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MTECHTIPS:-Crude oil futures hit fresh 4-month high on U.S. recovery hopes
Crude oil futures rose to the highest level since mid-September on Tuesday, as appetite for growthlinked assets remained supported amid indications the U.S. economic recovery was gathering pace.On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.73 a barrel during European morning trade, up 0.3% on the day.New York-traded oil prices rose by as much as 0.45% earlier in the day to hit a session high of USD96.95 a barrel, the strongest level since September 18.Oil prices continued to draw support from mounting optimism over the health of the global economy. Data on Monday showed that U.S. durable goods orders rose more-than-expected in December, jumping 4.6% compared to expectations for a 1.8% rise.Market participants now looked ahead to Wednesdays preliminary data on U.S. fourth quarter economic growth, as well as Fridays U.S. nonfarm payrolls report, as markets attempt to gauge the strength of the U.S. economic recovery. MTECHTIPS:-Copper
data eyed
Copper futures edged higher to hit a two-day high on Tuesday, as mounting optimism over the health of the global economy continued to support appetite for growth-linked assets.Copper is sensitive to the economic outlook because of its widespread uses in construction and manufacturing.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.673 a pound during European morning trade, up 0.3% on the day.New York-traded copper prices rose by as much as 0.75% earlier in the day to hit a session high of USD3.691 a pound. Copper prices rose Monday after data showed that U.S. durable goods orders rose more-than-expected in December, jumping 4.6% compared to expectations for a 1.8% rise.Market participants now looked ahead to Wednesdays preliminary data on U.S. fourth quarter economic growth, as well as Fridays U.S. nonfarm payrolls report, as markets attempt to gauge the strength of the U.S. economic recovery.The Federal Reserves policy-setting meeting on Wednesday will also be in focus, as markets search for clues over the future of the central banks ultra-loose monetary policy.
MTECHTIPS:-India Crude Oil import prices fall slightly, but may stay higher in Q1
Crude Oil import prices in India have fallen to $110.35 a barrel from $110.64 on Friday, according to Petroleum Planning and Analysis Cell under Minister of Petroleum and Natural Gas.However, current prices are still higher than the average in the last fortnight of December 2012 at $107.76 per barrel. In rupee terms also, the crude oil price fell marginally to Rs 5946.76/bbl on 28.01.2013 as compared to Rs5957.96/bbl on 25.01.2013. This was due to fall in price in dollar terms. Rupee dollar-exchange rate on 28.01.2013 at Rs 53.89/US$ against Rs 53.85/US$ on previous trading day of 25.01.2013.
MTECHTIPS:-MCX Silver: Short to medium term positive until Commodity trades above 56800
Silver futures are trading in green territory on both domestic and international markets. In the evening session US consumer Confidence data is scheduled to be released and is expected that the data data will be neutral for bullion prices.In the domestic front because of rupee appreciation I expect limited upside movement for the day.On daily charts, silver futures looks negative for the day. Silver futures for March delivery now has a crucial support at 57700 and resistance at 58200. Intraday traders are advised to short sell silver March futures below 57700 with stop loss of 58000 and wait for the target near 57400 and 57100.