Commodity Trading Tips Of 27.02.2015

Precious metals

Gold: At the MCX Gold futures for April 2015 contract closed at Rs 26,123 per 10 gram, up by 0.25 per cent after opening at Rs 26,079, against the previous closing price of Rs 26,059. It touched the intra-day high of Rs 26,319 till the closing.

Base Metals & Energy

Natural Gas futures plummeted in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as forecasts called for warmer weather across the US, dimmed the demand outlook for the heating fuel. The central-eastern US is set to see warmer temperatures around March 10, 2015, updated weather forecasting models predicted. Caution ahead of the weekly storage data in the US also weighed on sentiment.

At the MCX, Natural Gas futures for February 2015 contract closed at Rs 177.50 per 1 kg, down by 4 per cent after opening at Rs 183.60, against the previous closing price of Rs 184.9 It touched the intra-day low of Rs 176.7 till the closing.

Zinc futures plunged in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, a fall in US new home sales last month signaled a weakening housing recovery in the world’s biggest economy, dimming the demand outlook for zinc, a widely used metal in construction activities. US new home sales fell to an annualized pace of 481,000 in January from 482,000 in December.

At the MCX, Zinc futures for February 2015 contract closed at Rs 126.85 per 1 kg, down by 1.05 per cent after opening at Rs 128.75, against the previous closing price of Rs 128.20. It touched the intra-day low of Rs 126.60 till the closing.