Mcx Natural Gas : MCX April Natural Gas; near-term bearish outlook remains unchanged as long as prices trading below 170 levels. Any rise can be considered as an opportunity for fresh shorts at higher levels. However, downside support remains at 164.70 & 161.30 levels.
Sell Natural Gas Around 169.30 Target 164.70 stoploss 172.50
U.S. natural gas futures surged by 0.5 percent on Tuesday despite forecasts for warmer weather over the next two weeks. MCX gas prices rose marginally by 0.2 percent and closed at Rs.167/MMbtu.
MCX NICKEL : MCX April Nickel has continued to maintain negative bias in the past session and broken its 1 year low of 792 levels. Today’s outlook remains weak and further fall can see towards 765 & 753 levels. Hence, any rise can utilized to create fresh shorts at 792 levels.
Sell Nickel Around 790 Target 765 stoploss 806
MCX GOLD COMMODITY : Spot gold prices declined by 0.2 percent and turned lower on Tuesday, pressured by the firm U.S. dollar and weak oil prices, and with expectations that the Federal Reserve will increase interest rates this year pushing bullion toward its second monthly decline. Also, US Consumer confidence increased in March to the second-highest level since August 2007 as Americans grew more upbeat about the outlook for the labor market and incomes.
Gold, which does not pay any interest, has benefited from a low interest rate environment and central banks’ accommodation policies in the years following the 2008-2009 credit crunch.
On the MCX, gold prices declined by 0.3 percent and closed at Rs.26204/10 gms.
MCX CRUDE OIL COMMODITY : Oil prices declined on Monday with WTI and Brent prices falling by 0.7 and 2.2 percent respectively as the White House sent indications that negotiations with Iran on its nuclear program could extend beyond a deadline previously set for late Tuesday evening.
Severe economic sanctions against Iran over the last three years have limited the nation’s oil exports to roughly a million barrels per day. The easing of sanctions could saturate global oil markets with a glut of Iranian oil, which could further depress crude prices.
U.S. crude oil stocks rose by 5.2 million barrels last week, according to data from the American Petroleum Institute, while distillate supplies fell 18,000 barrels and gasoline inventories dipped 4.1 million barrels.
On the MCX, oil prices rose by 0.3 percent and closed at Rs.3025/bbl despite Rupee appreciation.
CRUDE OUTLOOK : Crude oil prices are expected to trade lower today owing to cautious stance ahead of jobs data from the US on Friday. However, sharp losses will be cushioned as U.S. industry data on oil inventories showed solid draw downs in refined products and a better than expected manufacturing survey from China
On the MCX, oil prices are expected to trade lower taking cues from weak international markets.