Daily MCX Commodity Updates - 31 May

Commodity News

- Moody’s Investor Service puts Japan’s Debt rating on a review for a possible downgrade

- China’s foreign assets surge 19.3 percent in 2010 on yearly basis led by boost in Gold Demand

- Greek aid package to be decided by end of June, 2010

Gold Updates

Spot Gold prices rose yesterday by 0.10 percent to close at $1,537.90 per troy ounce from $1,536.3 per troy ounce on 27th May, 2011 undermined by the Euro zone Debt jitters owing to Greece default.

However signs of racing a draft of second bailout package by the Euro Zone officials could avert the risk of Euro Zone country defaulting might pressurize the Yellow Metal.China National Gold Group Corp., the state-owned company that controls the nation’s largest gold deposits, wants to invest in projects in Africa as it expects bullion to trade near record levels for the next three years. Today in the evening session of the trade we have U.S. CB Consumer Confidence Index which is expected to increase and hence can pressurize the Gold futures on COMEX.

Silver Updates

Spot Silver prices also rose by 0.60 percent yesterday to close at $38.09 per troy ounce from $37.863 per troy ounce on 27th May, 2011. The Shanghai Gold Exchange said on Monday that it will temporarily raise the level of deposit required for its gold and silver forward contracts Friday to curb excessive speculation and manage price volatility during the Dragon Boat Festival holiday from June 4 to 6, the China Business News reported on Tuesday.

Margins for its gold forward contracts will be lifted to 12% starting at the close of business on June 3 compared with the current 10%, while silver contracts to 17% from 15%, the exchange said on its website.

Copper Updates

Copper July futures opened weak today and trading volumes were thin after a week end holiday and were trading down by 0.76 percent to $4.7540 from $4.1860 on 27th May, 2011 close. Prices were mainly pressurized by Euro zone Debt jitter and on the news that Global demand growth for copper is expected to slow to 8.4 percent in 2011- 12, slowing substantially from the average growth of 16.4 percent between 2005-2010 as stated by the International Wrought Copper Council.

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MCX Commodity Data - 31 May

MCX Commodity Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 31TH MAY	6:30pm	USD	S&P/CS Composite-20 HPI y/y	-3.5%	-3.3%
	7:15pm	USD	Chicago PMI	64.2	67.6
	7:30pm	USD	CB Consumer Confidence	66.2	65.4

NCDEX Commodity Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14005	-1.76
PEPPER	NCDEX	28906	-1.09
TURMERIC	NCDEX	7606	0.77
GUARSEED	NCDEX	3279	-0.91
GUARGUM	NCDEX	10115	-0.53
CHANA	NCDEX	2510	-0.08
SOYBEAN	NCDEX	2373	-0.71
SOY OIL REFINED	NCDEX	657.35	-0.31
MUSTARD SEED	NCDEX	2876	-0.35
COTTONSEED OILCAKE	NCDEX	1105	-1.25
GUR	NCDEX	982.5	-1.45
POTATO	NCDEX	419.5	-0.78
MENTHA OIL	MCX	870	-0.23
CARDAMOM	MCX	761.1	-4

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MCX Commodity Bullion Trend

Commodity Updates

Gold June futures on COMEX rose to a three week high of $1,538.5 per troy ounce on Friday amid softer U.S. Dollar and on Japanese sovereign debt rating downgrade by Fitch. The rating agency cut Japan’s outlook to negative from stable citing considerable downside risk to public finances owing to devastation caused by massive earthquake and Tsunami. Silver July futures also rose by 1.43 percent on weaker Dollar Index which made a low of 74.75, the lowest since 11th May, 2011.

Gold Updates

Gold June futures on COMEX rose sharply by 0.89 percent to close at $1,536.3 per troy ounce on 27th May, 2011 from $1,522.8 per troy ounce on 26th May, 2011 on weaker dollar which fell by 1.07 percent on 27th May, 2011 as compared to prior day. Investment demand for the yellow metal fell on 27th May, 2011 and holdings at SPDR Gold ETF saw redemption of 0.91 tonnes.

