Friday, 30 January 2015

Gold and Silver News Update in Commodity Market

Gold
Spot gold prices declined by more than 2 percent on Thursday to close at $1256.5/oz after the Federal Reserve signaled it was still on track to lift U.S. interest rates this year.

On the MCX, gold prices declined by 1.22 percent and closed at Rs.27419/10 gms.

Silver
Spot silver prices declined heavily by around 6 percent on Thursday to close at $16.9/oz. The fall in gold prices is exerting downside pressure on silver prices. Strength in the dollar and weak base metals pack further dragged prices.

On the MCX, silver prices declined by around 5.5 percent and closed at Rs.37286/kg.

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Natural Gas and Oil Related News

Crude Oil
Crude oil prices rose on Thursday with WTI and Brent crude gaining by 0.2 and 1.4 percent respectively. Oil prices had risen broadly earlier in the day after preliminary U.S. data showed weekly jobless claims at a near 15-year low, indicating further strength in the world's largest economy.

On the MCX, crude oil prices declined by 0.6 percent and closed at Rs.2754/bbl.

Natural Gas
U.S. natural gas futures ended down 5.19 percent on Thursday, after earlier falling to a fresh 2012 low on a smaller-than-expected storage draw despite forecasts calling for a little more cold over the next two weeks.

On the MCX, gas prices declined by 3.51 percent and closed at Rs.167.6/Mmbtu.

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Latest Update on Base Metals

Base Metals
Base metals traded lower yesterday after the Federal Reserve signaled it would stick to plans for a rate hike this year, drawing back liquidity that has underpinned metals. Also, expectation of a stronger U.S. dollar boosted by good economic data from the United States acted as a negative factor.

Copper
LME Copper prices declined by 0.6 percent yesterday and fell to a new five-and-a half-year low on Thursday, brought down by a stronger dollar and investor concerns that China's slowing economy would hamper demand for the industrial metal. News that top metals consumer China plans to cut its economic growth target to the lowest in 11 years at around 7 percent in 2015 also hurt sentiment.

MCX copper prices fell by 0.1 percent yesterday and closed at Rs.337.3/kg in line with weak international markets.

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Thursday, 29 January 2015

Gold and Silver News Update in Commodity Market

Gold
Spot gold prices declined on Wednesday by 0.6 percent to close at $1284.4/oz after the Federal Reserve said it will remain "patient" with regard to any interest rate increase decisions.

On the MCX, gold prices declined by 0.51 percent on Wednesday and closed at Rs.27759/10 gms.

Silver
Spot silver prices also declined on Wednesday to close at $18, down by 0.4 percent. The fall is in tandem with gold prices as Federal Reserve maintained its patience stance on interest rates. Strength in the dollar index also exerted downside pressure. 

On the MCX, silver prices declined by 0.15 percent and closed at Rs.39472/kg.

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Natural Gas and Oil Related News

Crude Oil
Crude oil prices continued its weak trading in yesterday’s session also with WTI and Brent prices declining by 3.9 and 2.3 percent to close at $44.5 and 48.5/bbl respectively. Prices declined after the government reported record-high inventories in the United States that raised anxieties about the global oil glut that had pressured the market since last summer.

On the MCX, oil prices traded lower by 2.5 percent and closed at Rs.2772/bbl.

Natural Gas
NYMEX natural gas prices declined by 1.04 percent on Wednesday to close at $2.85/MMbtu on forecasts for less cold weather over the next two weeks and ahead of a storage report expected to show a belowaverage draw.

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Latest Update on Base Metals

Base Metals
Except Aluminium all the base metals on the LME traded positive although the situation in Euro area remains bleak, slowdown in China remains a cause of concern and slow growth in the global economy is dampening the sentiment.

Copper

Copper is down 13 percent so far this month, extending a 20 percent loss registered over 2013 and 2014. It hit a 5-1/2 year low of $5,339.50 a tonne on Monday.

MCX copper prices rose by 0.5 percent yesterday and closed at Rs.337.8/kg in line with weak international markets.


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Wednesday, 28 January 2015

Gold and Silver News Update in Commodity Market

Gold
Spot gold prices rose by 0.88 percent on Tuesday to $1292.1/oz after two sessions of losses, as the dollar and shares eased ahead of a U.S. Federal Reserve policy meeting that may push back expectations for when U.S. interest rates will start to rise.

