YOUR PROFITS, OUR IDEAS

Mcx Free Tips provides you with the best mcx Intraday free tips in Indian commodity market.

MCX Commodity Services

Lost Money In Commodity Market? Don;t Panic, Come Join With Us to recover all your Commodity Market Losses.

MCX Gold and Silver Tips

This service pack is specially designed for traders, who are trading in MCX Bullion(Gold , silver) i.e. all the commodity bullion. Under this package the service would be provided via mobile by sms during the market hours. On an average 60-70 Calls would be given per month.

MCX ENERGY TIPS

This service pack is specially designed for traders, who are trading in MCX ENERGY (CRUDE OIL AND NATURAL GAS) i.e. all the ENERGY SCRIPS . Under this package the service would be provided via mobile by sms during the market hours. On an average 40-50 Calls would be given per month.

29 Mar 2013

Crude Oil up as Asia digests U.S. data

Mcx Energy Tips

              Crude Oil futures are trading slightly higher during Friday’s Asian session as traders in the region digest a mixed batch of U.S. economic data released Thursday. 

On the New York Mercantile Exchange, light, sweet crude futures rose 0.07% to USD97.20 per barrel in Asian trading Friday after settling up 0.22% at USD96.79 a barrel on Thursday in New York. 

In U.S. economic news, the Commerce Department revised its estimate of U.S. fourth-quarter GDP growth to 0.4% from 0.1%. Today’s number was the third of three estimates for the final quarter of 2012. The Labor Department said initial claims for jobless benefits rose by 16,000 to 357,000 last week. 

The March reading of the Chicago purchasing managers index fell 4.4% to 52.4%, well below the reading of 56.4% economists expected. Readings above 50% indicate expansion. The U.S. is the world’s largest oil consumer. 

With U.S. markets closed today, traders now know that oil futures closed higher for the week there by 3.8% while rising 5.6% during March. New York-traded crude finished the first quarter with a gain of 5.8%. 

Elsewhere, BP, Europe’s second-largest oil company, said it will partner with U.S. oil giants Chevron and ConocoPhillips on a new exploration project in the Shetland Islands, north of Scotland. BP thinks it can pull about 1 billion barrels from the Clair Ridge in the region. Chevron and ConocoPhillips are the second and third-largest U.S. oil companies, respectively. 

Lebanon announced 52 global oil companies are bidding for win licenses for offshore oil and gas work in that country. The companies include Chevron, Exxon Mobil and Royal Dutch Shell. 

Meanwhile, Brent crude futures for May delivery fell 0.18% to USD109.83 per barrel on the ICE Futures Exchange.

Natural Gas falls as investors bet colder temperatures will end soon

Mcx Natural gas tips

                        Natural gas futures dropped in afternoon trading on Thursday after investors bet that below-normal temperatures that have hovered over the central and eastern reaches of the U.S. will eventually give way to springtime weather patterns.

Investors shrugged off bullish supply data and sold on the notion that cooler temperatures and falling inventories have now been priced into the market.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.037 per million British thermal units, down 0.77%.

The commodity hit a session low of USD3.974 and a high of USD4.120.

Weather forecasting models that called for a chilly end to winter have repeatedly extended their frigid forecasts into late March and early April.

By Thursday, prices had risen to levels ripe for profit taking amid sentiment that eventually, colder temperatures will give way to seasonal warming trends.

Investors shrugged off bullish inventory figures on sentiment that falling stockpiles were already priced into trading strategies along with the current cold snap gripping the heavily populated eastern half of the country.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 22 fell by 95 billion cubic feet, outpacing expectations for a drop of 87 billion cubic feet.

Total U.S. natural gas storage stood at 1,781 trillion cubic feet as of last week. Stocks were 642 billion cubic feet less than last year at this time and 61 billion cubic feet above the five-year average of 1.720 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 41 billion cubic feet below the five-year average, following net withdrawals of 73 billion cubic feet. 

Stocks in the Producing Region were 30 billion cubic feet above the five-year average of 707 billion cubic feet after a net withdrawal of 17 billion cubic feet.

U.S. Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were up 0.70% and trading at USD97.26 a barrel, while heating oil futures for May delivery were up 0.59% at USD3.0546 per gallon.

Courtesy : investing.com

28 Mar 2013

Gold futures slip but euro zone concerns support

Mcx Bullion Tips

                        Gold futures slipped lower on Thursday but losses looked likely to remain limited as ongoing concerns over the financial stability of the euro zone underpinned safe haven demand for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery slipped 0.13% to USD1,605.15 per troy ounce.

