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Showing posts with label Free Mcx Tips. Show all posts

Friday, October 31, 2014

DAILY MCX REPORT FROM RESEARCH VIA 31/OCT/2014

GOLD

Gold futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market after the US Fed ended monthly bond purchases while investment demand tumbled after holdings in the largest exchange traded product (ETP) fell to the lowest level in six years.

Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, shrank to the lowest level since October 2008 to 742.40 metric tons on Wednesday.


Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,765 per 10 grams, down by 1.16 per cent, after opening at Rs. 26,990, against the previous closing price of Rs 27,079. It touched an intra-day low of Rs 26,761. (At 11:34 AM).


COPPER
 

Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal tracking a weaker trend in the overseas market as the Fed’s decision to end QE boosted the dollar, curbing the demand for the base metal as an alternative asset.

Stronger greenback makes copper expensive for those holding other currencies, thus dimming demand.


Investors will be keeping an eye on planned mine strikes in Indonesia and Peru which may signal tighter copper supplies.


At the MCX, copper futures for November 2014 contract is trading at Rs. 417.85 per 1 kg, down by 0.89 per cent, after opening at Rs. 420.70, against the previous closing price of Rs. 421.60. It touched an intra-day low of Rs. 417.75. (At 11:38 AM).


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Wednesday, October 29, 2014

RESEARCH VIA DAILY FOREX MARKET UPDATE 29/OCT/2014


MARKET HEADLINES
  • Rupee extends losses vs dollar, down 8 paise
    The rupee extended losses for the second consecutive day against the American currency, slipping by another eight paise to 61.38 on month-end dollar demand from importers. The rupee resumed lower at 61.33 per dollar as against the last closing level of 61.30 at the Interbank Foreign Exchange market and hovered in a range of 61.31 and 61.41 per dollar before quoting at 61.38 at 1000 hours. Month-end dollar demand from oil companies mainly affected the rupee value against the US currency, a forex dealer said. In the global market, Oil moved lower after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to USD 80.54 while Brent crude for December eased 59 cents to USD 85.24 in mid-morning trade. In New York market, the dollar slipped against the Japanese yen yesterday, ahead of crucial policy meetings of the Federal Open Market Committee and the Bank of Japan. Meanwhile, the Indian benchmark Sensex recovered by 97.88 points of 0.37 per cent to 26,850.78 at 1000hrs.
  • Dollar struggles as soft data push yields lower, Fed awaited
The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665. The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower. Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. The soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus. The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. 
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Thursday, October 16, 2014

DAILY MCX REPORT FROM RESEARCH VIA 16/OCT/2014


DAILY BUZZ
GOLD
Tracking a firming global trend, gold prices rose 0.55 per cent to Rs 27,119 per ten gram in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, gold for delivery in December contracts moved up by Rs 147, or 0.55 per cent to Rs 27,119 per ten gram in business turnover of 1,800 lots.
On similar lines, gold for delivery in February traded higher by Rs 149, or 0.55 per cent to Rs 27,260 per ten gram in 24 lots.
Analysts attributed the rise in gold futures to a firming global trend where the metal traded at nearly four-week highs. as speculation that the US Federal Reserve may delay raising borrowing costs on slowing global growth hurt the dollar and boosted demand for a safe-haven.
Meanwhile, gold traded higher at $1,236.12 an ounce from $1,235.87 yesterday in Singapore.
COPPER
Copper prices moved up by 0.13 per cent to Rs 420.45 per kg in futures trade today as speculators enlarged positions after base metals rose in overseas markets amid pick-up in spot demand.
At the Multi Commodity Exchange, copper for delivery in February next year traded higher by 55 paise, or 0.13 per cent to Rs 420.45 per kg in business turnover of 10 lots.
In a similar fashion, the metal for delivery in November edged up by 50 paise, or 0.12 per cent to Rs 413.80 per kg in 2,306 lots.
Meanwhile, copper for delivery in three months gained 0.2 per cent to USD 6,723.25 a metric tonne at the London Metal Exchange
ZINC
Zinc prices rose by 0.74 per cent on Tuesday at the domestic markets after better than expected China export data eased concerns over an economic slowdown in the world’s biggest metals consumer, lifting the demand outlook for zinc. China’s exports climbed 15.3 per cent, year on year in September 2014, surpassing estimates of a 12 per cent rise. Zinc futures for October 2014 contract, at MCX, were trading at Rs 143.15 per kg, up by 0.74 per cent after opening at Rs. 142.55 against the previous closing price of Rs. 142.10. It touched the intra-day high of Rs. 143.30 till the trading. (At 4.15 PM).
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Monday, October 13, 2014

