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    MTECHTIPS COMMODITY MARKET NEWS 4 MTECHTIPS:-Gold falls to fresh 5-week low as weak technical picture weighs Gold futures extended losses from the previous session to hit a fresh five-week low during European morning hours on Tuesday, as investors were hesitant to buy into the market amid a weak technical outlook.Markets appeared to shrug off news of an apparent nuclear test by North Korea earlier in the day.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,642.75 a troy ounce during late Asian trade, down 0.4% on the day.Prices fell by as much as 0.45% earlier in the session to hit a daily low of USD1,641.95 a troy ounce, the weakest level since January 4.Gold prices were likely to find support at USD1,626.05 a troy ounce, the low from January 4 and near-term resistance at USD1,670.25, Monday’s high.Gold’s losses came as a bout of technical selling continued after prices broke below a key support level on Monday.Traders sold the metal after futures fell below their 200-day moving average, triggering fresh sell orders amid bearish chart signals.Gold traders are now looking ahead to a meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature discussions on competitive currency devaluation. MTECHTIPS:-Crudeoil lower ahead of U.S. supply data; WTI-Brent spread narrows rude oil futures were lower in rangebound trade during European morning hours on Tuesday, as a broadly stronger U.S. dollar weighed while traders looked ahead to weekly supply data on U.S. oil stockpiles.Meanwhile, the spread between New York-traded crude and London-traded Brent narrowed as investors unwound spread trades put in place earlier in the month.On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.73 a barrel during European morning trade, down 0.3% on the day.New York-traded oil prices held in between a tight range of USD96.69 a barrel, the daily low and a session high of USD97.03 a barrel.A stronger U.S. dollar pressured oil prices, with the dollar index up 0.2% to trade at 80.55, the highest level since January 10.Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.Oil traders now looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.9 million barrels. MTECHTIPS:-Copper futures fall to 2-week low in risk-off trade Copper futures were down for a second day on Tuesday, as market sentiment remained cautious ahead of U.S. President Barack Obama’s State of the Union speech later in the day and the upcoming meeting of the G20 group.Activity was subdued with market participants in China away for the Lunar New Year holiday.China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.713 a pound during European morning trade, down 0.25% on the day.New York-traded copper prices fell by as much as 0.5% earlier in the day to hit a session low of USD3.710 a pound, the weakest level since January 30.A stronger U.S. dollar pressured copper prices, with the dollar index up 0.2% to trade at 80.56, the highest level since January 10.A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.Copper traders were now awaiting President Obama's State of the Union speech later Tuesday for any indications of an agreement to avert automatic tax hikes and spending cuts due to take effect on March 1.Investors were also cautio

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    MTECHTIPS COMMODITY MARKET NEWS 4 MTECHTIPS:-Gold falls to fresh 5-week low as weak technical picture weighs Gold futures extended losses from the previous session to hit a fresh five-week low during European morning hours on Tuesday, as investors were hesitant to buy into the market amid a weak technical outlook.Markets appeared to shrug off news of an apparent nuclear test by North Korea earlier in the day.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,642.75 a troy ounce during late Asian trade, down 0.4% on the day.Prices fell by as much as 0.45% earlier in the session to hit a daily low of USD1,641.95 a troy ounce, the weakest level since January 4.Gold prices were likely to find support at USD1,626.05 a troy ounce, the low from January 4 and near-term resistance at USD1,670.25, Monday’s high.Gold’s losses came as a bout of technical selling continued after prices broke below a key support level on Monday.Traders sold the metal after futures fell below their 200-day moving average, triggering fresh sell orders amid bearish chart signals.Gold traders are now looking ahead to a meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature discussions on competitive currency devaluation. MTECHTIPS:-Crudeoil lower ahead of U.S. supply data; WTI-Brent spread narrows rude oil futures were lower in rangebound trade during European morning hours on Tuesday, as a broadly stronger U.S. dollar weighed while traders looked ahead to weekly supply data on U.S. oil stockpiles.Meanwhile, the spread between New York-traded crude and London-traded Brent narrowed as investors unwound spread trades put in place earlier in the month.On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.73 a barrel during European morning trade, down 0.3% on the day.New York-traded oil prices held in between a tight range of USD96.69 a barrel, the daily low and a session high of USD97.03 a barrel.A stronger U.S. dollar pressured oil prices, with the dollar index up 0.2% to trade at 80.55, the highest level since January 10.Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.Oil traders now looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.9 million barrels. MTECHTIPS:-Copper futures fall to 2-week low in risk-off trade Copper futures were down for a second day on Tuesday, as market sentiment remained cautious ahead of U.S. President Barack Obama’s State of the Union speech later in the day and the upcoming meeting of the G20 group.Activity was subdued with market participants in China away for the Lunar New Year holiday.China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.713 a pound during European morning trade, down 0.25% on the day.New York-traded copper prices fell by as much as 0.5% earlier in the day to hit a session low of USD3.710 a pound, the weakest level since January 30.A stronger U.S. dollar pressured copper prices, with the dollar index up 0.2% to trade at 80.56, the highest level since January 10.A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.Copper traders were now awaiting President Obama's State of the Union speech later Tuesday for any indications of an agreement to avert automatic tax hikes and spending cuts due to take effect on March 1.Investors were also cautio