Gold futures were likely to test support USD1,591.20, Wednesday’s low and resistance at USD1,613.46, Monday's high. 

Gold prices remained supported as banks in Cyprus prepared to open for the first time in almost two weeks, with capital controls in place to prevent a run on banks.

Cypriot banks have been closed since March 16, when the European Union presented a proposal to force losses on all depositors in exchange for a EUR10 billion bailout, a plan which was subsequently rejected by the country’s parliament.

Investors remained concerned that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.

Meanwhile, in Italy doubts continued over whether a stable coalition government could be formed, fuelling concerns that the country may have to go back to the polls.

Elsewhere, Comex silver for May delivery was up 0.020% to USD28.668 per ounce while copper for May delivery was down 0.40% to USD3.430 per ounce. 

Courtesy : Investing.com

Crude oil futures steady as markets focus on Cyprus, Italy

Mcx Crude Tips

           Crude oil futures were steady on Thursday, as concerns over a potential fallout from Cyprus's bailout and political deadlock in Italy continued to dominate market sentiment. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD96.55 a barrel during European morning trade, down 0.03%. 

Investors remained cautious as Italian centre-left leader Pier Luigi Bersani seemed to have only slim hope of forming a government after talks with rival party leaders ended on Wednesday with rejection from Beppe Grillo's 5-Star Movement. 

Markets were also jittery as Cyprus prepared to reopen its banks for the first time in nearly two weeks, with fears of bank runs prompting the government to impose a number of controls, including limiting withdrawals and banning cheques. 

On Wednesday, a report by the National Association of Realtors showed that the U.S. pending home sales index slipped 0.4% in February as limited inventory curtailed the market in many areas, but remained at the second highest level in nearly three years. 

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slid 0.30% to trade at USD109.36 a barrel, with the spread between the Brent and crude contracts standing at USD12.81 a barrel.

Courtesy : Investing.com

Gold falls in Asia after snapping 3-day losing streak

Mcx Gold Tips

                         Gold futures are trading slightly lower during Thursday’s Asian session after snapping a three-day losing streak Wednesday in the U.S. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.9% to USD1,605.75 per troy ounce in Asian trading Thursday after settling up 0.58% at USD1,606.55 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Gold futures were buoyed by safe-haven buying induced in part by more euro zone-related fears. On Wednesday, the head of Italy’s center-left alliance, Pier Luigi Bersani, ruled out forming a coalition any time soon. Following February’s Italian election results, traders have been fearful that the new government would be no more than gridlock and not allow for additional austerity measures. 

Elsewhere, the European Commission reported earlier that its eurozone Economic Sentiment Indicator fell to 90.0 in March from 91.1 in February.

Analysts were expecting the index to fall to 90.4 last month, which further weakened the euro and bolstered gold's appeal as did lingering concerns surrounding the terms tied to Cyprus's recent bailout. 

In U.S. economic news, the National Association of Realtors said pending home sales fell 0.4% in February from January, but added the number increased 8.4% on a year-over-year basis. Despite trading lower today in Asia, gold is on track for gain of better than 1.5% this month. 

Elsewhere, silver for May delivery rose 0.24% to USD28.768 per ounce while copper for May delivery gained 0.03% to USD3.455 per ounce.

Courtesy : Investing.com

Natural gas rallies to 1-1/2 year highs


Mcx Free Tips

                          Natural gas futures rallied to the highest level in 18-months on Wednesday as forecasts for cooler-than-normal April weather bolstered expectations for increased home heating fuel demand.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.056 per million British thermal units during U.S. morning trade, advancing 1.64%.

Gas prices have rallied in recent sessions as unseasonably cold spring weather boosted demand for the home heating fuel. The increase in demand has raised expectations that a glut in natural gas inventory levels could be reduced.

The heating season from November through March is the peak demand period for U.S. gas consumption, particularly in the Northeast and Midwest. Nearly 50% of all U.S. households use gas for heating.

Natural-gas stockpiles are currently at 1,876 billion cubic feet, above the five-year average level for this time of year after mild weather during the 2012 winter curbed heating demand and saw inventories swell.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in May were down 0.5% to trade at USD95.85 a barrel, while heating oil for May delivery was almost unchanged at USD3.017 per gallon. 

