Commodity Market Update News 15 May 2013

Gold prices fell by Rs 326 to Rs 26,929 per 10 gm in futures trade today as speculators trimmed their positions, tracking a weak global trend. However, token buying by retailers in the spot markets on The auspicious occasion of "Akshya Tritya" restricted the losses.At the Multi Commodity Exchange, gold for delivery in August fell by Rs 326, or 1.20 per cent, to Rs 26,929 per 10 gm in business turnover of 973 lots. 

Similarly, the yellow metal for delivery in the Junecontract lost Rs 296, or 1.10 per cent, to Rs 26,703 per 10 gm in 22,500 lots.racking a weak global trend, silver prices traded lower by 0.76 per cent to Rs 44,940 per kg in futures trade today as speculators offloaded their positions. At the Multi Commodity Exchange, silver for delivery in July fell by Rs 346, or 0.76 per cent, to Rs 44,940 per kg in business turnover of 17,291 lots. 

Similarly, the white metal for delivery in September contract declined by Rs 335, or 0.73 per cent, to Rs 45,608 per kg in 469 lots.

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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-NCDEX Commodity Updates and Trading Tips Today

MCX Copper Prices have support at 408 and resistance at 413. MCX Gold February contract may trade in range 27,850-27,400. Precious/Bullions metals (Gold and Silver) are trading flat on MCX commodity market today. We expect prices to remain range bound for the day. All base metals are trading higher on International bourses today. We expect prices to trade lower on account of worries over the euro zone's funding ability. Crude oil is trading flat on MCX today. We expect prices to trade lower for the day.

Pepper futures extended the steady trend for the third consecutive trading sessions. Jeera contracts ended up as overseas demand is expected to improve. Cardamom futures are likely to trade higher despite higher arrivals as there was good demand from both domestic and overseas buyers. Pepper futures prices opened higher and closed the day negatively at 32775. A trend line support is seen at 32670, break below the same may continue the weakness towards 32500/32100 followed by 31800 levels for the day.

FREE Tips on Mobile CLICK HERE NCDEX Tips

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mcx gold tips, mcx silver tips, copper updates, crude updates

Today Gold and Silver are trading at negative prices. Copper and Crude Oil are trading at positive price. MCX Gold is trading in the range of Rs. 27,600-27,800. and MCX Silver is trading in the range of Rs. 52,600-52,800 in today's trading session. Today MCX Copper is trading above Rs. 405 and Crude Oil is trading above Rs. 5350. MCX Crude may touch the levels of Rs. 5400.

Gold is expected to witness some selling pressure at current levels. Gold can test 27,500 while silver 52,000 in near term. All base metals may trade sideways with weak bias. Crude oil can test 5,400 in MCX.

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MCX Commodity Market News and NCDEX Agri Tips Today

MCX Silver continues to remain sideways, trading in the range of Rs. 53,000-54,500. In this broader range it`s forming a triangular pattern and the breakout levels of it are 53,200 and 52,888. The triangle is likely is break on the lower side.

MCX Crude oil is trading in an upward sloping parallel channel and till the upward trend is intact we maintain our bias up. The support on the lower side is at 5,040, whereas, the resistance is at 5,380 and 5,600.

MCX Gold is too forming a triangular pattern and its trading in a very narrow range of 27,700-27,800 levels. It is expected to break on the upside and the minimum target for the same is 27,955.

NCDEX Guar seeds
It has formed an ending diagonal pattern in its wave five up and it quite close to its breakdown level. The crucial support is at 6,940 level once broken will confirm the medium term top for it. The minimum target on the lower side is the beginning of the wedge pattern i.e. till 6,050 levels.

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