DAILY COMMODITY MARKET STRATEGY-16 Mar 2015

BULLION

Gold April future has added 0.5 per cent at $ 1,157.80.Silver May future has advanced 0.7 per cent at $ 15,598.Platinum April future is trading on a soft note $ 1,116.55.

ENERGY

Crude Oil May future has slipped 0.7 per cent at $ 46.76.Brent Oil May and Natural Gas April futures have declined 0.4 per cent each at $ 54.77 and $ 2.714, respectively.

The MCX March Crude Oil futures extended losses for the fourth straight day and gave a fresh break out below the key psychological support the lower-end of the Bollinger Band on the daily charts, owing to step fall in NYMEX Crude Oil prices.

On Friday, MCX Crude Oil prices tested a low of Rs 2,846, before signing off the day with a significant loss of almost 4 per cent (Rs 116) at Rs 2,866.

The MCX Natural Gas March futures on Friday faced resistance at the 20-DMA at Rs 174.50, before settling with a gain of almost a per cent at Rs 173.50, due to weakness in India rupee against the US dollar.

The energy futures are slightly below the 20-DMA (Rs 174). Hence, the commodity is likely to trade with a negative bias as long as Natural Gas prices trade below Rs 174-odd level.

BASE METAL

Copper May future is trading on a soft note at $ 2.669.

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