India now Nigeria’s biggest crude oil buyer

MCX Crude Oil Tips in IndiaIndia now leads the United States in the purchase of crude oil from Nigeria, Indian High Commissioner to Nigeria Mahesh Sachdev has said.

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He said recent statistics showed that India had been buying more of Nigeria’s crude than the US over the last three months. “India will continue to cooperate with Nigeria to improve its economy and it will also assist the country in capacity building of workers in both the public and private sectors,” Sachdev said during a courtesy visit to the Governor of Niger state in northern Nigeria last Wednesday.

On the bilateral trade, he said the present figure stands at USD 10 billion even as the total investment of India in Nigerian economy could be valued at USD 16.6 billion.

He disclosed that India would partner with the government of Kano state to establish a film city and also collaborate with the Niger state government to establish health care facilities as well as improve agriculture. He also promised assistance in the state on the training of young people who wish to embark on vocational education.

Governor of the state Babangida Aliyu commended India for being one of the few countries that had kept faith with strengthening the work force. According to him, this has helped Nigeria to develop in every ramification.

Source:  www.moneycontrol.com

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MCX Silverm November contract rises 1%

MCX Silver TipsSilverm prices on MCX were trading higher. MCX Silverm November contract was trading at Rs 42610 up Rs 396, or 0.94 percent.

At 10:54 hrs MCX SILVERM August contract was trading at Rs 41885 up Rs 382, or 0.92 percent. The SILVERM rate touched an intraday high of Rs 41988 and an intraday low of Rs 41625. So far 5173 contracts have been traded. SILVERM prices have moved down Rs 15277, or 26.73 percent in the August series so far.

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MCX SILVERM November contract was trading at Rs 42610 up Rs 396, or 0.94 percent. The SILVERM rate touched an intraday high of Rs 42725 and an intraday low of Rs 42351. So far 275 contracts have been traded. SILVERM prices have moved down Rs 3196, or 6.98 percent in the November series so far.

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Source: www.moneycontrol.com

MCX Gold, MCX Silver to trade sideways this week; MCX Copper, MCX Crude Oil bearish

MCX Gold Silver Crude CopperMCX Gold for August delivery may trade sideways to up and the commodity may witness short rallies this week.

By John Godson
MCX gold, silver, crude oil and copper traded on a bullish note last week. The commodities witnessed sharp rise after US Federal Reserve Chairman Ben Bernanke stated that the bank may continue its monetary stimulus this year. Depreciation of dollar accelerated dollar denominated commodities.

China’s economic development is expected to improve in the next twelve months and the current economic situation is normal, according to European Economic Research (ZEW) reflected futures and positive data from global markets also impacted metal prices.
MCX gold traded in the range of 25887-26858 last week. The commodity witnessed bulk buying after Bernanke’s speech. Rise in Jobless claims witnessed slight gains in the later session.

MCX Gold for August delivery may trade sideways to up and the commodity may witness short rallies this week.

— Support: 26320, 25910
— Resistance: 26990, 27100

Weekly Jobless Claims, Personal Income and Spending are scheduled for Thursday and may impact the yellow metal in the global markets.
MCX silver traded in the range of 40716-44240 last week. The commodity gained tracking gold prices. Comex silver closed at $19.79 an ounce last week.

MCX Silver for September delivery may trade sideways this week. Traders are advised to buy on dips.
— Support: 41100, 40950
— Resistance: 41950, 42010

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Chicago Purchasing Managers Index and University of Michigan/Thomson Reuters Consumer-Sentiment Index are scheduled for Friday. Recovery in Chinese economy may support silver prices.

MCX crude oil traded in the range of 6156-6419 last week. The commodity gained after Bernanke’s speech, but upside was limited on profit booking at higher levels.

MCX Crude oil for August delivery may trade bearish this week on profit taking at higher levels.

— Support: 6150, 5960
— Resistance: 6450, 6560

American Petroleum Institute release on US crude oil and gasoline inventories is scheduled for Tuesday. Strength in Dollar Index may impact crude oil prices further.

MCX copper traded in the range of 405-425 last week. Copper in the global market recorded an up-tick after reports that the central bank policy makers expected solid growth in the economy to tap existing monetary stimulus.

MCX Copper for June delivery is expected to trade with a bearish bias this week.

