The settlement for MCX Crude Oil on 12 February 2014 was at Rs 6220 per barrel, up 0.08%. Resistance for Crude Oil is at Rs 6290 and 6300 per barrel. The prices tested a low of Rs 6205 per barrel, and a high of Rs 6280 per barrel on Wednesday. Supports for Crude Oil are at Rs 6190 and 6180 per barrel. This level looks good for buying Crude Oil for price targets near to the Resistance. RSI for Crude Oil was at 67, which indicate a balance situation. NYMEX Light Sweet Crude Oil was trading at $ 100.13 per barrel, down 0.24 cents.
MCX Gold contract ended sideways on Wednesday. The prices tested a low of Rs 29006 per 10 grams, before settling at Rs 29132 per 10 grams. The high of Rs 29160 per 10 grams was noted in Gold. Immediate Resistance for Gold is at Rs 29255 per 10 grams. Supports for the contract are at Rs 29000 per 10 grams. RSI for Gold is at 52, indicating a further bounce is possible from supports. Open interest remained stable at 10000 contracts from last one week. However, the volumes showed a decline towards 12000 kgs.
MCX Copper closed at Rs 445.85 per kg , up Rs 3.95 per kg. Once again a bounce from supports near Rs 442-441 levels was seen in Copper. The prices tested a intraday high of Rs 446.25 per kg, and a low of Rs 442.5 per kg. The next resistance zone for Copper is at Rs 448 per kg. The intraday high for Copper was at Rs 446.25 per kg. Prospects of breaking Rs 440 on the lower side still look dull. The 200 day EMA of Rs 446.7 is active in Copper, breaking this will mean further highs. COMEX Copper traded at $ 3.24 per pound, when last checked, up 0.8 cents.
Important Data for Today 13.02.2014
ECB Monthly Bulletin— Euro— 2:30pm
Italian 10-y Bond Auction— Euro— Tentative
Core Retail Sales m/m— US— 7:00pm
Retail Sales m/m— US— 7:00pm
Unemployment Claims— US— 7:00pm
Fed Chair Yellen Testifies— US— 8:30pm
Business Inventories m/m— US— 8:30pm
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Commodities climbed to the highest since December as extreme weather fueled supply concerns for crops and energy at a time of rising imports by China. Goldman Sachs Group Inc. says this year’s gains will be short-lived.
The Standard & Poor’s GSCI Spot Index of 24 commodities gained 0.2 percent to settle at 636.22 yesterday, after touching 639.93, the highest since Dec. 30. Coffee led gains, and cocoa reached the highest since 2011. Gold capped the longest rally since June 2012.
The driest January since 1954 seared crops in Brazil, the top sugar and coffee grower, while freezing weather across the U.S. damaged winter wheat and cut energy stockpiles as heating demand rose. China’s imports surged 10 percent in January, driven by crude oil, iron ore and record shipments of copper, customs data show. Goldman maintained its “underweight’ 12-month recommendation on commodities, as raw materials from gold to copper will see more impact from turmoil in emerging markets, the bank said yesterday.
‘‘A drought in Brazil gives rise to supply concerns,’’ Adrian Day, the president of Adrian Day Asset Management in Annapolis, Maryland, who oversees about $150 million, said in a telephone interview. ‘‘It’s logical that sugar and coffee are leading the pack. The Chinese data is more bullish for the world economy.’’
The GSCI gauge has rebounded this year after last year capping the first annual loss since 2008. China’s economy, the second-largest, may expand 7.6 percent this year, Helen Zhu, chief China strategist at Goldman Sachs, said yesterday. That’s faster than the 7.4 percent median estimate of economists surveyed by Bloomberg.
Holdings across commodities tracked by the GSCI index rose for a seventh straight session, to the highest since November.
West Texas Intermediate oil traded near the highest price in almost four months after a government report showed stockpiles fell the most since July at the delivery point for the benchmark U.S. crude contracts.
Futures were little changed in New York after rising for the sixth time in seven days yesterday. Supplies at Cushing, Oklahoma, the biggest oil-storage hub in the U.S., shrank by 2.67 million barrels last week, the Energy Information Administration said. That was the biggest drop by volume in seven months. Distillate inventories, a category that includes heating oil and diesel, fell by 731,000 barrels, the EIA said.
