Tuesday, 31 March 2015

Gold and Silver Market News for Today

Gold commodity April expiry declined by 1.25% to $1184.80 per ounce while in India, MCX Gold contract fell by 1.13% to 26270per 10 Gms.

Gold comex prices hit $1185 per ounce levels at the time of closing and expanded its losses which it made last Friday. Overall, as demand from institutional investors and also physical side too stay muted lately, we continue with our sell bias in the commodity and recommend selling on higher levels today. 

Silver may expiry contract at the international Exchange settled at $16.674 an ounce.

OUTLOOK: While we had a selling view in the commodity and the segment yesterday, we also suggested buying the Gold/Silver ratio wherein traders might have recorded small but steady movement. 

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Trading on Energy in Commodity Market

On the energy segment, crude oil prices after trading weak got most part of the day, trimmed losses as markets speculated whether the deal between Iran western partners could be reached or not.

Crude oil as seen at NYMEX for active may expiry closed modestly in the red around $48 per barrel level. Brent crude too finished marginally lower around the $56 per barrel mark.

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Base Metals Aluminum, Copper and Nickel Trading News

Aluminum started the week on a positive note, gaining around 0.87% and settled at $1797.5 MT, up from its previous close. On a fundamental note, the inventories continue to fall over and above the fall in the cancelled warrants along with the quickly dwindling backwardation of the metal at LME which currently stands at $5.5 MT, indicating some positivity for the metal.

Copper tried to shrug off part of the losses it underwent on Friday and closed on a positive note yesterday, gaining by around 0.45% and settled at $6082 MT from its previous close.

Nickel continued to be the worst performer among the base metals sector yesterday, declining by around 3% and settled at $12880 MT. The decline in the metal has been mainly witnessed due to the faltering demand for stainless steel and record high inventories

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Friday, 27 March 2015

Gold and Silver Market News for Today

Gold Comex commodity witnessed high volatility following geo-political tensions in Middle-east region though finally ended the day tad higher

Gold commodity April expiry added 0.65% to $1205 per ounce while in India, MCX Gold contract added over 1% to 26800 per 10 Gms.

Silver Comex May expiry contract similarly witnessed volatile movement wherein the commodity closed higher by 0.8% to $17.14 per ounce

Silver MCX May contract on the other side added 1.2% to Rs 38615 per Kg.

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Energy & Oil Prices for Today


Crude oil NYMEX May contract registered highly mercurial trade while ended the session higher by over 4.5% to $51.40 per barrel.

WTI MCX commodity for April expiry on the other side gained 5.15% to Rs 3250 per barrel.

Natural gas NYMEX May contract largely traded weaker as markets took note of higher than expected inventory additions, which also was the first injection in this season.

NYMEX NG expiry closed lower by 1.9% to $2.62 per MMBTU and is further trading lower today.

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News and Research on Base Metals

Base Metals
Base metals on the LME apart from Nickel and Zinc traded higher yesterday as a weaker dollar helped to boost base metals in the early trade as lead touched the highest in almost two months and zinc hit a one-month peak.

However, concerns over China’s growth along with strength in the DX following strong jobs data restricted sharp gains. 

On the MCX, base metals traded higher owing to Rupee depreciation.

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Thursday, 26 March 2015

Gold and Silver Market News for Today

Gold
Spot gold prices rose by 0.21 percent on Wednesday to close at $1195.3/oz. Prices hit 2 and half week highs, rising for sixth consecutive session as upbeat German sentiment data helped drive the euro higher against the dollar, and as expectations for an imminent U.S. interest rate rise receded.

On the MCX, gold prices rose by 0.5 percent and closed at Rs.26483/10 gms.

Silver
Spot silver was up by 0.3 percent on Wednesday at $16.9 an ounce after rising to a five-week high at $17.11. The gain in silver is in tandem with rise in gold prices. Weak dollar further acted as a positive factor.

On the MCX, silver prices rose by 0.44 percent and closed at Rs.38158/kg.

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Energy & Oil Prices for Today

Crude Oil
Oil prices rose by 3.6 percent on Wednesday to close at $49.2/bbl while Brent also rose by 2.5 percent to close at $56.5/bbl. weak dollar, fighting in Yemen and speculative buying boosted crude prices in spite of U.S. inventories building to record highs for an 11th week.

On the MCX, oil prices rose by 2.9 percent to close at Rs.3208/bbl.

