Stock Market News: Crude oil futures increased in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a weaker dollar boosted the demand for oil as an alternative asset. Weaker greenback makes crude cheaper for those holding other currencies, thus boosting demand. However, the gains in the fuel were curbed by an uptick in US oil stockpiles last week which signaled a weakening demand for the fuel in the world’s biggest crude consumer. US crude supplies climbed 10.5 million barrels last week, the American Petroleum Institute (API) said.
Further, US housing starts plunged at the sharpest pace since 2011 last month, signaling a faltering housing market recovery in the world’s biggest economy, dimming the demand outlook for the fuel. Starts fell 17 per cent to an annualized rate of 897,000 in February 2015 from the previous month. Crude oil may fall today ahead of EIA data which may show that US stockpiles surged to a fresh record last week, threatening to worsen a global supply glut. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,759 per barrel, up by 0.66 per cent, after opening at Rs 2,754, against the previous close price of Rs 2,741. It touched an intraday high of Rs 2,782 till the closing.
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Gold futures fell in the domestic and overseas market on Tuesday as investors and speculators exited positions in the precious metal amid caution ahead of the outcome of the US Federal Reserve’s two-day policy meet on Wednesday in which the world’s top central bank is expected to offer some cues over when it plans to start hiking short-term borrowing costs for the first time since 2006. Investors are fretting that the FOMC may drop the word “patient” from its statement, which would signal a clear readiness to raise interest rates in the near-future, and that may adversely impact the bullion’s demand as a store of value. However, a weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a subdued note today as investors await the Fed policy decision. At the MCX, Gold futures for April 2015 contract closed at Rs 25,617 per 10 gram , down by 0.64 per cent after opening at Rs 25,721, against the last ending price of Rs 25,783. It touched the intra-day low-lying of Rs 25,521 till the ending.
Natural Gas futures soared in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts of a cold blast to hit the US Northeast region later in the week bolstered the demand outlook for the heating fuel. Latest weather forecasting models called for extremely cold weather including rain and snow to hit the northern US through March 23, 2015. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 178.50 per 1 kg, up by 4.20 per cent after opening at Rs 172.40, against the previous closing price of Rs 171.30. It touched the intra-day high of Rs 179.40 till the closing.
Zinc futures ended bigger in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal after German investor confidence climbed in March, signaling a pickup in Europe’s biggest economy, lifting the demand outlook for zinc. The gauge measuring German investor confidence rose to 54.8 in March from 53 in February, ZEW said. A pickup in physical desired for zinc in the domestic spot market also boosted zinc futures. At the MCX, Zinc futures for March 2015 contract closed at Rs 126.70 per 1 kg, up by 0.48 per cent after opening at Rs 125.90, against the last ending price of Rs 126.10. It touched the intra-day maximum of Rs 127.05 till the ending.
Chana prices closed lower by 1.09 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states. Chana futures for April 2015 contract ended at Rs. 3,645 per quintal, down by 1.09 per cent, after opening at Rs. 3,669 against the previous closing price of Rs. 3,685. It touched the intra-day low of Rs. 3,601. Maize prices closed higher by 1.07 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries. Maize futures for March 2015 contract ended at Rs. 1,318 per quintal, up by 1.07 %, after opening at Rs. 1,315 against the last ending price of Rs. 1,304. It touched the intra-day maximum of Rs. 1,320
Mustard Seed prices closed lower by 0.85 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. Mustard Seed futures for April 2015 contract ended at Rs. 3,375/quintal, down by 0.85 per cent, after opening at Rs. 3,400 against the last ending price of Rs. 3,404. It touched the intra-day low of Rs. 3,372
Barley prices closed lower by 1.84 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors booked profits at the higher on account of the weak physical markets and also due to the fall in the demand from beer and cattle-feed makers. At the NCDEX, barley futures for April 2015 contract closed at Rs. 1,174 per quintal, down by 1.84 per cent, after opening at Rs. 1,188 against the previous closing price of Rs. 1,196. It touched the intra-day low of Rs. 1,162.5.
About Forex News
The rupee closed the day at 62.76 against the US currency at the Interbank Foreign Exchange on increased selling of the American currency by banks and exporters amid lower dollar value overseas on listless US manufacturing data. Forex dealers said assisted capital arrivals and a bigger opening of the domestic equity market boosted the rupee sentiments. Yesterday, the rupee had gained profit of 16 paise to closed at 62.81 against the American currency on fresh selling of dollars.
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