GOLD SILVER DAILY UPDATES FOR 13/OCT/2014


GOLD

Gold prices rose 0.72 per cent to Rs 27,080 per 10 grams in futures trade today as speculators created fresh positions after the precious metal climbed to almost two-week high in global markets.

At the Multi Commodity Exchange, gold for delivery in February next year was up by Rs 194, or 0.72 per cent, to Rs 27,080 per 10 grams in a business turnover of six lots.

The metal for delivery in December moved up by Rs 187, or 0.70 per cent, to Rs 26,924 per 10 grams in a turnover of 836 lots.

Gold rose by 0.40 per cent to USD 1,225.60 an ounce in Singapore, the highest since September 26.
SILVER
Silver prices fell by 0.55 per cent to Rs 38,402 per kg in futures trade today amidst profit-booking by speculators and a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in December traded lower by Rs 213, or 0.55 per cent, to Rs 38,402 per kg in a business turnover of 897 lots.

Similarly, the white metal for delivery in March declined by Rs 212, or 0.54 per cent, to Rs 39,080 per kg in a business volume of six lots.

In the international market, silver lost 0.50 per cent at USD 17.28 an ounce in Singapore.
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Friday, October 10, 2014

DAILY GOLD SILVER UPDATES FROM RESEARCH VIA 10/OCT/2014


GOLD
Gold prices rose 0.72 per cent to Rs 27,080 per 10 grams in futures trade today as speculators created fresh positions after the precious metal climbed to almost two-week high in global markets.
At the Multi Commodity Exchange, gold for delivery in February next year was up by Rs 194, or 0.72 per cent, to Rs 27,080 per 10 grams in a business turnover of six lots.
The metal for delivery in December moved up by Rs 187, or 0.70 per cent, to Rs 26,924 per 10 grams in a turnover of 836 lots.
Gold rose by 0.40 per cent to USD 1,225.60 an ounce in Singapore, the highest since September 26. 
SILVER
Silver prices rose sharply by 1.28 per cent to Rs 39,365 per kg in futures trading today as speculators created fresh positions amid a firming trend in the precious metal overseas.
At the Multi Commodity Exchange, silver for delivery in March 2015 was up by Rs 497, or 1.28 per cent, at Rs 39,365 per kg in a business turnover of 18 lots.
Likewise, the white metal for delivery in December traded higher by Rs 383, or 1.18 per cent, to Rs 38,670 per kg in 1,476 lots. 
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Saturday, October 4, 2014

DAILY COMMODITY MARKET UPDATE AND REPORT 6/OCT/2014

Precious Metals

GOLD/SILVER
Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital today on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
Silver, however, met with resistance and dropped by Rs 1,050 to Rs 38,650 per kg on reduced offtake by industrial units and coin makers.
Marketmen said steady inflow of buying by jewellers and retailers, triggered by ongoing festive season and a weakening rupee against the dollar that made imports costlier, mainly influenced gold prices.
In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 130 each to Rs 27,470 and Rs 27,270 per ten grams, respectively. It had gained Rs 110 in previous two days.
Globally, gold fell 0.24 per cent to USD 1205.80 an ounce in London.
Sovereign, however, held steady at Rs 24,200 per piece of eight grams in limited deals.
On the other hand, silver ready plunged by Rs 1,050 to Rs 38,650 per kg and weekly-based delivery by Rs 1,025 to Rs 38,170 per kg. It had gained Rs 165 in last two sessions.

