Gold falls slightly, extends U.S. losses

             Gold futures are trading modestly lower in the early part of Tuesday’s Asian session after fears over Cyprus’ imperiled financial state ebbed Monday. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery are off 0.08% at USD1,605.15 per troy ounce in Asian trading Tuesday after settling down 0.23% at USD1,604.25 a troy ounce in U.S. trading on Monday. 

Gold futures were likely to test support USD1,590.80 a troy ounce, last Monday's low, and resistance at USD1,615.80, Thursday's high. 

Traders moved away from gold Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

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Oil down despite Saudi comments

                  
                 Oil futures are trading slightly lower during Tuesday’s Asian even after a Saudi Arabian official said the kingdom is comfortable with prices of around $100 per barrel. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.11% to USD94.70 per barrel in Asian trading Tuesday after settling up 0.48% at USD94.16 a barrel on Monday in the U.S. 

Oil futures got a boost Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

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Gold extends losses despite euro zone concerns

                      Gold extended losses in Asian trade Tuesday despite lingering concerns over euro zone's banking systems.

Gold for immediate delivery was seen trading at $1601.32 an ounce at 12.00 noon Singapore time while US gold was seen at $1600.48 an ounce.

Analysts said gold is likely to remain steadied during the day as it's safe-havendemand ebbed after Cyprus clinched a last-ditch rescue deal.

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Natural Gas gains as cold weather keeps grip on eastern U.S.

                       Natural gas futures rose on Monday as below-normal temperatures continued to hover over the eastern U.S., while weather forecasting services predicted another delayed arrival to springtime warming trends. 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.955 per million British thermal units, up 0.08%.

The commodity hit a session low of USD3.954 and a high of USD4.014.
Updated weather forecasting models on Monday pointed to below-normal readings staying in place for most of the eastern half of the U.S. over the next ten days, which sent prices rising.

The heating season from November through March is the peak demand period for U.S. gas consumption, though shifting weather patterns have many speculating a rally will last through the end of the month. 

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MARCH-26th INTRADY LEVELS FOR MCX COMMODITY MARKET

26-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	104.40	105.20	105.65	103.15	102.70	101.90
COPPER	419.15	421.20	423.15	415.15	413.20	411.15
CRUDEOIL	5198	5240	5281	5115	5074	5032
GOLD	29731	29875	30069	29393	29199	29055
LEAD	118.55	119.35	119.95	117.10	116.45	115.65
NATURALGAS	217.80	219.90	221.50	214.10	212.60	210.40
NICKEL	926.90	933.30	938.10	915.70	910.90	904.50
SILVER	54497	54781	55223	53771	53329	53045
ZINC	105.10	105.80	106.45	103.75	103.10	102.40

For More Details Please Visit WWW.MCXFREETIPS.COM

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MARCH-25th INTRADY LEVELS FOR MCX COMMODITY MARKET

25-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	105.40	106.10	107.40	103.40	102.10	101.40
COPPER	421.10	422.95	425.90	416.30	413.35	411.50
CRUDEOIL	5106	5123	5149	5063	5037	5020
GOLD	29772	29867	29928	29616	29555	29460
LEAD	119.30	120.05	121.35	117.25	115.95	115.20
NATURALGAS	216.80	219.70	221.60	211.80	209.90	206.90
NICKEL	937.20	944.90	957.40	917.00	904.50	896.80
SILVER	54752	55379	55769	53735	53345	52718
ZINC	105.90	106.55	107.70	104.10	102.95	102.30

For More Details Please Visit WWW.MCXFREETIPS.COM

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Gold slightly lower on profit-taking

                        Gold futures are trading slightly lower in the early part of Asia’s Friday session as traders lock in profits after the yellow metal flirted with a one-month in U.S. trading Thursday. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.01% to USD1,614 per troy ounce in Asian trading Friday after settling up 0.41% at USD1,614.10 a troy ounce in U.S. trading on Thursday. 

Gold futures were likely to test support USD1,601.20 a troy ounce, Wednesday's low, and resistance at USD1,619.40, the high from Feb. 26. Some decent economic data points help lift gold on Thursday. 

In U.S. economic news, initial claims for jobless benefits rose by 2,000 to 336,000 last week. The less volatile 7,500 to 339,750, the lowest reading since February 2008. 

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India Gold intake seen near 1,000 tons this year

             After an arid 2012, gold consumption in India, world's largest gold consumer, may climb near 1000 tons this year, according to a top WGC official.

India's recent efforts to discourage gold consumption will not affect gold's cause, said Somasundaram P.R., managing director of the World Gold Council for India.

Consumption may total 865 metric tons to 960 tons this year, compared with 864.2 tons in 2012, he said.“Imports should be higher this year according to initial estimates based on the trend in the fourth quarter of last year and as the economy grows,” Somasundaram said.

Apart from rising incomes,inflation boost investment demand also to increase gold sales in India and can undermine efforts to narrow a record current-account deficit, he added.

India has tripled the tax on imports since the start of 2012 to moderate demand as gold accounted for almost 80 percent of the current-account deficit, the broadest measure of trade.

India is planning to offer inflation-protected bonds for the first time in 15 years next month to damp demand for gold and offer a hedge against inflation.

Gold is a critical and predominant form of saving in rural India, which makes up about 70 percent of the population.

Consumption in India surged 41 percent to 261.9 tons in the quarter ended December from a year earlier, data from the council showed.

Demand for jewelry rose 35 percent, while investment in coins and bars jumped 51 percent.

Courtesy : Bullionstreet

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Oil rises on decent U.S. data points

              Crude Oil futures are trading higher during Friday’s session following some decent data points released in the U.S. Thursday and news that the Organization of Petroleum Exporting Countries will pare oil shipments over the next few weeks. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0. 18% to USD92.61 per barrel in Asian trading Friday. Crude fell in the U.S. on Thursday after Germany’s manufacturing PMI fell to 48.9 in March from 50.3 the previous month, missing market calls for a 50.5 reading while the country’s service-sector expanded at the slowest rate in four months. 

French manufacturing PMI came in at 43.9 in March, unchanged from February’s reading, while service sector activity in France fell to a 49-month low of 41.9. 

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HKMEx plans yuan-denominated Gold,Silver contracts

                     Hong Kong's HKMEx is planning to launch yuan denominated gold, silver and copper contracts this year.

According to William Barkshire, co-president of the Hong Kong mercantile exchange, the main objective behind the move is to establish an internationally traded benchmark contract for pricing copper, gold and silver.

He said price benchmarks that accurately reflect the structural shift in commodities consumption from developed Western nations to emerging Asian countries, such as China and India, are lacking.

"China is the world's largest copper market. However, there continues to be a mismatch between the price of copper traded domestically in China, and the international price established at the London Metal Exchange in the UK," Barkshire said.

" What China needs is an internationally traded benchmark contract for pricing copper, and that's exactly what HKMEx has set out to accomplish."he added.

At the same time, the gold and silver contracts will provide international users with exposure hedging benefits while mitigating foreign exchange risk, according to the expert.

Barkshire said Hong Kong needs to anticipate the move to a fully convertible yuan in the coming years and offer yuan-denominated commodities contracts ahead of competing financial centres such as London, which is already gaining market share against Hong Kong in the offshore renminbi spot foreign exchange space.

HKMEx has been trading two precious metal contracts since May 2011 – a 32-ounce gold futures contract and a 1,000-ounce silver contract, both denominated in US dollars with physical delivery in Hong Kong.

Courtesy : Bullionstreet

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