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Bullion Update

Riding on bulls Gold, Silver futures settled high

Jul 20

Posted by FxCommcalls in Bullion Update | No Comments

Gold futures settled on high note on Multi Commodity Exchange on buying support here on Saturday. Gold futures traded up; while silver futures steady to down on profit taking. Precious metals settled lower in the previous session on weak global trend. In the overseas market gold settled up but silver seen down. In the international market gold settled steady at USD1190.15/oz.

MCX’s most active Gold August contract opened down Rs.6 at Rs.18,300/10gm and moved between Rs.18,300-Rs.18,337/10gm. The contract settled Rs.29 higher at Rs.18,335/10gm. August contract volumes clocked 2287 lots.

MCX Gold mini, the most active August contract opened down Rs.18 at Rs.18,305/10gm. It fluctuated between Rs.18,300-18,346/10gm. August contract settled up Rs.19 at Rs.18,342/10gm. Total volumes in August contract clocked 4399 lots.

Benchmark Silver September contract opened Rs.14 higher at Rs.28,800/kg. The contract fluctuated between Rs.28,786-Rs.28,810/kg. Silver September contract settled up Rs.14 at Rs.28,800/kg. Total volumes clocked 1598 lots.

MCX Silver mini August futures opened down Rs.34 at Rs.29,752/kg and moved between Rs.28,750-Rs.28,810/kg. Mini silver August futures settled up Rs.9 at Rs.28,795/kg. Total volumes recorded 2718 lots.

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MCX Gold Update

Jan 29

Posted by FxCommcalls in Bullion Update | No Comments

Domestic Gold futures continued to shed as the Indian Rupee gained today ahead of the RBI monetary policy meeting tomorrow in which the central bank is expected to hike the CRR by 50 basis points.

India MCX February gold futures down 0.3% at INR16,395/10 grams on strong INR; at nearly two-month low. “The market is expected to stoop down toward INR16,350 levels in the near term,” says JRG Wealth Management in note; for day, likely to move in INR16,389-INR16,610 range. However, slight gains in overseas gold markets could aid recovery in domestic prices.

The Reserve Bank of India (RBI) will announce the third quarter review of the Annual Monetary Policy tomorrow. The repo rate (4.75%) and reverse repo rate (3.25%) are expected to be kept unchanged while the reserve requirement, i.e., cash reserve ratio (CRR, 5%), is likely to be increased by 50bps.

 

 

MCX

Gold

Symbol

GOLD

Expiry Date

05 Aug, 2010

Last Traded Price

16708

Unit

10 GRMS

Net Change

0

Percentage of Change

0%

High

0

Low

0

Best Buy Price

16542

Best Buy Quantity

1

Best Sell Price

16588

Best Sell Quantity

2

Open Price

0

Close Price

16708

Open Interest

44

 

MCX- Other Gold Contracts

MCX

Gold

Symbol

GOLD

Expiry Date

05 Aug, 2010

Last Traded Price

16708

Unit

10 GRMS

Net Change

0

Percentage of Change

0%

High

0

Low

0

Best Buy Price

16542

Best Buy Quantity

1

Best Sell Price

16588

Best Sell Quantity

2

Open Price

0

Close Price

16708

Open Interest

44

 

NCDEX-Other Gold Contracts

 

MCX

Gold

Symbol

GOLD

Expiry Date

05 Aug, 2010

Last Traded Price

16708

Unit

10 GRMS

Net Change

0

Percentage of Change

0%

High

0

Low

0

Best Buy Price

16542

Best Buy Quantity

1

Best Sell Price

16588

Best Sell Quantity

2

Open Price

0

Close Price

16708

Open Interest

44

 

 

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Gold Update

Jan 25

Posted by FxCommcalls in Bullion Update | No Comments

After bringing good returns for investors late last year, gold exchange traded funds (ETFs) and gold funds are making a slow retreat.
Is it a time to start selling gold?

With prices of the yellow metal softening, returns from gold ETFs and funds have declined in the last two months. While gold ETFs have declined by 2.2% to 2.4%, gold funds that invest in stocks of gold mining companies have fallen by 3% to 7.8%.

Gold is currently in a consolidation phase. Trends are favouring the dollar on a short-term basis and so there is some sluggishness in gold. After hitting a record high of $1,226.1 an ounce in December , gold prices have come down to around $1,100 now.

MCX Gold prices recovered by INR 50 to INR 16,485 per ten grams at the Gold bullion market here today on fresh buying by stockists and jewellers despite weak trend in overseas gold markets.

On the other hand, silver prices dropped further down on lack of demand from industrial users.

Stockists grabbed the opportunity to buy the Gold  at current level, which moved the prices moderately up on the MCX gold market .They are expecting further fall in gold prices internationally, seeing overall bearish global trend.

In New York, gold for February delivery finished down by USD 13.50, or 1.2 per cent, to USD 1,089.70 an ounce on the Comex division of NYMEX.

Silver for March delivery fell down by 40 cents to USD 16.93 an ounce.

