Stock Market News: Crude oil futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a pickup in US consumer confidence and faster home price gains signaled an improving world’s biggest economy, lifting the desired outlook for the fuel. The gauge measuring US consumer confidence climbed to 101.3 in March from 98.8 in February. Home prices in 20 US cities rose the most since September, up 4.6 % in January 2015, year on year, accelerating from an annual gain of 4.4 % in December 2014. Business activity in the Chicago region remained in contraction territory as the PMI stood at 46.3 in March, up from 45.8 in February, below the neutral 50-mark. However, an uptick in US crude oil stockpiles which rose 5.2 million barrels last week signaled a widening global supply glut, trimming gains in the fuel.
Further, expectations of an Iran nuclear deal which threatens to boost crude shipments from the Islamic nation also curbed gains in the fuel. Iran and six global powers signaled that they have struck a consensus on the major elements of a nuclear accord that may ease sanctions on the former. The foreign ministers of Russia and Iran said that a framework for the nuclear accord may be drafted on Wednesday. Oil may fall today ahead of EIA data which may show that US oil supplies expanded from a record last week.
At MCX, Crude oil futures, for the April 2015 contract, ended at Rs 3,025 per barrel, up by 0.27 %, after opening at Rs 3,025, against the last close price of Rs 3,017. It touched an intraday high of Rs 3,055 till the ending.
Gold futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal after a top US Federal Reserve official signaled a probability of an interest rate hike in the Fed’s June meeting, dimming the appeal of the bullion as a store of value.
Federal Reserve Bank of Richmond President Jeffery Lacker, a policy hawk, stressed that there remains a strong case for the FOMC to begin rate tightening from June.
A stronger dollar curbed the desired for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming desired.
Gold may extend losses today as a signs of an Iran nuclear deal eases geopolitical tensions, curbing safe haven desired for the yellow metal. At MCX, Gold futures for April 2015 contract ended at Rs 26,204 per 10 gram, down by 0.25 % after opening at Rs 26,208, against the last ending price of Rs 26,270. It touched the intra-day low of Rs 26,156 till the ending.
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Natural Gas futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for cooler weather in parts of the US lifted the desired outlook for the heating fuel. Latest weather forecasting models called for colder temperatures in the US East Coast and the Midwest from April 4 to April 6, 2015.
At the MCX, Natural Gas futures for April 2015 contract ended at Rs 167 per 1 kg, up by 0.18 % after opening at Rs 166.6, against the last ending price of Rs 166.7. It touched the intra-day high of Rs 169.3 till the ending.
Zinc futures closed lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid tepid physical desired for zinc in the domestic spot market. Further, Euro area consumer prices dropped for a fourth month on the trot in March, signaling fears of a prolonged deflationary spiral in the 19-member economy, dimming the desired outlook for industrial metals. Consumer prices fell 0.1 % in March 2015 from the year ago month.
At the MCX, Zinc futures for March 2015 contract ended at Rs 129.90 per 1 kg, down by 0.99 % after opening at Rs 130.25, against the last ending price of Rs 131.20. It touched the intra-day low of Rs 129.85 till the ending.
Mustard seed prices ended higher by 0.35 % on Tuesday 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 the NCDEX, mustard seed futures for April 2015 contract ended at Rs. 3,408 per quintal, up by 0.35 %, after opening at Rs. 3,390 against the last ending price of Rs. 3,396. It touched the intra-day high of Rs. 3,434.
Maize prices ended higher by 0.4 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the desired from exporters and poultry industries. At the NCDEX, maize futures for April 2015 contract ended at Rs. 1,243 per quintal, up by 0.4 %, after opening at Rs. 1,227 against the last ending price of Rs. 1,238. It touched the intra-day high of Rs. 1,286
Barley prices ended higher by 0.4 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of strong desired from beer and cattle-feed making industries against restricted supply in physical markets. At the NCDEX, barley futures for April 2015 contract ended at Rs. 1,120.5 per quintal, up by 0.4 %, after opening at Rs. 1,113 against the last ending price of Rs. 1,116. It touched the intra-day high of Rs. 1,128.
Chana prices ended higher 0.19 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good desired in the market. At the NCDEX, chana futures for April 2015 contract ended at Rs. 3,607 per quintal, up by 0.19 %, after opening at Rs. 3,598 against the last ending price of Rs. 3,600. It touched the intra-day high of Rs. 3,634.
Jeera prices ended lower by 0.95 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export desired. At the NCDEX, jeera futures for April 2015 contract ended at Rs. 14,550 / quintal, downward by 0.95 %, after opening at Rs. 14,685 against the last ending price of Rs. 14,690. It touched the intra-day low of Rs. 14,525.
About Forex Updates
Rupee gains profit on fresh selling of dollar
The rupee regained by 11 paise at 62.56 against the US dollar in trade today at Interbank Foreign Exchange on new selling of the American currency by exporters. The local currency had lost 26 paise to end at 62.67 yesterday due to regained month-end desired from the dollar from importers. Besides new selling of the American currency by exporters, a bigger opening in the domestic equity market supported the rupee but the dollar's strength against other currencies overseas, crowned the profit gains.
Euro falls downward on jitters over Greece debt deal
The euro divagate lower in Asia on Tuesday with investors following talks between debt-strike Greece and its international creditors as Athens looks to reform its bailout commitment. In Tokyo, the single currency slide to $1.0790 and 129.69 yen, from $1.0825 and 130.10 yen in New York, while the dollar was at 120.17 yen against 120.18 yen. The International Monetary Fund and the European Union are scrutinizing a list of reforms that Athens has proposed in its bid to get the creditors to invoke 7.2-billion euros in much-needed loans that will help it avoid a default.
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