Silver Updates

Holdings at iShares Silver trust remained unchanged on 27th May, 2011 while Gold/Silver ratio edged down slightly to 40.51 on 27th May, 2011 from 40.71 on 26th May, 2011 indicating that prices of Silver rose more in comparison to Gold. Silver July futures on COMEX rebounded on Friday and rose by 1.43 percent to close at $37.863 per troy ounce on 27th May, 2011 from $37.330 per troy ounce on 26th May, 2011.

Crude Oil Updates

Crude oil July futures on NYMEX rebounded and rose by 0.36 percent to close at $100.59 per barrel on 27th May, 2011 from $100.23 per barrel on 26th May, 2011 on weaker greenback. Libya's strongman Muammar Gaddafi is ready to relinquish power on condition that he and his family are given guarantees of immunity from prosecution, the Arab newspaper Al Sharq Al Awsat reported on Sunday.

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MCX Commodity Updates - 30 May

- GOLD RAISES ON GREECE DEBT FEARS.

- OIL RISES, CAPPING A WEEKLY GAIN, AS GLOBAL ECONOMY IS EXPANDING.

- COPPER RISES, BOOSTED BY WEAKER DOLLAR.

- DOMESTIC OIL SEED AND EDIBLE OIL TRADE MOSTLY DOWN.

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MCX Commodity Updates - 27 May

Gold Updates

Gold June futures on COMEX pared their prior day gains and fell by 0.26 percent to close at $1,522.8 per troy ounce on 26th May, 2011 from $1,526.7 per troy ounce on

25th May, 2011.

Investment Demand remained subdued in the yellow metal even though the U.S. Economy showed weak economic data yesterday. Holdings at SPDR Gold ETF remained unchanged. Prices corrected mainly due to profit booking by investors yesterday once prices reached a 3 week high, however the underlying sentiment remained supportive of the Precious Metal.

Silver Trend

Silver July futures on COMEX also pared their prior day gains yesterday and fell by 0.83 percent to close at $37.330 per troy ounce from $37.642 per troy ounce on 25th May, 2011 as profit booking was seen on the counter once prices made a 2 week high, however Silver will continue to get support from the Euro Zone debt crisis jitters and fragile U.S. economy.

Crude Oil Trend

Crude oil July futures on NYMEX fell by 1.08 percent to close at $100.23 per barrel on 26th May, 2011 from $101.32 per barrel on subdued demand concerns as data released yesterday pointed to a modest U.S. Economic growth coupled with a rise in the U.S. Jobless Claims.

Oil futures rose on NYMEX today on speculation that the global economic recovery will sustain demand for crude, even amid signs of slowing U.S. growth. Group of Eight leaders said the world economy is gaining strength and a weakening dollar boosted the appeal of commodities.

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MCX Commodity Updates - 26 May

Gold Updates

Spot gold prices rose more than 0.5 percent on Tuesday mainly due to weakness in the US dollar and ongoing Euro Zone debt worries which have fuelled the safe-haven demand for gold. Moreover, choppy sentiments in the global equity markets also led investors to flock away from the riskier assets yesterday. Holdings in the SPDR, the world’s largest gold-backed ETFs rose 0.4 percent on Tuesday. Prices touched an intra-day high of $1527.45/oz and closed at $1524.40/oz.

Silver Updates

Spot Silver prices surged 4.5 percent in yesterday’s trading session mainly taking cues from dollar weakness. Additionally, mixed sentiments in the global equity markets also provided further support. Prices touched an intra-day high of $36.68/oz and closed at $36.62/oz. On the MCX, silver gained around 3.2 percent and closed at RS54,745/kg on Tuesday.

Gold, Silver Outlook

We expect gold and silver to trade higher today mainly on the back of escalating concerns over Euro Zone debt crisis. Additionally, rising crude oil prices will increase the inflation fears which would boost the hedge against inflation demand for gold. But, sharp gains will be capped due to strength in the dollar.

