Wednesday, 31 December 2014

Commodity Market Gold and Silver Daily Rates

MCX Gold for same months expiry in India, closed higher by 1% to Rs 27050 per 10 gms wherein probably Rupee movement capped larger gains locally.

OUTLOOK: Gold gained yesterday whereas modestly lower than expected US Consumer confidence data, fall in equity markets and modest cut in the Greenback most likely supported the positive move in Bullion during late evening trade. While we believe, traders might have made decent amount of money during the afternoon session on selling, evening session gains took even us by surprise.

Silver MCX contract for March expiry too gained, with the commodity rising by 2.4% to Rs 37335 per Kg.

OUTLOOK: We held selling bias in Silver, wherein we also advised traders to look for buying Gold/Silver Ratio on dips. We were more bearish in silver on expectations subdued Chinese data on PMI which released today morning might continue to put pressure on base metals and also impact silver commodity negatively.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil Market Updates

Crude oil too traded down for most part of the day though likewise other commodities it too managed decent pullbacks and closed higher by 1% to $54.10 at NYMEX.

Natural Gas Feb once again is taking traders on a ride as the commodity on Monday rose by around 5% whereas on last day slipped 3.3% to $3.09 per MMBTU at NYMEX.

MCX NG Jan contract slid nearly 4% to Rs 197 per MMBTU

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Base Metals Daily Commodity Market Update

Aluminum did not budge much from its previous close and settled at $1858 MT, down by a mere 0.05%. Fundamentally, LME Cash to 3M forward contango widened to be at $27, whereas the fall in inventory was negated by an equal fall in the cancelled warrants.

Copper surprised many and closed at a positive note to settle at $6325 MT, up by 0.56% from its previous close. The dark shadows were already looming on the metal as China’s HSBC manufacturing number released today was although better than the expectations but remained below the crucial 50 marks, not indicating any major boost for the economy.

Nickel gained marginally and closed at $15075 MT after have fallen by more than 1% the previous day. Fundamentally, LME Cash to 3M forward contango squeezed back to being at $76; however the cancelled warrants declined by around 1344 MT followed by a rise in inventories, indicates a weakness in the spot demand for the metal.

www.marketmagnify.com
Ph: 0731-6619100

Tuesday, 30 December 2014

Commodity Market Gold and Silver Daily Rates

SILVER March contract was trading at Rs 37288 down Rs 27, or 0.07 percent. The SILVER rate touched an intraday high of Rs 37377 and an intraday low of Rs 37210. So far 496 contracts have been traded. SILVER prices have moved down Rs 8689, or 18.90 percent in the March series so far.

Gold coin sales reached 524,500 ounces in 2014 so far, down from 856,500 ounces in 2013, data on Monday showed.

www.marketmagnify.com
Ph: 0731-6619100

Friday, 26 December 2014

Commodity Market News about Gold and Silver

The spot gold is opened today and trading at $1185, therefore the electronic traded COMEX gold is up this morning by $10 and trading at $1185. Since the US markets are closed today we have only the electronic trading platform opened so therefore, very thin trading session is expected today.

Silver is also seen trading marginally positive this morning at $15.95 up by 1.51% from its previous close. We hold the same stance for the same and the key resistances could be noticed at $16.00 and $18.20 levels respectively.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Natural Gas for January future at NYMEX traded down while it was shut on 25th and this morning the same is seen trading at $3.072 higher by 1.39% from its previous close.

This morning oil is seen trading at $56.12 up by half per cent from its previous close. We have been seeing a range bound trade in oil despite the rise in oil inventories, data released by the DOE on Wednesday.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Base Metals Daily Commodity Market Update

Aluminum continued to trail on the bearish side and settled at $1861 on 24th Dec, 2014, down by around 0.43% from its previous close. Due to the Christmas Eve the markets closed a little early on 24th Dec and therefore not much volatility was witnessed.

Copper slipped slightly and settled at $6302 MT, down by 0.44% from its previous close. Due to the Christmas Eve yesterday, the markets remained closed and therefore no trading took place.

www.marketmagnify.com
Ph: 0731-6619100

Wednesday, 24 December 2014

Commodity Market News about Gold and Silver

Gold prices can correct further towards 26600/26550 levels if prices sustain below 26850 on pullback rallies. Thus, intraday pullbacks and weakness from around 26850 will give and intraday shorting opportunity for traders. Prices will continue to trade on a weak note until prices stay below 27000 levels. We expect a range of 26900 to 26550 for the session.

