Saturday, March 21, 2015

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Crude Oil Prices Increased by 0.38 %

Stock Market News: Crude oil prices increased by 0.38 % on Friday at the domestic markets as the dollar weakened, but gains was limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels. A weaker dollar typically supports prices for commodities denominated in the greenback, making them cheaper for holders of other currencies. Profit Gains were also limited after Iraq's southern oil exports have risen in March as poor weather that delayed cargoes in February cleared, putting OPEC's second-largest producer back within sight of record shipments. At MCX, crude oil futures for February 2015 contract were trading at Rs. 2,873 per barrel, up by 0.38 per cent, after opening at Rs. 2,885 against the last ending price of Rs. 2,862. It touched the intra-day high of Rs. 2,887 till the trading.

Coriander prices increased by 1.53 % on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts. At NCDEX, coriander futures for April 2015 contract was trading at Rs. 7,521/quintal, up by 1.53 % after opening at Rs. 7,470 against the previous ending price of Rs. 7,408. It touched the intra-day high of Rs. 7,619 till the trading.

Castorseed prices increased by 0.5 % on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At NCDEX, castor seed futures for March 2015 contract were trading at Rs. 3,625/quintal tonnes, up by 0.5 %, after opening at Rs. 3,618 against the previous closing price of Rs. 3,607. It touched the intra-day high of Rs. 3,625 till the trading. Castor is a non-edible oilseed crop; basically a cash crop, with average 46 percent oil regaining.

Copper prices slide by 0.39 % on Friday at the domestic markets after manufacturing activity in the Philadelphia-region expanded at the slowest pace in 13 months in March, fuelling concerns over the US economic outlook which reduced the desired outlook for the metal. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.0 this month from February’s reading of 5.2. At MCX, copper futures for April 2015 contract were trading at Rs.369.25/1 kg, downward by 0.39 %, after opening at Rs. 370 against the last closing price of Rs. 370.70. It touched the intra-day low of Rs. 367.80 till the trading.

Gold prices slide by 0.02 % on Friday at the domestic markets amid renewed concern that the Federal Reserve will still raise U.S. interest rates, even as policy makers cut their outlook for borrowing costs. However, weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Gold futures for April 2015 contract, at MCX, were trading at Rs. 25,958/10 grams, downward by 0.02 % after opening at Rs. 25,980 against the last ending price of Rs. 25,962. It touched the intra-low low of Rs. 25,906 till the trading.

Mentha oil prices increased by 0.74 % on Friday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for March 2014 contract, at MCX, were trading at Rs. 802.50/kg, upward by 0.74 % after opening at Rs. 801.60 against the last closing price of Rs. 796.60. It touched the intra-day high of Rs. 805.70 till the trading. 

Zinc prices increased by 0.59 % on Friday at the domestic markets due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong desired for the commodity. LME zinc stocks fell by 3250 metric tonnes to 524075 metric tonnes as on March 20, 2015. Zinc futures for March 2015 contract, at MCX, were trading at Rs 126.90/kg, upward by 0.59 % after opening at Rs. 125.80 against the previous closing price of Rs. 126.15. It touched the intra-day high of Rs. 127.15 till the trading.

Copper stocks -850 MT to 341750, Aluminum Stocks +23950 MT to 3976650 MT, Nickel Stocks -1338 MT to 430482 MT, Zinc Stocks -3250 MT to 524075 MT, Lead Stocks -150 MT to 234875 MT.

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