DAILY COMMODITY MARKET STRATEGY-18 Feb 2015
Gold and Platinum April futures are marginally down in early morning deals at $ 1,207.20 and $ 1,175.25, respectively.Silver March contract has gained 0.4 per cent at $ 16.432.
Crude Oil April future is trading lower by 0.2 per cent at $ 54.21.Brent Oil April expiry has moved up 0.4 per cent at $ 62.42.Natural Gas March contract is slightly down at $ 2.780.
The Crude Oil MCX February futures are hovering around the 50-DMA on the daily charts for the last three trading sessions.
On Tuesday, the commodity tested a high at Rs 3,320, but however wiped out gains and slipped to a low of Rs 3,164, before signing off the day with a loss of 1.2 per cent (Rs 40) at Rs 3,247 on account of profit-booking ahead of its February futures expiry tomorrow.
The Natural Gas MCX February futures witnessed a sharp decline in yesterday's trade and slipped below the 20-DMA, before settling - with a loss of around 6 per cent at Rs 169 owing to significant drop in NYMEX Natural Gas prices on the back of increased heating demand.
Copper March future has shed nearly a per cent at $ 2.568.
MCX Copper February expiry contract ended on a weak note on 17 Feb 2015.The metal had moved above immediate resistance zones but fell back.
Copper ended the day at Rs 324.30 against 360.10 per kg on 16 Feb 2015.