Stock Market News For Commodity Market

Stock Market News for Crude oil futures closed bigger in the domestic market on Monday ahead of US industry data on supplies that will set a tone. The American Petroleum Institute will liberate its estimate of US crude, distillate and gasoline stockpiles previous week, with more closely watched data from the US Department of Energy due on Wednesday. Further, supply upset among members of the Organization of the Petroleum Exporting Countries (OPEC) in February supported prices. Profit Gains were limited as investors constantly to focus on a superfluity in North American supplies. Oil may expanded gains today after China’s manufacturing rehained into positive terrain previous months. Crude oil futures, for the March 2015 contract, ended at Rs 3,149/barrel, upward by 2.77 %, after opening at Rs 3,069, against the last close price of Rs 3,064. It touched an intraday maximum of Rs 3,177 till the ending.

Copper prices ended higher in the domestic market on Monday after China’s central bank unexpectedly cuts interest rates for the second time in less than four months, demonstrating that Beijing is becoming more aggressive in supporting the economy as its momentum slows and deflation risks rise. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks increased by 825 metric tonnes to 297200 metric tonnes as on 2 March 2015. Copper prices may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for April 2015 contract closed at Rs 372.85 per 1 kg, up by 0.28 per cent after opening at Rs 372.45 against the last ending price of Rs 371.80. It touched the intra-day max of Rs 375.30 till the ending.

Chana prices closed lower by 0.22 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states. At the NCDEX, chana futures for April 2015 contract closed at Rs. 3,674 per quintal, down by 0.22 per cent, after opening at Rs. 3,695 against the previous closing price of Rs. 3,682. It touched the intra-day low of Rs. 3,670.

India is the biggest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 per cent of the total world production.

Gold futures closed higher in the domestic market on Monday as traders continued to monitor the direction of the dollar while digesting the newest spate of U.S. economic data in their quest to gauge the metal’s appeal. The Commerce Department said that personal spending fell 0.2 percent in January, worse than expectations for a decline of 0.1 per cent and following a drop of 0.3 per cent in December. Gold also drew support as investors reacted to an interest rate cut in China over the weekend. Gold futures may extend gains today amid a bullish physical demand outlook and fresh policy easing in China. At the MCX, Gold futures for April 2015 contract closed at Rs 26,510 per 10 gram, up by 0.12 per cent after opening at Rs 26,600, against the last ending price of Rs 26,477. It touched the intra-day maximum of Rs 26,769 till the ending.

Barley prices closed higher by 2.14 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of strong demand from beer and cattle-feed making industries against the restricted supply in physical markets. Barley futures for April 2015 contract ended at Rs. 1,167/quintal, upward by 2.14 per cent, after opening at Rs. 1,147.5 against the previous closing price of Rs. 1,142.5. It touched the intra-day high of Rs. 1,180.

Mustard Seed prices closed lower by 0.38 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for April 2015 contract closed at Rs. 3,373 per quintal, down by 0.38 per cent, after opening at Rs. 3,405 against the previous closing price of Rs. 3,386. It touched the intra-day low of Rs. 3,367

Sentiment weakened further due to the inactive export desired as a result of the weak demand for the commodity.

EU-27 accounts to about 34 percent of worlds RM seed production, others major producers are China (23 %), Canada (19 %), India (14 %), Australia (3 %), Ukraine (2%).

Maize prices closed higher by 0.24 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries. At the NCDEX, maize futures for March 2015 contract closed at Rs. 1,260 per quintal, up by 0.24 per cent, after opening at Rs. 1,254 against the previous closing price of Rs. 1,257. It touched the intra-day maximum of Rs. 1,260.

Jeera prices closed higher by 4 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures for March 2015 contract closed at Rs. 15,080 per quintal, up by 4 per cent, after opening at Rs. 14,720 against the previous closing price of Rs. 14,500. It touched the intra-day high of Rs. 15,080.

Sentiment improved further as a result of minimize domestic supplies in the physical markets and some export enquiries.

Dollar move upward on higher yields

The dollar strikes a fresh 11-year peak against a basket of major currencies on Tuesday, as rising Treasury yields helped it conquer over its peers. The dollar index raised as far as 95.516, surpassing the last peak of 95.481 set on 23 January. It has reached a maximum not seen since September 2003. The index increased as the euro slid back below $1.1200 and as the greenback strike a near three-week max of 120.19 yen .