Natural Gas Ended Higher in the Domestic Market

Natural Gas ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as a smaller than expected rise in US storage levels signaled a pickup in demand for the fuel in the world’s biggest gas consumer.

US gas supplies climbed by 63 billion cubic feet to 3.877 trillion cubic feet in the week ended October 23, 2015, the EIA said. Analysts were expecting US gas supplies to climb by 69 billion cubic feet last week, while the five-year average injection was 81 billion cubic feet and supplies rose 87 billion cubic feet in the same period a year ago.

 

At the MCX, Natural Gas futures for November 2015 contract closed at Rs 149.3 per mmBtu, up by 0.13 per cent, after opening at Rs 150.10, against the previous closing price of Rs 149.10. It touched an intra-day high of Rs 155.9.

 

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Base Metals & Energy Updates For 18 May 2015

ZINC

Zinc futures tumbled in the domestic market on Thursday, shedding more than 2.4 per cent, as investors and speculators sold off positions in the industrial metal amid tepid physical demand for zinc in the domestic spot market. Moreover, fears that a deepening economic slowdown in China, the world’s biggest consumer of the base metal, may curb zinc demand also spooked investors. New yuan loans issued by Chinese banks and financial institutions stood at 707.9 billion yuan in April, trailing analysts’ estimates of 903 billion yuan, underscoring weakness in the world’s second biggest economy. Other April indicators were also poor as manufacturing shrank at the fastest pace in a year in April while exports and import tumbled, and growth in industrial output, fixed-asset investment, and retail sales numbers missed analysts’ estimates. At the MCX, Zinc futures for May 2015 contract closed at Rs 146.55 per 1 kg, down by 2.43 per cent after opening at Rs 149.85, against the previous closing price of Rs 150.20. It touched the intra-day low of Rs 146.30 till the closing.

NATURAL GAS

Natural Gas futures extended an advance in the domestic market on Friday as investors and speculators weighed a below than expected US stockpile-build last week, signaling a pickup in demand for the fuel which is used to fire up power plants as cooling demand rises during peak summer months. US gas stockpiles climbed by 111 billion cubic feet to 1.897 trillion cubic feet in the week ended May 8, 2015, compared to an estimated rise of 116 billion cubic feet by analysts. Further, forecasts for warmer than average weather in the US in the coming days also bolstered the demand outlook for the weather-sensitive fuel. At the MCX, Natural Gas futures for May 2015 contract is trading at Rs 191.10 per 1 kg, up by 0.26 per cent after opening at Rs 191.20, against the previous closing price of Rs 190.60. It touched the intra-day high of Rs 191.50. (At 13:01 PM).

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WEEKLY COMMODITY REPORT 19 MAY 2014

Precious Metals

D A I L Y B U Z Z 

GOLD 
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal after a spate of mostly bright US economic data raised bets that the US Federal Reserve will continue to taper QE in the coming months, dimming the appeal of the yellow metal as an alternative asset. US jobless claims fell to a seven-year low last week, signaling a firm labour market recovery. Caution ahead of US housing starts and consumer sentiment data also weighed on sentiment. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,130 per 10 grams, down by 0.98 per cent, after opening at Rs. 28,351, against the previous closing price of Rs 28,408. It touched an intra-day low of Rs 28,060


Base Metals & Energy

D A I L Y B U Z Z

ZINC 
Zinc futures slumped in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Factory output in the US fell last month, signaling a faltering recovery in the world’s biggest economy, darkening the demand outlook for industrial metals. US factory production fell by 0.4 per cent in April 2014 over the previous month. Zinc futures may trade on a cautious note today ahead of US housing starts and consumer sentiment data. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.45 per 1 kg, down by 1.92 per cent, after opening at Rs. 124.55, against the previous closing price of Rs. 124.85. It touched an intra-day high of Rs 122.35.

NATURAL GAS 
Natural gas futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a sharp rally in the overseas market as a small rise in US gas stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest economy. US gas supplies rose by 105 billion cubic feet to 1.16 trillion cubic feet in the week ended May 9, 2014. Still, stockpiles remain well below levels seen last year, a sign that supply concerns remain. Natural gas futures may continue the upward journey today on bullish inventory data. At the MCX, Natural gas futures for May 2014 contract closed at Rs. 267 per mmBtu, up by 3.05 per cent, after opening at Rs 258.60, against the previous closing price of Rs 259.10. It touched an intra-day low of Rs 256.

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