Base Metals & Energy 

COPPER
Copper prices fell by 0.08 per cent on Wednesday at the domestic markets as soft inflation data in Europe reduced the demand for the metal. Eurostat, the statistics arm of the European Union, reported that the euro area's annual inflation rate fell to a five-year low of 0.3 per cent in September from 0.4 per cent in August. Core inflation, which strips out food, energy, alcohol and tobacco costs, came in at 0.7 per cent, down from 0.9 per cent in August. At the MCX, copper futures for November 2014 contract were trading at Rs.415.65 per 1 kg, down by 0.08 per cent, after opening at Rs. 415.10 against the previous closing price of Rs. 416. It touched the intra-day low of Rs. 413.70 till the trading.
ZINC
Zinc prices fell by 1.17 per cent on Wednesday at the domestic markets as a disappointing consumer confidence report reduced the demand outlook for the metal. The Conference Board reported earlier that its consumer confidence index fell to 86.0 this month from 93.4 in August, whose figure was revised up from a previously reported 92.4. Zinc futures for September 2014 contract, at MCX, were trading at Rs 139.40 per kg, down by 1.17 per cent after opening at Rs. 140.80 against the previous closing price of Rs. 141.05. It touched the intra-day low of Rs. 138.80 till the trading.

Agro Outlook 

CASTORSEED
Castorseed prices fell by 0.65 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. At the NCDEX, castor seed futures for October 2014 contract was trading at Rs. 4,560 per quintal tonnes, down by 0.65 per cent, after opening at Rs. 4,580 against the previous closing price of Rs. 4,590. It touched the intra-day low of Rs. 4,552 till the trading.
CARDAMOM
Cardamom prices fell by 0.95 per cent on Wednesday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for October 2014 contract were trading at Rs. 832 per kg, down by 0.95 per cent, after opening at Rs. 832 against the previous closing price of Rs. 832.20. It touched the intra-day low of Rs. 821.10 till the trading.

Thursday, September 25, 2014

Daily Commodity Market Report From Research Via 25/sep/2014


GOLD
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as escalating tensions in the Middle East amid US led airstrikes in Syria against Islamic State militants boosted safe haven inflows into the yellow metal. However, the gains in the bullion were curbed by speculation of a rise in US borrowing costs after a top US Fed official saw the case for a rate hike in early 2015, dimming the appeal of the precious metal as a store of value. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,699 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,672, against the previous closing price of Rs 26,669. It touched an intra-day high of Rs 26,712. (At 11:21 AM).
NICKEL
Amid a weak trend in global market and subdued demand at domestic spot markets, nickel prices fell 0.26 per cent to Rs 1,052.60 per kg in futures trade today as speculators trimmed positions.
At the Multi Commodity Exchange, nickel for delivery in October traded Rs 2.70, or 0.26 per cent, to Rs 1,052.60 per kg in a business turnover of 13 lots.
On the similar lines, the metal for delivery in November shed Rs 1.40, or 0.13 per cent, to Rs 1,058.80 per kg in one lot.
LEAD
Lead prices fell by 0.16 per cent on Wednesday at the domestic markets due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 125 metric tonnes to 225375 metric tonnes as on September 24, 2014. At the MCX, Lead futures, for the September 2014 contract, is trading at Rs 125.60 per kg, down by 0.16 per cent, after opening at Rs 125.70, against a previous close of Rs 125.80. It touched an intra-day low of Rs 125.40 till the trading.
AGRO OUTLOOK
The National Commodity & Derivatives Exchange on Wednesday announced the launch of forwards contracts on its national-level electronic platform.
The facility, named Agrim Sauda, will be available from Thursday, initially for sugar and maize. It will be extended to other commodities later.
The forward contracts will offer the benefits of transparent trade practices and national market reach through registered farmer producer organisations.
The introduction of Agrim Sauda is expected to help integrate the commodity ecosystem leading to a more developed and efficient agriculture market.
In addition to farmers, Agrim Sauda will help almost every participant in the segment, including processors, exporters, traders and government procurement agencies.
This may also make price predictability less onerous and is likely to contribute in the development of storage infrastructure for traded commodities in and around major producing and trading areas. With this initiative, a buyer or a seller from one part of the country has the benefit of being able to buy or sell any commodity in any part of the country. 