Crude Oil Updates 

Crude oil prices are expected to trade higher today mainly on the back of expected decline in US crude oil inventories will support the oil prices. But sharp gains will be capped due to strength in the US dollar and choppy sentiments in the global equity markets.

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MCX Commodity Updates - 25 May

Gold updates

Spot gold prices rose more than 0.5 percent on Tuesday mainly due to weakness in the US dollar and ongoing Euro Zone debt worries which have fuelled the safe-haven demand for gold. Moreover, choppy sentiments in the global equity markets also led investors to flock away from the riskier assets yesterday. Holdings in the SPDR, the world’s largest gold-backed ETFs rose 0.4 percent on Tuesday. Prices touched an intra-day high of $1527.45/oz and closed at $1524.40/oz.

Silver Updates

Spot Silver prices surged 4.5 percent in yesterday’s trading session mainly taking cues from dollar weakness. Additionally, mixed sentiments in the global equity markets also provided further support. Prices touched an intra-day high of $36.68/oz and closed at $36.62/oz. On the MCX, silver gained around 3.2 percent and closed at RS54,745/kg on Tuesday.

Crude Oil Updates

Nymex crude oil prices gained almost 2 percent on Tuesday mainly on account of fall in US crude oil inventories and dollar weakness. Goldman Sachs also raised its forecasts for North Sea Brent crude quoting strong fuel demand growth which further provided support to oil prices. It touched an intra-day high of $100.09/bbl and closed at $99.59/bbl yesterday. On the MCX, crude oil traded higher by 0.8 percent and touched an intra-day high of `4530/bbl on Tuesday.

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MCX Commodity Data - 25 May

MCX Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 25TH MAY	1:00pm	USD	FOMC Member Plosser Speaks
	6:00pm	USD	Core Durable Goods Orders m/m	0.7%	2.3%
	6:00pm	USD	Durable Goods Orders m/m	-2.0%	4.1%
	7:30pm	USD	OFHEO HPI m/m	-0.7%	-1.6%
	8:00pm	USD	Crude Oil Inventories	-1.6M	0.0M
	11:00pm	USD	FOMC Member Kocherlakota Speaks

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14921	-1.6
PEPPER	NCDEX	30500	0.16
TURMERIC	NCDEX	8044	-1.18
GUARSEED	NCDEX	3295	0.55
GUARGUM	NCDEX	10311	0.49
CHANA	NCDEX	2509	-0.36
SOYBEAN	NCDEX	2363	-0.19
SOY OIL REFINED	NCDEX	641	0.6
MUSTARD SEED	NCDEX	2839	0.64
COTTONSEED OILCAKE	NCDEX	1161	-0.51
GUR	NCDEX	993	-0.1
POTATO	NCDEX	411	1.16
MENTHA OIL	MCX	895.3	-3
CARDAMOM	MCX	848	0.14

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Live Commodity News

Commodity News
 - Base metals futures ended up with notable gains on Multi Commodity Exchange (MCX) Tuesday on buying support. Nickel and zinc clocked around two per cent gains.
Aluminium May contract ended at Rs 113.05 per kg, up Rs 1.20 or 1.2% and moved in the range of Rs 113.40- 111.60 per kg. Total volume recorded 2,662 lots.

 - Copper June futures settled at Rs 404.35 per kg, up Rs 3.70 or 1%. It traded in the range of Rs 406.50- 401.00 per kg. Total volume so far recorded 54,792 lots.

 - Lead May closed at Rs 112.50 per kg, up Rs 1.30 or 1.3% and traded between Rs 112.70- 111.30 per kg. Total volumes recorded 6,929 lots.

 - Nickel May contract ended at Rs 1,030.20 per kg, up Rs 17.80 or 1.8% and traded between Rs 1,033.40- 1,005.30 per kg. Total volumes recorded 40,150 lots.

 - Zinc May contract closed at Rs 97.35 per kg, up Rs 1.75 or 1.8% and traded between Rs 97.50- 95.70 per kg. Total volume recorded so far 9,396 lots.

