Tuesday, March 8, 2011

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On 7th March 2011 (Monday), the domestic commodity markets closed on a negative note. Most of the indexes on MCX closed in the negative zone compared to the previous close price except MCXENERGY. Yesterday, in the MCX future, MCXCOMDEX closed at 3,564.12 (down by 0.07%), while MCXMETAL closed at 4,477.04 (down by 0.86%), MCXAGRI closed at 2,905.16 (down by 0.16%) and MCXENERGY closed at 3,337.78 (up by 1.07%.

At NCDEX, the Dhaanya, an agri commodity benchmark index, was closed at 1,111.71, down by 1.34%.

Yesterday, Precious metals advanced in the Indian bullion market on the back of tracking firm global cues. April future climbed as much as 0.83% to Rs. 21,274.00 per 10 grams, while silver future for May contract surged 2.52% to Rs. 54,767.00 per kg on the Multi Commodity Exchange (MCX).

April future climbed 1.19% to $1,445.7 per ounce on the COMEX as political tensions intensified in the Middle East nations and crude oil continued to gain on fear of supply disruption, boosting the demand for precious metal as a hedge against uncertainties and inflation. The concern about rising inflation and currency devaluation lifted the gold prices 30% last year for the 10th annual gain.

At MCX, Gold Future for April contract closed at Rs 21,129.00 per 10 grams, up by 0.14%, after opening at Rs 21,111.00 against the previous close price of Rs. 21,098.00. It touched the intra-day high of Rs. 21,274.00 per 10 grams with a business volume of 36,720 lots.

At COMEX, gold future for April contract closed at $1,434.5 per ounce, up by $5.9, after opening at $1,435.0 against the previous close price of $1,428.6 per ounce. It touched the intra-day high of 1,445.7 with a business volume of 141,350 lots.

Silver for May contract, at MCX, closed at Rs 53,878.00 after opening at Rs 53,500.00 against the previous close price of Rs. 53,417.00. It touched the intra-day high of Rs. 54,767.00 with a business volume of 112,964 lots.

The top gainers at MCX were Potato for April contract (2.94%), Silver for December contract (2.25%), Natural gas for March contract (2.16%), Natural gas for April contract (2.03%), Potato for May contract (2.00%).

Similarly the top losers at MCX were Nickel for March contract (-4.66%), Nickel for April contract (-4.66%), Nickel for May contract (-4.53%), Brent Crude oil for April contract (-4.00%), Copper for April contract (-3.26%).

Moreover, the gainers at NCDEX were Chilli for June contract (4.0%), Chilli for April contract (4.0%), Turmeric for April contract (4.0%), Chilli for March contract (3.9%) and Turmeric for May contract (3.1%).

The top losers at NCDEX were Castor seed for June contract (-4.0%), Castor seed for May contract (-4.0%), Coriander for May contract (-4.0%), Guar Gum for March contract (-4.0%), Guar Gum for April Contract (-4.0%).

Yesterday at MCX, the top traded commodities in terms of quantity were Crude Oil for March contract with 201,893 lots, Silver RM for April contract with 150,715 lots, Copper for April contract with 134,379 lots, Silver for May contract with 112,964 lots, Nickel for March contract with 65,569 lots.

On the domestic Front, Cardamom futures closed with positive note yesterday. March future surged as much as 3.00% to Rs. 1,098.10 per kg on the MCX as speculators enlarged their long position at the existing price level to meet the marriage season demand. Moreover, restricted arrivals from the major producing regions also kept the prices in positive zone.

At Multi Commodity Exchange (MCX), cardamom future for March contract closed at Rs. 1,073.50 per kg after opening at Rs. 1,082.00 against the previous close price of Rs. 1,066.10. It touched the intra-day high of Rs. 1,098.10 with a business volume of 922 lots.

Crude oil futures prices advanced on Monday in the domestic market due to tracking firm global cues. March future surged 2.19% to Rs. 4,835.00 per barrel on the Multi Commodity Exchange (MCX) as speculators enlarged their long position in hoping that political tensions may spread to Iran and Oman, boosting concern of oil supply disruption.

Crude oil for April contract climbed as much as 2.39% to $106.95 per barrel in the New York today after fighting between Libyan rebels and supporters of Muammar Qaddafi intensified. The turmoil in Libya renewed after opposition leaders in Libya rejected a mediation offer by Venezuelan President Hugo Chavez last week and prepared to push toward Qaddafi’s stronghold. 

Hedge funds increased their net long positions to an all time high for the week ended March 1, 2011 on expectations that production will continue to cut in Middle East. Hedge funds and other large speculators increased net long positions by 27% to 305,408 futures and options, most since June 2006, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report.

AT MCX, Crude future price for March contract closed at Rs 4,769.00 a barrel, up by 0.80%, after opening at Rs 4,736.00 against the previous close price of Rs. 4,731.00. It touched the intra-day high of Rs. 4,835.00 per barrel with a business volume of 201,893 lots.

Crude oil for April future, at NYMEX, closed at $105.44 per barrel, up by $1.02, after opening at $104.65 against the previous close price of $104.42. It touched the intra-day high of $106.95 with a business volume of 369,148 lots.

Copper for April contract, at MCX, closed at Rs. 433.85 per kg after opening at Rs. 449.40 against the previous close price of Rs. 448.75 with intra-day low of Rs. 431.40 with a business volume of 134,379 lots.

At Multi Commodity Exchange (MCX), natural gas future for March contract closed at Rs. 175.30 per mmBtu, up by 2.21%, after opening at Rs. 170.90 against the previous close price of Rs. 171.50 per mmBtu. It touched the intra-day high of Rs. 175.90 with a business volume of 34,506 lots.

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