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News and Research on Base Metals

Base metals on the LME apart from Copper traded lower yesterday as Orders for durable goods unexpectedly dropped in February, a sign the slowdown in global growth may be weighing on American manufacturers. However, a robust German business sentiment survey along with weakness in the DX restricted sharp fall in prices.

Copper
LME Copper prices gained 0.1 percent encouraged by a robust German business morale survey that added to expectations that an economic recovery in the euro zone is strengthening. Also, weakness in the DX supported gains.

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Wednesday, 25 March 2015

Gold and Silver Market News for Today

Gold April contract at MCX though advanced at a higher rate with gold closing at Rs 26350 per 10 gms mark, higher by 0.55% and we should see lower opening today.

Silver MCX May expiry contract too gained at a similar note to finish at Rs 37990 per Kg. Backed by parity lower opening for silver too is seen.

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Energy & Oil Prices for Today

Natural gas NYMEX April was expected to trade in a range as markets await fresh developments over weather. Though updates that North-East region in the US is expected to see cold-blast added to the commodity to close higher by 2% to $2.786 per MMBTU.

Crude oil at NYMEX for May expiry was all over the place wherein the commodity at one point of time hit a high near $48.50 per barrel, adding more than 2% from Monday’s closing however finally finished just 0.13% higher to $47.50. 

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News and Research on Base Metals

MCX Mar Nickel has reversed the uptrend by forming a “spinning top” candlestick pattern on daily charts. Today’s outlook remains weak and further correction can see towards 856 & 844 levels.

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Tuesday, 24 March 2015

Gold and Silver Market News for Today

Gold commodity posted strong gains last week while also managed to cut back all of its losses in 2015 as sliding US Dollar support investment in yellow metal. Note, Bullion in week ending 13th March fell heavily as markets moved into the FED monetary policy on expectations that policy outcome would be hawkish.

Gold April contract at Comex advanced 0.25% to $1187 per ounce whereas in India MCX Gold for same months settlement gained just 0.1% to Rs 26340 per 10 Gms.

Silver moved higher following the major updates over US Dollar and tracking the movement in big brother Gold, as stated above.

Silver Comex May expiry was flat to $16.89 per ounce whereas MCX Silver too was almost unchanged at Rs 37780 per Kg.

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Energy & Oil Prices for Today

Crude oil prices after trading on a weaker note for most part of the day saw decent gains in latter half with WTI commodity for May contract closed higher by around 1.9% to $47.45 per barrel.

NG active expiry 2% lower to $2.733 per MMBTU whereas at one point of time it was further down to $2.691 per MMBTU.

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News and Research on Base Metals

Base metals on the LME traded higher (except aluminum) on Monday on weak dollar as expectations that the United States will delay an interest rate rise has increased. 
LME copper and lead rose by around 1.8 and 3.4 percent respectively to close at $6150 and 1836.5/tonne.

MCX copper prices jumped by 1 percent and closed at Rs.386.2/kg on Monday.

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Monday, 23 March 2015

Gold and Silver Market News for Today

Gold commodity posted strong gains last week while also managed to cut back all of its losses in 2015 as sliding US Dollar support investment in yellow metal. Note, Bullion in week ending 13th March fell heavily as markets moved into the FED monetary policy on expectations that policy outcome would be hawkish.


Silver moved higher following the major updates over US Dollar and tracking the movement in big brother Gold, as stated above. While we have a bullish view in Gold commodity in the next week, at-least initially; the whitish metal may once again extend its outperformance during that phase.

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Energy & Oil Prices for Today

NYMEX May contract commodity fell around 4% till Friday afternoon, European session however roll-over volatility as NYMEX Apr expires on 20th Mar and speculation overrig count data late evening pulled the commodity higher. 

NG active expiry closed 2% higher by the end of the week to $2.78 per MMBTU whereas Indian markets at MCX was higher by 0.7% to Rs 175 per MMBTU.

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News and Research on Base Metals

MCX July Nickel has developed a “falling wedge” chart pattern on daily charts. The final leg of the pattern wave e has completed at 848 levels. Now the focus has shifted on upside to test the immediate target/resistance at 907 levels, on a sustainable close above the same will confirm the short-term up trend to 924 and 948 levels. However, downside support lies at 870 levels.

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Thursday, 19 March 2015

Gold and Silver Market News for Today

Gold
Spot gold prices rose by 1.58 percent on Wednesday to close at $1166.8/oz, its biggest rally since January after the Federal Reserve signaled a more cautious outlook for U.S. economic growth, and the dollar tumbled.