Silver News
The 54700-51500 congestion regions have been still progressing. Even though, either the side breakout is required to suggest a directional move, intraday we favour an upside breakout and take prices higher towards 55200 initially, followed by 55600/56900 later. Conversely, inability to clear above 54700 prices may trade with mild negative bias.

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MCX Metals Trend - Bullion Trend - 24 May

Gold Updates

Investment demand for the yellow metal grew stronger yesterday with Gold/Silver ratio rising upward and ending at 43.26 from 43.12 on 21st May, 2011. SPDR Gold ETF saw an increase in its holdings by 7.58 tonnes yesterday. Gold June futures on COMEX continued to end in green and showed a 0.43 percent gain to close at $1,515.4 per troy ounce on 23rd May, 2011 from $1,508.9 per troy ounce on 20th May, 2011.

Silver News

Silver July futures on COMEX pared their prior day gains and ended in red and fell by 0.52 percent to close at $34.904 per troy ounce on 23rd May, 2011 from $35.087 per troy ounce on 20th May, 2011. Investment demand for the white metal has still not picked up and redemption of 15.17 tonnes of silver was seen in iShares Silver trust yesterday.

Copper updates

Copper July futures on COMEX pared their prior day gains and fell by 3.15 percent to close at $3.9915 per pound on 23rd May, 2011 from $4.1215 per pound on 20 th May, 2011. Copper three month futures on London Metal Exchange were also pressurized and fell by 3.02 percent to close at $8,806 per ton yesterday from $9,080 per ton.

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Commodity Data - 24 May

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 24TH MAY	5:55pm	USD	FOMC Member Duke Speaks
	7:20pm	USD	FOMC Member Plosser Speaks
	7:30pm	USD	New Home Sales	308K	300K
	7:30pm	USD	Richmond Manufacturing Index	10	10

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	15157	-1.45
PEPPER	NCDEX	30430	-0.51
TURMERIC	NCDEX	8132	-1.31
GUARSEED	NCDEX	3279	-1
GUARGUM	NCDEX	10252	-1.32
CHANA	NCDEX	2516	-0.36
SOYBEAN	NCDEX	2364	-0.96
SOY OIL REFINED	NCDEX	637.35	-0.47
MUSTARD SEED	NCDEX	2822	-0.21

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MCX Commodity Updates

Gold Updates

Renewed investment demand was seen amid concerns of debt crisis spreading in the Euro Zone Peripheral economies with Fitch and S&P downgrading Greece and Italy. Gold June futures on COMEX pared their prior day losses on 20th May, 2011 and rose by 1.11 percent to close at $1,508.9 per troy ounce from $1,492.4 per troy ounce on 19th May, 2011. Holdings at SPDR Gold ETF increased by 10.61 tonnes on 20th May, 2011. Stronger U.S. Dollar will pressurize the Yellow Metal but with the Greece Crisis in limelight now will provide support.

Silver Updates

Silver July futures on COMEX also pared their prior day losses and rose by 0.44 percent to close at $35.087 per troy ounce on 20th May, 2011 from $34.932 per troy ounce on 19th May, 2011. Redemption continued to be seen in iShares Silver trust and holdings fell by 51.57 tonnes on 20th May, 2011 while a whopping 242.70 tonnes of redemption was seen on 19th May, 2011.

Copper Updates

Copper June futures on COMEX rose by 1.73 percent to close at $4.1185 per pound on 20th May, 2011 from $4.0485 per pound on 19th May, 2011. Copper three month futures on London Metals Exchange rose by 1.62 percent on 20th May, 2011 to close at $9,080 per ton from $8,935.5 per ton the prior day. Copper inventories in Shanghai dipped by 14.5% on a weekly basis to 90,108 tonnes, its counterpart LME showed a decline of 775 tonnes to 466,250 tonnes on 20th May, 2011 which supported the Copper Prices while choppiness in U.S. Dollar on Friday kept the cap on the Red Gold.

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Commodity Live News

-  Silver can buy above 53850, its have a good resistance from the level of 53800
 - Otherwise from the support level of 53220 its good foe short sell.

