Gold declines on rising risk appetite

        
               Gold futures are trading lower during Friday’s following the release of some more positive economic data points, which fueled another strong day for stocks there.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.13% to USD1,588.70 per troy ounce in Asian trading Friday after settling up 0.16% at USD1,590.90 a troy ounce in U.S. trading on Thursday.

Gold futures were likely to test support USD1,574.60 a troy ounce, Monday's low, and resistance at USD1,598.00, Wednesday's high.

In U.S. economic news, initial claims for jobless benefits fell last week by 10,000 to 332,000 claims. Analysts expected an increase to 350,000 claims. The less volatile four-week moving average fell by 2,750 to 346,750.

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Natural Gas gains as U.S. supplies plunge unexpectedly

             

                    Natural gas futures hit highs not seen since November of last year on Thurdsday after official data revealed supplies plunged well beyond market expectations last week.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.791 per million British thermal units, up 3.00%.

The commodity hit a session low of USD3.679 and a high of USD3.803.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 8 fell by 145 billion cubic feet, compared to expectations for a drop of 134 billion cubic feet.

Inventories fell by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 74 billion cubic feet.

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Dominican Republic stops Barrick's Gold cargo to Canada

         

              Caribbean nation Dominican Republic have stopped a gold shipment to Canada via the United States.

According to Dominican Republic customs, it has stopped a cargo of gold from Canada-based Barrick Gold's Pueblo Viejo mine from leaving the country.

The cargo was to be exported to Canada by way of the US from the freight terminal at Las Americas international airport in Santo Domingo.

Barrick confirms that a shipment of gold has been detained by Customs authorities in the Dominican Republic.

The company has provided Customs with additional information and is seeking confirmation that the shipment can resume, while further investigating the cause of the delay," the company said in a statement.

Dominican Republic demanded a fresh deal with Barrick and wanted the company to modify the terms of the contract,.

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Copper Advances as Zinc Set for First Weekly Gain in Five

          Copper climbed and zinc was poised for the first weekly gain in five after U.S. jobless claims unexpectedly dropped, improving demand prospects with the world’s second-largest user.

Copper for delivery in three months rose for a second day, adding as much as 0.4 percent to $7,829.50 a metric ton on the London Metal Exchange, before trading at $7,825.50 by 10:32 a.m. Shanghai time. The metal has climbed 1.1 percent so far this week. Zinc climbed 0.4 percent to $1,983 a ton and has risen by the same amount for this week.

The number of people filing claims for jobless benefits in the U.S. averaged 346,750 over the past four weeks, the lowest since March 2008, data from the Labor Department show. Haruhiko Kuroda was confirmed as Bank of Japan governor by the upper house of parliament, ushering in a new central bank leadership team that may push for more monetary stimulus within weeks.

“Data from the U.S. have been pretty good recently, lending support to copper prices,” Xie Xiaoming, an analyst at Shengda Futures Co., said by phone from Guangzhou. “Still, copper futures don’t have the momentum to gain much given a lackluster physical market.”

July futures on the Shanghai Futures Exchange gained 0.2 percent to 56,930 yuan ($9,158) a ton. Copper for delivery in May on the Comex in New York rose 0.2 percent to $3.5435 a pound.

Seven analysts surveyed by Bloomberg expect prices to rise next week, six forecast a decline and three were neutral.

On the LME, lead and nickel declined.

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China Purchases 300,000 Tons of Aluminum to Boost Local Prices

               China’s state reserves manager signed agreements today with six smelters to buy 300,000 metric tons of aluminum at 15,137 yuan ($2,434) a ton in a bid to bolster local prices.

The State Bureau of Material Reserve will pay about 4 percent more than the spot price for the metal to be delivered in April and May, data provider SMM Information & Technology Co. said on its website today. That compares with a spot price of 14,550 yuan on Shanghai’s Changjiang Nonferrous Metal Market.

“The stockpiling plan could help tighten the market in April and May,” Huang Fulong, an analyst at Citic Securities Futures Co., said by phone from Shenzhen. “The agreed price was slightly lower than market expected.”

The sellers include Aluminum Corp. of China Ltd., better known as Chalco, China Power Investment Corp., Yunnan Aluminum Co. and Henan Shenhuo Coal & Power Co., according to SMM. The reserves manager last bought 100,000 tons in November.

Aluminum for delivery in three months on the London Metal Exchange traded at $1,983 at 11:52 a.m. in Shanghai. The most- actively traded contract on the Shanghai Futures Exchange was at 14,855 yuan a ton. - Bloomberg

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MARCH-15th INTRADY LEVELS FOR MCX COMMODITY MARKET

15-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	106.20	106.85	107.20	105.20	104.85	104.20
COPPER	427.90	429.70	430.75	425.25	424.20	422.50
CRUDEOIL	5048	5066	5084	5012	4994	4976
GOLD	29509	29630	29754	29264	29140	29019
LEAD	122.05	122.75	123.15	120.95	120.55	119.85
NATURALGAS	208.00	210.30	214.10	201.90	198.10	195.80
NICKEL	937.30	942.40	951.00	923.60	914.90	909.90
SILVER	54633	54976	55251	54015	53740	53397
ZINC	107.05	107.95	108.50	105.60	105.05	104.15

For More Details Please Visit WWW.MCXFREETIPS.COM

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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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