Copper Prices Moved Higher On Friday : July, 31 2010

Copper prices moved higher on Friday, posting their highest close in three months, though the GDP data came lower than expected but reports of business activity in the US Midwest growing more than expected, raised the hopes of a stronger demand outlook for the metal.

Copper for September delivery added 2.15 cents, or 0.65 percent, to end at $3.3115 per lb, after trading in a range of $3.2470 to $3.3130 per lb on the Comex metals division of the New York Mercantile Exchange. LME copper for three-months delivery ended Friday at $7,296.50 a tonne, a big jump above Thursday's close at $7,230.50.

The Crude Prices Traded In A Tight Range : 30th July

The crude prices traded in a tight range and closed with marginal gains on Thursday, breaking their two day skid. Though the crude was still feeling the pressure of sharp inventory rise but received some support from a report that jobless claims fell last week. Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 457,000 in the week ended July 24, the weaker dollar also helped provide some support to the prices.

Benchmark crude for September delivery rose$1.37, or 1.78 percent, to $78.36 a barrel, after trading in a range of $77.45 to $77.50 on the New York Mercantile Exchange. In London Brent crude rose $1.53 to $77.59 a barrel on the ICE.

Jeera Futures Plunges On NCDEX : July 29, 2010

Jeera futures were trading considerabaly lower as rains in Gujarat have been affecting the demand for the commodity and have created a bearish sentiment among traders. Prospects of a higher production this year have also been pressurizing prices to some extent.

The contract for August delivery was trading at Rs 14747.00, down by 2.82% or Rs 428.00 from its previous closing of Rs 15175.00. The open interest of the contract stood at 9843.00 lots.

The contract for September delivery was trading at Rs 15010.00, down by 2.64% or Rs 407.00 from its previous closing of 15417.00. The open interest of the contract stood at 15954.00 lots on the NCDEX

Jeera Futures Are Trading Up : July 28, 2010

Jeera futures are trading up as speculators enlarged their positions, on the back of picking up demand in the spot markets. Further, even restricted arrival from the producing region of the commodity has impacted its prices.

The contract for August delivery was trading at Rs 15,184.00, up by 3.36% or Rs 494.00 from its previous closing of Rs 14690.00. The open interest of the contract stood at 10680.00 lots.

The contract for September delivery was trading at Rs 15421.00, up by 3.49% or Rs 520 from its previous closing of 14901.00. The open interest of the contract stood at 15714.00 lots on the NCDEX

Crude Prices Settled Almost Unchanged : July 27, 2010

Crude prices settled almost unchanged on Monday after a choppy trade on getting a strong US new home sales data and positive corporate guidance, though counterbalanced by restarting of offshore production after a fizzled tropical storm. More than a quarter of daily crude oil production in US regulated areas of the Gulf of Mexico remained shut on Monday. The trade remained cautious ahead of the oil inventory report for the week to July 23 on Tuesday by American Petroleum Institute industry group.

Benchmark crude for September delivery settled unchanged at $78.98 a barrel, after trading in a range of $78.06 to $79.33 on the New York Mercantile Exchange. In London Brent crude futures closed 1 cent lower at $77.44 a barrel on the ICE.

Wheat Futures Have Made A Weak Start : 26th July

Wheat futures have made a weak start of new week; the price of the commodity surged in the domestic market last week on speculation that the Centre may slap customs duty on imports. An Empowered Group of Ministers (EGoM) is going to meet today and the issue of import duty is likely to come up there, the global cues too have supported the upmove in the commodity.

The contract for August delivery was trading at Rs 1247.20, down by 0.34% or Rs 4.20 from its previous closing of Rs 1251.40. The open interest of the contract stood at 25710 lots.

The contract for September delivery was trading at Rs 1266.80, down by 0.30% or Rs 3.80 from its previous closing of Rs 1270.60. The open interest of the contract stood at 13530 lots on NCDEX.

Physical Rubber Prices Remain Unchanged : July 24, 2010

Physical rubber prices once again consolidated on Friday after gaining some strength in the previous session. The weakness in the futures market and lack of buying interest kept the market sentiment low though it was the supply concern in the physical market that led the prices to retain their their previous close.

Spot price for RSS-4 and RSS-5 variety remained unchanged at Rs 181 and Rs 176.50 respectively.

In the futures market, the contract for August delivery for RSS 4 weakened to Rs 176.99 compared to its previous closing of Rs 178.20 while the contract for September delivery closed at Rs 163.17 compared to its previous closing of Rs 164.06 on the National Multi Commodity Exchange.

Turmeric Futures Were Trading Up : July 23, 2010

Turmeric futures were trading up for near month delivery owing to the good demand in the spot market and overseas inquiries. However, hopes that farmers may increase the area of cultivation of the spice in the ongoing season, capped gains.

The contract for August delivery was trading at Rs 15100.00, up by 0.04% or Rs 6 from its previous closing of Rs 15094.00. The open interest of the contract stood at 8895.00 lots.

The contract for September delivery was trading at Rs 14820.00, down by 0.07% or Rs 10 from its previous closing of Rs 14830.00. The open interest of the contract stood at 2025.00 lots on the NCDEX.

Copper Prices Surged In The Futures Market : July 22, 2010

Copper prices surged in the futures market to close at their highest since late June on Wednesday, driven by strong technical momentum and indications of a tighter supply/demand market balance and also supported by overnight Chinese buying. The report of lower inventory too seems to have led the surge in the prices. Copper stocks fell 1,975 tonnes to 417,625 tonnes, down from near seven-year highs at 555,075 tonnes hit in mid-February. Industry data showed.

