Home price gains profit in the US accelerated in December 2014, upward by 4.5 % from the year ago month, compared to an annual 4.3 % advance in November 2014, signaling a rise up in the US housing market regaining, supporting the desired outlook for the fuel. The gauge measuring US consumer confidence slide to 96.4 in February from 103.8 in the last month. US crude oil stockpiles increased last week, signaling weakening desired for the fuel in the world’s largest oil consumer, cutting gains in the energy commodity. US crude oil stockpiles increased 8.9 million barrels in the week ended 20 February 2015.
Oil may fall down today ahead of EIA data which may show that US crude inventories enlargement from a record maximum, widening a supply glut. Crude oil futures, for the March 2015 contract, ended at Rs 3,122/barrel, upward by 0.84 %, after opening at Rs 3,103, against the last close price of Rs 3,096. It touched an intraday low-lying of Rs 3,058 till the ending.
Gold futures ended lower in the domestic market on Tuesday as investors and speculators closed positions in the precious metal after Fed Chair Janet Yellen signaled flexibility over monetary tightening in the world’s largest economy, dimming the desired for the bullion as a store of value. Gold may regained today amid a rise up in physical demand as markets in China reopen after the Lunar New Year holiday. At the MCX, Gold futures for April 2015 contract ended at Rs 26,059 / 10 gram, downward by 0 36 % after opening at Rs 26,228, against the last closing price of Rs 26,153. It touched the intra-day low-lying of Rs 25,976 till the ending.
Zinc futures climbed upward in the domestic market on Tuesday as speculators booked fresh positions in the industrial metal amid a rise up in physical desired for zinc in the domestic spot market. Investors cast aside tepid US regional manufacturing data which showed that manufacturing activity in the Richmond region came to a standstill this month as the index stood at the same mark of zero, compared to 6 in January. Zinc futures for February 2015 contract ended at Rs 128.95/1 kg, upward by 1.14 % after opening at Rs 127.75, against the last ending price of Rs 127.50. It touched the intra-day low-lying of Rs 129.50 till the ending.
Copper futures raised in the domestic market on Tuesday as per market news blog updates, investors booked fresh positions in the industrial metal amid signs of cramped global supply after BHP Billiton Ltd., the world’s largest mining company unveiled plans to cut project spending to the shortest level since 2010, following a similar announcement by Rio Tinto Group, Glencore Plc and Freeport-McMoran Inc. Citigroup expects an rising in mined copper supplies to slow to 1.3 % in 2015 from 2 % last year. Copper stockpiles tracked by the London Metal Exchange slid 1.4 % to 295,500 tons, the largest fall since 28 May 2014.
A weaker dollar uplifted the demand for the metal as an alternative asset. Weaker greenback makes copper cheaper for those holding other currencies, thus fading demand. Copper may extend profit gains today as a regained in Chinese manufacturing lifts desired outlook. Copper futures for February 2015 contract ended at Rs 362.40/1 kg, upward by 1.83 % after opening at Rs 354.45, against the last ending price of Rs 355.90. It touched the intra-day maximum of Rs 366.85 till the ending.
Natural gas futures reassemble in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for a polar boom in the US extending into early March bolstered the desired outlook for the heating fuel. Latest weather forecasting models have called for below normal temperatures in the key US Northeast and Midwest regions through 6 March 2015. Natural Gas futures for February 2015 contract ended at Rs 187.40/1 kg, upward by 0.64 % after opening at Rs 184.4, against the last ending price of Rs 186.2 It touched the intra-day maximum of Rs 188 till the ending.
Derivatives Analysis Reports
India Indices- On Tuesday market Nifty index opened upward at 8772.90 with +17.95 points from the last day of ending at 8754.95 and ended positive at 8762.10. From the morning we saw constantly buying in Nifty Index, Nifty opened with day low-lying of 8726.75 and moved upward with continuous buying and near 1.45 O’clock Nifty Index traded with day maximum of 8800.50 and at the end of the market day Nifty Index ended positive at 8762.10 with +0.08%, +7.15 points upward. And the full day Nifty Index traded between 8800.50 to 8726.75. At the end of the day Nifty futures Gained profit of +0.11%, +10.05 points upward to close at 8763.50 from the last day closing at 8753.45 with premium of +1.40 points and percent change in open interest of -0.65%.
Nifty Futures- Nifty futures opened upward at 8760.00 with +6.55 point from the last day of ending at 8753.45. From the opening we saw constantly buying in Nifty. Nifty opened with day low-lying of 8737.25 and moved upward, and near 1.45 o’clock Nifty futures traded with day maximum of 8782.90 and ended positive at 8758.45 with +0.06%, +5.00 points upward. And the full day Nifty Futures traded between 8782.90- 8737.25. At the end of the day Nifty futures Gained +0.11%, +10.05 points upward to end at 8763.50 from the last day of ending at 8753.45 with premium of +1.40 points and percent change in open interest of -0.65%.
About Forex Analysis
Rupee gains profit of 15 paise against dollar
The rupee fortify by 15 paise to 62.05 against the US dollar in trade today at the Interbank Foreign Exchange on rising foreign capital arrivals. Forex dealers said besides the dollar's weakness against other currencies overseas, a bigger opening in domestic stock market, supported the rupee. The rupee had closed 11 paise bigger at 62.20 against the US currency in yesterday's trade on increased selling of the American unit.
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