MCX Commodity News & Bullion Trend

MCX Bullion Trend

Spot gold prices traded lower by 0.2 percent on Thursday, as upbeat sentiments in the global equity markets led investor to flock towards riskier assets. Additionally, falling crude oil prices had also decreased inflation fears which reduced inflation-hedge demand for the yellow metal. Prices touched an intra-day low of $1493.99/oz and closed at $1491.60/oz yesterday. Appreciation in the Rupee led gold to decline further on the MCX on Thursday.

We expect gold to trade slightly higher today mainly taking cues from dollar weakness. But sharp gains will be capped due to positive sentiments in the global equity markets which would made gold less attractive for the investors.

Crude Oil Updates

Nymex crude oil prices declined 1.7 percent on Thursday mainly on the back of weak economic data from the US which has increased the worries about oil demand from the world’s largest economy. Prices touched an intra-day low of $98.16/bbl and closed at $98.44/bbl. On the MCX, crude oil May contract declined around 2 percent and touched an intra-day low of `4416/bbl on Thursday. Appreciation in the Indian Rupee led further losses on the domestic bourses yesterday.

Lead Updates

Lead was the only metal to witness gains on the LME on Thursday. Dollar weakness coupled with upbeat markets sentiment helped lead to rise. The metal gained slightly by 0.1 percent on the LME and touched an intra-day high of $2494/tonne. On the MCX, lead May contract rose 0.2 percent yesterday, touching an intra-day high of `112.40/kg

and closed at `110.80/kg.

Nickel Updates

Nickel was the worst performer of the day, as the prices slipped more than 3.5 percent on the LME. Prices touched an intra-day low of $3,599/tonne and closed its trading session at $23,750/tonne yesterday. On the MCX, the metal declined around 4.5 percent on account of Rupee appreciation and touched an intra-day low of `1065.40/kg on Thursday.

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MCX Commodity Trend

Commodity Updates - 19 May

Spot Gold traded slightly higher around 0.1 percent mainly due to weakness in the US dollar and Euro Zone debt crisis which have boosted the safe haven demand for gold. Additionally, rising crude oil prices has also increased inflation fears which fuelled inflation- hedge demand for the yellow metal. It touched an intra-day high of $1499.51/oz and was hovering at $1496.24/oz till 4.00 pm IST today. On the MCX, the yellow metal prices declined 0.5 percent on account of Rupee appreciation and touched an intra-day high of RS21,965/10 gms.

Outlook:

We expect base metals to trade higher in today mainly on the back of weakness in the dollar and upbeat sentiments in the European equity markets. But sharp gains will be capped due to ongoing Euro Zone concerns.

Crude oil is expected to trade higher today mainly tracking weakness in the dollar and supply disruptions from Canada.

We expect gold to trade higher today mainly due a weaker dollar, rising crude oil prices and ongoing Euro Zone debt concerns will provide support to bullion.

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MCX Commodity Data - 19 May

Commodity Trend

Date	Time	Currency	Economic Data	Forecast	Previous
THU 19TH MAY	6:00pm	USD	Unemployment Claims	421K	434K
	7:30pm	USD	Existing Home Sales	5.21M	5.10M
	7:30pm	USD	Philly Fed Manufacturing Index	20.2	18.5
	7:30pm	USD	Mortgage Delinquencies		8.22%
	7:30pm	USD	CB Leading Index m/m	0.2%	0.4%
	8:00pm	USD	Natural Gas Storage	91B	70B
	9:30pm	USD	FOMC Member Dudley Speaks
	11:00pm	USD	FOMC Member Evans Speaks

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MCX Commodity Live - 18 May

MCX Commodity News

On Tuesday (17 May 2011), the crude oil traded near its lowest in a week as confidence in Europe`s economic recovery prospects was offset by signs of accumulating crude supplies in the US. Crude oil for June delivery declined as much as $1.08 cents to $96.29 per barrel on the New York Mercantile Exchange. Brent crude for July settlement declined 85 cents to $109.99 per barrel on the London-based ICE Futures Europe Exchange. The June contract expired on Monday, losing $1.10 to $112.73.

