Buy MCX Copper Apr Fut around Rs 425: Fortune Financial

Fortune Financial Services has come out with its report on Natural Gas, Crude Oil, Copper and Lead. According to the research firm, one can buy MCX Copper April Future around Rs 425 with stoploss Rs 422 for the target of Rs 428-431.

MCX Natural Gas March contract is looking positive the day. Market may find support near 203 & 200 intraday resistance can be seen near 207 & 210. Day traders are advised to buy intraday on dips. (Buy around 203 with SL 200 for the target of 207 & 210.) 

MCX Crude oil March contract is looking negative for the day. Market may find support near 5010 & 4960; intraday resistance can be seen near 5050 & 5100. Day traders are advised to sell intraday on rise. (Sell around 5050 with SL 5100, for the target of 5010 & 4960.) 

MCX Copper April contract is looking slightly positive for the day. Market may find support near 425 & 422; intraday resistance can be seen near 428 & 431. Day traders are advised to buy intraday on dips. (Buy around 425 with SL 422, for the target of 428 & 431.) 

MCX Lead March contract is looking positive for the day. Market may find support near 120.80, 119.70, intraday resistance can be seen near 122.40 & 123.50 Day traders are advised to buy intraday on dips. (Buy around 120.80 with SL 119.70 for the target of 122.40 & 123.50)

Natural Gas surges to 6-week high on bullish supply data

Natural gas futures surged to a 6-week high earlier Thursday after official data revealed supplies fell more than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.580 per million British thermal units, up 3.18%.

The commodity hit a session low of USD3.463 and a high of USD3.602.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending March 1 fell by 146 billion cubic feet, well beyond market expectations for a drop of 134 billion cubic feet.

Inventories fell by 92 billion cubic feet in the same week a year earlier, while the five-year average change for the week represented a decline of 107 billion cubic feet.

Total U.S. natural gas storage stood at 2.083 trillion cubic feet as of last week. Stocks were 361 billion cubic feet less than last year at this time and 269 billion cubic feet above the five-year average of 1.814 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 73 billion cubic feet above the five-year average, following net withdrawals of 77 billion cubic feet.

Stocks in the Producing Region were 123 billion cubic feet above the five-year average of 694 billion cubic feet after a net withdrawal of 58 billion cubic feet.

Chilly weather forecasts pushed up prices as well.

While the spring for the Northern Hemisphere may be less than 2 weeks away, weather forecasting models continued to call for cold temperatures to stick around in the eastern half of the country, which added to the rally.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in April were up 1.17% and trading at USD91.49 a barrel, while heating oil for April delivery were down 0.02% and trading at USD2.9749 per gallon.

Jeera Future to trade lower: Geojit Comtrade

Geojit Comtrade has come out with its report on spices. According to the research firm, Jeera futures are expected to trade lower due to rising new crop supplies in the spot market amid limited demand from stockists.

 
Jeera futures are expected to trade lower due to rising new crop supplies in the spot market amid limited demand from stockists. Reports of high moisture content in the new crop may also pull down the prices. As per market source, arrivals from Rajasthan are expected to commence by the end of March month, which may further pressurize prices. Conversely, India's jeera exports are likely to hit a record high in the current financial year because of low price and good quality crop. The government of Rajasthan has exempted jeera from value added tax, according to the budget speech for 2013-14 on the state government's website. On Thursday, jeera arrivals in Unjha were around 26000 bags (1bag=55kg) and the spot price for the spice traded at Rs.13100 per 100kg.

Turmeric futures extended the uptrend tracking the rise in spot prices, which rose due to improved domestic demand and lower arrivals. The finger variety quoted Rs.5600 per 100 kg in Nizamabad, steady from increased to Rs.6900 per 100kg. Arrivals in Nizamabad and Erode were around 10000 bags (1bag=70kg) and 5000 bags, respectively. The government of Rajasthan has exempted a number of commodities in the spices complex including turmeric from value added tax, according to the budget speech for 2013-14 on the state government's website. Turmeric production in 2012-13 is expected around 50-60 percent lower compared to last year's historical high because of fragile sowing in major producing states in India.