— Support: 410, 405,
— Resistance: 425, 431

Euro-zone industrial sentiment and U.S GDP data are scheduled for the week. Correction is expected for copper around 425-428 range.
(The author is Technical analyst at Commodity Online)

Source: www.commodityonline.com

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Gold futures poised to rise next week: Survey

MCX Gold Tips TodayOn the Comex, gold for delivery on August 13 was seen closing at $1,284.15/oz, a gain of $4.25 or 0.33% on Friday.The futures are closed for weekend. Silver on the Comex for delivery on September 13 closed Friday at $19.895/oz, registering a loss of $0.061 or 0.31%.

MUMBAI (Commodity Online): If the survey results of Bloomberg are anything to go by, gold futures are poised to climb next week. Nineteen analysts surveyed by Bloomberg think that gold futures may rise next week even as nine analysts were bearish and three neutral.

Gold as of last quarter has lost 23% y/y and witnessed acceleration in declines as US Federal Reserve Chairman Ben Bernanke hinted that the Quantitative Easing measures announced by Fed would see a tapering starting second half of this year.

However, this week the Federal Open Market Committee minutes for June released has showed a bias towards continuing with QE measures. Ben Bernanke himself said that the monetary policy would remain accommodative for the foreseeable time as the revival in economy is fragile.

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This created a rally in futures as prices breached the $1280 mark, an area of significant resistance.

“With the Fed comments, with the increased cost of funding a short position and some recalibration in peoples’ thinking about the end of quantitative easing, the onus is really on the bears now,” said Ross Norman, chief executive officer of Sharps Pixley Ltd to Bloomberg.

“Physical demand is supporting the market very nicely,” he added.

On the Comex, gold for delivery on August 13 was seen closing at $1,284.15/oz, a gain of $4.25 or 0.33% on Friday.The futures are closed for weekend. Silver on the Comex for delivery on September 13 closed Friday at $19.895/oz, registering a loss of $0.061 or 0.31%.

Meanwhile, with the decline in prices, physical demand remained robust in China even as with import curbs in place, Indian merchants are seeking sales controls fearing a shortage.

In India H2, 2013 is marked by festivities like Diwali and Dhanteras, two Hindu festivals which would see enhanced gold buying.

“This is just a temporary measure, but if we don’t follow through with this, there may be a situation when jewellers don’t have any gold to sell. The government and the Reserve Bank of India have already restricted gold imports,” said Vikas Chudasama, director general, All India Gems and Jewellery Trade Federation to the Indian Express.

“This is a request from the federation to all our member jewellers as it will help bring down imports over the next few months and so ease pressure on the current account deficit (CAD),” he noted.

India recently hiked the import duty on gold to 8% and RBI too put in restrictions on import funding by banks. Indian Rupee has dipped substantially and to record lows even as widening CAD is giving sleepless nights to policy makers.

The gold curb measures ‘helped’ the gold imports by India to come down substantially as latest data say.

“Import of gold and silver is understood to have declined substantially to $2-2.5 billion in June, much below the $8.39 billion imported in May, and over $7 billion in April,” a senior government official said and was quoted recently by the Indian Express as saying.

June imports of Gold have dipped to a paltry 28 tons when compared to 162 tons in May. Data says that imports of gold to Gujarat, a major consuming centre, dipped to 3.73 tons in June against the 37.61 tons registered in May as per the air cargo complex data.

Source: www.commodityonline.com

MCX Nickel may trade with negative bias; support 811

8590848351373624821For intra-day, support for the commodity is seen at 811 while resistance is at 828 level. Traders are advised to sell on rise at 824 with the stop loss of 835 for the target of 811. MCX nickel for July delivery was seen trading down by 0.05% at Rs.819.30 per kilogram as of 03.38 PM IST on Friday.

MUMBAI (Commodity Online): The trend in nickel futures for July delivery on India’s Multi Commodity Exchange (MCX) is expected to trade with a negative bias during intra-day trade. Selling pressure is expected at higher levels.

“For intra-day, support for the commodity is seen at 811 while resistance is at 828 level. Traders are advised to sell on rise at 824 with the stop loss of 835 for the target of 811,” said Melbin Noble, Research Analyst at Commodity Online.

MCX Nickel Updates for July delivery was seen trading down by 0.05% at Rs.819.30 per kilogram as of 03.38 PM IST on Friday.

The University of Michigan Consumer Sentiment Index and Inflation Expectations Index are scheduled to be released at 07.25 PM IST on Friday.