Spot Silver Trend

Spot Silver traded higher by more than 1 percent on Tuesday mainly on the back of weakness in the US dollar along with choppy global market seniments. Prices touched an intra-day high of $34.37/oz and closed at $33.91/oz. Holdings in the iShares Silver Trust, the world’s largest silver-backed ETFs, dropped 8 percent from its peak in late April to 10,487.38 tonnes by 17 May. On the MCX, silver July contract slipped almost 2 percent on account of Rupee appreciation and touched an intra-day low of `50,750/kg yesterday.

Crude Oil Review

Nymex crude oil prices declined 0.4 percent on Tuesday mainly on the back of unfavorable economic data from the US coupled with choppy sentiments in the global equity markets. But sharp decline was not witnessed due to dollar weakness and decline in the US crude oil inventories yesterday. Prices touched an intra-day low of $95.02/bbl and closed at $96.91/bbl. On the MCX, crude oil May contract declined more than 1.5 percent mainly due to Rupee appreciation and touched aan intra-day low of `4297/bbl on Tuesday.

Lead was the top performer on the day, as the metal gained almost 2 percent on the LME as well as on the MCX. It touched an intra-day high of $2330/tonne on the LME and closed at $2320.25/tonne. On the MCX, the metal touched an intra-day high of `105.60/kg and closed at `105.25/kg on Tuesday.

Aluminium prices declined around 1.6 percent on the LME to become the worst performer on Tuesday. The metal inventories more than 0.5 percent to 4,710,550 tonnes on the LME warehouse yesterday. Prices touched an intra-day low of $2500/tonne and closed its trading session at $2514.50/tonne yesterday.

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MCX Commodity Data - 18 May

MCX Commodity Trend

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 17TH MAY	8:00pm	USD	Crude Oil Inventories	1.4M	3.8M
	11:00pm	USD	FOMC Member Fisher Speaks
	11:30pm	USD	FOMC Meeting Minutes

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Daily MCX NEWS - 17 May

MCX News
Spot Gold traded lower around 0.4 percent mainly tracking strength in the US dollar. It touched an intra-day low of $1493.40/oz and were trading at $1488.45/oz till 4.00 pm ISD. On the MCX, Gold June contract gained around 0.1 percent and touched an intra-day high of `22,034/10 gms today.

Base metals complex delivered a mixed performance on the LME today with lead and nickel trading in the green while copper aluminium and zinc trading in the red. Weak sentiments in the global equity markets, Euro Zone debt concerns and dollar strength exerted pressure on the metal prices. Copper is the worst performer of the day, as the metal declined around 0.4 percent on the LME and touched an intra-day low of $8720/tonne till 4.00pm IST. On the MCX, Copper May contract declined 0.6 percent and touched an intra-day low of `396/kg today.

We expect base metal and crude oil prices to come under pressure in today’s trading session mainly on the back of a stronger dollar, increasing Euro Zone debt concerns and weak sentiments in the global equity markets.

We expect gold to trade lower today mainly due to strength in the US dollar. Moreover, falling oil prices will also decrease inflation-hedge
demand for gold.

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MCX Commodity Trend - 17 May

Commodity Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 17TH MAY	6:00pm	USD	Building Permits	0.59M	0.59M
	6:00pm	USD	Housing Starts	0.58M	0.55M
	6:45pm	USD	Capacity Utilization Rate	77.7%	77.4%
	6:45pm	USD	Industrial Production m/m	0.5%	0.8%

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MCX Commodity Trend - 16 May

MCX Bullion Trend

On a week-on-week basis, Spot gold prices traded on a flat note mainly on account of strength in the US dollar. But sharp declines were cushioned due to choppy sentiments in the global equity markets. Prices touched a low of $1478.80/oz and ended its trading session at $1494.03/oz last week. On the MCX, Gold June contract gained around 0.4 percent mainly on account of depreciation in the Indian Rupee. Prices touched a high of `22,280/10 gms and closed at `21,927/10 gms in the last week.

