Mcx commodity tips: Crude oil futures jumped in the domestic and overseas market on Thursday as investors and speculators exited positions in the energy commodity as investors worried that a return of Iranian oil into the market may worsen a global supply glut. Iranian Oil Minister said that the Islamic nation, which currently pumps about 2.7 million barrels of oil/day, may produce 5.7 million barrels/day by 2018, if sanctions are lifted this year. Iran and six global powers have to reach a final deal on the country’s nuclear program by June 30, 2015. Investors weighed mixed US data which showed an uptick in jobless claims last week, while consumer credit rose by the most in eight months in March 2015, signaling uncertainty over the demand outlook in the world’s biggest economy. US unemployment claims edged up by 3,000 to 265,000 in the week ended May 2, 2015. Consumer borrowing in the US rose by USD 20.5 billion in March from February, when it climbed USD 14.8 billion. Oil futures may stay subdued today as investors eye the key US non-farm payrolls data which may offer further cues over the pace of US labour market recovery.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,790/barrel, downward by 2.37 %, after opening at Rs 3,874, against the last close price of Rs 3,882. It touched an intraday low of Rs 3,777 till the closing.
Gold futures logged slim gains in the domestic market on Thursday as investors and speculators turned their attention to Friday’s key US non-farm payrolls data which may signal the health of the labour market in the world’s biggest economy, and have a bearing on the timing of a maiden Federal Reserve interest rate lift-off since 2006, prompting a cautious approach by traders. The American economy probably added 230,000 jobs in April, following March’s 126,000, analysts reckoned. Meanwhile, US jobless claims rose by a modest 3,000 last week, but hovered near the lowest level in 15 years, a sign that the long-term recovery in the job market remains on track. A stronger dollar curbed the demand for gold as an alternative asset. Stronger greenback makes the yellow metal more expensive for those holding other currencies, thus dimming desired, trimming gains in Gold. Gold futures may trade on a subdued today ahead of the US jobs data.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,934 per 10 gram, up by 0.09 per cent after opening at Rs 26,912, against the last ending price of Rs 26,911. It touched the intra-day high of Rs 27,040 till the closing.
Trading Calls
STOCK FUTURES
FUTURE: BUY APOLLO TYRE ABOVE 168 TGTS 168.75/170/171.75 SL 167
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FUTURE: BUY BPCL ABOVE 747 TGTS 750/755/762 SL 743
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ULTRA FUTURE: BUY LT ABOVE 1600 TGTS 1610/1624 SL 1590
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ULTRA FUTURE: BOOK PART PROFIT IN LT BUY CALL AT CMP 1607 NEAR TOP OUR 1ST TGT 1610
FUTURE BONANZA
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FUTURE: BPCL HIT 1ST TGT 750 CMP 750.55 BOOK PART PROFIT
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