MCX GOLD SILVER DAILY ANALYSIS BY RESEARCH VIA

Precious Metals:

Gold futures closed lower in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Investors are also eying the minutes of the FOMC’s latest meet in March set for release on Wednesday, which may offer cues over the timing of Fed’s maiden rate hike since 2006. At the MCX Gold futures for June 2015 contract is trading at Rs 26,968 per 10 gram, down by 0.11 percent after opening at Rs 26,980, against the previous closing price of Rs 26,997. It touched the intra-day low of Rs 26,918. 

Silver futures fell in the domestic market on Tuesday as investors and speculators stayed cautious ahead of release of minutes of the FOMC’s latest meet in March on Wednesday, which may offer cues over the timing of Fed’s maiden rate hike since 2006. Speculation is rife that the Fed may delay a planned rate hike at least until September after payrolls in March grew at the weakest pace in more than a year. At the MCX, Silver futures for May 2015 contract is trading at Rs 37,888 per 1 kg, down by 0.72 percent after opening at Rs 38,140, against the previous closing price of Rs 38,163. It touched the intra-day low of Rs 37,825.

COMMODITY DAILY BUZZ

Date: 23.03.2015

Precious Metals
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 percent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.

Base Metals & EnergyCopper prices fell by 0.39 per cent on Friday at the domestic markets after manufacturing activity in the Philadelphia-region expanded at the slowest pace in 13 months in March, fuelling concerns over the US economic outlook which reduced the demand outlook for the metal. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.0 this month from February’s reading of 5.2. At the MCX copper futures for April 2015 contract were trading at Rs.369.25 per 1 kg, down by 0.39 per cent, after opening at Rs. 370 against the previous closing price of Rs. 370.70. It touched the intra-day low of Rs. 367.80 till the trading. 

Crude oil prices rose by 0.38 per cent on Friday at the domestic markets as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels. A weaker dollar typically supports prices for commodities denominated in the greenback, making them cheaper for holders of other currencies. Gains were also limited after Iraq's southern oil exports have risen in March as poor weather that delayed cargoes in February cleared, putting OPEC's second-largest producer back within sight of record shipments. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,873 per barrel, up by 0.38 per cent, after opening at Rs. 2,885 against the previous closing price of Rs. 2,862. It touched the intra-day high of Rs. 2,887 till the trading.

Agro Outlook
Jeera prices closed higher by 0.55 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures for March 2015 contract closed at Rs. 14,590 per quintal, up by 0.55 per cent, after opening at Rs. 14,680 against the previous closing price of Rs. 14,510. It touched the intra-day high of Rs. 14,680. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.

COMMODITY UPDATES: Precious Metals, Base Metals & Energy, Agro Outlook

GOLD

Gold prices fell by 0.21 per cent on Wednesday at the domestic markets as investors unloaded their holdings of the precious metal in advance of today’s critical Federal Open Market Committee meeting.The Federal Reserve could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year. However, weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Gold futures for April 2015 contract, at MCX GOLD, were trading at Rs. 25,562 per 10 grams, down by 0.21 per cent after opening at Rs. 25,631 against the previous closing price of Rs. 25,617. It touched the intra-low low of Rs. 25,541 till the trading.  

CRUDE OIL

Crude oil prices fell by 3.08 per cent on Wednesday at the domestic markets as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut.Crude inventories rose by 10.5 million barrels in the week to March 13 to 450 million, data from industry group the American Petroleum Institute showed. Analysts had expected a 3.8 million barrel increase. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,674 per barrel, down by 3.08 percent, after opening at Rs. 2,752 against the previous closing price of Rs. 2,759. It touched the intra-day low of Rs. 2,672 till the trading.  

CORIANDER

Coriander prices fell by 0.92 per cent on Wednesday 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, coriander futures for April 2015 contract were trading at Rs. 6,976 per quintal, down by 0.92 per cent, after opening at Rs. 6,952 against the previous closing price of Rs. 7,041. It touched the intra-day low of Rs. 6,940 till the trading.

Market Statistics

Commodity	Trend	Support level 2	Support level 1	Pivot point	Resistance level 1	Resistance level 2
Gold	Up	25414	25526	25611	25723	25808
Crude oil	Up	2578	2622	2687	2731	2796

Click on image for more details

MCX Gold News 13/03/2015

Gold futures rose by 0.04 per cent on Thursday at the domestic markets as normal demand flows in China and India for physical gold were eyed after recent sharp dips. Further, a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. At the MCX Gold futures for February 2015 contract was trading at Rs 25,696 per 10 gram, up by 0.04 per cent after opening at Rs 25,660, against the previous closing price of Rs 25,685. It touched the intra-day high of Rs 25,697 till the trading.

MCX GOLD, BASE METAL TIPS OF 12/03/2015

 Precious metals:

At the MCX Gold futures for April 2015 contract closed at Rs 25,919 per 10 gram, down by 0.40 per cent after opening at Rs 25,962, against the previous closing price of Rs 26,024. It touched the intra-day low of Rs 25,780 till the closing.

Base Metals and Energy:

Crude Oil prices rose by 0.78 per cent on Wednesday at the domestic markets after data showed US crude stocks fell for the first time in two months indicating that the demand for the commodity in US is strong. US crude inventories fell by 404,000 barrels last week. Analysts had expected a 4.4 million barrel build in stocks. At the MCX, crude oil futures for March 2015 contract were trading at Rs. 3,085 per barrel, up by 0.78 per cent, after opening at Rs. 3,069 against the previous closing price of Rs. 3,061. It touched the intra-day high of Rs. 3,094 till the trading.

Copper prices rose by 0.44 per cent on Wednesday at the domestic markets after data showed that China's factory output grew less than expected in the first two months of the year, adding to pressure on policymakers to introduce broad-based stimulus measures which raised the demand outlook for the metal. At the mcx copper futures for April 2015 contract were trading at Rs.369.30 per 1 kg, up by 0.44 per cent, after opening at Rs. 369.30 against the previous closing price of Rs. 367.70. It touched the intra-day high of Rs. 370.80 till the trading.

 Market Statistics:

COMMODITY	TREND	S2	S1	PIVOT POINT	R1	R2
GOLD	DOWN	25466	25575	25763	25872	26060