Cardamom prices are expected to trade lower in the near term as there are reports of illegal imports of the spice at various customs stations. However, as per media reports, the government is weighing the option of imposing a minimum import price on cardamom to check import of cheap varieties from countries such as Guatemala, Pakistan, Nepal and Bangladesh. Spices Planters' Association (SPA) members staged a protest against the import of cardamom from Guatemala at the Spices Board of India's headquarters in Kochi on Wednesday. The arrivals and offtake at the auction held in Idukki on Thursday were around 54 tonnes and 51 tonnes, respectively. The spot price on an average traded at Rs.635 per kg.

Chilli futures are expected to gain on reports of strong domestic demand and export enquiries from Bangladesh. According to market source, better quality crops have arrived in the spot market during the last few days. As well, reports of crop loss due to rain occurred in Andhra Pradesh last month may limit sharp fall in prices. Lower production estimates could also weigh on the prices. The government of Rajasthan has exempted dry chillies from value added tax, according to the budget speech for 2013-14 on the state government's website. On Thursday, chilli arrivals in Guntur were around 40000 bags (1bag=45kg) and the spot price for the spice traded at Rs.6000 per 100kg.

Coriander futures extended uptrend tracking rise in spot prices. As per market source, the spot prices rose as demand from stockists improved after better quality crop arrived in the markets. The government of Rajasthan has exempted coriander from value added tax, according to the budget speech for 2013-14 on the state government's website. However, sharp rise in arrivals in major spot markets may lead to a fall in coriander prices. New crop arrivals have started hitting the spot market and are likely to gather pace by the end of March month. On Thursday, total arrivals of coriander in major markets in Rajasthan were around 18500 bags (1bag=40kg). The spot price for the spice in Kota traded at around Rs.6000 per 100kg.

Sell MCX Gold Apr Fut at Rs 29500: Emkay

Emkay Commodity Research has come out with its report on Gold and Silver. According to the research firm, one can sell MCX Gold April Future at Rs 29500 with stoploss of Rs 29650 for the target of Rs 29250.

U.S. gold futures for April delivery settled up 20 cents at $1,575.10, with trading volume about 10 percent below average.   Gold prices fell as the ECB and BOE kept interest rates unchanged and hurt gold’s inflation hedge appeal. However a stronger euro internationally pressured the dollar and limited the downside in gold.   SPDR Gold Trust, the world's largest gold-backed exchange-traded funds holdings fell 1.805 tonnes to 1,243.05 tonnes on March 7.  

Gold prices are expected to go down as expectations for positive non-farm payroll data from US would further hurt gold’s safe haven appeal.   Gold in India is also looking weak as a stronger rupee can further push prices down. Gold for April delivery on the Multi Commodity Exchange (MCX) was down by 0.69% at INR 29,389/10gms. 

Trading strategy:

MCX Gold (April Fut): sell at Rs 29500, Stoploss- Rs 29650, target- 29250.

MCX Silver (May Fut): sell at Rs 54900, Stoploss- Rs 55600, target- 54000.(Moneycontrol)

Gold prices may fall to Rs 29150-27850: Mangal Keshav

Mangal Keshav has come out with its report on Gold, Silver, Crude Oil and Natural Gas. According to the research firm, Gold prices holds strong resistance at Rs 30300 and trend is expected to remain bearish till prices are trading below the given level. Prices can dips towards Rs 29150-27850 levels in short-term.
Gold futures recovered from early losses to close on a flat note, with investors weighing the metal’s safe-haven appeal against a backdrop of US economic releases & ahead of upcoming monetary policy decisions by central banks in Europe. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,244.86 tons, as on March 5.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,646.48 tons, as on March 4. South Korea's central bank said it has increased its holding of gold in 3-months in February, in a bid to diversify the portfolio of its foreign exchange reserves.

The bank bought 20 tons of gold, raising the central bank's gold holdings to 104.4 tons. The dollar extended gains against the euro and yen on Wednesday, after a report showed US private-sector employers added 198,000 jobs in February, another sign of improvement in the labor market.  The ICE dollar index, a measure of the US currency against a basket of six major rivals, rose to 82.49, up from 82.078 in North American trade on late Tuesday.

Copper futures fell to a 15-week low, as rising inventories and a drop in US factory orders fueled demand concerns. Other metals too came under pressure & closed in negative for the day. Copper futures for May delivery closed down by 0.6% at $3.493 on the COMEX division of the NYMEX. Copper stockpiles monitored by the London Metal Exchange climbed for the 15th straight day and are at their highest since October 2011.