Courtesy : Investing.com

27 Mar 2013

Gold rebounds following U.S. losses

MCX GOLD TIPS

                           Gold futures are trading to the upside during Wednesday’s Asian session, rebounding back above the all-important USD1,600 per ounce level after falling in Tuesday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.24% to USD1,601.15 per troy ounce in Asian trading Wednesday after settling down 0.54% at USD1,597.75 a troy ounce in U.S. trading on Tuesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Soaring U.S. equities, due in part to some solid data points there, sent traders scurrying to riskier assets and away from safe-haven fare such as gold. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Elsewhere, it was reported that Russia’s central bank boosted its gold holdings for a fourth consecutive month in February. Turkey’s central bank has also been seen as a recent buyer of bullion. 

Meanwhile, Comex silver for May delivery added 0.25% to USD28.75 per ounce while copper for May delivery rose 0.12% to USD3.458 per ounce. 

Courtesy : Investing.Com

Silver drops for second day in India



                   Indian silver prices dropped for the second staright day Tuesday following global trends.
Analysts also attributed the losses to speculators trimming their positions

On the Multi Commodity Exchange (MCX) Silverfor delivery in May traded by Rs 181, or 0.33 per cent, to Rs 54,031 per kg in business turnover of 1,586 lots.

Similarly, the white metal for delivery in July declined by Rs 177, or 0.32 per cent, to Rs 55,203 per kg in business volume of 111 lots.

In the international market, silver traded lower at $ 28.81 an ounce in Singapore.

Market analysts said a subdued trend in precious metals in the global markets as Cyprus's bailout plan hurting demand for the safe haven, led to fall in silver prices at futures trade here.
Courtesy : Bullionstreet

Oil succumbs to profit-taking in Asian trade

MCX CRUDE TIPS

                           Oil futures are trading to the downside during Wednesday’s Asian session on what looks like some profit-taking after crude jumped on Tuesday in the U.S. on the back of some decent data points. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.22% to USD96.12 per barrel in Asian trading Wednesday after settling up 1.02% at USD95.78 a barrel on Tuesday in the U.S. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Those data points helped lift U.S. stocks to within spitting distance of a new record. Exxon Mobil and Chevron, the two largest U.S. oil companies, both finished higher on the day. 

Elsewhere, Iraq said it will start selling 4 million barrels of oil per month to Egypt starting in April 2014. Iraq is believed to be home to over 143.1 billion barrels of reserves, one of the largest totals among the members of the Organization of Petroleum Exporting Countries. 

Meanwhile, Brent futures for May delivery fell 0.12% to USD109.34 per barrel on the ICE Futures Exchange.

Courtesy : Investing.com

CPM Group sees 3% fall in Gold investment demand this year


MCX FREE GOLD TIPS

               Commodities research and consultant CPM Group sees drop in net buying by gold investors for a second straight year.

Gold investment demand, a major driver behind gold's bull cycle, is expected to fall around three per cent in 2013 after a five-per cent drop in 2012, CPM Group said.

The New York based consultant group also said the average price of gold is expected to fall in 2013 for the first time in 11 years, as fears of catastrophic market events fade, prompting investors to scale back bullion purchases.

Natural Gas gains on cold weather forecasts, power plant outages


           Natural gas futures jumped up in afternoon Tuesday trading as weather models continued to predict below-normal temperatures sticking round over the heavily populated eastern half of the U.S., while power plant outages fueled demand as well 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.978 per million British thermal units, up 2.33%.

The commodity hit a session low of USD3.889 and a high of USD3.994.

Updated weather forecasting models on Tuesday indicated below-normal temperatures staying in place for most of the eastern half of the U.S. over the next five to ten days, which kept prices on the upswing.

26 Mar 2013

Gold falls slightly, extends U.S. losses


             Gold futures are trading modestly lower in the early part of Tuesday’s Asian session after fears over Cyprus’ imperiled financial state ebbed Monday. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery are off 0.08% at USD1,605.15 per troy ounce in Asian trading Tuesday after settling down 0.23% at USD1,604.25 a troy ounce in U.S. trading on Monday. 

Gold futures were likely to test support USD1,590.80 a troy ounce, last Monday's low, and resistance at USD1,615.80, Thursday's high. 

Traders moved away from gold Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

Oil down despite Saudi comments

                  
                 Oil futures are trading slightly lower during Tuesday’s Asian even after a Saudi Arabian official said the kingdom is comfortable with prices of around $100 per barrel. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.11% to USD94.70 per barrel in Asian trading Tuesday after settling up 0.48% at USD94.16 a barrel on Monday in the U.S. 

Oil futures got a boost Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

Gold extends losses despite euro zone concerns



                      Gold extended losses in Asian trade Tuesday despite lingering concerns over euro zone's banking systems.

Gold for immediate delivery was seen trading at $1601.32 an ounce at 12.00 noon Singapore time while US gold was seen at $1600.48 an ounce.