On the MCX, gold prices rose by 0.08 percent and closed at Rs.25637/10 gms.

Silver
Spot silver prices rose by 2.5 percent on Wednesday to close at $15.9/oz. The rise is in tandem with gains in gold prices after the Federal Reserve signaled a more cautious outlook for US economic growth.

On the MCX, silver prices declined by 0.12 percent to close at Rs.35312/kg.

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Crude Oil and Energy News for Today

Crude Oil
On Wednesday, crude oil prices rose on both sides of the Atlantic with WTI and Brent both gaining by 2.8 and 4.5 percent respectively. s the dollar fell after the Federal Reserve indicated it preferred a more gradual path to normalizing U.S. interest rates despite being open to the first rate hike in almost a decade.

On the MCX, oil prices declined by 2.1 percent to close at Rs.2824/bbl.

Natural gas
Natural gas prices rose by 1.97 percent to close at $2.90/MMbtu on Wednesday to the highest since late February, rising with crude oil, despite forecasts for steady, near-normal temperatures over the next two weeks. The EIA natural gas inventory report due tonight is expected to show a drawdown of 48Bcf from storage. On the 

MCX, gas prices rose by 2.46 percent to close at Rs.182.90/MMbtu.

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Base Metal News and Updates

Base Metals
Base metals on the LME traded lower on Wednesday weighed down by economic weakness in top consumer China and expectations the Federal Reserve will prepare the ground for an increase in US interest rates.

Copper
On Wednesday, LME Copper prices declined by 1.5 percent to close at $5713/tonne as Chinese demand has failed to pick up following the country’s Lunar New Year, which took place in February. Since that time, the Chinese housing market has fallen at the fastest rate on record.

MCX copper prices plunged by 2.9 percent and closed at Rs.358.3/kg on Wednesday.

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Wednesday, 18 March 2015

Gold and Silver Market News for Today

Gold
On Tuesday, spot gold prices declined by 0.46 percent to close at $1148.8/oz as investor jitters ahead of a Federal Reserve policy meeting that may offer further clues to support expectations of a mid-2015 rise in U.S. interest rates.

On the MCX, gold prices declined by 0.64 percent to close at Rs.25617/10 gms.


Silver
Spot silver prices declined by 0.6 percent on Tuesday to close at $15.5/oz. The fall is in tandem with declining gold prices. Weakness in Nickel prices stronger dollar exerted downside pressure on prices.

On the MCX, silver prices declined by 0.58 percent to close at Rs.35356/kg.

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Crude Oil and Energy News for Today

Crude Oil
WTI crude oil prices declined by 1 percent on Wednesday to close at $43.5/bbl. Oil prices came under renewed pressure in Tuesday's postsettlement trade, after a 3 day losing streak, as an industry group reported a huge build in U.S. crude inventories ahead of official data from EIA.

On the MCX, oil prices declined by 1.1 percent to close at Rs.2885/bbl.

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Base Metal News and Updates

Zinc continues to outperform Lead as Zinc rose by around 0.52% and settled at $2015.5 MT from its previous close whereas Lead continued to be the worst performer yesterday and declined by around 1.51%, closing at $1723 MT form its previous day’s close.

Nickel continues to be one of the worst performing metal amongst the base metals sector as the metal declined and closed at $13725 MT, down by around 1.44% from its previous close.

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Tuesday, 17 March 2015

Gold and Silver Market News for Today

Gold commodity recorded huge slump in the past week with the commodity losing near 1% to $1155 per ounce, marking is back to back losing streak as US dollar rose against major currencies. The USDX scended to a 12 year high topping the psychological 100 level.

Silver traded in a near similar fashion in line with Gold wherein the commodity ended the day marginally in red. Silver Comex May expiry contract shut 0.15% lower to
$15.61 per ounce.

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Crude Oil and Energy News for Today

Crude oil at WTI and Brent extended losses with both the benchmarks for April and May expiry fell 2.15% and 2% respectively to $43.85 and $53.95 per barrel respectively.

Natural gas NYMEX contract for active April expiry extended its bearish bias on Monday though trading momentum was missing as markets awaited fresh developments over weather which could lead to demand expectations for the commodity in near-term.

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Base Metal News and Updates

Aluminum was the best performer amongst the base metals sector yesterday as the metal declined by a mere 0.08% from its previous close.

Copper too declined as the entire LME index plunged into the shades of red, closing around $5847.5 MT, down by around 0.19% from its previous close.

