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Thursday 23 March 2017

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After a steep fall of 4 week, finally CRB take support from bullion and energy counter and closed the week on positive note. Gold held firm as the dollar weakened later than the US Federal Reserve signaled no increase in the pace of financial contraction. The Federal Reserve on Wednesday raised US interest rates for the second time in 3 months, as expected, but did not flag any plan to accelerate the pace of monetary tightening as some investors had predictable. Gold is very sensitive to rising US interest rates, as this enhance the opportunity price of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Silver followed the footsteps of gold. While appreciation in rupee due to positive sentiments in economy after states poll result limited the upside in MCX gold and silver and thus they recovered the weekly losses to some extent but couldn't end the week on positive side. Moreover, oil prices rose, lifted by a surprise draw down in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the 1st half of 2017. Inventories fell by 237,000 barrels in the week to March 10, compared with analysts' expectations for an increase of 3.7 million barrels. On the flip side, natural gas prices fell on Thursday as the US Energy Department's report on the nation's commercial gas inventory let down traders. The Energy Information Administration thought gas stocks dropped by 53 billion cubic feet previous week, edging down to 2.24 trillion cubic feet.

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Tuesday 21 March 2017

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In the domestic market, gold has come down by 0.3 per cent to Rs 28,430, while silver is falling by 0.3 per cent and is looking at around Rs 40,740. On the MCX, crude oil is trading around Rs. 3220 with a slight increase of 0.06 percent, while natural gas has gone above 200 rupees with a surge of 1.3 percent.
Talking about base metals, the aluminum on MCX has come down to Rs. 125 by 0.4 per cent on weakness, while Copper is falling 1.3 per cent to nearly Rs. 380. MCX is trading below Rs 150 with 0.5 per cent weakness in the lead while Nickel is showing 0.2 per cent fall around Rs 660.

Eggy Commodity has a fall in food prices and prices of soya and palm oil are about 0.5 percent below. However, turmeric prices have jumped nearly 1 per cent in spices. Sugar has come down to the lower level of the year and in the spot it is the price below 4000 rupees. But the matter was cotton cotton. Its prices have fallen drastically. It is reported that in some areas of Maharashtra, adulterated cotton has been brought in the Khali market. Especially in the areas of Akola, Beed and Amravati, such stocks are being marketed. According to sources, some all-mill palm oil is sold at a cheap price by mixing garbage and paddy husk in cotton khali. This has a big impact on the real cotton pulse business.

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