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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.

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.


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
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