Nickel was one of the worst performing metal amongst the base metals sector as the metal declined and closed at $13925 MT, down by around 1.52% from its previous close.

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Monday, 16 March 2015

Gold and Silver Market News for Today

Gold April contract at Comex stepped lower by 1% to $1155 per ounce and extended its slump in the first two weeks of March after closing in the red in February month. 

Silver, the whitish precious metal also acted on the downside, along with Gold commodity during the past week with the metal falling by around 1.5% to $15.50 per ounce.

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Crude Oil and Energy News for Today

Crude oil recorded huge slide in the latter half of last week as inventory numbers supported negative sentiment while huge surge in the US dollar index in the week also hurt trading sentiment.

Natural gas futures for active April expiry at NYMEX moved lower on Friday and for the week as investors continued to call for continuously rising supplies wherein winter season officially moving towards its end in March weighed demand.

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Base Metal News and Updates

Aluminum recovered from its lows of around 1.74% during the week and closed on a negative note at $1772 MT, down by around 0.54% only on a weekly basis.

Copper was surprisingly the best performer amongst the base metals for the week, climbing the ladder by around 1.98% on a weekly basis and closed at $5858.5 MT.

Nickel revived from its lows on Friday and closed at a positive note around $14135 MT, up by 1.65% from its previous day’s close.

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Friday, 13 March 2015

Gold and Silver Rates For Today

MCX Apr Gold was traded higher in the first session and tested trend-line resistance at 26860 levels. However, on failure to extend the gains and a sharp decline from the same has kept the prices again in a negative zone. Now the outlook remains weak and further fall is likely in-line towards 25510 levels, where as a resistance resides at 25745 levels. 

Silver was up 0.5 percent at $15.54 an ounce. We expect Silver prices are likely to trade negative on the back of US interest rate outlook.

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Daily Energy News In Commodity Market

Global oil prices fell on Thursday on estimates showing another big supply build at the delivery point for the U.S. crude contract, with trade volatile ahead of the expiry of the front-month in benchmark Brent oil.

We expect crude oil prices likely to remain volatile on concerns that falling U.S. oil rig counts may rein in a market glut.

Natural gas futures fell over 3 percent on Thursday on forecasts for continued above-normal temperatures over the next two weeks despite a slightly bigger-than expected storage draw.

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Base Metal Trading Report for Today

Copper prices hit their highest in more than a week on Thursday after upbeat lending data from China calmed fears about metals demand and triggered short-covering while a dip in the dollar also offered support.

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Thursday, 12 March 2015

Gold and Silver Rates For Today

MCX May Silver has continued to maintain it’s down bias on straight fifth session and ended down by 1.80% on daily charts. Bearish view remains unchanged and further fall can be possible towards the swing low of 34510, slips below the same next level at 33960 levels. Hence, upside resistance remains at 35275 levels. 

MCX GOLD April contract was trading at Rs 25646 down Rs 39, or 0.15 percent. The GOLD rate touched an intraday high of Rs 25673 and an intraday low of Rs 25626. So far 1258 contracts have been traded. GOLD prices have moved down Rs 3594, or 12.29 percent in the April series so far.

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Daily Energy News In Commodity Market

Natural Gas; sharp rebound from the rising trend-line support has kept the prices in a positive territory. Today’s outlook remains positive, on a convincing close above 181 will strengthen further towards 185 levels. However, downside support lies at 176.20 levels. 

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Base Metal Trading Report for Today

Aluminum continued to trail along the bearish side and declined by around 1% and settled at $1745 MT, similar to the entire LME index which slumped as the Dollar index further strengthened and is currently trading around 99.7 marks maintaining a downward pressure on metals. On the fundamental note, the cancelled warrants declined by around 8475 MT indicating the lack of immediate demand for the metal.

Copper continued to plunge further and declined by around 0.61% and settled at $5730 MT from its previous day’s close. On the fundamental note, the inventories continued to rise along with the decline in the cancelled warrants whereas the backwardation at LME further deepened to $24.5 MT, giving mixed cues for the metal.

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Wednesday, 11 March 2015

Gold and Silver Rates For Today

Gold fell to a three-month low on Tuesday, pressured by the dollar's rise to its highest in nearly 12 years and renewed expectations of a midyear interest rate increase in the United States. 

Friday's strong U.S. non-farm payrolls data boosted expectations that the Federal Reserve would begin increasing interest rates by the middle of the year.

