In the base metal futures market,the most traded Copper April contract on the MCX is trading at Rs.358.95/Kg on Thursday morning of 10:52 AM. OI of Copper April contract fell by 4.79% on Wednesday.
London copper rose on Thursday morning in Asian trade but was mired near its lowest for the year after China’s refined production surged in March, underlining ample stocks in the world’s biggest metals consumer.
Base metals on MCX were trading mixed with Copper, Nickel and Aluminium prices were trading lower on Thursday morning.
Nickel prices ended higher afte data from the International Nickel Study Group showed that the global market for refine Nickel deepened its deficit to 4,400 MT in February from a deficit of 1,100 MT in January. Base metals rose on Wednesday amid short covering.Shanghai metals fell on Wednesday.
Gold prices will see some near term correction however, risk and uncertain global environment will keep gold prices volatile and hence, it is advisable to keep a watch on global events and be on the long side in gold.
Oil prices will trade positive after a recent correction while trading in oil has to be done with caution as inventories in the US remains higher which can be a factor for further downside in oil prices in the near term. Prices are expected to trade sideways today as investors will be at the sidelines ahead of French elections this weekend. Also, geopolitical concerns will limit risk appetite.
Oil prices regained some ground on Thursday morning in Asian trade after steep lossses the previous day, with a slight drop in U.S. crude inventories stoking hopes that a push to rein in global oversupply could be gathering at least some momentum. Domestic markets is trading weak on Wednesday morning, tracking weak overseas prices. The most traded Crude May contract on the MCX was trading at Rs.3309/barrel on Thursday morning of 10:18 AM IST. OI of Crude may contract rose by 154.59% on Wednesday due to April expiry.
US and domestic natural gas prices rose on Wednesday supported by the prospect of cooler temperatures. U.S. utilities likely injected 48 billion cubic feet (bcf) of natural gas into storage last week as warmer-than- normal weather kept a lid on heating demand, Reuter’s poll showed.
International Natural gas prices are trading higher on Thursday morning in Asian trade. Domestic prices are trading lower on Wednesday morning. OI of MCX Nat Gas April contract rose by 22.08% on Wednesday. Volumes of MCX Nat Gas April contract also rose by 1.74% on Wednesday.