Analysts said gold is likely to remain steadied during the day as it's safe-havendemand ebbed after Cyprus clinched a last-ditch rescue deal.

Natural Gas gains as cold weather keeps grip on eastern U.S.


                       Natural gas futures rose on Monday as below-normal temperatures continued to hover over the eastern U.S., while weather forecasting services predicted another delayed arrival to springtime warming trends. 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.955 per million British thermal units, up 0.08%.

The commodity hit a session low of USD3.954 and a high of USD4.014.
Updated weather forecasting models on Monday pointed to below-normal readings staying in place for most of the eastern half of the U.S. over the next ten days, which sent prices rising.

The heating season from November through March is the peak demand period for U.S. gas consumption, though shifting weather patterns have many speculating a rally will last through the end of the month. 

MARCH-26th INTRADY LEVELS FOR MCX COMMODITY MARKET

26-MARCH-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 104.40 105.20 105.65 103.15 102.70 101.90
COPPER 419.15 421.20 423.15 415.15 413.20 411.15
CRUDEOIL 5198 5240 5281 5115 5074 5032
GOLD 29731 29875 30069 29393 29199 29055
LEAD 118.55 119.35 119.95 117.10 116.45 115.65
NATURALGAS 217.80 219.90 221.50 214.10 212.60 210.40
NICKEL 926.90 933.30 938.10 915.70 910.90 904.50
SILVER 54497 54781 55223 53771 53329 53045
ZINC 105.10 105.80 106.45 103.75 103.10 102.40
For More Details Please Visit WWW.MCXFREETIPS.COM

25 Mar 2013

MARCH-25th INTRADY LEVELS FOR MCX COMMODITY MARKET

25-MARCH-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 105.40 106.10 107.40 103.40 102.10 101.40
COPPER 421.10 422.95 425.90 416.30 413.35 411.50
CRUDEOIL 5106 5123 5149 5063 5037 5020
GOLD 29772 29867 29928 29616 29555 29460
LEAD 119.30 120.05 121.35 117.25 115.95 115.20
NATURALGAS 216.80 219.70 221.60 211.80 209.90 206.90
NICKEL 937.20 944.90 957.40 917.00 904.50 896.80
SILVER 54752 55379 55769 53735 53345 52718
ZINC 105.90 106.55 107.70 104.10 102.95 102.30
For More Details Please Visit WWW.MCXFREETIPS.COM

22 Mar 2013

Gold slightly lower on profit-taking


                        Gold futures are trading slightly lower in the early part of Asia’s Friday session as traders lock in profits after the yellow metal flirted with a one-month in U.S. trading Thursday. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.01% to USD1,614 per troy ounce in Asian trading Friday after settling up 0.41% at USD1,614.10 a troy ounce in U.S. trading on Thursday. 

Gold futures were likely to test support USD1,601.20 a troy ounce, Wednesday's low, and resistance at USD1,619.40, the high from Feb. 26. Some decent economic data points help lift gold on Thursday. 

In U.S. economic news, initial claims for jobless benefits rose by 2,000 to 336,000 last week. The less volatile 7,500 to 339,750, the lowest reading since February 2008. 

India Gold intake seen near 1,000 tons this year



             After an arid 2012, gold consumption in India, world's largest gold consumer, may climb near 1000 tons this year, according to a top WGC official.

India's recent efforts to discourage gold consumption will not affect gold's cause, said Somasundaram P.R., managing director of the World Gold Council for India.

Consumption may total 865 metric tons to 960 tons this year, compared with 864.2 tons in 2012, he said.“Imports should be higher this year according to initial estimates based on the trend in the fourth quarter of last year and as the economy grows,” Somasundaram said.
Apart from rising incomes,inflation boost investment demand also to increase gold sales in India and can undermine efforts to narrow a record current-account deficit, he added.

India has tripled the tax on imports since the start of 2012 to moderate demand as gold accounted for almost 80 percent of the current-account deficit, the broadest measure of trade.

India is planning to offer inflation-protected bonds for the first time in 15 years next month to damp demand for gold and offer a hedge against inflation.

Gold is a critical and predominant form of saving in rural India, which makes up about 70 percent of the population.

Consumption in India surged 41 percent to 261.9 tons in the quarter ended December from a year earlier, data from the council showed.

Demand for jewelry rose 35 percent, while investment in coins and bars jumped 51 percent.