Spot Silver traded lower by 0.7 percent last week mainly on the back of strength in the US dollar. Prices touched a low of $32.33/oz and closed at $35.34/oz. Holdings in the iShares Silver Trust, the world’s largest silver-backed ETFs, slipped 24.3 tonnes on 12 May. On the MCX, silver July contract slipped almost 2 percent and touched a low of `49,751/kg in the last week.

Crude Oil Review

In the start of the week, crude oil prices surged mainly due to dollar weakness and heavy floods in the US Mideast which threatened to disrupt US refinery operations. But in mid week, strength in the US dollar and concerns over global oil demand exerted pressure on prices. Again oil traded higher due to short-covering on Friday. Nymex crude oil prices gained 2.5 percent last week and touched a high of $104.60/bbl. On the MCX, crude oil May contract declined around 0.6 percent and touched a low of `4292/bbl in the last week.

Natural Gas Review

On a weekly basis, natural gas prices declined around 0.3 percent on the Nymex mainly due to strength in the dollar coupled with rise in the US natural gas inventories. In addition to this, choppy sentiments in the global equity markets also exerted pressure on gas prices. Report released by the US Energy Department showed that natural gas stocks increased more than expected by 70 billion cubic feet (bcf) for the week ending 7 May. Prices touched a low of $4.109/mmBtu and close at $4.258/mmBtu last week.

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Live Commodity News

MCX silver front month July contract lost around Rs 10,000/kg from yesterday’s high of Rs 59,976/kg, which is nearly 17 per cent. It currently dropped six per cent.

London spot gold and silver made a low of USD 1,478.15/oz and USD 32.33/oz respectively Thursday. Gold in London spot lost nearly 1.5 per cent. It currently traded at USD 1,583.65/oz, down 16.85.

MCX gold, most active June contract traded at Rs 21,797/10 gm, down Rs 124 and fluctuated between Rs 22,034- 21,710/10gm. Volume was 23,544 lots. 

Gold mini, most active June contract traded at Rs 21,804/10 gm, down Rs 121 and fluctuated between Rs 22,065- 21,720/10gm. Volume was 42,046 lots.

Most active silver July contract tanked Rs 3,130 at Rs 50,740/kg and so far made intra-day high and low of Rs 54,637- 49,751/kg so far. Volume so far was 99,734 lots. MCX silver mini most active June contract plummeted by Rs 3,098 at Rs 50,797/kg and traded between Rs 55,668- 49,775/kg. Volume recorded 198,703 lots.

Commodities fell for a second day after China raised banks’ reserve requirements, heightening speculation slower growth will curb raw materials demand.

The Standard & Poor’s GSCI Index of 24 raw materials fell 0.9 percent to 674.89 by 3:15 p.m. London time after dropping 3.9 percent yesterday. Silver tumbled 5.3 percent. Crude oil declined 0.8 percent after the International Energy Agency cut its 2011 demand forecast.

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MCX Commodity Bullion & Base Metal Trend

MCX Commodity Bullion  

Spot Silver traded lower by almost 9 percent on Wednesday, mainly on the back of strength in the US dollar. Silver being as industrial metals was also pressurized due to downtrend in the base metals yesterday. Prices touched an intra-day low of $35.02/oz and closed at $35.06/oz. On the MCX, silver July contract slipped around 8 percent and touched an intra-day low of `53,520/kg on Wednesday.

Spot gold declined more than 1 percent in yesterday’s trading session as strength in the US dollar exerted pressure on gold prices. Additionally, fall in crude oil prices also eased the inflation fears which reduced inflation-hedge demand for the yellow metal. Prices touched an intra-day low of $1495.65/oz and closed at $1499.75/oz on Wednesday.

Crude Oil

We expect crude oil to trade lower today on account of a stronger dollar and choppy sentiments in the global financial markets. But sharp decline will be cushioned as prices will receive support from expected strong demand growth in Asia.