On the MCX, gold prices rose by 0.14 percent and closed at Rs.27902/10 gms.

Silver
Spot silver prices declined by 1.3 percent to close at $18/oz in contrary to the rise in gold prices. Weak base metals pack exerted downside pressure on silver prices.

On the MCX, silver prices declined by 1.09 percent and closed at Rs.39530/kg.

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Natural Gas and Oil Related News

Crude Oil
Crude oil prices rose on both sides of the Atlantic with WTI and Brent gaining by 2.4 percent and 3 percent respectively. Oil prices were up most of the day, tracking the dollar, despite concerns about rising U.S. inventories.

On the MCX, oil prices rose by 0.2 percent and closed at Rs.2842/bbl

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Latest Update on Base Metals

Base Metals
LME Copper, Aluminium and Zinc prices traded lower by 3.2, 1.2 and 0.9 percent respectively, while Nickel rose by 3.5 percent on Tuesday hinting towards weakness in most of the base metals pack.

Copper
Copper slid on Tuesday back towards the prior session's 5-1/2 year low on concerns over slowing growth and weak demand in top consumer China as well as rising metal inventories.

MCX copper prices declined by 1.6 percent yesterday and closed at Rs.336/kg in line with weak international markets.

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Tuesday, 27 January 2015

Gold and Silver News Update in Commodity Market

Gold gained during much of last week though trimmed gains on last trading day. On a w/o/w comparison Gold Comex added 1.2% to $1292 per ounce. ECB announcement to add more stimulus was seen as a sign that the metal might get more flavour out of exceeding liquidity push wherein it managed to move past its psychological $1300 per ounce mark.

Silver futures for March expiry too gained during the week with commodity gaining over 3% to $18.30 per ounce and continuing to outperform the former metal consistently for past few weeks Silver commodity gained with its outperformance continuing despite the base metals complex largely fell for most of the week.

Silver fell along with gold with losses at Comex seen to the tune of 1.7% to $18 per ounce.

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Natural Gas and Oil Related News

Crude oil saw good volatility with the commodity losing around 2.5% at one point on time on Monday however finally closed lower by 1% to $45.15 per barrel level.

Natural Gas recorded huge losses yesterday with the commodity weather updates calling for weakening cooler temperatures in early Feb hurting.

NG NYMEX contract for Mar expiry fell 3% to a $2.83 per MMBTU.

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Latest Update on Base Metals

Aluminium commodity advanced yesterday advancing 2.6% to $1880 per MT mark at LME as Chinese cues over boost for infrastructure investment and largely sliding inventory numbers for the commodity supporting. LME Warehouse stocks for Al fell another day to move closer towards the 4 Mln MT mark, its lowest since 2009.

Copper at LME 3M forward contract too gained with the metal rising over 1% to $5580 /MT. Nevertheless, note that Cu was the least gainer and that could be due to metals oversupply situation expectations, rising inventory scenario and broadly subdued demand expectations, mainly from China.

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Friday, 23 January 2015

Commodity Market Gold and Silver Updates

Gold
Spot gold prices rose by 0.63 percent on Thursday and touched a five month high above $1300/oz after the European Central Bank (ECB) launched a multi-billion euro bond-buying program aimed at reviving a sagging euro zone economy.

On the MCX, gold prices rose by 0.21 percent and closed at Rs.28036/10 gms.

Silver
Spot silver prices rose by 1 percent on Thursday to close at $18.3/oz. The rise in silver prices is in tandem with gains in gold. Strength in the dollar index and weak base metals complex however capped the rally. On the MCX, silver prices rose by 0.39 percent and closed at Rs.40079/kg.

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Energy News for Today

Crude Oil
Oil prices declined on both sides of the Atlantic with WTI and Brent oil falling by 3.1 and 1 percent respectively. EIA report showed the biggest build in U.S. crude inventory in at least 14 years exerting downside pressure on prices.

On the MCX, oil prices declined by around 2 percent and closed at Rs.2891/bbl.

Natural gas last
week versus a drawdown of 236 Bcf the week prior. Less drawdown in inventories pull down NYMEX natural gas prices by 4.27 percent to close at $2.81/bbl while on the MCX, gas prices declined by 4.01 percent and closed at Rs.172.20/Mmbtu.

