015 contract closed at Rs 396.50 per 10 gram, down by 1.58 per cent after opening at Rs 402.60, against the last closing price of Rs 402.85. It touched the intra-day low of Rs 394.65 till the ending.

Zinc futures plunged more than 1 per cent in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Investors cast aside data which showed a pickup in growth in the world’s second biggest economy, boding well for the demand outlook for zinc. The China leading index climbed 1.1 % in April from March, when it rose 0.5% the Conference Board said. However, the report warned that “despite April’s gain in the Leading Economic Index for China, its 6-month increase rate continues to slow. At the MCX, Zinc futures for May 2015 contract closed at Rs 138 per 1 kg, down by 1.22 per cent after opening at Rs 140.10, against the last closing price of Rs 139.70. It touched the intra-day low-lying of Rs 137.30 till the ending.

Continue reading →

RESEARCH VIA DAILY COMMODITY REPORT FOR 13-12-13

Precious Metals

SILVER  GOLD

                                                      D A I L Y B U Z Z

Gold prices fell by Rs 110 to Rs 31,040 per ten grams in the national capital today on profitselling by stockists at existing higher levels amid a weak global trend.

However, silver gained for the third straight day by adding Rs 60 to Rs 45,060 per kg on increased offtake by industrial units and coin makers.

Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.3 per cent to USD 1,257.20 an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 31,040 and Rs 30,840 per ten grams, respectively. It had gained Rs 425 yesterday. Sovereign held steady at Rs 25,300 per piece of eight gram. On the other hand, silver ready rose by Rs 60 to Rs 45,060 per kg and weekly-based delivery by similar margin to Rs 45,660 per kg. The white metal had gained Rs 1,530 in the previous two sessions.

Silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Base Metals & Energy

COPPER  CRUDE OIL

                                                     D A I L Y B U Z Z

Nickel prices moved up by 0.65 per cent to Rs 872.30 per kg in futures trade today as speculators 

created fresh positions, supported by rising demand from alloy-makers in the spot market amid a firm 

global trend.

At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 5.60, or 0.65 per cent, to Rs 872.30 per kg in a business turnover of 6,722 lots.

Similarly, the metal for delivery in January moved up by Rs 4.50, or 0.51 per cent, to Rs 879.50 per kg in 614 lots.

Analysts attributed the rise in nickel futures to a firm global trend as major smelters in Japan plan to 

seek alternative ore supplies amid mounting concerns over Indonesian shipments.

Meanwhile, nickel for delivery in three months gained one per cent to $14,175 a tonne on the London 

Metal Exchange. 

Agro Outlook

CHANA  DHANIYA

                                                D A I L Y B U Z Z

Mentha oil prices extended gains by adding 0.38 per cent to Rs 3.20 per kg in futures trade today on the back of increased domestic as well as exports demand.

Besides, reports of lower output this season also influenced the prices, traders said.

At the Multi Commodity Exchange, Mentha oil for delivery in December rose by Rs 3.20, or 0.38 per cent, to Rs 841 per kg, clocking a business volume of 256 lots. The oil for January contract traded higher by Rs 3, or 0.35 per cent, to Rs 852.90 per kg, with a trading volume of 61 lots.Potato prices fell by 1.19 per cent to Rs 913 per quintal in futures trade today as speculators offloaded their positions due to low demand in spot markets.

The trading sentiment weakened further as a result of easy availability of potato in the spot markets following fresh arrivals from producing regions.

At the Multi Commodity Exchange, potato prices for April contract fell by Rs 11, or 1.19 per cent, to Rs 913 per quintal, with a business volume of 24 lots.

Continue reading →

Mcx commodity tips: Castorseed prices rose by 0.43 % 22 May 2015

Mcx commodity tips: Castorseed prices rose by 0.43 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for June 2015 contract were trading at Rs. 3,926 per quintal tonnes, up by 0.43 per cent, after opening at Rs. 3,919 against the previous closing price of Rs. 3,909. It touched the intra-day high of Rs. 3,939 till the trading.

Guar seed futures ended marginally down while guar gum settled up a tad on National Commodity and Derivatives Exchange (NCDEX) Saturday. Guar seed February contract shed Rs nine at Rs 2,826 a quintal and traded in the range of Rs 2,850 and Rs 2,815 a quintal. Volume for the contract was 29,080 tons while the open interest was 23,830 lots. Guar gum February contract ended at Rs 8,082 a quintal, up Rs six and fluctuated in the range of Rs 8,148- 7,991 a quintal. Volumes of the contract stood at 2,605 tons with open interest of 4,115 tons. On February 11th, demat stock of guar seed at NCDEX-monitored warehouses was 93,401 tons with 1,433 tons in processing while demat stock of guar gum was 20,769 tons with 1,448 tons in processing.

Continue reading →