Commodity MCX NCDEX Updates
MCX Updates
Spot gold prices came under pressure mainly of back of better-than- expected economic data released from the US yesterday. The yellow metal prices declined almost 0.5 percent on the international markets, to close at $1404.05/oz on Thursday. Before closing for the day, gold prices touched an intra-day low of $1402.15/oz yesterday. On the MCX, the yellow metal prices were down by 0.3 percent, to close at `20713/10 gms on Thursday.
Spot Silver prices hit an all-time high of $30.88/oz on Thursday. But due to positive economic data from the US released yesterday exerted, prices came under pressure as hopes of economic recovery reduced demand for precious metals as safe-haven assets. This led silver prices decline around 0.4 percent at the end of the trading session yesterday. On the MCX, the white metal prices were down by 0.2 percent and closed at `45920/kg on Thursday.
Crude oil prices declined mainly on the back of prediction of warmer US weather by end of the week, thus curbing demand for crude oil in the world’s largest heating oil market. US crude oil inventories declined much less-than-expected which also acted as a negative factor for oil prices yesterday. Prices declined around 1.4 percent and touched an intra-day low of $89.02/bbl on Thursday. On the MCX, oil prices declined more than 2 percent and closed at `4034/bbl yesterday. Appreciation of the Indian Rupee exerted pressure on the oil prices to decline on the domestic bourses on Thursday. We expect crude oil prices to trade with a negative bias today mainly taking cues from expectation of a warmer weather in the US by the end of this week, thus hurting prospects of rise in heating oil demand. But shapr down
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NCDEX Updates
• Guar prices closed below its 10-Day EMA and at its 20- Day EMA indicating bearish trend.
• 14-days RSI is at 46.9 and is in neutral region.
• MACD is in the negative territory.
In the Intraday Guar prices are expected to remain sideways with negative bias. In the short term (1-2 week), prices may be determined by the arrivals in the domestic market. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.
• Chana prices on daily charts closed below its 10-days and its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 48.9 and is in neutral region.
• MACD is in the negative territory.
Chana prices may remain weak in the intraday due to increase sowing of Rabi Pulses. In the short to medium term (one month), Price gains may be capped on positive reports of sowing and rising arrivals of Kharif pulses. Long term trend in Chana futures may depend on the reports sowing of Rabi Pulses which is presently expected to be higher due to increase in MSP of Pulse. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
• Prices closed above its 10-Day and its 20-Day EMA indicating bullish trend.
• The 14-Day RSI is at 52.6 and is in neutral zone.
• MACD is however, in the negative territory.
Jeera prices in the intraday will trade sideways due dull trades at the domestic market. In the short term (till mid of January), trend will depend on jeera price parity of various origins in international market and stocks of jeera with local stockists. In the medium to long term (January end onwards) prices are likely to take cues from demand from the overseas and domestic buyers and production estimates in India.