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Base Metals News and Tips for Today

Base Metals
Base metals on the LME declined on Thursday as the Eurozone economy is in doldrums and the monetary easing boost by the ECB to pump in 60 billion euros in the economy is a step in the right direction.

Copper prices declined by 1 percent on Thursday to close at $5679.5/ tonne as climbing inventories highlighted oversupply in the market and consumers waited for weaker prices.

MCX copper prices declined by 1 percent yesterday and closed at Rs.351/kg in line with weak international markets.

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Thursday, 22 January 2015

Commodity Market Gold and Silver Updates

Gold
On Tuesday, spot gold prices traded higher by 1.32 percent to close at 1293.6/oz. Prices rose o a five-month high as uncertainty over the extent of a stimulus program the European Central Bank is expected to unveil on Thursday drove investors into assets seen as lower risk.

On the MCX, gold prices rose by 1.38 percent and closed at Rs.28085/10 gms.

Silver
Spot silver prices rose by 1.6 percent on Monday and closed at $17.9/oz. The rise is in tandem with gains in gold prices. Strength in the base metals pack also acted as a positive factor. On the MCX, silver prices rose by 1.27 percent and closed at Rs.39522/kg.

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Energy News for Today

Crude Oil
On Tuesday, oil prices declined on both sides of the Atlantic with WTI and Brent falling by 4.7 and 1.7 percent respectively after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.

On the MCX, oil prices declined by 1.4 percent and closed at Rs.2983/bbl.

Natural gas
Natural gas prices on the NYMEX declined by around 6 percent and closed at $2.85/Mmbtu while MCX natural gas prices also declined by around 4 percent and closed at Rs.175.90/Mmbtu.

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Base Metals News and Tips for Today


Base Metals
Base metals on the LME traded on a positive note on Tuesday after China reported that its economy had not slowed as much as many had feared and metals investors began to reassess whether the steep losses over the past year are justified.

Copper
LME Copper prices gained 0.8 percent yesterday as economic growth beat analyst estimates in China, the world’s largest user of industrial metals. Since growth stands at a 24-yaer low, it has increased the likelihood of stimulus measures from China.

MCX Copper prices jumped by 0.9 percent yesterday and closed at Rs.355.9/kg in line with strength in the international markets.

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Wednesday, 21 January 2015

Commodity Market Gold and Silver Updates

Gold gained decently near 1% at Comex markets with Feb expiry contract even trying to touch the important $1300 per ounce mark while end of day closed at $1294. Gold commodity for Feb expiry at MCX markets also gained 1.4% to Rs 28085 per 10 Gms.

Silver moved higher along with gold wherein gains were seen about 1.15% to $17.95 per ounce Silver MCX advanced1.3% to Rs 39520 per Kg.

OUTLOOK: Silver moved higher following gold commodity though we feel moderately in underperformed Gold after big gains last week of over 8%. With base metals too trading positive on back of better Chinese GDP data likely that Silver would extend outperformance against the former in coming sessions where traders can look to Sell Gold/Silver ratio on pullbacks. On Silver in intraday, we have planned momentum buying on small dips.

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Energy News for Today

Crude oil moved sharply lower on Tuesday in the US with the commodity sliding down 4.7% to $46.50 per barrel with the US markets accounting for two straight day’s of losses in the international markets.

Natural Gas Feb contract at NYMEX markets shut lower by nearly 9.5% to $2.83 per MMBTU as markets came back after a day holiday on Monday.

NG for Jan expiry contract at MCX too lost 3.7% to Rs 174 per MMBTU.

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Base Metals News and Tips for Today

Aluminum closed on a pullback yesterday to settle at $1844 MT, around 1.43% up from its previous close. On the micro side, the fundamentals continue to remain strong for the metal as LME Cash to 3M forward contango further squeezed to $1.75 MT and the inventories also continued to decline by 8100 MT, indicating demand in the near term for the metal. 

Copper traded in pullback yesterday and closed at $5690 MT, up by 0.32% from its previous close. This uptick in the metal could have been supported by the better than expected economic data from China which added support to the prices of the metal.

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Tuesday, 20 January 2015

Commodity Market Gold and Silver Updates

Gold prices have strong resistance at 26800 levels and any fresh up move in the counter will be seen only on a decisive breakout above 27800. Until then we expect prices to face some selling at higher levels which can lead to a correction towards 27600/27550 levels. A close below 27500 will see the corrective move extend towards 27350 levels.

