Commodity: Crude oil rise on US poll results in market

In the domestic market Crude oil futures closed high on Wednesday as Donald Trump’s election win fueled a risk-on sentiment amid investors that fed a rise in the U.S. stock market.

Prices had suffered losses in earlier trading on the back of a second straight weekly hike in U.S. crude supplies and review that Trump’s win would lead to more production and join to the nation’s glut of oil supplies.

At the MCX, crude oil futures for Nov. 2016 contract closed at Rs 3036 per barrel, upward by 0.90 %, after opening at Rs 3000, against a last close of Rs 3009. It touched the intra-day higher of Rs 3058.

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Oil Bears Continue to Rule the Roost

 

Commodity Updates - Crude oil futures plunged more than 1 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as a stronger dollar amidst the expectation of higher US interest rates curbed the lure for the fuel as an alternative asset, while worries over a worsening supply glut also weighed.
 

A stronger greenback restricts the demand for oil by making it more expensive for those holding other currencies.
 

US crude supplies rose for the ninth week on the trot, with total storage levels at 488.2 million barrels, the highest for this time of the year in at least the past 80 years, signaling that the market remains oversupplied.
 

Speculation that the OPEC, which accounts for about 40 per cent of global crude supplies, may stick to its current production target and refrain from slashing output despite calls from some members to support tumbling oil prices, also soured sentiment. Some OPEC officials have stressed that the cartel won’t change its no-cut policy unless non-OPEC members such as Russia also become party to the plan and cut production. The OPEC will meet on December 4, 2015.
 

A slump in China’s industrial profits signaled fears of a hard landing in the world’s second biggest economy, clouding the demand outlook for the fuel. China’s industrial profits fell by 4.6 per cent, year on year in October 2015, government data showed.
 

Oil may extend losses today as traders continue to weigh worries over a supply glut despite heightened geopolitical tensions surrounding the oil-rich Middle East region.
 

At the MCX, Crude oil futures, for the December 2015 contract, closed at Rs 2,821 per barrel, down by 1.05 per cent, after opening at 2,854, against the previous close price of Rs 2,851. It touched an intraday low of Rs 2,816.

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Oil Bulls Roar on US Drilling Slowdown

Crude oil futures spiked more than 1 % cent in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a trend in the overseas market amid signs that US drillers are curbing production due to an oil price slump, easing concerns over a global supply glut.

Baker Hughes said that the number of rigs drilling for oil in the US fell by 16 to the lowest level since June 2010 to 578 last week, marking the ninth straight drop.

A rise in US consumer sentiment and household spending signaled bright consumer demand prospects from the world’s biggest economy, boding well for oil.

The gauge measuring US consumer sentiment climbed to 90 in October from 87.2 in September while consumer spending climbed 0.1 per cent in October from September when it rose 0.4 per cent.

Further, a gauge measuring manufacturing activity in the US Midwest surged in October as the Chicago PMI shot up to the highest level since January at 56.2 from 48.7 in September, with a reading above 50 signaling expansion.

Oil may fall today as a continued factory slump in China, the world’s second biggest oil consumer, clouds the demand outlook for the fuel.

At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 3,068 per barrel, up by 1.32 per cent, after opening at Rs 3,013, against the previous close price of Rs 3,028. It touched an intraday high of Rs 3,076.

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Oil Edges up on estimate of strong demand

Crude oil prices edged up in early Asian trading on Thursday as demand was estimated to have remained strong despite slowing economic growth in Asia, and as Russian and western air campaigns in Syria worried markets. Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes.

"US markets are also seeing a first impact of that hurricane heading America's way and we've seen some speculative buying of WTI to prepare for the case it impacts Gulf (of Mexico) production,"

World oil demand surged in the first six months of 2015 compared with the same period in 2014, responding to a halving in the price of crude and significant declines in the price of most fuels in most consuming countries, according to national estimates submitted to the Joint Oil Data Initiative (JODI).

In China, Asia's biggest economy, activity in the manufacturing sector contracted for a second straight month in September, an official survey showed on Thursday, adding to signs of weakness in the world's second-largest economy which are shaking global markets.

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Crude Oil Futures Plummeted By More than 2.5 %

Crude oil futures plummeted by more than 2.5 per cent in the domestic market on Friday as investors and speculators shunned the energy commodity as a worsening global slowdown threatened to curb demand for the fuel while the US oil rig count increased for a fifth week on the trot, signaling higher production ahead, which may widen a global supply surplus.

Baker Hughes reported that the number of rigs drilling for oil in the US crept up by two to 674 last week.