WTI for March delivery was at $100.35 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 11:29 a.m. Sydney time. The contract rose 0.4 percent to $100.37 yesterday, the highest settlement since Oct. 18. The volume of all futures traded was about 51 percent below the 100-day average. Prices are up 2 percent this year.
Brent for March settlement, which expires today, climbed 11 cents to $108.79 a barrel on the London-based ICE Futures Europe exchange yesterday. The more-active April contract rose 17 cents to $108.35. The European benchmark crude ended the session at a premium of $8.42.
Gas fell less than 1 percent as MDA Weather Services predicted a warm-up will spread above-normal temperatures across most of the lower 48 states from Feb. 17 through Feb. 21. A government report tomorrow will probably show a supply drop for last week that exceeded the five-year average by 43 percent, according toanalyst estimates compiled by Bloomberg.
“There will be a push and pull between the 10-day forecast and the perception on storage,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “That will be the battle that will play out over the course of the next month.”
Natural gas for March delivery slipped 0.2 cent to settle at $4.822 per million British thermal units on the New York Mercantile Exchange after rising to $5.028, the highest intraday price of this week. Trading volume was 41 percent above the 100-day average at 2:46 p.m. The futures are up 14 percent this year.
March gas traded 26.9 cents above the April contract, compared with 25.4 cents yesterday.
The storm may bring 8 to 12 inches (20 to 30 centimeters) of snow to New York City and more to its northern and western suburbs starting early tomorrow, the-National-Weather-Service said. Philadelphia might get 10 inches andWashington, 8 inches. An additional 1/10-inch of ice is forecast to coat Atlanta before the storm ends there.
“It is pretty nasty” in the South, said Tom Kines, a meteorologist with AccuWeather Inc. in State College, Pennsylvania. “They should probably just close everything and not start opening things up until Monday. I just cannot imagine what it’s like down there. There’s nobody on the roads and there shouldn’t be any.”
Across the U.S., 3,362 flights were canceled as of 7:11 p.m. New York time today, including more than two-thirds of all arrivals and departures at Hartsfield-Jackson Atlanta International Airport, saidFlightAware, a Houston-based tracking service. An additional 3,749 flights were scrubbed for tomorrow. JetBlue Airways Corp. dropped 31 percent of its schedule for tomorrow.
Encouraged by the success of a premium AC special train between Delhi and Mumbai, Rail Budget 2014 presented by minister Mallikarjun Kharge, has indicated that Indian Railways have decided to run 17 more such trains on busy routes and explore the possibility of running semi-high speed trains between 160-200 kmph to Chandigarh and Agra from here.
The premium train to Mumbai, run to handle the extra rush during Christmas and New Year, had fetched an increased earning of about 48 per cent as compared to Mumbai Rajdhani as the fares were charged under dynamic fare mechanism scheme much like that done by airlines.
“Such dynamic pricing was widely appreciated by users and media and gave increased earnings of about 48 per cent as compared to Rajdhani services on the same sector. We are considering operation of this scheme on a larger scale,” Railway Minister Mallikarjun Kharge said in his Interim Budget speech 2014-15.
He announced 17 such premium trains from different parts of the country which are considered high density routes.
The Minister said there are seasonal and occasion-specific instances when demand for travel by certain train goes up and passengers are prepared on such occasions to pay more to undertake journey.
Global equities climbed to the highest level in more than two weeks. Federal Reserve Chairman Janet Yellen said yesterday that while the recovery in the U.S. labor market is “far from complete,” stimulus would be cut in “measured steps.” Bullion rose 70 percent from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial system.
Gold slid the most since 1981 last year as some investors lost faith in the metal as a store of value. It rebounded 6.7 percent this year amid a sell-off in emerging-market currencies and rising physical demand, even as the Fed continued cutting monthly bond buying. Volumes for Shanghai’s benchmark spot gold contract fell for second day after reaching a nine-month high on Feb. 10 as consumers returned from a weeklong holiday.