Crude oil futures jumped in the domestic and overseas market on Monday after Saudi Arabia, the world’s biggest oil exporter, raised prices for its Asian buyers amid an improvement in refining margins. The most prominent crude player in the OPEC cut the discount on its main Arab light grade crude oil May sales to Asia as demand from refiners in the region improved. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, has upped official selling prices for Asia for a second straight month while the country’s Oil Minister signaled an improvement in global demand, offering a boost to crude oil prices which have been battered amid fears over a worsening global supply glut. Investors are also betting that it may take some time for Iranian oil to return to the market even as the Islamic nation struck a preliminary nuclear accord with six global powers last week, with the deadline for the final deal being June 30. Despite the landmark nuclear accord, the pace of increasing of economic and financial sanctions against Iran is expected to be very slow to ensure compliance. Oil may extend gains today amid bets that the pace of US stockpile-build may slow while Iranian oil may make a very gradual return. At the MCX, Crude oil futures, for the April 2015 contract, ended at Rs 3,254 per barrel, up by 7.15 %, after opening at Rs 3,075, against the previous close price of Rs 3,037. It touched an intraday high of Rs 3,263 till the closing.
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Gold futures ended lower in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal after tepid US jobs data signaled a cooling labour market recovery in the world’s biggest economy, raising bets that the US Federal Reserve may delay planned monetary tightening, bolstering the appeal of the bullion as a store of value.Gold may fall today as a stronger dollar curbs the demand for the precious metal as an alternative asset. At the MCX, Gold futures for June 2015 contract ended at Rs 26,997 per 10 gram, up by 1.5 % after opening at Rs 26,645, against the last closing price of Rs 26,597. It touched the intra-day maximum of Rs 27,095 till the closing.
Zinc futures increased in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal after a faster expansion in services activity in China, the world’s biggest metals consumer, signaled an easing slow downward in the country’s economy, lifting the demand outlook for zinc. At the MCX, Zinc futures for April 2015 contract ended at Rs 132.60 per 1 kg, up by 0.11 % after opening at Rs 132.50, against the last closing price of Rs 132.45. It touched the intra-day max of Rs 134.50 till the closing.
Natural Gas futures jumped in the domestic and overseas market on Monday as investors and speculators exited positions in the energy commodity as the onset of the spring season was set to bring warmer temperatures throughout the US, cutting demand for the heating fuel in the world’s biggest economy. At MCX, Natural Gas futures for April 2015 contract ended at Rs 165.80 per 1 kg, downward by 1.90 % after opening at Rs 168, against the last closing price of Rs 169. It touched the intra-day low of Rs 165 till the closing.
Chana prices ended higher 3.18 % on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX, chana futures for April 2015 contract ended at Rs. 3,792 per quintal, up by 3.18 %, after opening at Rs. 3,709 against the previous closing price of Rs. 3,675. It touched the intra-day high of Rs. 3,813.
Barley prices ended lower by 2.29 % on Monday 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 NCDEX, barley futures for April 2015 contract ended at Rs. 1,090 per quintal, downward by 2.29 %, after opening at Rs. 1,113 against the previous closing price of Rs. 1,115.5. It touched the intra-day low of Rs. 1,086.
Mustard seed prices closed bigger by 2.49 % on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At NCDEX, mustard seed futures for April 2015 contract closed at Rs. 3,540/quintal, up by 2.49 %, after opening at Rs. 3,488 against the last closing price of Rs. 3,454. It touched the intra-day high of Rs. 3,573.
Maize prices ended lower by 0.57 % on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At NCDEX, maize futures for April 2015 contract closed at Rs. 1,225 per quintal, downward by 0.57 %, after opening at Rs. 1,221 against the previous closing price of Rs. 1,232. It touched the intra-day low of Rs. 1,218.
Jeera prices ended higher by 3.98 % on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At NCDEX, jeera futures for April 2015 contract ended at Rs. 15,290 per quintal, upward by 3.98 %, after opening at Rs. 14,845 against the last closing price of Rs. 14,705. It touched the intra-day high of Rs. 15,290.
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