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Daily Commodity Outlook

Wednesday 22 May 2013

The domestic commodity indices ended on a mildly positive note on Tuesday on hopes that improvement in the world’s biggest economy may boost the demand for top industrial commodities in the near future as a top US official said that the Federal Reserve should continue with its bond buying program in the near-term. 

At the Multi Commodity Exchange (MCX), all the indices closed higher on Tuesday. MCXCOMDEX closed at 3,577.09 (up by 0.16 per cent), MCXMETAL closed at 4,410.59 (up by 0.05 per cent), MCXENERGY closed at 3,750.62 (up by 0.24 cent) and MCXAGRI ended at 2,278.45 (up by 0.32 per cent).


Key Commodities @ MCX:

Crude Oil futures posted marginal losses in the domestic market on Tuesday after a report said that US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation.
At the MCX, the Crude Oil futures for May 2013 closed at 5347 gaining 0.06% while the June 2013 contract closed at 5373 gaining 0.04%.

Gold futures posted slim gains in the domestic market on Tuesday as investors eyed the US Federal Reserve Chairman Ben Bernanke’s testimony on the US economy to the Congress and the minutes from the latest FOMC meet on Wednesday which were likely to provide further cues over the next course of policy action from the Fed.
At the MCX, the Gold futures for June 2013 closed at 26110 gaining 0.08% while the August 2013 contract closed at 26243 gaining 0.15%.


Market Trend For The Day:

Upside Trend: Crude Oil, Copper, Natural Gas, Nickel, Lead, Zinc.

Downside Trend: Gold.

Sideways Trend: Silver.

Click on the following link to view the full report:
http://alankit.com/financialservices/pdf1.asp?file=ResearchReports%2FAlankit_Commodity_Daily_Morning_Outlook_Mailer_22_05_13.pdf

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