Crude oil prices notched up handsome gains in the domestic market

Mcx Commodity Tips : Crude oil prices notched up handsome gains in the domestic market on Monday as traders gave thumbs up to the Greek debt deal, easing worries over energy demand in the 19-member Euro area. Greece reached an agreement with its creditors to secure new rescue aid, eliminating any threat of the debt-strapped nation being pushed out of the euro. Prime Minister Alexis Tsipras submitted to creditors’ demands for streamlining value added taxes, broadening the tax base to boost revenue and limiting pension costs, paving way for new European bailout aid worth 86 billion euro, helping the cash-strapped nation to remain a part of the single currency union. However, speculation that an Iran nuclear deal may exasperate a global crude supply glut as the West gradually lifts sanctions on the Islamic nation, kept oil price gains in check. Officials from Iran and the West were said to be nearing a landmark deal on Iran’s disputed nuclear program that may help Iran double its crude shipments. Meanwhile, OPEC, which accounts for about 40 per cent of global crude supplies, cut the demand forecast for its crude by 100,000 barrels per day to 29.2 million barrels per day in 2015 while raising its forecast for non-OPEC supply growth by 180,000 barrels per day to 860,000 barrels per day. The OPEC expects world oil demand to grow 1.28 million barrels per day in 2015, an increase of 100,000 barrels per day from its previous forecast. Oil may trade on a subdued note today amid ongoing talks between Iran and the West and caution ahead of US retail sales data. At the MCX, Crude oil futures, for the July 2015 contract, closed at Rs 3,350 per barrel, up by 0.57 per cent, after opening at Rs 3,316, against the previous close price of Rs 3,331. It touched an intraday high of Rs 3,379.

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Commodity Updates and Tips for 8 July 2015

Commodity Updates : Copper futures slid more than 2 per cent in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as a worsening stock market rout in China, the world’s biggest metals consumer, cast a gloom on the region’s economy, signaling lower demand for industrial commodities, while the fallout of Greece’s deepening troubles threatened to spread far and wide in other European markets, threatening to slow growth in the entire Euro area. Greece has now being given time until Sunday to come up with a concrete plan to satisfy the country’s creditors and win new bailout aid or face an exit from the single currency union. Copper futures may ink a slight rebound today as a strengthening US economic recovery with job openings surging to record high in May bolster demand outlook. At the MCX, Copper futures for August 2015 contract closed at Rs 348.25 per 1 kg, down by 2.53 per cent after opening at Rs 357.20, against the last ending price of Rs 357.30. It touched the intra-day low of Rs 338.80.

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Natural Gas futures plunged more than 3 % in the domestic market

Natural Gas futures plunged more than 3 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after supplies rose at a significant pace last week, signaling weakening demand for the weather-sensitive fuel in the US, the world’s biggest fuel user. US gas stockpiles climbed by 89 billion cubic feet to 2.433 trillion cubic feet in the week ended June 12, 2015, the EIA said. Supplies climbed 112 billion cubic feet in the same month a year ago while the five-year average gain was 87 billion cubic feet. However, total stockpiles were 730 billion cubic feet higher than the same time a year ago and 46 billion cubic feet above the five-year average of 2.387 trillion cubic feet for this time of the year, a sign that supplies remain ample.

At the MCX, Natural Gas futures for June 2015 contract closed at Rs 177.20 per 1 kg, down by 3.3 per cent after opening at Rs 182.50, against the previous closing price of Rs 183.30. It touched the intra-day low of Rs 176.70 till the closing.

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MCX Commodity Updates ~ Gold, Silver, Copper, Crude Oil Tips Today 05 April 2013

Gold fell for a fourth day on Friday, holding near its lowest point since May last year, as investors await U.S. jobs data for more clues on the health of the world's largest economy.

Strong employment data could prompt the U.S. Federal Reserve to end its bullion-friendly bond-buying programme earlier than expected and dent gold's safe haven appeal as worries 

about inflation ebb. A drop in bullion holdings in major gold exchange traded funds to their lowest level since August 2012 has also dragged on prices.

Gold eased $1.55 an ounce to $1,551.16 by 0314 GMT, heading for a second week of decline. It fell to a 10-month low at 1,539.74 on Thursday as it failed to react to the shock of the Bank of Japan's unprecedented monetary stimulus and hopes for another European Central Bank rate cut. China being absent from the physical market this week for a Thursday and Friday holiday has added to the overall weakness in metals, Lan also noted.

Bullion has slipped around 4 percent since hitting a hitting a 1-month high in March as investors dumped the precious metal in favour of more risky assets. U.S. gold for June delivery was at $1,551.20 an ounce, down $1.20. The U.S. nonfarm payrolls data due at 1230 GMT will likely show employers added 200,000 jobs last month after hiring 236,000 workers in February. 

Oil was up in Asia today as cautious traders waited for the release of US jobs data for March. New York's main contract, West Texas Intermediate light sweet crude for delivery in May, added 18 cents to USD 93.44 a barrel and Brent North Sea crude for May increased 16 cents to USD 106.50 in mid-morning trade.

Oil prices had fallen in New York yesterday in the wake of unexpectedly high US jobless claims and concerns about a supply glut in the world's largest economy and energy consumer. 

The US Labor Department will release its jobs and unemployment report later Friday. Most analysts have pencilled in US jobs growth of 192,000 in March, down from a February spike of 236,000.

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MCX Commodity Market Updates Today | mcx trading tips

Today again most of the metals in MCX Commodity Market are trading at negative prices. MCX Gold, Silver, Copper and other Base Metals are trading at lower prices today. MCX Crude is trading at higher prices today. Yesterday MCX Gold price was closed at Rs. 29,000 but today it open at negative price. We assume that all Base Metals prices are trading lower for the day. We can see some Up and Down movement in the prices of MCX GOLD AND MCX SILVER. 

Precious metals (MCX Gold and Silver) are trading lower on MCX today. All Base metals are trading lower on International bourses today.  We expect prices of all Base Metals to trade lower for the day. Crude oil is trading higher on MCX Commodity Market today.

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MCX Commodity Market News and Updates Today

Today again most of the products in MCX Commodity Market are trading negative. MCX Silver and Crudeoil are trading at higher prices today. MCX Gold, Naturalgas and all Base Metals are trading at lower prices today. We assume that all are trading same for the day. Today all Base Metals in MCX Commodity Market are trading negatively. Today in Bullion Metals MCX Gold and Silver prices are very up and down in trading session.

MCX Gold Dec is currently at Rs. 28920, it is trading up by Rs. 34 points for the day. MCX Silver Dec is currently trading at Rs. 57190, it is down by Rs. 500. MCX Crude Oil December is currently trading at Rs. 4943, it is trading up  by Rs. 13 for the day. All base metals are trading on a negative note today.

Pepper futures to trade lower for the day. Outlook for Soybean is seen up for the day. CPO is expected to trade higher. Guar Complex is expected to trade lower for the day. Outlook for Chana is up for the day. Outlook for Jeera is sideways to up for the day. 

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