In May 2013 compared with April 2013, seasonally adjusted industrial production fell by 0.3% in the Euro area (EA17) and by 0.6% in the EU27, according to estimates released by Eurostat, the statistical office of the European Union.

In April production increased by 0.5% and 0.3% respectively.
In May 2013 compared with May 20124, industrial production decreased by 1.3% in the Euro area and by 1.6% in the EU27.

In May 2013 compared with April 2013, production of durable consumer goods dropped by 2.3% in the Euro area and by 2.1% in the EU27. Capital goods decreased by 1.5% and 1.9% respectively.

Energy rose by 0.1% in the Euro area and fell by 0.3% in the EU27. Intermediate goods grew by 0.4% and 0.2% respectively. Non-durable consumer goods increased by 0.6% in the Euro area and fell by 0.1% in the EU27.

Among the Member States for which data are available, industrial production fell in thirteen, rose in nine and remained stable in the United Kingdom.

The largest decreases were registered in Romania (-10.7%), Lithuania (-6.3%) and Sweden (-3.8%), and the highest increases in Portugal (+6.1%), Latvia (+2.2%) and Estonia (+2.0%).

Source: www.commodityonline.com

MCX Natural Gas bearish; support 215 and 212

MCX Natural GasFor intra-day, support for the commodity is seen at 215 and 212 levels while resistance is seen at 220 and 223 levels. MCX natural gas for July delivery was seen trading up by 1.11% at Rs.219.30 per mmBtu as of 02.44 PM IST on Friday.MUMBAI (Commodity Online): The trend in natural gas futures for July delivery on India’s Multi Commodity Exchange (MCX) is bearish and traders are advised to sell at higher levels for the day.

“For intra-day, support for the commodity is seen at 215 and 212 levels while resistance is seen at 220 and 223 levels,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX natural gas for July delivery was seen trading up by 1.11% at Rs.219.30 per mmBtu as of 02.44 PM IST on Friday.

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NYMEX natural gas prices recorded a decline after a weekly data on US natural gas stock-piles by US Energy Information Administration (EIA) showed a higher than expected increase.

US working gas in storage was 2,687 Bcf as of Friday, July 5, 2013, according to EIA estimates. This represents a net increase of 82 Bcf from the previous week.

Stocks were 443 Bcf less than last year at this time and 22 Bcf below the 5-year average of 2,709 Bcf. In the East Region, stocks were 89 Bcf below the 5-year average following net injections of 53 Bcf. Stocks in the Producing Region were 33 Bcf above the 5-year average of 965 Bcf after a net injection of 27 Bcf.

Stocks in the West Region were 34 Bcf above the 5-year average after a net addition of 2 Bcf. At 2,687 Bcf, total working gas is within the 5-year historical range.
NYMEX natural gas for August delivery was seen trading up by 0.73% at $3.640 per mmBtu as of 02.56 PM IST on Friday.

Source: www.commodityonline.com

Gold heads for biggest weekly gain in two years

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Gold Market TipsGold rose for a fifth session on Friday, on track for its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that as boosted bullion’s appeal as a hedge against inflation.

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Fundamentals

Spot gold had climbed 0.1 percent to USD 1,286.21 an ounce by 0016 GMT. It touched close to USD 1,300 on Thursday, its highest in three weeks.

Bullion has gained 5 percent so far this week, on course for its largest weekly climb since October 2011.

Comex gold and silver were also trading near multi-week highs hit on Thursday.

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Financial markets, which had tumbled after Bernanke said last month that the Fed’s USD 85 billion in monthly bond purchases could be scaled back this year, jumped on Thursday with the Dow and S&P 500 indices hitting all-time closing highs.

Gold, still down nearly 25 percent this year, could face further headwinds as some investors jump to rallying stocks, dumping holdings in gold-backed exchange traded funds.

Investors pulled USD 998.8 million from commodities and precious metals funds, up from withdrawals of USD 92.6 million the prior week, data from Thomson Reuters’ Lipper service showed on Thursday.

Gold traders in India, the world’s biggest buyer of the metal, refrained from fresh purchases as prices climbed to their highest level in more than two weeks.

Market News

The US dollar fell to multi-week lows against the euro and yen on Thursday as traders scaled back expectations the Fed would slow its asset purchases in the coming months.

Source: www.moneycontrol.com

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