Crude oil futures fell below $90 per barrel, reproaching a six-week low after a US government report showed oil supplies rose significantly more-than-expected last week. Crude oil inventories rose by 3.8mn barrels to 381.4mn barrels, total motor gasoline inventories decreased by 0.6mn barrels & distillate fuel (diesel/heating oil) fell by a steep 3.83mn barrels, as per EIA.

Natural gas futures declined the most in 3-weeks on NYMEX, on forecasts for moderating weather that would limit demand for the heating fuel after a winter storm passes through the North-east.

Technical Alerts:

Gold: Holds strong resistance at 30300 & trend is expected to remain bearish till prices are trading below the given level & prices can dips towards 29150 & 27850 levels in short-term. Other resistance are seen at 30,805 (200-day SMA) & 30,896 (100-day SMA).

Spot Gold: Prices are currently trading below their long term Simple Moving Averages (SMA’s), indicating that the trend remains bearish. Strong resistances are seen at $1,664.9 (200-day SMA), $1,649.6 (50-day SMA) & $1,683.6 (100-SMA day).

STOCK WATCH

ABG SHIPYARD: The company and private investment fund Tano Capital to sell Italian electric motor maker Cemp, which they acquired in 2007, for about 3 bln rupees

ADITYA BIRLA CHEMICALS (INDIA): Has commissioned commercial production of caustic soda at its brownfield unit at Renukoot in Uttar Pradesh

BANK OF INDIA: Has allotted 22.12 mln shares to the government on preferential basis at 365.70 rupees a share

COAL INDIA: Has said it may have to cut prices of its high-quality coal

DLF: Board has approved institutional placement programme and other routes to trim its promoter stake to meet SEBI's minimum public shareholding norm.

HINDUSTAN PETROLEUM CORP: Board has approved setting up a 9-mln-tn refinery- cum-petrochemicals complex in Rajasthan at an investment of around 370 bln rupees
ICICI BANK: Will this month auction 25 kg gold jewellery pledged with it for loans to recover dues

MAHINDRA & MAHINDRA: Workers at Nashik unit have been on a tool-down strike since 1800 IST on Tuesday following the suspension of the general secretary of the labour union at the plant

MULTI COMMODITY EXCHANGE: NYSE Euronext to sell 2.44 mln shares

Representing 4.8% stake in the exchange via a block deal today in a price range of 1,005 rupees to 1,026 rupees per share.

Buy MCX Gold on dips: Fortune Financial

Fortune Financial Services has come out with its report on Gold, Silver, Natural Gas and Crude Oil. According to the research firm, traders can buy MCX Gold on intraday dips. It has support at Rs 29527-29429-29358.
MCX Gold April futures contract is looking strong on chart, day traders can buy on intraday dips Major support is seen in range of Rs 29527-29429 and 29358. While important resistance is seen near Rs 29696-29767 and 29865. 
MCX Silver May futures contract is looking strong on chart, day traders can buy on intraday dips Major support is seen in range of Rs 54757-54575 and 54444 . While important resistance is seen near 5507055202 and 55383. 
MCX Natural Gas March futures contract is looking strong on chart, day traders can buy on intraday dips Major support is seen in range of 195.25-194.61 and 194.14 . While important resistance is seen near 196.37-196.8 and 197.5. 
MCX Crude Oil March futures contract is looking weak on chart, day traders can sell on small pullback Major support is seen in range of 4958-4941 and 4929. While important resistance is seen near 4986-4998 and 5014.

MCX Silver may fall to Rs 51500: Sharekhan

Sharekhan has come out with its report on MCX Silver. According to the research firm, since the last few sessions, the Silver is trading in sideways manner, which is an opportunity to initiate fresh short position. The reversal can be placed at Rs 55200. The target on the downside would be 51500.
 MCX silver was trading in sideways manner, which took form of a bearish flag pattern. It broke out on the downside from the bearish pattern and tumbled sharply. The entire fall is unfolding in a channelised manner (pink). A larger picture shows that silver was trading in a medium-term downward slopping channel and has shifted into a sharper falling channel (blue). Since the last few sessions, the white metal is trading in sideways manner, which is an opportunity to initiate fresh short position. The reversal can be placed at 55200. The target on the downside would be 51500.