Silver prices will trade positively until prices stay above 38500. Intraday dips towards 38800-38750 zones can be used to take long positions for upside targets of 39500 levels. Overall upside target for the current up move is around 39800 levels. Fresh selling can be seen as the counter approaches higher levels.

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Energy News for Today

Copper prices have now pulled back towards its resistance zone. Prices shouldn’t trade or close above 364.50 to maintain negative outlook. Intraday weakness from higher levels around 360-361 can be sold into. The counter will trade under pressure once prices start trading below 355 levels.

Zinc prices have resistance on the upside around 130.20-130.60 levels. Fresh selling can be seen at higher levels if prices don’t sustain at higher levels. A close below 129 levels today will be a negative sign for coming sessions.

Nickel prices continue to face resistance at higher levels around 910-912 levels. A break out above 912 will see a move towards 930 in the counter. Failure to do so, will prices correcting back towards 890.

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Base Metals News and Tips for Today

Crude oil prices are facing resistance on the higher side around 3050- 3060 levels. Overall trading range for the day is seen between 3070 to 2950 levels. A close below 2950 will see prices correct back towards 2900 to 2850 zones. Counter needs to show momentum above 3070 for prices towards 3150 levels.

Natural gas prices are currently trading below its key support at 188 levels. Sustenance below this level will be a bearish sign for the counter and we expect the counter to correct back towards 180 levels. Major resistance for the counter is seen at 200 and a close above this level will bring about a decisive up move in the counter. 180-179 zones are crucial support for prices.

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Monday, 19 January 2015

Commodity Market Gold and Silver Updates

Gold
Spot gold prices traded higher last week the metal after Switzerland's central bank unexpectedly abandoned its three-year cap on the franc sent global shares and bond yields into turmoil.

spot gold prices rose by 4.7 percent last week and closed at $1279.8/oz. On the MCX, gold prices gained by 3.2 percent last week and closed at Rs.27654/10 gms.

Silver
Last week, spot silver prices rose in tandem with rising gold prices. Increasing speculative activity and bargain buying at lower levels supported the rise.

MCX, silver prices rose by 6 percent and closed at Rs.39061/kg

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Energy News for Today

Crude Oil
Oil markets traded marginally higher last week although the negative sentiment continued to push prices down.Market sentiment remains bearish due to a supply glut.

On the MCX, crude prices declined by 0.4 percent and closed at Rs.2971/bbl.

Base Metals News and Tips for Today

Base metals on the LME (Except Aluminium) traded lower last week on concerns of global slowdown were reignited following a cut in growth rate forecast by the World Bank for 2015 and 2016.

Copper
LME Copper prices declined by more than 5 percent last week as slowdown in China coupled with cut of global growth forecast by the World Bank acted as a negative factor.

MCX Copper prices declined by 6.1 percent and closed at Rs.359/kg in line with weakness in the international markets.

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Friday, 16 January 2015

Gold and Silver Related News for Today

Gold Comex was higher by over 2.5%. In major cues, US Jobs data and comments from ECB President raised questions over monetary policy stance coming out of their respective monetary policy members in near-term thus supporting optimism in yellow metal.

MCX gold for same month’s settlement gained at a bit lesser rate of 1% to Rs 27500 per 10 Gms. 

Silver too scaled higher post the developments from Swiss central bank though gains in the commodity was moderate as bearish bias in industrial metals weighed.

Silver March Comex contract added MCX Silver for March expiry contract added 0.65% to $17.10 per ounce whereas locally MCX Silver was almost flat at Rs 37922 per Kg.

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Latest News About Energy Related

Crude oil at WTI registered highly mercurial movement with oil NYMEX March expiry contract losing lower by 4.55% to $46.75 per barrel though the commodity in evening session touched highs near $51.75 per barrel as well.

Natural Gas Feb contract at NYMEX also witnessed good amount of movement with the commodity rising smartly after the US EIA Inventory data though later scaled lower to close the day 2.3% to 3.15 per MMBTU. NG for Jan expiry contract at MCX fell by a percent to settle below the Rs 200 per MMBTU mark.