Adding to the gloom, manufacturing activity in China contracted at the sharpest pace in more than six years in August, signaling a worsening slowdown in the world’s second biggest oil consumer. A private manufacturing index for China fell to 47.1 in August, from 47.8 in July, with a reading below 50 signaling contraction.

Meanwhile, manufacturing activity in the US expanded at the slowest pace since October 2013 this August, signaling a cooling recovery in the world’s biggest economy that may limit the demand for the fuel. The gauge measuring manufacturing activity in the US fell to 52.9 in August from 53.8 in July.

Oil may extend a bearish ride today as a worsening global stock market rout signaled the fast faltering recovery in the global economy, threatening to cut demand for commodities.

At the MCX, Crude oil futures, for the August 2015 contract, closed at Rs 2,684 per barrel, down by 2.54 per cent, after opening at Rs 2,735, against the previous close price of Rs 2,754. It touched an intraday low of Rs 2,670.

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WEEKLY COMMODITY REPORT 22 DEC 2014

Precious Metals

D A I L Y B U Z Z

GOLD

Gold prices fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital on Friday due to slackened demand from jewellers and retailers amid a weak trend overseas. Silver also declined by Rs 100 to Rs 36,600 per kg on reduced offtake by industrial units and coin makers. Traders said apart from subdued demand from jewellers and retailers at prevailing levels, a weak trend in global markets mainly kept gold prices lower. Globally, gold eased by 0.16 per cent to $1,196 an ounce in London on Friday. In Delhi, gold of 99.9 and 99.5 per cent purity shed another Rs 25 each to Rs 27,225 and Rs 27,025 per ten grams, respectively. It had lost Rs 50 on Thursday. Sovereign, however, continued to trade at last level of Rs 23,700 per piece of eight grams. Silver ready also fell by Rs 100 to Rs 36,600 per kg and we weekly-based delivery by Rs 190 to Rs 36,610 per kg. Silver coins plunged by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces. 

Energy

D A I L Y B U Z Z

CRUDEOIL

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns. Traders also cited a Bloomberg report that a port workers' union in Nigeria had ended its strike, potentially allowing crude oil shipments to resume out of the country. Brent crude jumped 3 per cent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production. Oil this week slumped as low as $58.50 and has almost halved since June as fast- growing US shale output overwhelms demand, with losses accelerating after producer groupOPEC decided not to cut output at its meeting last month.

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DAILY COMMODITY REPORT 11 DEC 2014

Precious Metals

D A I L Y B U Z Z

GOLD/SILVER

Gold prices rose by 0.21 per cent to Rs 27,336 per 10 grams in futures trade as speculators created fresh positions taking positive cues from the global market. 

At Multi Commodity Exchange, gold for delivery in far- month April was up by Rs 58, or 0.21 per cent, to Rs 27,336 per 10 gram in business turnover of 38 lots. The precious metal for delivery in February moved up by Rs 34, or 0.13 per cent, to Rs 27,193 per 10 gram in a turnover of 1,765 lots. 

Meanwhile, gold rose to USD 1,238.32 an ounce in New York, the highest price since October 23. 

Silver prices were marginally up by 0.08 per cent to Rs 38,550 per kg in futures trading today as participants built up fresh positions, tracking a better trend overseas. 

At the Multi Commodity Exchange, silver for delivery in March next year gained by Rs 29, or 0.08 per cent to Rs 38,550 per kg in business turnover of 1,734 lots. Likewise, the white metal for delivery in far-month May contracts traded higher by Rs 33, or 0.08 per cent to Rs 39,162 per kg in 43 lots. 

Energy

D A I L Y B U Z Z

CRUDE OIL

Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members. An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,932 per barrel, down by 0.28 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,910. (At 11:37 AM).

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TODAY COPPER & CRUDE OIL REPORT 09 DEC 2014

Base Metals & Energy

D A I L Y B U Z Z

COPPER

Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as an surprise dip in China’s imports last month raised hopes of further stimulus measures to spur growth in the world’s biggest metals consumer, lifting the demand outlook for the base metal. China’s inbound shipments fell 6.7 per cent, year on year in November 2014 while exports rose a less than estimated 4.7 per cent as China reported a trade surplus of USD 54.47 billion. At the MCX, Copper futures for February 2015 contract is trading at Rs. 405.15 per 1 kg, up by 0.43 per cent, after opening at Rs. 403.55, against the previous closing price of Rs. 403.40. It touched an intra-day low of Rs 405.20. (At 11:13 AM)

CRUDE OIL

Crude oil futures fell deeper into bear terrain on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that US oil producers will respond to OPEC’s fight to maintain market share as American oil explorers increased the number of operating rigs last week, signaling no sign of a drilling slowdown. A stronger dollar curbed the demand for oil as an alternative investment. Further, Japan’s recession deepened as the economy shrank an annualized 1.6 per cent in the July-September 2014 period, compared to a previously reported 1.3 per cent decline. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,046 per barrel, down by 1.8 per cent, after opening at Rs 4,115, against a previous close of Rs 4,120. It touched an intra-day low of Rs 4,035. (At 11:00 AM).

