DAILY COMMODITY NEWS 18/03/2015

Precious Metals :

GOLD

Gold futures prices today fell by 0.21 per cent to Rs 25,729 per 10 grams as participants engaged in trimming positions amid weak global cues. Besides, subdued demand at domestic spot markets, too, weighed on the prices. At the Multi Commodity Exchange, mcx gold for delivery in April, fell by Rs 54, or 0.21 per cent, to trade at Rs 25,729 per 10 grams in a turnover of 323 lots. Similarly, the metal for delivery in June shed Rs 55, or 0.20 per cent, to Rs 25,854 per 10 gm in 20 lots. Globally, gold traded lower at USD 1,154.48 an ounce from USD 1,154.81 in Singapore yesterday. Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, mainly put pressure on gold prices in futures trade here.

SILVER

Amid a weakening trend overseas, silver prices fell by Rs 184 to Rs 35,379 per kg in futures trade today as speculators reduced their exposures. At the Multi Commodity Exchange, silver for delivery in May traded lower by Rs 184, or 0.52 per cent, to Rs 35,379 per kg in business turnover of 623 lots. On similar lines, the white metal for delivery in July declined by Rs 183, or 0.51 per cent, to Rs 35,865 per kg in business volume of six lots. In the international market, silver lost 0.5 per cent at USD 15.57 an ounce in Singapore. Market analysts said a weak trend in precious metals in the global markets as investors weighed the outlook for higher US interest rates before the Federal Reserve begins a two-day meeting, kept pressure on silver futures here.

Base Metals & Energy:

ZINC

Zinc prices fell by 0.52 per cent on Tuesday at the domestic markets after US factory output fell for the third month on the trot in February while confidence among homebuilders declined to the lowest level in eight months in March, signaling a slowdown in the world’s biggest economy, dimming the demand outlook for the metal.US factory production declined 0.2 per cent in February from the previous month when it slipped 0.3 per cent. The gauge measuring US homebuilder sentiment declined to 53 this month from 55 in February.Zinc futures for March 2015 contract, at MCX, were trading at Rs 125.45 per kg, down by 0.52 per cent after opening at Rs. 125.90 against the previous closing price of Rs. 126.10. It touched the intra-day low of Rs. 125.40 till the trading. 

CRUDE OIL

Crude oil prices rose by 0.36 per cent on Tuesday at the domestic markets as investors awaited weekly reports on US crude supplies over the next two days.The American Petroleum Institute later will release its estimates of US stockpiles of crude, gasoline and distillates held at the end of last week ahead of more closely-watched US Department of Energy data due on Wednesday. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,751 per barrel, up by 0.36 percent, after opening at Rs. 2,754 against the previous closing price of Rs. 2,741. It touched the intra-day high of Rs. 2,758 till the trading.

Agro Outlook:

CASTOR SEED

Castorseed prices fell by 0.6 per cent on Tuesday 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 chana futures for March 2015 contract was trading at Rs. 3,648 per quintal tonnes, down by 0.6 per cent, after opening at Rs. 3,652 against the previous closing price of Rs. 3,670. It touched the intra-day low of Rs. 3,639 till the trading. 

CORIANDER

Coriander prices fell by 1.15 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the adequate stocks availability in the physical market put pressure on coriander prices. At the ncdex dhaniya futures for April 2015 contract were trading at Rs. 7,230 per quintal, down by 1.15 per cent, after opening at Rs. 7,576 against the previous closing price of Rs. 7,314. It touched the intra-day low of Rs. 7,189 till the trading.

Market Statistics: 

COMMODITY	TREND	SUPPORT LEVEL 2	SUPPORT LEVEL 1	PIVOT POINT	RESISTANCE LEVEL 1	RESISTANCE LEVEL 2
GOLD	DOWN	25347	25482	25656	25791	25965
SILVER	DOWN	34711	35033	35342	35664	35973
CRUDE OIL	UP	2642	2701	2741	2800	2840
COPPER	UP	373.45	375.25	377.65	379.45	381.85