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Daily Base Metals Market News

Aluminum closed on a positive note yesterday, rising around 1% to settle at $1788.75 MT. Fundamentally, the metal continues to remain strong despite LME Cash to 3M forward contango rose to $9.4 MT as the demand for the metal is spurring from the automotive and aerospace sector.

Copper after being in an oversold phase from the beginning of the week, rebounded yesterday and closed positive at $5630.5 MT. up by around 1.5% from its previous close. One of the major reasons that is being attributed to this huge selloff during the week is the Chinese hedge funds being oversold.

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Thursday, 15 January 2015

Gold and Silver Related News for Today

Gold could trade range bound to firm. However, a firm Dollar could limit upside. Support is at 1219.6. Resistance is at 1243.5. MCX Gold could trade range bound to firm. Support is at 26500. Resistance is at 27443.

The Gold-Silver ratio is at 71.6. The ratio could increase

Silver could trade range bound to weak. Support is at 16.40. Resistance is at 17.08. MCX Silver could trade range bound to weak. Supports are at 37036. Resistances are at 37937.

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Latest News About Energy Related

MCX Jan Natural Gas has witnessed a biggest daily gain in last couple of months. It surged almost 11.3% on d-o-d basis and ended in a strong buying zone for coming sessions. Further bullish outlook remains positive and upside targets would be around 207 & 213 levels. However, any dip can accumulate fresh longs at 198.20 levels.

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Daily Base Metals Market News

Copper could trade range bound to weak. Supports are at 5244 and 5000. Resistances are at 5775 and 5861. MCX could trade weak, tracking weak overseas prices. Support is at of 332.25. A break and close below could pull prices to 300 levels. Resistance is at 375.50.

Nickel could trade range bound to weak. LME support is at 14051. A break and close below could pull prices to 13300 levels. Resistances are at 14700 and 15016. MCX could trade weak, tracking weak overseas prices. Key support is at 840.75. A break and close below could pull the prices to 785 levels. Resistance is at 900.

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Wednesday, 14 January 2015

Gold and Silver Related News for Today

Bullion traded higher for most of the day with gold even touching the important $1244 per ounce mark however, failed to sustain strong gains and later closed tad in the green near the $1234 level, adding 0.15% for the day. 

Silver had a very positive session on Tuesday and also was seen to outperform the yellow metal closing higher by 3.5% to $17.15. MCX Silver on the other side for March contract advanced 3.2% to Rs 38150 per Kg.

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Latest News About Energy Related

Natural Gas for Feb expiry contract at NYMEX as the commodity gained over 5% to close near the $2.94 per MMBTU mark, adding the similar percentage with which it slid the prior day.

NG for Jan expiry at MCX too gained with commodity adding around 3.5% and might see some more gains at opening.

Crude oil traded sharply lower last day sliding over at one pint of time though later recovered almost all of its lost ground and finished with modest cut at the WTI to $45.90 per barrel.

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Daily Base Metals Market News

Base Metals
Base metals on the LME traded negative on Tuesday on plunging oil prices and concerns on demand from top consumer China as the country moves to raise output.

Copper
LME Copper prices plunged by 4.3 percent on Tuesday to its weakest level in more than five years as oil price declines spurred selling by hedge funds in China, despite signs of physical demand for metal there.

On the MCX, copper prices slumped by 3.2 percent and closed at Rs.365/kg on Tuesday.

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Monday, 12 January 2015

Gold and Silver Related News for Today

Gold
Spot gold prices traded higher last week the metal was set for the first weekly gain in four weeks as political uncertainty in Greece boosted demand for assets seen as safe. Slumping global equities at the start of last week coupled with physical buying from top consumer China picked up ahead of the Lunar New Year supported prices.

In the international markets, spot gold prices rose by 2.86 percent and closed at $1222.65/oz. On the MCX, gold prices gained marginally by 0.26 percent on account of strong appreciation in rupee and closed at Rs.26800/10 gms.

Silver
Last week, spot silver prices rose in tandem with rising gold prices. Increasing speculative activity and bargain buying at lower levels supported the rise. However, strength in Nickel prices also acted as a positive factor.

Spot silver prices in the international markets gained by 4.83 percent and closed at $16.49/oz. On the MCX, silver prices rose by 1.65 percent and closed at Rs.36833/kg as stronger rupee capped the rally.

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Latest News About Energy Related

Crude Oil
Oil markets have continued its weakness in the last week also following a run of losses from the past six months.