Courtesy : Bullionstreet

Oil rises on decent U.S. data points


              Crude Oil futures are trading higher during Friday’s session following some decent data points released in the U.S. Thursday and news that the Organization of Petroleum Exporting Countries will pare oil shipments over the next few weeks. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0. 18% to USD92.61 per barrel in Asian trading Friday. Crude fell in the U.S. on Thursday after Germany’s manufacturing PMI fell to 48.9 in March from 50.3 the previous month, missing market calls for a 50.5 reading while the country’s service-sector expanded at the slowest rate in four months. 

French manufacturing PMI came in at 43.9 in March, unchanged from February’s reading, while service sector activity in France fell to a 49-month low of 41.9. 

HKMEx plans yuan-denominated Gold,Silver contracts



                     Hong Kong's HKMEx is planning to launch yuan denominated gold, silver and copper contracts this year.

According to William Barkshire, co-president of the Hong Kong mercantile exchange, the main objective behind the move is to establish an internationally traded benchmark contract for pricing copper, gold and silver.

He said price benchmarks that accurately reflect the structural shift in commodities consumption from developed Western nations to emerging Asian countries, such as China and India, are lacking.

"China is the world's largest copper market. However, there continues to be a mismatch between the price of copper traded domestically in China, and the international price established at the London Metal Exchange in the UK," Barkshire said.

" What China needs is an internationally traded benchmark contract for pricing copper, and that's exactly what HKMEx has set out to accomplish."he added.

At the same time, the gold and silver contracts will provide international users with exposure hedging benefits while mitigating foreign exchange risk, according to the expert.

Barkshire said Hong Kong needs to anticipate the move to a fully convertible yuan in the coming years and offer yuan-denominated commodities contracts ahead of competing financial centres such as London, which is already gaining market share against Hong Kong in the offshore renminbi spot foreign exchange space.

HKMEx has been trading two precious metal contracts since May 2011 – a 32-ounce gold futures contract and a 1,000-ounce silver contract, both denominated in US dollars with physical delivery in Hong Kong.

Courtesy : Bullionstreet

Natural Gas eases off 18-month highs as supply data disappoints



                           Natural gas futures fell in afternoon trading on Thursday after official U.S. data revealed that supplies dropped less than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.925 per million British thermal units, down 0.90%.

The commodity hit a session low of USD3.894 and a high of USD4.023.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 15 fell by 62 billion cubic feet, compared to expectations for a drop of 70 billion cubic feet.

MARCH-22nd INTRADY LEVELS FOR MCX COMMODITY MARKET

22-MARCH-2013 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
ALUMINIUM 104.35 105.35 106.00 102.70 102.05 101.05
COPPER 419.50 422.65 425.35 413.65 410.95 407.80
CRUDEOIL 5089 5124 5151 5027 5000 4965
GOLD 29912 29996 30146 29678 29528 29444
LEAD 118.70 119.90 120.60 116.70 115.95 114.80
NATURALGAS 218.30 222.20 225.45 211.25 207.95 204.15
NICKEL 921.00 924.20 928.90 913.10 908.40 905.20
SILVER 55392 55721 56342 54442 53821 53492
ZINC 104.85 105.40 105.95 103.75 103.20 102.65
For More Details Please Visit WWW.MCXFREETIPS.COM

21 Mar 2013

Oil falls following U.S. production news



                         Oil futures are trading lower during Thursday’s Asian session, due in part to reports out of the U.S. Wednesday that the world’s largest oil consumer is getting closer to shedding its status as a net import of the commodity. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.28% to USD93.24 per barrel in Asian trading Thursday after modestly rising during Wednesday’s U.S. session on the back of supportive comments from the Federal Reserve. 

The Federal Reserve left interest rates unchanged at near zero and made no changes to its monthly USD85 billion bond-buying program known as quantitative easing. 

In other news, according to the U.S. Energy Information Administration's Short-Term Energy Outlook. U.S. oil production will outpace imports by 2 million barrels per day by 2014. By some accounts, the U.S. was a net oil exporter last year for the first time in two decades, but the EIA report confirms what many industry observers and market participants already expected. 

Gold down as trades gloss over Fed talk

                    
                      Gold futures are trading lower in Asia Thursday after snapping a four-day winning streak during Wednesday’s U.S. as traders appear to glossing over comments from the Federal Reserve that it will leave interest rates low for the foreseeable future. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.22% to USD1,604 per troy ounce in Asian trading Thursday after settling down 0.37% at USD1,605.40 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,590.80 a troy ounce, Monday's low, and resistance at USD1,614.60, Tuesday's high. 

Meanwhile the Federal Reserve left interest rates unchanged at near zero and made no changes to its monthly USD85 billion bond-buying program known as quantitative easing.