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Daily Commodity Outlook: May 24, 2013

Thursday 23 May 2013
The domestic commodity indices ended Thursday’s session on a mixed note. Fall in the Chinese manufacturing index dimmed the demand for industrial commodities as the world’s
second largest economy showed further signs of slowdown.

Out of the four indices at the MCX, two closed lower while two ended in the positive terrain. MCXCOMDEX closed at 3,565.36 down by 0.18%, while MCXMETAL closed at 4,448.04 up by 0.36%, MCXENERGY closed at 3,679.80 down by 1.11% and MCXAGRI ended at 2,284.17 up by 0.78%.


Key Commodities @ MCX:

Crude Oil futures tumbled by more than 1.45% in the domestic market on Thursday as weak manufacturing data from the US and China signaled a deepening economic slowdown in the world’s two biggest crude oil consuming nations, dimming the demand outlook for the fuel.
At the MCX, the June 2013 futures contract for Crude Oil closed at 5215 falling 1.55% whiule the July 2013 contract closed at 5242 falling 1.50%.

Gold futures rebounded in the domestic market on Thursday, rising by more than 1.80% as investors and speculators created fresh positions in the precious metal tracking a rally in the overseas markets as a slump in Chinese manufacturing this month raised concerns over the global economic recovery, dimming the appeal of risky assets including equities, bolstering the demand for the precious metal as a safe haven asset.
At the MCX, the June 2013 futures contract for Gold closed at 26440 gaining 1.54% while the August 2013 contract closed at 26644 gaining 1.85%.


Market Trend For The Day:

Upside Trend: Gold, Silver, Natural Gas.

Downside Trend: Crude Oil, Copper, Nickel, Lead, Zinc.


Click on the following link to view the full report:
http://alankit.com/financialservices/pdf1.asp?file=ResearchReports%2FAlankit_Commodity_Daily_Morning_Outlook_Mailer_24_05_13.pdf

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