On the MCX, crude prices declined by 12.03 percent and closed at Rs.2983/bbl as rupee appreciation dragged prices further in Indian markets.

Daily Base Metals Market News

Base Metals
Base metals on the LME traded negative in the last week last week due to dollar strength, plunging oil prices and concerns on demand from top consumer China as the country moves to raise output.

Copper
LME Copper prices plunged by 2.3 percent in the last week after uncertainty about demand from consuming giant China after the government unveiled a new export tax rebate for some copper products.

On the MCX, copper prices slumped by 4 percent due to rupee appreciation and closed at Rs.382.2/kg on Friday.

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Friday, 9 January 2015

Daily Gold and Silver Rates in Market

Gold fell for the second straight day on Thursday, in a choppy session weighed down by a stronger dollar and rising stock markets after being buoyed by expectations the Federal Reserve will be patient in raising interest rates.

We expect gold prices are likely to trade on negative note on the back of US interest rate outlook.

Silver was down 1 percent at $16.35 an ounce. The number of Americans filing new claims for unemployment benefits fell last week and job cuts declined sharply in December, suggesting the labor market is tightening.

We expect Silver prices are likely to trade negative note on the back of US interest rate outlook.

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Daily Energy Related Market News

Crude Oil
Global oil prices were little changed for a second straight day on Thursday after better-than-expected U.S. jobs data helped the market hold ground after a 10 percent loss earlier in the week. But support for oil was likely to be short-lived as market bears continue hunting for a bottom to the second-biggest price rout in crude's history, traders said.

Natural Gas
U.S. natural gas futures gained 2 percent on Thursday after the government reported a bigger-than-expected storage draw and on colder-than-normal forecasts for the next two weeks. The U.S. Energy Information Administration said utilities pulled 131 billion cubic feet of gas from storage last week.

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Today's Base Metals Market News

Base Metals
Aluminium rebounded from lows on Thursday as some investors bought back short positions to lock in profits, but more losses were expected for copper and zinc ahead of the new year holiday in top metals consumer China.

Also weighing on copper was more evidence of higher supplies as LME inventories rose to 179,225 tonnes, bringing the increase since last August to 27 percent.

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Wednesday, 7 January 2015

Daily Gold and Silver Rates in Market

Gold extended gains for another session wherein the commodity touched near the important $1225 per ounce mark though finished at $1219 per ounce, with gains near 1.3% for the day. Gold MCX Feb expiry contract too jumped with modest fall in Rupee against the USD adding local performance wherein Feb expiry climbed 1.3% to Rs 27400 per 10 Gms. 

Silver also added weigh with the commodity being a high beta one, advanced 2.6% to $16.63 per ounce for March expiry contract at the Comex. On the other side jumped 2.4% to Rs 37915 per Kg mark.

Silver Mar MCX: Sell at 36600-36620 TP 35700/34900 SL 37300

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Daily Energy Related Market News

Crude oil prices skid once again as markets took negativity out of expectations that oil supply from the US would also continue to rise as projected in its forthcoming weekly inventory and production report on Wednesday0.

Natural Gas Feb saw no major movement yesterday wherein the commodity during early Asian session on Tuesday traded with gains of near 2% and finally finished the day with near similar rise to $2.93 per MMBTU.

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Today's Base Metals Market News

NCDEX Feb Copper has been continued to trade in a narrow range with a negative bias. Our near-term bearish outlook remains unchanged and further fall is expecting towards 389 levels, on break of the same next target would be around 383 levels.

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Tuesday, 6 January 2015

Daily Gold and Silver Rates in Market

MCX Feb Gold; after took the support from the rising trend-line at 26730 levels, gold prices inched higher and ended in a positive tone. Currently prices are hovering near intraday resistance of 27080 levels; on a sustainable break above the same can extend the gains towards 27220 levels.

Silver was up 2.8 percent at $16.18 an ounce. We expect Silver prices are likely to trade on positive note on the back of buying from top consumer China picked up ahead of the Lunar New Year.

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Daily Energy Related Market News

The selloff in global oil markets showed little signs of slowing in the new year, with prices down as much as 6 percent on Monday, the lowest since spring 2009, as fears deepened a supply glut that has vexed the market for six months would continue.