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Gold & Silver Update

Jan 19

Posted by FxCommcalls in Bullion Update | No Comments

GOLD ETF Trading Chart

MARKET REPORT

Gold futures fell 1 percent on Friday, finishing the week on a weak note as a dollar rise dampened investor sentiment, but palladium rose sharply on strong investment demand related to the U.S. exchange traded funds. Silver holded its nerve in restricted its losses and ended a tad higher on COMEX.

 

NEW BITES

  1. The world’s largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood at 1,112.836 tonnes as of Jan 17, down 0.914 tonnes or 0.08 percent from the previous business day.
  2. The world’s largest silver-backed exchange- traded fund, the iShares Silver Trust, said its silver holdings stood at 9,339.19 tonnes as of Jan 15, same as the previous business day.
  3. Purchases from gold jewellers in India stirred up physical trade in Asia, while a drop in bullion prices ignited demand from other consumers in the region and kept premiums steady, dealers said on Friday.
  4. Red Back Mining Inc said it forecast higher gold production in 2010 following the completion of major plant expansions at both its Chirano mine in Ghana and Tasiast mine in Mauritania. The African-focused gold miner expects total production for 2010 in the rage of 485,000 ounces to 525,000 ounces at a cash operating cost between $390 and $420 per ounce.
  5. Gold jewellery exports from Italy likely declined 20 percent in value in 2009, figures produced for the Fiera di Vicenza jewellery trade fair showed on Saturday.
  6. Italian jewellers are focusing on high-end design and innovation to fight off competition from mass-market manufacturers and see China as a key source of customers, according to the World Gold Council.

 

We expect dollar to trade firm for the day which may weigh on the rise in precious metals prices.

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Latest Commodity Update

Jan 11

Posted by FxCommcalls in Bullion Update, Commodity Update | No Comments

Crude oil

Crude oil prices rose to a new 15 month high on speculation that fuel demand will rebound as freezing temperatures in the northern hemisphere and weakening dollar also supported the prices.
The oil advanced for the second day as Chinese crude imports climbed to a record 203.8 million metric tons last year weighing over weak last weeks weak US NFP data. Chevron corp, the second largest US energy producer said the Makaraba-utonana pipeline it operates in the southern Nigeria’s delta state was breached on Jan 8, affecting 20,000 barrels of crude oil production a day. Attacks by armed groups in Nigeria’s oil rich delta region have cut the country’s output by more than 25 percent since 2006. Crude Feb month contract was trading at $83.5 gaining 1.57 percent. Crude oil mcx Dec contract was trading at Rs 3790 gaining 0.03 percent.

Base Metals

Copper futures prices rallied for the first time in last three days as Chinese imports and weak dollar boosted investors confidence in the metal. The china imported 369,368 metric tons of copper and its products in December, 27 percent increase from November. The Chinese exports of all products climbed for the first time in 14 months, according to census bureau. LME copper inventories rose by 4575 metric tons and mcx copper is trading at 348.10 gaining 0.96 percent.

 

Technical Trends

GOLD MCX Feb

While above 17000 prices could stay firm and could target 17080/17125 followed by 17250 levels. Unexpected fall below 16978 could see a move lower towards 16920 followed by 16870 levels.
Res: 17080/ 17160 Supp: 16970/16920

Silver MCX Mar:

As long as 28320 holds, prices could move up and find resistance at 28600 initially followed by 28730/29000 levels. If unable to hold 28300 expect a corrective move towards 28150/27980.
Res: 28610/28730 Supp: 28300/ 27980

CRUDE MCX Jan

Dips to 3763 may find support for a rise towards 3805 initially. Rallies above 3812 could invite fresh rallies towards 3848/3878. Falls below 3752 may cause doubts on the bullish view.
Res: 3812/3870 Supp: 3762/3736

Natural Gas MCX Jan

As long as support at 251/249 holds prices could stay firm and edge higher towards 258/261 followed by 264. Falls below 249 may negate the view and target 241.
Res: 258/264 Supp: 254/247

Copper MCX Feb

Dips to 347/345 hold downside expect to move up and find resistance at 349/350.50 followed by 354. If unable to hold 345 drag prices lower towards 343/341 levels.
Res: 349/351 Supp: 347/ 345

Lead MCX Jan

As long as 118.70/120 caps the upside expect a corrective fall towards 117/116 followed by 115.30. Needs to break 120 to negate the view.
Res: 118.70/120 Supp: 117/ 116

Nickel MCX Jan

Moves to 844 may find resistance for a fall towards 831/826. Break below 825 could invite fresh sell off towards 814/802. Needs to break 847 to negate the view.
Res: 845/862 Supp: 831// 824

Zinc MCX Jan

If 118 cap the upside expect a fall towards 116.50/115.50. Need to break 118.70 to negate the view.
Res 118/119 Sup: 116.70/115

Aluminium MCX Jan

If 105 expects to move up and target 106/106.80followed by 107.60 Needs to break 104.20 to negate the view.
Res: 106.20/107 Sup: 105/104.40

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