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24 Apr 2013

Copper rebounds from 18-month low on bargain buying, Goldman upgrade

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mcx copper tips @ www.mcxfreetips.com
                     Copper futures were up nearly 3% on Wednesday, as investors returned to the market to seek cheap valuations following the previous session’s plunge to the lowest level since October 2011.

Copper prices found further support after Wall Street investment bank Goldman Sachs said they expect prices of the industrial metal to rebound in the near-term.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.162 a pound during European morning trade, up 2.3% on the day.

New York-traded copper prices rose by as much as 3% earlier in the session to hit a daily high of USD3.188 a pound.

In a report published earlier in the day, Goldman Sachs analysts said they expect a rebound in copper prices over the next three months, after it underperformed other metals the past month. 

"An improvement in sentiment towards demand, with the backdrop of reasonable copper price fundamentals in the near term should see prices move higher, especially in the context of significant short positioning in the market at present," they said in a note.

On Tuesday, copper futures fell 1.4% to hit a low of USD3.059 a pound, the weakest level since October 20, 2011, after data showed that manufacturing activity in China expanded at a slower rate in April.

China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a two-month low of 50.5 in April from a final reading of 51.6 in March.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Copper prices have been under heavy selling pressure in recent sessions, as investors exited the market amid worries about the economic outlook in top copper consumers China and the U.S.

Prices of the red metal are down more than 23% since hitting a recent high of USD3.978 a pound hit in February 2012, meeting the standard for a bear market.

Elsewhere on the Comex, gold for June delivery rallied 1.1% to trade at USD1,424.85 a troy ounce, while silver for May delivery rose 0.9% to trade at USD23.02 a troy ounce. Courtesy : Investing.com

Crude Oil inches up after API data

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                       CrudeOil futures rose slightly in the early part of Wednesday’s Asian session after the American Petroleum Institute said U.S. crude stockpiles surprisingly fell last week. 

On the New York Mercantile Exchange, light, sweet crude futures for June delivery rose 0.15% to USD89.31 per barrel in Asian trading Wednesday after settling down down 0.11% at USD89.09 a barrel on Tuesday in the U.S. A batch of concerning global economic data weighed on crude Tuesday. 

The HSBC Holdings/Markit Economics purchasing managers index for China came in at a preliminary 50.5 for April, below analysts' calls for a 51.4 reading. 

Also on Tuesday, data earlier by Markit Economics revealed that Germany’s April manufacturing purchasing managers index fell to 47.9 from 49.0 in March, well below the 50 level that separates contraction from expansion. Analysts were hoping for the production barometer to remain unchanged.

Germany’s service-sector PMI, meanwhile, came in at 49.2, down from 50.9 in March and below market calls for a 51.0 reading. 

In U.S. the Commerce Department said new home sales rose 1.5% last month to a seasonally adjusted annual rate of 417,000 units following a 7.6% drop in February. Analysts expected the March reading to rise to 420,000 units. 

Earlier, API said U.S. crudeOil inventories fell 845,000 barrels last week. Analysts expected an increase of 1.4 million barrels. Gasoline inventories fell by 2.7 million barrels while distillate stockpiles increased by 666,000 barrels. 

The U.S. Energy Information Administration releases its weekly inventory report later Wednesday. That report is more closely followed by traders than the API report. 

Elsewhere, Brent futures for June delivery inched lower by 0.03% to USD100.30 per barrel on the ICE Futures Exchange. Courtesy : Investing.com

Gold futures rebound in Asia after U.S. drop

Mcx Gold Tips @ www.mcxfreetips.com
                    Gold prices rebounded in the early party of Wednesday’s Asian session after falling during Tuesday’s U.S. amid some concerning economic data points. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.51% to USD1,416.05 per troy ounce in Asian trading Wednesday after settling down 0.64% at USD1,412.05 a troy ounce in U.S. trading on Tuesday. 

Gold futures were likely to test support USD1,403.55 a troy ounce, Monday's low, and resistance at USD1,438.35, Monday's high. 

Gold and other commodities were hit after an HSBC Holdings/Markit Economics purchasing managers index for China came in at a preliminary 50.5 for April, below analysts' calls for a 51.4 reading. 

Also on Tuesday, data earlier by Markit Economics revealed that Germany’s April manufacturing purchasing managers index fell to 47.9 from 49.0 in March, well below the 50 level that separates contraction from expansion. Analysts were hoping for the production barometer to remain unchanged.

Germany’s service-sector PMI, meanwhile, came in at 49.2, down from 50.9 in March and below market calls for a 51.0 reading. 

In U.S. the Commerce Department said new home sales rose 1.5% last month to a seasonally adjusted annual rate of 417,000 units following a 7.6% drop in February. Analysts expected the March reading to rise to 420,000 units. 

Still, there are signs physical demand for gold remains robust. The U.S. Mint ran out of the smallest gold coin it sells and was forced to suspend sales as a result. That coin weighs one tenth of an ounce while the most popular gold coin sold by the U.S. mint weighs a full ounce. 

Elsewhere, Comex silver for May deliver rose 0.50% to USD22.930 per ounce while copper for May delivery added 0.30% to 3.098 per ounce.

Courtesy : Investing.com