Stock Market News: Crude oil futures tumbled in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a surge in prices in recent sessions as bombing by Saudi Arabia and its allies against Shiite rebel targets in Yemen sparked fears over disruptions of oil supplies from the Middle East. China’s industrial profits fell by 4.2 % in the first two months of 2015 from the same period a year ago, signaling weakness in the world’s second largest economy, darkening the desired outlook for the fuel. At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,187 per barrel, down by 2.03 %, after opening at Rs 3,214, against the last close price of Rs 3,253. It touched an intraday low-lying of Rs 3,176.
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market as a stronger dollar curbed the desired for the bullion as an alternative asset. Powerful greenback makes gold more expensive for those holding other currencies, thus dimming desired. Investors were also cautious ahead of US Q4 GDP revised estimates which may have a bearing on when the US Fed will raise interest rates for the first time since 2006. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,729 per 10 gram, down by 0.27 % after opening at Rs 26,675, against the last ending price of Rs 26,801. It touched the intra-day low-lying of Rs 26,657.
Silver futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal amid caution ahead of the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006. Further, a stronger dollar curbed the desired for the bullion as an alternative asset. Stronger greenback makes silver more expensive for those holding other currencies, thus dimming desired. At the MCX, Silver futures for May 2015 contract is trading at Rs 38,465 per 1 kg, down by 0.38 % after opening at Rs 38,319, against the last ending price of Rs 38,613. It touched the intra-day low of Rs 38,319 till the ending.
Mentha oil prices rose by 0.95 % 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 2015 contract, at MCX, were trading at Rs. 819.90 per kg, up by 0.95 % after opening at Rs. 811.50 against the last ending price of Rs. 812.20. It touched the intra-day high of Rs. 822.60 till the trading
Lead prices fell by 1.38 % on Friday at the domestic markets as a result of low desired for the commodity from battery-maker in the spot market in the midst of weak overseas trend. At the MCX, Lead futures, for the March 2015 contract, is trading at Rs 114.20 per kg, up by 1.38 %, after opening at Rs 115.30, against a last close of Rs 115.80. It touched an intra-day low of Rs 113.65 till the trading.
Zinc prices fell by 0.88 % on Friday at the domestic markets after Japanese retail sales rose less-than-expected last month signaling weak sentiment in the region which reduced the desired outlook for the metal. In a report, the Ministry of Economy Trade and Industry said that retail sales rose to a seasonally adjusted annual rate of -1.8 %, from -2.0 % in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 129.75 per kg, down by 0.88 % after opening at Rs. 130.10 against the last ending price of Rs. 130.90. It touched the intra-day low of Rs. 129 till the trading.
Copper prices fell by 0.41 % on Friday at the domestic markets as a regional manufacturing gauge in the US dived into contraction territory this month, signaling a worsening slowdown in the world’s second biggest economy, darkening the desired outlook for industrial metals. The Federal Reserve Bank of Kansas said that its regional manufacturing gauge fell to -2 in March from 5 in February with a reading below 0 signaling contraction. At the MCX, copper futures for April 2015 contract were trading at Rs.383.80 per 1 kg, up by 0.41 %, after opening at Rs. 384.20 against the last ending price of Rs. 382.25. It touched the intra-day high of Rs. 385.30 till the trading.
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