Copper Review

Copper was the worst performer of the day, as the metal declined more than 3 percent on both LME as well as on the MCX on Wednesday. Weak economic data from China indicates declining growth in the country which may affect demand for red metal from the world’s largest metal consumer. This has acted as a negative factor for copper

yesterday.

Following copper, Lead declined around 2.8 percent on the LME and almost 2.5 percent on the MCX to be the second bad performer on Wednesday. The metal touched an intra- day low of $2264.25/tonne on the LME and closed at $2280/tonne. On the MCX, the metal touched an intra-day low of `101.80/kg and closed at `102.70/kg yesterday.

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MCX Commodity Trend - 12 May

Date	Time	Currency	Economic Data	Forecast	Previous
THU 12TH MAY	6:00pm	USD	Core Retail Sales m/m	0.7%	0.8%
	6:00pm	USD	PPI m/m	0.6%	0.7%
	6:00pm	USD	Retail Sales m/m	0.5%	0.4%
	6:00pm	USD	Unemployment Claims	430K	474K
	6:00pm	USD	Core PPI m/m	0.2%	0.3%
	6:00pm	USD	FOMC Member Plosser Speaks
	7:30pm	USD	Fed Chairman Bernanke Testifies
	7:30pm	USD	Business Inventories m/m	0.8%	0.5%
	8:00pm	USD	Natural Gas Storage	69B	72B

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MCX Commodity Trend

MCX Commodity Trend

We expect base metals and crude oil to trade lower today mainly on the back of Chinese inflation data and increasing worries with regard to Euro zone debt crisis. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the EIA today. But sharp declines will be cushioned due to upbeat sentiments in the global equity markets.

We expect gold to trade higher today mainly taking cues European debt crisis which will increase safe-haven demand for the yellow metal. Additionally, China’s inflation data will also help the yellow metal to move in the northward direction.

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MCX Commodity Trend - 11 May

Date	Time	Currency	Economic Data	Forecast	Previous
WED 11TH MAY	6:00pm	USD	Trade Balance	-46.8B	-45.8B
	8:00pm	USD	Crude Oil Inventories	1.1M	3.4M
	10:30pm	USD	FOMC Member Kocherlakota Speaks
	11:30pm	USD	Federal Budget Balance		-188.2B

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MCX Commodity Trend - 10 May

MCX Bullion Trend

Spot Silver traded higher by more than 6 percent of $49.83/oz on Monday, as a weaker dollar coupled with escalating worries with regard to sovereign debt crisis in the Euro Zone boosted demand for the white metal. Prices touched an intra-day high of $37.96/oz and closed at $37.78/oz yesterday. On the MCX, silver July contract gained around 5.2 percent and close its trading session at `57,108/kg on Monday.

Spot gold prices rose more than 1 percent on Monday as dollar weakness and choppy sentiments in the global equity markets increased safe-haven demand for gold. Rising concerns on account of debt crisis in Euro Zone also supported yellow metal prices yesterday.

Base Metal Trend

Crude Oil Review

Nymex crude oil prices traded higher by more than 5.5 percent on Monday mainly on the back of weakness in the US dollar. Prices touched an intra-day high of $103.40/bbl and closed at $102.55/bbl. On the MCX, oil prices gained around 0.2 percent and touched an intra-day high of `4575/bbl yesterday. Appreciation in the Indian Rupee capped further gains on the domestic bourses on Monday. We expect crude oil to trade lower today on account of margin hike, strength in the dollar and choppy sentiments in the global financial markets. Oil will also come under pressure on expectations of rise in US crude oil inventories to be released by the API today.

Zinc Review

Zinc was the best performer of the day, as the metal gained almost 1.5 percent on the LME and around 1.2 percent on the MCX. The metal touched an intra-day high of $2192.75/tonne on the LME on Monday and closed at $2176.50/tonne. On the MCX, the metal touched an intra-day high of `97.90/kg and closed at `97.10/kg yesterday. We expect base metals to come under pressure mainly on the back dollar strength, mixed global market sentiments and increasing worries with regard to Euro zone debt crisis.

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