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    Mtechtips Commodity Market News 4

    Uploaded by

    MtechTips
    MTECHTIPS COMMODITY MARKET NEWS 4 MTECHTIPS:-Gold falls to fresh 5-week low as weak technical picture weighs Gold futures extended losses from the previous session to hit a fresh five-week low during European morning hours on Tuesday, as investors were hesitant to buy into the market amid a weak technical outlook.Markets appeared to shrug off news of an apparent nuclear test by North Korea earlier in the day.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,642.75 a troy ounce during late Asian trade, down 0.4% on the day.Prices fell by as much as 0.45% earlier in the session to hit a daily low of USD1,641.95 a troy ounce, the weakest level since January 4.Gold prices were likely to find support at USD1,626.05 a troy ounce, the low from January 4 and near-term resistance at USD1,670.25, Monday’s high.Gold’s losses came as a bout of technical selling continued after prices broke below a key support level on Monday.Traders sold the metal after futures fell below their 200-day moving average, triggering fresh sell orders amid bearish chart signals.Gold traders are now looking ahead to a meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature discussions on competitive currency devaluation. MTECHTIPS:-Crudeoil lower ahead of U.S. supply data; WTI-Brent spread narrows rude oil futures were lower in rangebound trade during European morning hours on Tuesday, as a broadly stronger U.S. dollar weighed while traders looked ahead to weekly supply data on U.S. oil stockpiles.Meanwhile, the spread between New York-traded crude and London-traded Brent narrowed as investors unwound spread trades put in place earlier in the month.On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.73 a barrel during European morning trade, down 0.3% on the day.New York-traded oil prices held in between a tight range of USD96.69 a barrel, the daily low and a session high of USD97.03 a barrel.A stronger U.S. dollar pressured oil prices, with the dollar index up 0.2% to trade at 80.55, the highest level since January 10.Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.Oil traders now looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.9 million barrels. MTECHTIPS:-Copper futures fall to 2-week low in risk-off trade Copper futures were down for a second day on Tuesday, as market sentiment remained cautious ahead of U.S. President Barack Obama’s State of the Union speech later in the day and the upcoming meeting of the G20 group.Activity was subdued with market participants in China away for the Lunar New Year holiday.China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.713 a pound during European morning trade, down 0.25% on the day.New York-traded copper prices fell by as much as 0.5% earlier in the day to hit a session low of USD3.710 a pound, the weakest level since January 30.A stronger U.S. dollar pressured copper prices, with the dollar index up 0.2% to trade at 80.56, the highest level since January 10.A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.Copper traders were now awaiting President Obama's State of the Union speech later Tuesday for any indications of an agreement to avert automatic tax hikes and spending cuts due to take effect on March 1.Investors were also cautio

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    MTECHTIPS COMMODITY MARKET NEWS 4

    MTECHTIPS:-Gold falls to fresh 5-week low as weak technical picture weighs


    Gold futures extended losses from the previous session to hit a fresh five-week low during European morning hours on Tuesday, as investors were hesitant to buy into the market amid a weak technical outlook.Markets appeared to shrug off news of an apparent nuclear test by North Korea earlier in the day.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,642.75 a troy ounce during late Asian trade, down 0.4% on the day.Prices fell by as much as 0.45% earlier in the session to hit a daily low of USD1,641.95 a troy ounce, the weakest level since January 4.Gold prices were likely to find support at USD1,626.05 a troy ounce, the low from January 4 and near-term resistance at USD1,670.25, Mondays high.Golds losses came as a bout of technical selling continued after prices broke below a key support level on Monday.Traders sold the metal after futures fell below their 200-day moving average, triggering fresh sell orders amid bearish chart signals.Gold traders are now looking ahead to a meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature discussions on competitive currency devaluation.

    MTECHTIPS:-Crudeoil lower ahead of U.S. supply data; WTI-Brent spread narrows


    rude oil futures were lower in rangebound trade during European morning hours on Tuesday, as a broadly stronger U.S. dollar weighed while traders looked ahead to weekly supply data on U.S. oil stockpiles.Meanwhile, the spread between New York-traded crude and London-traded Brent narrowed as investors unwound spread trades put in place earlier in the month.On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD96.73 a barrel during European morning trade, down 0.3% on the day.New York-traded oil prices held in between a tight range of USD96.69 a barrel, the daily low and a session high of USD97.03 a barrel.A stronger U.S. dollar pressured oil prices, with the dollar index up 0.2% to trade at 80.55, the highest level since January 10.Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.Oil traders now looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the worlds largest oil consumer.The American Petroleum Institute will release its inventories report later in the day, while Wednesdays government report could show crude stockpiles rose by 2.9 million barrels.