Silver prices have broken below its key supports at 36500 and 36200 levels. Sustenance below these levels will see prices enter a corrective phase which can see the counter test 35800. Failure to find support at 35800 will see prices correct further towards 35500. The overall view will remain negative until prices continue to trade below 37200 levels.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Crude Oil
Jan. Crude oil prices will witness momentum again once prices break above 3570 levels. Prices have strong support on the downside at 3470 levels and any reversals from lower levels should be used to go long in the counter. A break above 3570 will see prices test 3620/3670 levels.

Natural Gas
Dec. natural gas prices will pullback further once prices convincingly trade above 206.50 levels. Failure to sustain above 206.50 will be a sign of weakness and prices can re-test 200/197.50 levels. Overall the counter is weak and any major weakness after intraday pullbacks should be sold into.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Base Metals Daily Commodity Market Update

Copper:
Sustenance below 406 levels will see copper test its next major support at 403 levels. Prices are likely to break down below 406 if it fails to sustain above 409 on pullbacks. We don’t expect the counter to correct beyond 403 levels today.

Zinc:
Zinc prices can retrace towards its major support at 136 levels. Prices can find buying support at lower levels which will prevent it from falling further. Fresh up move can be seen only if prices can trade above 139 levels. We expect a range of 136 to 138.50 for the day.

Lead:
Further pullback in lead prices can be seen only above 119.60 levels until then the counter will trade weak. Immediate support on the downside is seen at 117.50 levels. A break below 117.50 will see prices test 116.40. Weakness from around 119.30 119.50 can be sold by day traders.

www.marketmagnify.com
Ph: 0731-6619100

Tuesday, 23 December 2014

Commodity Market News about Gold and Silver

This morning bullion-gold and silver are trading at $1179 and $15.70 respectively and looks like any pullback should be treated as a strong resistance levels.

The call for the week is to sell at $1205-1207 TP 1182/1167 with SL above 1225. At MCX the call is to sell February at Rs. 27,100-27120 TP 26840/26600 SL above 27,450.

Silver after rising around 9% in past two weeks once again came back to its downward stance wherein the commodity lost more than triple the amount of loss seen in gold in the past week.

The call for Silver in the next week is to sell at $16.17-16.20 TP 15.60-15.40 SL above 16.80. At MCX, for March future we recommend selling at Rs. 37,300-37400 TP 36400-35800 with SL above 38200.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Natural gas commodity slid almost 9% on Monday to settle at $3.144/MMBTU. Also, locally the December future ended down by 9% to settle the day at Rs. 200.50/MMBTU.

This morning WTI oil grade is seen trading at $56.15, up by 1.52%. We believe generally it has been noticed that the Asian and the Europeans are selling the counter from higher levels which is helped by the US traders to pull down and next day morning the formers book the profit hence we see a recovery in the prices.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Base Metals Daily Commodity Market Update

LME forward Aluminum was one of the worst performers from the base metals complex declining to $1880 MT, down by 1.4% from its previous close. Fundamentally, Cash to 3M forward contango widened to $26.75 MT, indicating the lack of spot demand.

LME Copper slashed its gains yesterday and declined by around 0.7% to settle at $6355 MT. The prices of the metal had been rising mainly on the speculation that SRB of China is purchasing Copper for the state reserve. 

Nickel finally posted gains yesterday to settle at $15650 MT, up by around 0.32% from its previous close. Fundamentally, bearishness continues in Nickel as well as the inventories continue to rise followed by a decline in the cancelled warrants, LME Cash to 3M forward contango also further widened to $71 MT.

www.marketmagnify.com
Ph: 0731-6619100

Thursday, 18 December 2014

Gold and Silver Market Review for Today

Gold Comex Feb expiry contract was unchanged at $1194 per ounce though it touched a high around $1203 and low near the $1182 per ounce mark respectively.

Locally, Rupee was volatile yesterday due to which MCX Gold Feb expiry closed lower by 0.88% to Rs 26955.

