DAILY BUZZ MARKET NEWS TOMORROW

Gold prices took a dramatic U-turn on Monday, reversing early gains to drop to a two-year trough after bullion futures fell on fears about central bank sales and holdings on global.exchange-traded funds sank to their lowest in more than a year. 

A dip below the psychological $1,500 an ounce level initially sparked bargain hunting, but stoploss selling took over after oil futures slipped and as investors bet the US Federal Reserve would soon end its bullion-friendly bond buying programme.

Gold hit an intraday high at $1,495.16 an ounce, but then plunged to $1,427.14, its lowest since 

April 2011. It stood at $1,441.69 by 0335 GMT, down $36.66, and the metal has slipped around 14 per cent so far this year, after rising for the last 12 years. US futures for June delivery extended losses to fall more than 5 per cent as Tokyo gold futures tumbled around 8 per cent, marking Japanese futures biggest daily fall since September 2011.Other precious metals were also hit by heavy selling, with silver falling to its lowest since 

. 

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Market Update News 16 April 2013

Silver prices fell by 0.76 per cent to Rs 51,280 per kg in futures trade today as speculators off loaded their positions in tandem with a weak global trend.At the Multi Commodity Exchange, silver for delivery in May month fell by Rs 394, or 0.76 per cent to Rs 51,280 per kg in business turnover of 18,304 lots. Similarly, the white metal for delivery in July declined by Rs 397, or 0.75 per cent to Rs 52,285 per kg in 1,256 lots.

Gold futures in India, the world's biggest buyer of the metal, hovered around their lowest level in a week,though prices were on track for a 2-per cent fall this week.At 0808 GMT, the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was down Rs 21 at Rs 29,163 per 10 grams. 

It had touched a low of Rs 29,055 in the previous session, a level last seen on April 5.

A stronger rupee weighed on sentiment. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

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Daily Buzz Of Commodity Market 10/04/2013

Precious Metals
                                                        D A I L Y  B U Z Z
Gold eased at the domestic bullion market today on further selling from stockists and investors 
and subdued retail buying, mainly influenced by bearish global trend.

Silver ended stable amidst thin activity. Standard gold of 99.5 per cent purity fell by Rs 100 to 
finish at Rs 29,300 per 10 grams from Monday's closing level of Rs 29,400. 

Pure gold of 99.9 per cent purity also slid by a similar margin to conclude at Rs 29,450 per 10 
grams from Rs 29,550. 

Silver ready (.999 fineness) quoted steady at its previous level of Rs 52,500 per kilo.

Base Metals & Energy
                                                    D A I L Y  B U Z Z
Brent crude futures rose above $105 per barrel on Tuesday after data showed China's inflation 
in March was slower than expected, giving its central bank room to keep monetary policy easy 
and supportive of oil demand in the world's second-biggest consumer. 

Oil prices were also underpinned by worries over increasing tension in North Korea and a 
stalemate in talks between Iran and Western nations. 

Front-month Brent futures rose 55 cents to $105.21 per barrel by 0445 GMT, after moving in a 
$2-range and finishing 0.5 percent higher in a choppy session on Monday. 

U.S. crude futures rose 31 cents to $93.67 per barrel.

Agro Outlook
                                                  D A I L Y  B U Z Z
Chilli prices moved down by 2.49 per cent to Rs 6,200 per quintal in futures market today as speculators reduced their holdings due to weak demand in the spot market against adequate stocks position.

At the National Commodity and Derivatives Exchange, chilli for delivery in April moved down by Rs 158, or 2.49 per cent to Rs 6,200 per quintal with an open interest of 2,010 lots. 

Likewise, the spice for delivery in May traded lower by Rs 128, or 1.89 per cent to Rs 6,632 per quintal in 20,230 lots.

Jeera prices rose by Rs 40 to Rs 13,677.50 per quintal in futures market today as speculators enlarged their positions, driven by pick up in exports demand. . 

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Intraday Outlook

Bullion
 Gold futures were down today tracking rise in the rupee against the dollar and as COMEX futures shed early gains and fell. Earlier in the day the gold futures were trading marginally higher as weak US non-farm payrolls, data for which was posted Friday, boosted demand for the safe-haven metal. However, profit booking after the recent rise pulled down prices in the US session. 