Thursday, September 18, 2014

RESEARCH VIA DAILY COMMODITY REPORT 18/SEP/2014


GOLD
After two days of gains, gold prices fell by Rs 60 to close at Rs 27,400 per 10 gram in the national capital today due to slackened demand from jewellers and retailers amid absence of cues from global markets.
Silver also lacked necessary follow-up support from industrial units and coin makers and shed Rs 110 to Rs 41,490 per kg.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 60 each to Rs 27,400 and Rs 27,200 per 10 gram, respectively.
It had gained Rs 90 in the previous two sessions. Sovereign, however, remained unaltered at Rs 24,400 per piece of eight gram in limited deals.
Globally, gold traded a shade higher at USD 1,235.40 an ounce in Singapore.
On similar lines, silver ready declined by Rs 110 to Rs 41,490 per kg and weekly-based delivery by Rs 190 to Rs 41,350 per kg. The white metal had gained Rs 350 in last two days. 
LEAD
Lead prices fell 0.35 per cent to Rs 129.50 per kg in futures trade today as speculators booked profits even as metal strengthened overseas.
At the Multi Commodity Exchange, lead for delivery in September traded lower by 45 paise, or 0.35 per cent, to Rs 129.50 per kg, with a turnover of 116 lots.
Futures for delivery in October shed 25 paise, or 0.19 per cent, to Rs 130.35 per kg in a business turnover of one lot.
ZINC
Zinc futures softened by 0.36 per cent to Rs 139.45 per kg in futures trading today as speculators preferred to book profits at prevailing levels even as the metal strengthened at London Metal Exchange (LME).
At the Multi Commodity Exchange, zinc for delivery in current month weakened by 50 paise, or 0.36 per cent, to Rs 139.45 per kg in a business turnover of 318 lots.
In a similar way, the metal for delivery in October traded lower by 35 paise, or 0.25 per cent, to Rs 140.15 per kg in 34 lots.

Tuesday, September 9, 2014

DAILY MCX GOLD UPDATE FOR 9/SEP/2014


DAILY BUZZ
GOLD
Gold prices were up by 0.27 per cent to Rs 27,614 per 10 gram in futures trade as speculators enlarged positions amid a firming global trend.
At the Multi Commodity Exchange, Gold for delivery in December moved up by Rs 73, or 0.27 per cent, to Rs 27,614 per 10 gram in a business turnover of 43 lots.
In a similar fashion, the metal for delivery in October gained Rs 59, or 0.22 per cent, to Rs 27,437 per 10 gram in 1,036 lots.
Analysts said the rise in gold prices at futures trade was mostly attributed to a firming trend overseas as speculators enlarged positions.
Meanwhile, gold rose 0.2 per cent to USD 1,270.78 an ounce in Singapore. 
 
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Thursday, September 4, 2014

RESEARCH VIA DAILY BASE METAL REPORT 04/SEP/2014


DAILY BUZZ

NICKEL
Nickel prices moved up by Rs 4.40 to Rs 1,130.70 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in select base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in current month gained Rs 4.40, or 0.39 per cent, to Rs 1,130.70 per kg in a business turnover of 407 lots.
In a similar fashion, the metal for delivery in October rose by Rs 3.70, or 0.33 per cent, to Rs 1,136.70 per kg in 5 lots.
LEAD
Lead prices shed 0.11 per cent to Rs 136.15 per kg in futures trading today as speculators trimmed positions amidst a weak trend in the spot markets due to subdued demand from battery-makers.
At the Multi Commodity exchange, lead for delivery in October eased by 15 paise, or 0.11 per cent, to Rs 136.15 per kg in a business turnover of one lot. The metal for delivery in September fell 10 paise, or 0.07 per cent, to Rs 135.45 per kg in a business volume of 177 lots. 

Monday, September 1, 2014

RESEARCH VIA DAILY MCX REPORT 01/SEP/2014

DAILY BUZZ
GOLD
Gold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765 .
COPPER
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after consumer confidence in Germany fell for the first time in one and a half years in August 2014, signaling a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. The gauge measuring consumer confidence in Germany fell to 8.9 this month from 8.6 in July, the biggest drop since May 2011, GfK said. All eyes are on the European Central Bank (ECB) which will announce its policy decision next week amid speculation of fresh easing measures to boost the sagging 18-member economy. At the MCX, Copper futures for August 2014 contract closed at Rs. 422.85 per 1 kg, down by 0.73 per cent, after opening at Rs. 425, against the previous closing price of Rs. 425.95. It touched an intra-day low of Rs 421.75
CRUDE OIL
Crude oil futures were trading higher in the domestic market on Thursday as a dip in oil and gasoline stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. While crude stockpiles fell 2 million barrels last week, gasoline supplies declined 960,000 barrels to 212.3 million barrels, the EIA said. All eyes are on the Q2 US GDP data to be released today which is expected to confirm an annualized growth of 4 per cent after a surprise contraction in the previous quarter when bad weather played spoilsport. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,685 per barrel, up by 0.18 per cent, after opening at Rs 5,686, against a previous close of Rs 5,675. It touched an intra-day high of Rs 5,693. (At 11:01 AM).
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Friday, August 29, 2014