Silver after a big fall over around 5% the previous day, saw moderate 1% gains wherein Silver March expiry Comex shut at $15.92 per ounce

Indian MCX Silver for same month’s expiry however was unchanged at Rs 36730 per Kg on a day to day perspective.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Crude Oil
World oil prices jumped as much as 6 percent on Wednesday before closing off their peaks as weeks of nearly non-stop selling abruptly halted, and traders said failure to break below key chart support levels meant a long rout may be running out.

Natural Gas
U.S. natural gas futures on Wednesday ended up 2.3 percent on forecasts for cooler weather over the next two weeks. Weather models for the lower 48 U.S. states moved from well above normal to slightly above normal levels for the next two weeks, boosting the likelihood of increased demand for gas for heating.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Base Metals Daily Commodity Market Update

Copper steadied on Wednesday on oil prices moving up from recent 5-1/2-year lows and a relief rally in global equities, but the metal's gains were expected to be short lived given mounting evidence of rising supply.

Aluminium remains vulnerable to the plunge in the rouble, which could entice Russian producers to lift production of the metal, which is sold in dollars, or it could lead to lower sales in Russia, prompting producers to increase exports.

www.marketmagnify.com
Ph: 0731-6619100

Tuesday, 16 December 2014

Gold and Silver Market Review for Today

Bullion sector at the global market declined heavily yesterday with the appreciation in the USD and cautiousness ahead of the US Fed meeting later during the week also pushing the commodity lower.

Gold Comex Feb expiry contract fell around 1.2% yesterday to $1207 per ounce whereas locally, Rupee depreciation and heavy inflows in terms of imports aided some support to MCX Gold which added 0.4% to Rs 27320. 

Silver too fell heavily yesterday closing lower by around 3% to $16.55 per ounce at Comex whereas Spot markets saw a further extended fall in late night session in the US and the same is getting reflected in early morning trade in Comex today morning as Silver loses over 2.5%.

www.marketmagnify.com
Ph: 0731-6619100

Friday, 12 December 2014

Base Metals Daily Commodity Market Update

Base Metals
Base metals on the LME traded on a mixed note on Thursday as weak economic data from the Euro Zone along with mixed trend in LME stocks dragged prices lower.

Copper
LME Copper prices rose by 0.6 percent yesterday owing to strong economic data from the US. Also, weakness in the DX supported gains.

On the MCX, prices jumped by 1.3 percent taking cues from Rupee depreciation and closed at Rs.408.7/kg on Thursday.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Crude Oil
On Thursday, WTI and Brent oil prices declined by 1.6 and 0.9 percent respectively continuing its recent run of losses. Persistent concerns over a supply glut and a bearish demand outlook is leading to decline in oil prices.

On the MCX, crude oil prices rose marginally by 0.1 percent and closed at Rs.3816/bbl.

Natural gas
U.S. natural gas futures ended down 1.43 percent on the latest weather forecasts calling for continued warmer-than-normal temperatures over the next two weeks. That decline came despite a government report early Thursday of a bigger-than expected storage draw. The EIA said utilities withdrew 51 billion cubic feet of gas from storage last week.

On the MCX, crude prices are expected to trade weaker in tandem with falling international markets.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Daily Gold Silver Rates in Commodity Market

Gold
On Thursday, spot gold prices ended marginally higher by 0.07 percent to $1227.6/oz amid conflicting signals as the firm dollar fueled hopes that interest rates will rise sooner or later while weak U.S. economic data spurred safe-haven buying.

On the MCX, gold prices rose by 0.25 percent and closed at Rs.27258/10 gms.

Silver
Spot silver prices rose by 0.2 percent to $17.1 in yesterday’s trading session in tandem with rise in gold prices. Strength in the dollar and weakness in Nickel prices however capped upside.

On the MCX, silver prices rose by 0.14 percent and closed at Rs.38722/kg.

www.marketmagnify.com
Ph: 0731-6619100

Wednesday, 10 December 2014

Base Metals Daily Commodity Market Update

Aluminum
Aluminum at LME traded up to settle at $1972 up by 0.31% from its previous close. The metal rose as the physical premiums in Japan witnessed a hike of around 4.8% for Jan-March deliveries, indicating that the demand for the metal continues to remain strong in the medium term. 

