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Wednesday, 29 March 2017

Best Commodity Tips

Oil stable on falling Libyan output, but bloated U.S. market still weighs

Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets.

Prices for front-month Brent crude futures , the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were up 5 cents at $49.57 a barrel.

Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field.

And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles.

"The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining,"

U.S. crude inventories rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday.

Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be.

OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year.

OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys.

"While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement,"

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Tuesday, 28 March 2017

Best Commodity Tips

Gold slips on technicals as dollar firms on U.S. rate hike cues

Gold fell on Wednesday in the face of technical resistance and positive economic data that boosted expectations for further U.S. interest rate hikes this year, supporting the dollar and equities markets.

"A resurgent U.S. dollar, along with higher U.S. yields and equities has taken the momentum out of the gold rally for now,"

The metal was also under pressure after failing to break through its 200-day moving average at $1,260, Halley said, posting its second consecutive down day in Asia.

Spot gold was down 0.3 percent at $1,248.32 per ounce at 0325 GMT. U.S. gold futures slipped 0.6 percent to $1,247.9.

The dollar pulled away from 4-1/2-month lows against a currency basket on Wednesday as solid data backed expectations for more U.S. interest rate hikes this year.

U.S. Federal Reserve Vice Chairman Stanley Fischer also gave the dollar a lift as he said in a television interview that two more increases to U.S. overnight interest rates this year seemed "about right."

The yellow metal was likely to continue the downward momentum through Wednesday to around the $1,235 an ounce level, he added.

A strong greenback makes dollar-denominated gold more expensive for holders of other currencies, potentially decreasing demand.

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Monday, 27 March 2017

Best Commodity Tips

Gold steady as dollar edges up; focus on Trump agenda

Gold prices steadied on Tuesday as investors looked to see if U.S. President Donald Trump will be able to enact promised tax cuts and infrastructure spending, taking the dollar off multi-month lows.

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Sunday, 26 March 2017

Best Commodity Tips
BULLION

Gold April and Silver May futures have advanced around a percent each at $ 1,256 an ounce and $ 17.883, respectively. Platinum July contract has also gained nearly a percent at $ 978.

ENERGY

Brent Oil June and WTI Crude Oil May series are down 0.2-0.3 percent each at $ 51 and $ 48 a barrel, respectively. Natural Gas May delivery has rallied 1.4 percent at $ 3.196.

BASE METAL

Copper May expiry is witnessing losses, down over 1.5 percent at $ 2.599.

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Friday, 24 March 2017

Best Commodity Tips

Gold prices recovered today by Rs 350 to Rs 29,350 per 10 grams at the bullion market on increased buying by local jewellers even as the metal weakened overseas.

Silver also edged higher by Rs 125 to Rs 41,375 per kg on uptick in demand from industrial units and coin makers.

Traders attributed the recovery in gold prices to increased buying by local jewellers at the domestic spot market but a weak trend overseas capped the rise.

Globally, gold fell 0.22 per cent to Rs 1,241.90 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 350 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. The metal had lost Rs 350 yesterday.

Following gold, silver ready moved up by Rs 125 to Rs 41,375 per kg and weekly-based delivery by Rs 60 to Rs 41,260 per kg.

Silver coins, however, remained unaltered at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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Thursday, 23 March 2017

Best Commodity Tips
BULLION

Gold and Platinum April futures has declined 0.3-0.4 percent each at $ 1,244 an ounce and $ 960, respectively. Silver May delivery is slightly up at $ 17.612.

ENERGY

WTI Crude Oil and Brent Oil May series are marginally up at $ 48 and $ 50 a barrel, respectively. Natural Gas April contract has shed 0.5 percent at $ 3.034.

BASE METAL

Copper May expiry has dropped around a percent at $ 2.632.

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Wednesday, 22 March 2017

Best Commodity Tips

Gold futures down 0.20% on global cues

Tracking a weak trend overseas, gold prices drifted lower by 0.20 percent to Rs 28,828 per 10 grams in futures trade today as speculators trimmed positions.

At the Multi Commodity Exchange, gold for delivery in April fell Rs 57, or 0.20 percent, to Rs 28,828 per ten grams in a business turnover of 253 lots.

Similarly, the yellow metal for delivery in June was trading lower by Rs 51, or 0.18 per cent, to Rs 28,960 per ten grams in six lots.

Market analysts said, the fall in gold futures was mostly attributed to offloading of positions by participants in line with a weak trend overseas.

Meanwhile, gold prices fell 0.16 per cent to USD 1,246.20 an ounce in Singapore.

Oil bounces off November lows, but bloated US stockpiles pressure market

Brent crude dipped below $50 but has since recovered
* Markets remain oversupplied amid bloated U.S. crude stocks
* U.S. oil output up 8 pct since mid-2016 to over 9 mln barrels
* China's fuel exports near record, imports slump (Adds China fuel data, updates prices)

Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.

Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight. the bounce, traders said the market remained under pressure, largely due to a big U.S. inventory and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output was reining in a global fuel supply overhang. McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil."

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