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TODAY MCX GOLD & CRUDE OIL REPORT FOR 28 NOV 2014

Precious Metals

D A I L Y B U Z Z

GOLD

Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in exchange traded products backed by gold fell to the lowest level in over six years, signaling weakening investment demand for the yellow metal.Holdings in the SPDR Gold Trust, the biggest gold-backed exchange traded product (ETP) fell to the lowest level since September 2008 to 718.82 metric tons on Wednesday.Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,219 per 10 grams, downby 0.54 per cent, after opening at Rs. 26,308, against the previous closing price of Rs 26,362. It touched an intra-day low of Rs 26,131. (At 11:57 AM).

Energy

D A I L Y B U Z Z

CRUDE OIL

Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).

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DAILY MCX NCDEX COMMODITY NICKEL TIPS & JEERA UPDATE 23 MAY 2014

Base Metals & Energy 

D A I L Y B U Z Z 

NICKEL 

Nickel prices recovered by 1.51 per cent to Rs 1,155.70 per kg in the futures market today largely in tandem with a rebound in base metals overseas. 

Besides, pick up in demand from alloy-makers in the spot markets supported the upside. 

At the Multi Commodity Exchange, nickel for delivery in May gained Rs 17.20, or 1.51 per cent, to Rs 1,155.70 per kg in business turnover of 1,009 lots. 

The metal for delivery in June rose by Rs 17.30, or 1.51 per cent, to Rs 1,160.90 per kg in 108 lots. 

Globally, nickel rose 1.3 per cent to USD 19,750 per tonne at the London Metal Exchange (LME), snapping a two-day decline. 

The metal is up 42 per cent this year so far, the most among the main six metals on the LME, as 

Indonesia, the world's largest producer from mines, banned ore exports in January. 

Market analysts said apart from increased domestic demand from alloy-makers, firmness in 

base metals overseas influenced nickel futures here.

Agro Outlook 

D A I L Y B U Z Z 

JEERA 

Jeera prices shot up by over 1 per cent to Rs 11,130 per quintal in futures trading today as speculators created fresh positions. 

At the National Commodity and Derivatives Exchange, jeera for delivery in June spurted by Rs 115, or 1.04 per cent, to Rs 11,130 per quintal with an open interest of 8,511 lots. 

Similarly, the spice for delivery in July shot up by Rs 115, or 1.03 per cent to Rs 11,255 per quintal in 3,627 lots. Analysts attributed rise in jeera futures to pick up in domestic and export demand in the spot market, triggering speculators to enlarge positions. 

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Crude Updates and MCX Tips For Today

Crude Updates

Sharp decline in crude oil. Down nearly 2 per cent to Rs 4,600 on MCX crude oil has come to. The effect of the decline in the international market has had on the domestic market. Decreases in interest rates in China, there are signs of a bad economic situation.

Currently oil futures prices are hovering below $83.50/bbl with loss of more than 1 percent in electronic platform. Most of the Asian stocks have headed for a downside trend in lieu of Bernanke statement given on yesterday. Plunge in Global financial market is witnessed after hope of further monetary stimulus became vein as Fed denied for it. Thus, we may expect the impact is to remain for the day by over shadowing China’s interest rate cut for the first time in last four years.

Free Commodity Tips For Today

• MCX Crude oil (June futures): Sell 4624, stoploss of Rs 4675 and the target is 4540.
• MCX gold (August futures): Sell 29290, stoploss of Rs 29370 and the target is 29010.
• MCX Silver (July futures): Sell 53690, stoploss of Rs 54050 and the target is 53000.
• MCX Copper (June futures): Sell 408, stoploss of Rs 410.60 and target is 402.
• MCX Zinc (June futures): Sell 104.40, stoploss of Rs - and target 105.40 is 102.50
• MCX Lead (June futures): Sell 105, stoploss of Rs - 105.90 and the target is 103.
• MCX Aluminum (June futures): Sell 108.60, stoploss of Rs - 109.50 and the target is 106.60
• MCX Nickel (June futures): Sell 915, stoploss of Rs 930 and the Target is 895.

