Natural Gas gains on talk of falling inventories, cooler weather

Natural gas futures rose in U.S. trading on Wednesday on talk of falling inventories.

Weather forecasting services predicted cooler temperatures to stick around the eastern U.S. before springtime weather patterns finally settle in, which pushed up prices as well.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.687 per million British thermal units, up 1.14%.

The commodity hit a session low of USD3.623 and a high of USD3.695.

The U.S. government will release its weekly report on natural gas supplies on Thursday and market talk that stockpiles will drop sent prices gaining on Wednesday. 
 

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Gold steadies in Asian trade

Gold steadied in Asian trade Thursday after a strong outlook for US economy continued to dampen it's safe haven appeal.

Gold for immediate delivery was seen trading at $1586.38 an ounce at 12.00 noon Singapore time while US gold was seen at $1585.57 an ounce on the comex division of nymex.

Analysts said the precious yellow metal is likely to drop further during the day as the dollar hovered near seven-month highs against a basket of currencies.

On Wednesday, gold futures settled with a modest loss after a failed attempt to breach $1,600 an ounce, pressured by the dollar’s climb to a seven-month high after data showed a surge in February U.S. retail sales.

Gold for April delivery fell $3.30, or 0.2%, to settle at $1,588.40 an ounce on the Comex division of the New York Mercantile Exchange. It had climbed to as high as $1,598.80 during the session.

Silver’s move was more pronounced, as is usually the case given the market’s smaller trading volume. May silver closed down 21 cents, or 0.7%, at $28.96 an ounce after a 1.1% rise on Tuesday. - BullionsTreet

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Crude-Oil Futures Settle Down 2 Cents at $92.52/Barrel

Data that showed U.S. crude oil supply relative to refiner demand climbed to a 21-year high followed a warning by the International Energy Agency, the West's oil-policy watchdog, that the market is facing weaker oil-demand growth and higher supplies.

"The subdued growth rate of oil demand now looks increasingly entrenched in the face of high oil prices and weak economic growth," the IEA said in its monthly global outlook.

That outlook followed a Tuesday report from the U.S. Energy Information Administration which sees only modest growth in oil-demand growth in the world's biggest oil consumer this year after 2012 consumption hit a 16-year low.

EIA's latest weekly oil-inventory data show U.S. refiners trimmed crude-oil processing rates to a two-year low of less than 14 million barrels a day last week, amid maintenance work and operating snags at some facilities. At that same time, rising domestic output and imports lifted stocks by 2.6 million barrels last week, slightly ahead of expectations.

The combination of lower demand and higher supply means current inventories now are sufficient to cover 27.4 days of refiner needs, the highest level since 1992, and compared with the five-year average of less than 24 days of cover.The data snuffed out an early attempt to push a four-day, 2.3% rally in prices higher for a fifth day.

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MARCH-14th INTRADY LEVELS FOR MCX COMMODITY MARKET

14-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	106.55	107.25	107.70	105.40	104.95	104.25
COPPER	429.50	431.25	432.60	426.40	425.05	423.30
CRUDEOIL	5074	5106	5136	5012	4982	4950
GOLD	29584	29680	29765	29403	29318	29222
LEAD	122.85	123.65	124.85	120.85	119.65	118.85
NATURALGAS	202.80	204.50	207.30	198.30	195.50	193.80
NICKEL	930.30	936.70	940.80	919.80	915.70	909.30
SILVER	55095	55432	55690	54500	54242	53905
ZINC	107.80	108.60	109.20	106.40	105.80	104.95

For More Details Please Visit WWW.MCXFREETIPS.COM

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