    MTECHTIPS:-Copper futures fall to 2-week low in risk-off trade


    Copper futures were down for a second day on Tuesday, as market sentiment remained cautious ahead of U.S. President Barack Obamas State of the Union speech later in the day and the upcoming meeting of the G20 group.Activity was subdued with market participants in China away for the Lunar New Year holiday.China is the worlds largest copper consumer, accounting for almost 40% of world consumption last year.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.713 a pound during European morning trade, down 0.25% on the day.New York-traded copper prices fell by as much as 0.5% earlier in the day to hit a session low of USD3.710 a pound, the weakest level since January 30.A stronger U.S. dollar pressured copper prices, with the dollar index up 0.2% to trade at 80.56, the highest level since January 10.A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.Copper traders were now awaiting President Obama's State of the Union speech later Tuesday for any indications of an agreement to avert automatic tax hikes and spending cuts due to take effect on March

    1.Investors were also cautious ahead of a meeting of Group-of-20 finance ministers in Moscow later in the week, which was likely to feature discussions on competitive currency devaluation.

    MTECHTIPS:-MCX Gold trend likely to be bearish; support at 30500


    Gold on the MCX for April delivery opened lower due to technical selling as the prices slid through support at $1,650 an ounce in international market. After the breaking ofimportant level, investment appetite for physical metal dropped in the early trading session.In Indian market support is there because the rupee weakened to a two-week low, dropping for a fourth straight session, as USD demand from oil firms and other importers weighed.MCX Gold for April delivery is likely to trade bearish for today's trading session. The commodity has an important support at 30500 and resistance at 30700 for the day.Traders are advised to sell the commodity near 30650 with stoploss of 30720 for target near 30550.Traders are now looking forward for the meeting of Group-of-20 finance ministers in Moscow later in the week. The meeting may feature discussions on competitive currency devaluation.Meanwhile a top US treasury official said Group of 20 nations or G20 must avoid currency devaluations.

    MTECHTIPS:-MCX Crude Oil up, investors eye President Obama's address


    Crude oil futures for February delivery on India's Multi Commodity Exchange (MCX) is positive, supported by ongoing political tensions in middle east and optimism on current global economic trends.MCX Crude futures has support at 5180 while 5250 is the resistance for the day. If futures move above 5250, then prices are expected to move towards 5300. Intra day traders are advised to take buy position.MCX crude oil futures for February delivery was up by 0.06 percent at Rs.5231 per barrel as of 03.07 PM IST on Tuesday.Earlier, the contract opened at 5227 level, following buying sentiments in the international market.Meanwhile, significant rise in the Chinese crude oil imports show that the world's second largest consumer is improving its economic conditions US commercial crude oil stockpiles are expected to have increased 2.9 mn barrels last week, Reuters reported.

    MTECHTIPS:-MCX Copper down; may fluctuate on lower volumes


    Copper futures for February delivery on India's Multi Commodity Exchange (MCX) is expected to fluctuate on likely lower volumes in the international markets on account of Lunar New Year holidays in South East Asia.For intra-day, copper is looks sideways to bearish. Support is there at 442 while 445 is the resistance. Traders are advised to sell below 442.The base metal may move towards 440 level, if it falls below 442, she added.MCX copper futures for February delivery was down by 0.15 percent at

    Rs.443.30 per kg as of 04.11 PM IST on Tuesday.Earlier, copper opened on a negative note and is expected to continue with negative trend throughout the day.Also, concerns over Euro zone and appreciation of U.S. dollar might have influenced investors' decisions in the international market.Markets in Hong Kong will remain closed till Thursday on account of Chinese Lunar New Year holidays, while markets in mainland China will be closed for the entire week. MTECHTIPS:-NCDEX

    Sugar: Trend positive; resistance near 3150

    Sugar on the NCDEX is trading on a positive note today, continuing the gain from last couple of days.Sugar for March delivery was trading on a positive note at Rs.3097, a gain of 0.29% as of 03.23 PM IST, Tuesday.The commodity is sporting a bullish trend now and may face a resistance near 3150 level in coming days.If the commodity closes above that level then it may lead the prices to touch 3230 in medium term. he added.Out of the estimated 24 mn tn sugar output for the season 2012-13, India has produced 13.7 mn tn in the first four months of the season beginning October 2012, up 3 percent compared to the previous year.With the opening stocks of 6.5 mn tn, domestic sugar supplies are estimated at 30.5 mn tn against the domestic consumption of around 22. 5mln tn for 2012-13. Exports are not viable as international prices have also declined significantly.

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