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MCX Silver Updates and Crude Tips For Today

MCX Silver Tips

Silver futures prices are also quoting higher by 0.71% at the early Globex amid optimism of the G7 meeting where the ECB nay come under pressure for a policy action in terms of cheap loan or bond buying to support the wrecked financial condition in Euro zone. On the domestic front, prices declined by more than 1 percent and closed at Rs.53,839/kg after touching an intra-day low of Rs.53,759/kg on Monday. However, depreciation in the Rupee cushioned further fall in silver prices. 

Currently Silver is in HOLD SHORT position Silver is moving sideways so short term investor better to buy only above 54682 or hold with stop at 52813.

MCX Crude Oil Tips

Crude oil prices touched an intra-day high of $84.38/bbl and closed at $83.90/bbl in yesterday’s trading session. On the domestic bourses, prices gained by 0.6 percent and closed at Rs.4661 after touching an intraday high of Rs. 4675 on Monday. Today it is trading on 4723 with gaining more than 1%.

We expect crude oil prices to trade higher today on the back of expectations of decline in US crude oil inventories along with expectations of stimulus package from the global policymakers to ease the debt crisis. Additionally, a weaker DX will also support upside in crude oil prices. However, appreciation in the Indian Rupee will cap further gains in prices.

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Support and Resistance levels of MCX Commodity Market

GOLD BUOYED BY UNCERTAINTY AHEAD OF FED MINUTES.
CRUDE OIL FALLS FROM TWO-WEEK HIGH IN NEW YORK ON U.S. SUPPLY FORECASTS.
COPPER RISES TO THREE-WEEK HIGH IN LONDON TRADING ON U.S. GROWTH OUTLOOK.
DOMESTIC OIL AND OILSEED ERASES EARLY HIGHS AND TRADE LOW.

MCX SILVER (SEP)
TREND: Bullish  
R2: 65200
R1: 63400
S1: 60600
S2: 59200
STRATEGY: Buy on dips

MCX COPPER (AUG)
TREND: Bearish
R2: 434
R1: 428
S1: 417
S2: 412
STRATEGY: Sell on Higher levels

MCX CRUDE OIL (SEP)
TREND: Bearish
R2: 4210
R1: 4150
S1: 4030
S2: 3980
STRATEGY: Sell on Higher levels

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MCX Commodity Market Updates Today | MCX Gold & Silver Tips

Gold prices furthered their record breaking momentum on Friday by catapulting to fresh record crest for the fourth time this week, as marketmen continued to take refuge under the safe haven amid escalating fears of a double dip recession coupled with growing uncertainties looming over the Euro-zone debt crisis.

A session after the free fall, Copper prices recovered some lost ground on last trading session of the week after investors resorted to some short covering on expectations that top consumer China may take advantage of the prevailing lower prices and rebuild stockpiles amid speculations of supply constraints.

Crude prices on Nymex fell on Friday in choppy trading, in morning trading, prices hit the day's highs, helped by a decline in the dollar and a rebound on Wall Street however equities turned lower later, weighing on the prices. Though, Brent rose, managing a small weekly gain as the dollar fell to a record low against the yen.

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MCX Commodity Market Bullions, Metals, Crude Report & Tips

Gold futures rose to a record settlement price for the second straight day. Gold prices today surged further by Rs 430 to touch an all-time high of Rs 26,680 per 10 grams here. Silver futures may remain range bound. Silver futures for December delivery rose 53 cents, or 1.3%, to USD 40.378 an ounce in New York. The price has climbed 31% this year. Base metals may hold gains tracking higher opening in international markets. Crude oil futures may remain sideways trade with a positive bias. Crude Oil rose on Wednesday on better-than-expected demand for gasoline in the United States.

MCX Gold October contract is currently trading at Rs. 26570, it is up by Rs. 179 for the day. Silver spot market is currently trading at $40.28. MCX Silver Sep contract is trading at Rs. 60745, it is up by Rs. 290 for the day. All Base Metals in MCX are trading mildly positive for the day. Crude for Sep delivery lost 34 cents in today's session and is currently trading at $87.20 a barrel on the NYMEX.  MCX Crude Oil Aug is trading at Rs. 3971 for the day.

Precious metals are trading marginally higher on International bourses today.
Base metals are trading lower on International bourses today.
Crude oil is trading marginally higher on NYMEX today.

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