WEEKLY BULLION REPORT-2 Mar To 7 Mar 2015

Commodity Tips Expert: - commodity tips , mcx trading tips , bullion commodity tips
GOLD 
Gold reversed its losing ways to gain steadily on the last days of the month to trade at 1212.90 after closing midweek  below the all-important 1200 price level. The Chinese New Year, which just ended, is the largest and most widespread cultural event in mainland China, bringing with it massive consumer spending and gift-giving. China, along with India, leads the world in gold demand. This Chinese New Year is no exception. Official “Year of the Ram”  gold coins sold out days ago, and since the beginning of January, withdrawals from the Shanghai Gold Exchange have grown to over 315 tonnes, exceeding the 300 tonnes of newly-mined gold around the globe during the same period. China, in  other words, is consuming more gold than the world is producing.  

SILVER 
Silver dipped this week but ended up dead center of its weekly trading range. The commodity closed at 16.593. 

COPPER 
Copper closed at 2.689 after soaring late in the week on lower inventory levels and the return of Chinese buyers after  the week long holiday.  The price of precious metals appears caught in a holding pattern, stuck between what is actually happening to demand and what potentially may happen. Copper prices dropped during official trading on the London Metal Exchange , on profit taking after prices reached a six-week high.  “Copper is down on the back of profit taking, after a sharp rise in prices over the last two to three days since the  Chinese have come back to the market,” Copper futures fell for the first time in four days on signs of ample global supplies as inventories rose the most in  three years in China, the world’s top consumer of industrial metal.   

CRUDE OIL 
Crude Oil closed the week at 49.44 after spending the week on a roller coaster. Brent Oil surged $2.16  on  comments from OPEC members. Brent oil ended at 62.21.  Saudi Arabia’s Oil Minister Ali al-Naimi said  that  oil demand is growing and markets are calm, in some of his first public comments since the price of crude rebounded from a near six-year low. Oil prices fell by 60 %  between June and January to a post-2009 low of $45 a barrel, before international benchmark North Sea Brent recovered to around $60 a barrel this month. 

NATURAL GAS 
Natural Gas closed out the week at 2.9440 adding 110 points as the weather finally turned to winter cold. Storms across the US  brought freezing temperatures increasing residential demand.  But while natural gas is again seeing buying interest, it has still been unable to reach “3 dollar,”  futures prices tapped a high of $2.984. According to the Energy Information Administration, working natural gas in storage as of Feb. 13 surpassed five-year storage levels  for the first time in a year. Heating oil also got a boost on the expectations for stronger heatingfuel demand. March heating oil ended at $2.112 a gallon, up 11.8 cents, or 5.9%. The contract was up 7.1% on the week. Losses for oil seen this week came after U.S.  supply data showed a surprisingly large inventory buildup. 

Get Free Share Market Tips, MCX Tips Free Trial, NCDEX Tips, Commodity Tips, Nifty Futures Tips with profitable calls and tips.
Commodity Tips Expert: - commodity tips , mcx trading tips , bullion commodity tips







1 comment:

  1. At the MCX, Gold futures for April 2015 contract closed at Rs 26,547 per 10 gram, up by 0.45 per cent after opening at Rs 26,411, Stock tips.

    ReplyDelete