DAILY COMMODITY MARKET STRATEGY-21 Jan 2015

BULLION

Gold February contract is up 0.2 per cent this morning at $ 1,296.30.Silver March delivery has spurted around a per cent at $ 18.090.Platinum April future has declined over 0.5 per cent at $ 1,276.15.

ENERGY

Crude Oil March expiry has advanced nearly a per cent at $ 46.81.Brent Oil March delivery is marginally up at $ 48.22.Natural Gas February contract has added 0.2 per cent at $ 2.904.

The MCX Crude Oil February futures seem to be consolidating in a range of Rs 3,180-2,682, which is the 20-DMA and lower-end of the Bollinger Band, respectively.

MCX Jan Natural Gas continued to trade downside by extending its privileged bearish trend. Currently prices are hovering near its previous low of 173 levels and break below the same in a convincing manner will extend the decline 165 levels. However, upside will be limited at 179 levels and any bounceback to those levels can be used to create fresh shorts.

BASE METAL

Copper March future has dropped 0.5 per cent at $ 2.580.

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