Tuesday, March 8, 2011

Shyam Advisory

Currently, Domestic commodities markets are trading with negative note. All the indices are showing downward trend on Multi Commodity Exchange (MCX). At MCX futures, MCXCOMDEX is trading at 3,557.27 (down by 0.21%), MCXMETAL is trading at 4,470.55 (down by 0.17%), MCXENERGY is trading at 3,336.74 (down by 0.03%), and MCXAGRI is trading at 2,881.14 (down by 0.83%). (At 05:27 PM today).

At NCDEX, the Dhaanya, an agri commodity index, closed at 1,113.32, up by 0.15% (At 05:00 PM today).

Potato futures prices advanced in the domestic market due to firm spot demand in order to meet the ongoing marriage season demand in India. March future surged by Rs. 17.8, or 2.48%, to Rs. 732.80 per 100 kgs, while April future climbed by Rs. 26.7, or 3.99%, to Rs. 732.80 per 100 kgs on the Multi Commodity Exchange (MCX) today. Moreover, restricted fresh arrivals from the major producing regions also kept the futures prices in positive zone.

At Multi Commodity Exchange (MCX), potato future for March contract closed at Rs. 728.80 per 100 kgs, up by 1.93%, after opening at Rs. 718.30 against the previous close price of Rs. 715.00. It touched the intra-day high of 732.80. (At 05:00 PM today).

The top gainers at MCX are Potato for April contract (3.65%), Potato for May contract (3.14%), Potato for March contract (1.93%), Natural gas for March contract (1.77%) and Potato TRWR for May contract (1.69%). (At 05:23 PM today).

The top losers at MCX are Kapas for April contract (-4.00%), Nickel for May contract (-3.59%), Nickel for March contract (-3.18%), Nickel for April contract (-3.11%) and Wheat for April contract (-3.00%). (At 05:22 PM today).

The top gainers at NCDEX are Natural gas for March contract (4.00%), Potato for March contract (4.00%), Potato for June contract (4.00%), Potato for May contract (3.8%) and Potato for July contract (3.8%). (At 05:20 PM today).

The top losers at NCDEX are Nickel for March contract (-8.3%), Kapas for March contract (-4.00%), Kapas for April contract (-4.00%), Castor seed for May contract (-3.8%) and Castor seed for April contract (-3.7%). (At 05:18 PM today).

Base metals fell in the local non-ferrous market today due to tracking weak global cues. Trading sentiments also weakened on the back of profits booking by the speculators on subdued industrial demand. Nickel future for March contract fell as much as 4.41% to Rs. 1,187.70 per kg on the Multi Commodity Exchange (MCX). While, Zinc future for March contract dropped 3.40% to Rs, 104.85, and Lead for March contract dropped 2.01% to Rs. 114.55 per kg on MCX.

By Shyam Advisory : At Shyam Advisory (SA), Nickel future for three month delivery fell 2.5% to $26,803 a ton, while Zinc declined 0.2% to $2,553 a ton on speculation that persisting unrest in Libya will hamper the global economic growth, reducing demand for industrial metals. Moreover, lead for three month delivery also dropped 1.7% to $2,340 a ton at LME.

Moreover, the concern about rising inflation due to higher crude oil price, traded above $100 per barrel, increased the speculation that China and European Union will tight the monetary policy in order to curb the inflation. Therefore, any tightening of monetary policy further by the People Bank of China and ECB could create a downward risk over base metals as demand for industrial metals will slowdown.

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