Energy
 Domestic oil futures were trading slightly lower tracking the same in benchmark contracts on the New York Mercantile Exchange.  Oil prices had declined, as sentiment weakened following release of discouraging US job data. Gas prices remained well supported even as temperatures in key Midwest and Northeast regions climbed to above-normal levels, shaking off a stubborn latewinter cold spell that spiked demand.

Metals 
 Base metal futures on the MCX were trading higher tracking the rise in benchmark contracts on the London Metal Exchange, where  prices gained on lower level buying, but appreciation in the rupee against the dollar capped the rise in prices. LME base metals futures had declined earlier due to demand concerns from the US and China and rising inventory in  warehouses.

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Bullions, Base-Metals and Energy Updates

Bullion

      Gold rallied over 1.5 percent on Friday, its biggest one-day gain since November, as disappointing U.S. job data fuelled expectations the Federal Reserve will continue its bullion-friendly bond purchases The metal snapped three consecutive days of sharp losses after the Labor Department said U.S. employers in March hired at the slowest pace in nine months, adding just 88,000 non-farm jobs. Heavy gold short-covering and sharp losses in U.S. equities also lifted bullion prices.  

Base—Metals

      Copper fell on Friday to within sight of the eight-month lows it hit on Thursday, after far weaker than expected U.S. jobs data spooked investors about the state of the world's largest  economy. A two-day holiday in top copper consumer China has also dampened demand for the metal. Friday's data showed American employers hired at the slowest pace in nine months in March, a sign that Washington's austerity drive could be stealing momentum from the economy. 

Energy

      Crude tumbled after payroll data showed fewer jobs were added in March than expected in the U.S., the world’s largest oil user. Oil fell earlier in the week after the Energy Department reported that storage levels were at their highest levels since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season. 

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MCX Commodity Market Updates Today 05 April 2013

Precious metals prices are trading lower on COMEX today. In the evening session we have the Non Farm Payrolls and Unemployment rate data to be released by the US. Any further rise in employment numbers may limit the downside in bullion prices.

Industrial metals prices are trading a tad higher on international bourses today. Supply worries from major mines in Chile, may support the prices of copper. Buying at dips is recommended for the day.

Crude oil is trading marginally higher on NYMEX today. We expect prices to remain under pressure for the day on account of record high inventories and renewed concerns over the

debt crisis of Euro zone.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 04 April 2013

Precious metals prices are trading lower on international bourses today. We expect a further sell-off in the prices of precious metals as an early indication of alterations in the asset-purchase program by the Fed may pressurize prices. Selling on rise is recommended for the day.

Industrial metals prices are trading lower on international bourses today. We expect a further drop in the prices of metals on account of weak manufacturing growth in major economies of the globe. Selling on rise is recommended for the day.

Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventories at key ports. Selling on rise is recommended for the day.

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MCX Gold, Silver, Copper, Crude Oil Updates Today 02 April 2013

Bullion: Gold futures were trading higher on local bourses tracking the rise in COMEX contracts, which rose due to weakness in the dollar against the euro and safe-haven buying. The Indian forex market was closed as banks were shut due to annual closure of accounts. Trading was thin as UK, Australia and Hong Kong markets are closed for Easter holiday. 

Metals: Base metal futures on MCX were trading lower due to concerns over demand from China, as the country reported a lower-than-expected rise in manufacturing Purchasing Managers' Index. The data showed that China's March PMI rose to 50.9 from 50.1 in February, while market had expected it around 52. Absence of cues from the London Metal Exchange today also kept sentiment weak in domestic market. 

Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange, where benchmark contract declined on profit booking in the electronic session. NYMEX oil futures eased today after rising in the previous week on upbeat US durable goods data. Crude oil futures declined also because of ongoing concerns regarding the Eurozone economy and sharp rise in the US crude oil stocks. 

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MCX Market Data ~ Commodity Updates Today 01 April 2013

Precious metals prices are trading little changed on COMEX today. We expect a further profit-taking in the prices of bullions on account of a stronger US dollar overseas. 

Industrial metals prices are trading lower on international bourses today. We expect a further decline in the prices of metals on account of a property rate tightening measures by China. Selling on rise is recommended for the day.

Crude oil prices are trading marginally lower today. We expect prices to remain under pressure for the day as Exxon Mobile Corp has shut a pipeline which carries 95,000 bpd to US Gulf Coast which would further increase the inventory build-up in the US, already standing at elevated levels.

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