DAILY COMMODITY REPORT FROM RESEARCH VIA 29/AUG/2014

Precious Metals
 
DAILY BUZZ
GOLD
Gold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765

Base Metals & Energy 

DAILY BUZZ
COPPER
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after consumer confidence in Germany fell for the first time in one and a half years in August 2014, signaling a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. The gauge measuring consumer confidence in Germany fell to 8.9 this month from 8.6 in July, the biggest drop since May 2011, GfK said. All eyes are on the European Central Bank (ECB) which will announce its policy decision next week amid speculation of fresh easing measures to boost the sagging 18-member economy. At the MCX, Copper futures for August 2014 contract closed at Rs. 422.85 per 1 kg, down by 0.73 per cent, after opening at Rs. 425, against the previous closing price of Rs. 425.95. It touched an intra-day low of Rs 421.75
CRUDE OIL
Crude oil futures were trading higher in the domestic market on Thursday as a dip in oil and gasoline stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. While crude stockpiles fell 2 million barrels last week, gasoline supplies declined 960,000 barrels to 212.3 million barrels, the EIA said. All eyes are on the Q2 US GDP data to be released today which is expected to confirm an annualized growth of 4 per cent after a surprise contraction in the previous quarter when bad weather played spoilsport. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,685 per barrel, up by 0.18 per cent, after opening at Rs 5,686, against a previous close of Rs 5,675. It touched an intra-day high of Rs 5,693. (At 11:01 AM)
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Tuesday, August 26, 2014

TODAY'S COMMODITY MCX REPORT FROM RESEARCH VIA

Precious Metals

DAILY BUZZ
GOLD
Gold futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid speculation that a faster than anticipated recovery in the US labour market may prompt the US Federal Reserve to raise interest rates sooner than currently expected, dimming the appeal of the bullion as a store of value. US Fed Chairman Janet Yellen said that the Fed could hike borrowing costs sooner than earlier expected if labour market progress continued at a rapid than anticipated rate. A stronger dollar also dimmed the appeal of the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,770 per 10 grams, down by 0.15 per cent, after opening at Rs. 27,774, against the previous closing price of Rs 27,813. It touched an intra-day low of Rs 27,773.
Base Metals & Energy 
DAILY BUZZ
CRUDE OIL
Crude oil futures rose in the domestic market on Monday as the depreciation in the Indian rupee against the US dollar more than offset the losses in the energy commodity in the overseas market. A weaker rupee against the greenback exerts upward pressure on domestic crude oil prices. Crude futures fell in the overseas market amid speculation that the conflict in the Middle East won’t disrupt supplies as Libya’s oil output rose even as Islamic militants seized Tripoli’s international airport while supply from Iraq, the OPEC’s second biggest oil producer remained intact despite the country’s inability to form a new government. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,686 per barrel, up by 0.12 per cent, after opening at Rs 5,690, against a previous close of Rs 5,679. It touched an intra-day high of Rs 5,695.
ZINC
Zinc prices fell by 0.28 per cent on Monday at the domestic markets after German business confidence deteriorated to the lowest level in more than a year in August, dampening optimism over the health of the euro zone’s largest economy which reduced the demand outlook for the metal. German research institute, Ifo said its Business Climate Index fell to a seasonally adjusted 106.3 this month, below forecasts for 107.0 and down from a reading of 108.0 in July. Zinc futures for August 2014 contract, at MCX, were trading at Rs 141.45 per kg, down by 0.28 per cent after opening at Rs. 142.20 against the previous closing price of Rs. 141.85. It touched the intra-day low of Rs. 141.20 till the trading.
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