Copper
Copper was the best performer amongst the base metals complex yesterday posting gains of around 1.17% and closed at $6467.5 MT. One of the main reasons for the metal to rise was the prospect for a strike at mine in Peru which in turn sparked supply concerns. 

Nickel
Nickel commodity traded down yesterday and closed at $16540 MT, down by 0.8%. This morning nickel is seen trading down by $5 from its previous close. The broad fundamentals of the metal continue to look strong and therefore major losses are restricted for the metal. 

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Crude oil prices added decent weight yesterday with both Brent and the WTI adding around 1% by the end of trade to finish near the $66 and $63.80 per barrel mark respectively.

Natural gas was a party popper on Tuesday as the commodity initially trade weak while later touched 3.70 per MMBTU, higher by over 3% from prior session closing, but finally finished with gains of around 1.5% to 3.65 mark.

Daily Gold Silver Rates in Commodity Market

Gold commodity finally blasted off the major resistance zone around the $1222 mark while the commodity continues its upsurge post that, tried to touch $1240 mark while finally finished 3% higher to $1232 per ounce mark.

Indian MCX Gold for FEB expiry too scaled higher with gains of 3% to Rs 27160 per 10 Gms.

Silver commodity too jumped higher with the commodity owing to its higher beta advanced over 5% to $17.13 per ounce for March expiry at Comex

Silver same months settlement at MCX moved at the similar rate adding over 5% to Rs 38520 per Kg level.

www.marketmagnify.com
Ph: 0731-6619100

Friday, 5 December 2014

Base Metals Daily Commodity Market Update

Base Metals
The base metals pack traded positive in yesterday’s session in reaction to the favorable services data from the Chinese economy.

Copper
Copper climbed on Thursday to its highest in nearly a week on dollar weakness dollar slid following uncertainty about potential stimulus in Europe and after a fire at a mine, though concerns about the outlook for demand from top consumer China limited gains.

On the MCX, prices gained around 1.3 percent taking cues from strong international markets and closed at Rs.403.9/kg on Thursday.

www.marketmagnify.com
Ph: 0731-6619100

Natural Gas and Crude Oil News For Today

Crude Oil
Oil prices ended lower on Thursday as the debate over pricing continued after Saudi Arabia announced deep discounts for the crude it sells Asian and U.S. buyers in an apparent attempt to defend market share.

On the MCX, crude oil prices declined by 1.2 percent and closed at Rs.4136/bbl.

Natural gas
U.S. natural gas futures fell over 4 percent on Thursday for a fifth down day in a row on a smaller-than-expected storage draw and forecasts for continued warmer-than normal weather over the next two weeks. The U.S. Energy Information Administration said utilities withdrew 22 billion cubic feet of gas from storage last week. 

On the MCX, gas prices declined by 3.61 percent and closed at Rs.226.80/Mmbtu.

www.marketmagnify.com/bullion-services.php
Ph: 0731-6619100

Daily Gold Silver Rates in Commodity Market

Gold
Spot gold prices ended lower by 0.32 percent to $1205.3/oz after European Central Bank chief Mario Draghi said the bank would re-evaluate the case for more stimulus next year, but remained under pressure ahead of key U.S. data on Friday.

On the MCX, gold prices declined by 0.52 percent and closed at Rs.26636/10gms

Silver
Spot silver prices rose marginally by 0.1 percent to $16.4/oz in contrary to the fall in gold prices. Weakness in the dollar index coupled with strength in the base metals pack acted as a negative factor for prices.

On the MCX, silver prices rose by 0.62 percent and closed at Rs.37269/kg.

www.marketmagnify.com
Ph: 0731-6619100

Wednesday, 3 December 2014

Daily Gold and Silver Outlook In Commodity Market

Gold held below a five-week high as a strengthening dollar curbed demand for a store of value, with a U.S. policy maker saying the Federal Reserve is getting closer to replacing its vow to hold rates low for a considerable time. Bullion rose and fell at least 0.2 percent, and traded at $1,200.05 an ounce.Spot Gold is currently trading at $1200. MCX Gold Feb is currently at ` 26560, it is trading up by `69 points for the day. Comex Silver is currently trading at $16.33 whereas MCX Silver Mar is currently trading at `36908, it is down by 

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is holding 720.02 tonnes as per latest available data on their website.

www.marketmagnify.com
Ph: 0731-6619100