U.S. natural gas futures reversed course and ended down 4 percent on Monday, depressed by a tumbling oil prices and forecasts for less cold over the next two weeks than previously thought. Weather models for the lower 48 U.S. states called for less cold but still well below normal temperatures, with 523 heating degree days (HDD) expected over the next two weeks.

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Today's Base Metals Market News

Copper futures were mixed on Tuesday, with London contracts rebounding but Shanghai metal under pressure because of a policy shift by Beijing that could lift Chinese output. Sentiment was different on the Shanghai Futures Exchange, where the most traded March copper contract slipped just over 1 percent to 44,760 yuan ($7,201) a tonne.

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Monday, 5 January 2015

Daily Gold and Silver Rates in Market

Gold
Spot gold prices traded lower last week on stronger dollar and falling oil prices which is reducing the inflation hedge appeal for the yellow metal. Investor holdings in exchange-traded funds backed by gold last week were the lowest since 2009 suggesting falling investment demand for the yellow metal.

On the MCX, gold prices declined by 1.27 percent and closed at Rs.26730/10 gms.

Silver
MCX Mar Silver futures continued to trade on downside and ended in a negative zone. It made a high of 37746 against the low of 35698 and finally ended at 36235 levels by forming a “bearish engulfing” candlestick pattern on weekly charts. This development suggests that prices are likely to trade down for coming week and the key support is pegged at 35145 levels, where as a resistance resides at 36670 levels. 

On the MCX, silver prices declined by 2.89 percent and closed at Rs.36235/kg.

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Daily Energy Related Market News

MCX Jan Natural Gas; after a long phase of decline some short covering was seen in the counter last week. A “bullish engulfing” candlestick pattern on Friday’s session suggest that the temporary bottom has formed at 182 levels and further rally can be seen towards 205 on upside. However, 189 will act as an immediate support on downside.

Oil markets have continued its weakness in the last week also following a run of losses from the past six months. Oil prices this year have collapsed to their lowest since the financial crisis. 

On the MCX, crude prices declined by 4.4 percent and closed at Rs.3391/bbl.

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Today's Base Metals Market News

MCX Jan Nickel has been declining in a channel from last one month and it is likely to continue until the breach of the channel levels. Further fall is expected towards 925 levels and on break of the same 903 will act as another target on downside. However, upside resistance resides at 960 levels and one can utilize any bounce to create fresh shorts. 

MCX Jan Lead has reversed the downtrend by forming a trend reversal candlestick pattern “bullish hammer” on weekly charts. Now the bias has shifted on upside and is likely to extend the gains towards 120.80 & 124.60 levels, which are 23.6 % and 36.2% Fibonacci levels of the whole fall that started from 140.70 to 114.60 levels. Hence, any dip can accumulate fresh longs at 117.60 levels. 

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Friday, 2 January 2015

Commodity Market Gold and Silver Daily Rates

Gold
On Wednesday, spot gold prices declined by 1.36 percent and closed at $1183.6/oz from weak oil prices and gains in the U.S. dollar. The year 2014 ended down a slight 2 percent after falling below $1,200 an ounce.

On the MCX, gold prices gained by 0.01 percent and closed at Rs.26699/10 gms.

Silver
Spot silver prices declined by 3.7 percent and closed at $15.7/oz. The fall was in tandem with falling gold prices. Strength in the dollar index coupled with weakness in the base metals pack exerted downside pressure on prices.

On the MCX, silver prices gained by 3.65 percent on Thursday and closed at Rs.36210/10 gms.

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Natural Gas and Crude Oil Market Updates

Crude Oil
Brent declined by 1 percent on Wednesday. Prices traded at 5-1/2-year low and ended with their second-biggest annual decline ever, down by half since June under pressure from a global glut of crude.

On the MCX, oil prices gained marginally by 0.9 percent and closed at Rs.3400/bbl.

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Base Metals Daily Commodity Market Update

Base Metals
Base metals on the LME traded on a negative note on Wednesday as year-end book squaring prompted investors to book profits. Besides, strength in the dollar index acted as a negative factor for prices.

Copper
Copper was set to end 2014 with a loss of nearly 15 percent, its worst annual decline in three years, on concerns that a supply surplus will hit the market next year just as Chinese economic growth shifts down another gear.

On the MCX, copper prices gained marginally by 0.1 percent and closed at Rs.399.6/kg on Wednesday.

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