Silver fell 1 percent to its lowest in two months at $15.57 an ounce, then gave back some losses to trade at $15.64.

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

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Daily Energy News In Commodity Market

A rallying dollar sent oil prices sharply lower on Tuesday, with Brent falling more than U.S. crude as players took profits on recent highs in Brent's premium, traders said.

U.S. natural gas futures gained 2 percent on Tuesday on forecasts calling for slightly cooler weather over the next two weeks and expectations for another big storage draw.

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Base Metal Trading Report for Today

Copper fell on Tuesday as the dollar hit multi-year highs against the euro and yen and as data showed increased factory sector deflation in top copper consumer China.

Nickel has reversed the uptrend from 61.8% Fibonacci level of 920 and ended in a negative zone down by 2.35% on d-o-d basis. This signifies that the temporary top has formed and intact down trend towards 875 & 863 levels. However, upside resistance remains at 898 levels.

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Tuesday, 10 March 2015

Gold and Silver Rates For Today

Gold prices broke down during the last session of the previous week. The selling pressure increased once prices broke below its support at 26300 levels. Immediate and crucial support for the counter is now at 25950 and we expect the counter to test this support as the session progresses. Sustenance below 25950 will see prices correct further towards 25800 levels. Intraday pullback rallies are likely to fizzle out as prices approach 26120—26150 zones. Any major pullback will be seen only if prices close above 26200 levels.

Silver have pulled back from its lows at 35838 levels. Sustenance above 36000 will see prices pullback a bit more towards 36210—36250 areas. Selling can be seen at higher levels which will again drag prices lower below 36000 levels. On a broader note, the outlook for silver will remain negative until prices stay below 36550 levels. Counter can head lower towards next support at 35700 levels.

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Daily Energy News In Commodity Market

Crude oil prices retraced sharply from its recent swing highs at 3279 levels and tested support around 3100 levels today. Prices have resistance at 3150-3165 areas and the counter needs to pullback above the same for it to re-test 3200 levels. Any major corrective move is likely to find support between 3080-3050 levels. Prices are consolidating in a range of 3050-3250 levels.

Natural gas prices have opened with a negative gap and are likely to slide lower towards next support at 171. An intraday bounce towards 175.50 is likely in the counter as the session progresses. A close below 171 will open up further downside in the counter and prices can head lower towards 167 levels. 180-181 areas have been established as the major resistance for the counter in case of a strong pullback from lower levels.

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Base Metal Trading Report for Today

Copper:
Copper prices have pulled back sharply after opening around its support levels at 364. Prices will face selling pressure around 369- 369.50 levels. Sustenance above 369 will see prices head into its multiple resistance areas between 371—372.50 levels. Weakness at higher levels can be sold by day traders. Any major correction will begin only once prices break below 363.

Zinc:
Zinc prices successfully tested its support at 125.50 as buying at lower levels helped the counter pullback again towards 127. Prices have retraced from its early session highs. Counter has support between 126.80—126.50 areas and we expect prices to bounce back towards 127.50 or even move higher towards 128 levels. Sustenance below 126.50 will be a bit negative for the counter as prices can drift lower towards 125.80.

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Monday, 9 March 2015

Gold and Silver Rates For Today

Gold
Spot gold prices traded lower for most of the last week on good economic data from the US. Data on Wednesday showed U.S. private employers added 212,000 jobs in February, while January's private payrolls were revised upwards to 250,000. 

On the MCX, gold prices declined by 0.82 percent last week and closed at Rs.26012/10 gms.


Silver
Last week, spot silver prices in the international markets traded lower and declined heavily at the end of the week. Strength in the dollar index on account of good economic data from the US exerted downside pressure.

Spot silver prices in the international markets rose by 4.46 percent and closed at $15.86/oz. On the MCX, silver prices declined by 1.16 percent and closed at Rs.35972/kg.

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Daily Energy News In Commodity Market

Crude Oil
Oil prices traded lower last week with NYMEX WTI losing marginally while Brent oil prices declined heavily on profit booking at higher levels although the major news and developments were positive for oil markets.

Oil prices in the international markets declined by 0.3 percent and closed at $49.61/bbl. On the MCX, crude prices rose by 3.43 percent and closed at Rs.3138/bbl.

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Base Metal Trading Report for Today

LME Copper prices plunged by 2.8 percent last week as China's Premier Li Keqiang saying that the world's second-largest economy would target growth this year of around 7 percent, signaling the lowest expansion for a quarter of a century.

MCX copper prices fell by 0.9 percent and closed at Rs.366/kg on Friday but Rupee depreciation restricted sharp fall.

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Thursday, 5 March 2015

Accurate Gold and Silver Daily Reports

Gold traded in a ranged manner with Comex Apr expiry contract closing at $1200 per ounce, lower by 0.4%.

Gold MCX April contract followed a ranged pattern however locally, depreciation in Rupee drove indirect positivity with Gold closing up by 0.45% to Rs 26720.

Silver too moved in a smaller range though losses were a bit more in international platform led by its high beta nature.

Silver May MCX on the other side added 0..15% to Rs 36523 per Kg.

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Energy News In Commodity Market

Crude trade ranged to positive manner for most part of the day while recorded good gains in later half. NYMEX April contract crude rose 2% to $51.50 per barrel mark whereas MCX crude for March contract gained 0.8% to Rs 3160 per barrel .Brent crude was marginally lower by 0.75% to $60.60.

Natural Gas NYMEX contract for April expiry advanced by around 2% yesterday to $2.77 per MMBTU

NG Mar expiry at MCX too gained by around 2.4% to Rs 173 per MMBTU while Rupee depreciation further supported the positive move locally.

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Commodity Market Base Metal Updates

Aluminum continues to swing between gains and losses and yesterday closed at a positive note at $ 1800 MT, up by 0.45% from its previous close. The metal rose as the economic data of ISM services from US yesterday was positive in turn supporting most of the metals.


Copper at LME also closed on a positive note yesterday gaining around 0.31% and settled at $5840 MT, from its previous close. The metal rose as the cancelled warrants jumped by 11600 MT and backwardation at LME also rose to $21.5 MT, however we expect this to be a flash gain and bearishness in the metal is likely to continue.

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Wednesday, 4 March 2015

Accurate Gold and Silver Daily Reports

Gold advanced at Comex while locally gains came on Saturday as government refrained from cutting down the import duty from current 10% levels. Unexpectedly the finance minister left the import tax on the metal unchanged against broad expectations of a cut in the range if 2-4%.

Gold MCX April contract too moved in a small range while closed 0.3% down to Rs 26430 per 10 gms.

Overall, we have a similar stance on silver commodity wherein likely that the major Jobs data from the US in the coming week would direct good volatility with bias extending on the lower side.

Silver May expiry contract at MCX too was down and lost 1.1% to Rs 36465 per Kg 

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Energy News In Commodity Market

Oil added weight on updates from OPEC region wherein Brent crude which slumped around 5% on Monday too expanded by 2.5% to $61 per barrel.

Natural Gas NYMEX Apr expiry contract traded in a range closing at $2.71 per MMBTU, adding 0.5%. NG for Mar expiry contact at MCX on the other side gained 0.8% to Rs 170 per MMBTU 

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Commodity Market Base Metal Updates

MCX Mar Zinc has given a breakout through the “descending triangle” chart pattern on daily charts, which signifies for continuation of bearish trend. Further outlook remains weak and is likely to extend the decline towards 124.50 & 123.20 levels, where as a resistance resides at 127.35 levels.

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Tuesday, 3 March 2015

Accurate Gold and Silver Daily Reports

Gold rose initially though closed lower by 0.4% to $1208 per ounce mark at Comex

Gold MCX commodity for active April contract too trade in a similar pattern though closed 0.15% higher after adjusting with movement in Rupee 

Silver performed in a similar fashion as seen in Gold where in the commodity opened with a good gap up tracking positive clues from last week’s weaker to mixed economic data from the US

Silver May expiry contract however shut shop down by 0.65%, losing all its early gains to $16.40 per ounce.

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Energy News In Commodity Market

Crude faced high volatility at the WTI platform though closed just 0.35% lower to $49.60 per barrel.

Brent ICE contract for April expiry on the other side plunged 4.85% to $59.55 per barrel on speculation that additional supplies might come from Iran in future.

Natural Gas commodity at NYMEX traded in a small range with the bias continued on negative side as Apr contract shut lower by 1.3% to $2.69 per MMBTU.

NG Mar expiry contact at MCX too was lower 1.3% to Rs 169 per MMBTU with broad movement continuing in a range.

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Commodity Market Base Metal Updates

Copper rose to its highest level in seven weeks on Monday after China unexpectedly cut interest rates before retreating on worries about slowing Chinese growth.

Gains on Monday were modest as analysts expressed concern that Chinese authorities may have taken action because the economy was in worse shape than expected.

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