Copper for September delivery surged 9.15 cents or 3 percent to settle at $3.0930 per lb, after trading in a range of $2.9980 to $3.1065 on the COMEX metals division of the New York Mercantile Exchange. LME copper for three-months delivery ended up $213 at $6,850 per tonne.

Crude Prices Extended Their Gains : July 21, 2010

Crude prices extended their gains on Tuesday ahead of the petroleum inventory data forecast to show a fourth straight week of a drawdown in crude oil stockpiles and supported by the upbeat mood of the equity markets in the latter part of the day. A forecast from the National Hurricane Center showing a 60 percent chance of a tropical wave near Puerto Rico and the Dominican Republic strengthening into a tropical depression in a day or two also helped boost prices in late trading. Though there was a bad news from the economy front, US housing starts dropped 5.0 percent in June, their lowest level in eight months.

Benchmark crude for August delivery expired at the close and settled up 90 cents or 1.18 percent at $77.44 a barrel, after trading in a range of $75.65 to $77.57 on the New York Mercantile Exchange. In London Brent crude added 34 cents to $75.96 on the ICE.

Guar Seeds Futures Were Trading Low : July 20, 2010

Guar seeds futures were trading low as speculators indulged in profit taking driven by weak sentiments in the spot market. However, absence of rainfall in guar producing regions could support the prices to rally up.

The contract for July delivery was trading at Rs 2489.00, down by 0.44% or Rs 11 from its previous closing of Rs 2500.00. The open interest of the contract stood at 6710.00 lots.

The contract for August delivery was trading at Rs 2516.00, down by 0.71% or Rs 18.00 from its previous closing of Rs 2534.00. The open interest of the contract stood at 187940.00 lots on the NCDEX.

Copper Prices Are Showing Some Retreat : July 19, 2010

Copper prices are showing some retreat on Monday after declining to their two-weak low in previous session after US economic data and earnings turned more negative. Also some companies came with a weaker outlook raising concern about the early economic recovery, traders are now cautiously looking for the NAHB housing index numbers to be announced on Monday.

Three-month copper on the London Metal Exchange rose $15 to $6,500 on Monday, having fallen 2.9 percent in the previous session to end the week 4 percent down.

Copper Prices Declined : July 17, 2010

Copper prices declined to their two-week low on Friday, on renewed concerns of double dip recession in the world’s largest economy followed by weak reports of consumer confidence and inflation. The euro too pulled back from a two-month high versus a broadly weaker dollar.

Copper for September delivery plunged 8.25 cents or 2.7 percent to finish at $2.9295 per lb, its lowest level on a settlement basis since July 2 on the Comex division of the New York Mercantile Exchange. On LME, benchmark copper shed $195 to end at $6,485 per tonne.

Turmeric Futures Were Trading Up : July 16, 2010

Turmeric futures were trading up for near month delivery owing to the increased export demand from mid-east Asian countries. Also Higher export demand from EU and Japan impacted the prices of the commodity.

The contract for July delivery was trading at Rs 15174.00, up by 0.52% or Rs 78.00 from its previous closing of Rs 15096.00. The open interest of the contract stood at 8495.00 lots.

The contract for August delivery was trading flat at the price of Rs 14600.00 with an open interest of 7315.00 lots on NCDEX.

Copper Prices Ended Lower : July 15, 2010

Copper prices ended lower after a choppy trade on Wednesday, weighed down by the Fed’s cut in economic growth outlook and surprisingly weak retail sales data that pointed to less strength in the world's largest economy. The trade also remained cautious ahead of the key economic growth data Thursday in top metals consumer China.

Copper for September delivery declined by 0.90 cent at $3.0085 per lb, after trading in a range of $2.9945 to $3.0560 on the Comex division of the New York Mercantile Exchange. LME copper for three-months delivery closed up $40 at $6,725 per tonne.

Wheat Futures Continue To Trade Weak On The NCDEX : July 14, 2010

Wheat futures continue to trade weak on the NCDEX, the prices have suffered due to fresh arrivals from Uttar Pradesh and slack demand in local market, also the continuous rains too are keeping the buyers away from the markets. Previously the prices were correcting on the ground that government was going to release a good amount of wheat in open market but the prices are already trading lower than the MSP and the traders may not be interested in buying them.

The contract for July delivery was trading at Rs 1228.00, down by 0.20% or Rs 2.40 from its previous closing of Rs 1230.40. The open interest of the contract stood at 16440 lots.

The contract for August delivery was trading at Rs 1251.00, down by 0.14% or Rs 1.80 from its previous closing of Rs 1252.80. The open interest of the contract stood at 15020 lots on NCDEX.

Crude Prices Closed Lower : July 13, 2010

Crude prices closed lower on Monday after advancing for last three consecutive days. Traders seemed to be taking cautious approach ahead of the earning season which will reveal the strength of economy. The mood of the traders was also cautious due to the weekly industry and government petroleum inventory data due in the next two days.

Benchmark crude for August delivery settled down $1.14 or 1.5 percent at $74.95 a barrel, after trading in a range of $74.52 to $76.43 a barrel on the New York Mercantile Exchange. In London, August Brent crude ended down $1.05 or 1.4 percent at $74.37 a barrel on the ICE.

Wheat Futures Have Continued Their Decline On NCDEX : July 12, 2010

Wheat futures have continued their decline on NCDEX. The government’s decision to release five millions tonnes of grains in the open market was keeping pressure on the prices, and in the spot markets too the prices have declined up to Rs 25 per quintal on increased supply against reduced offtake from mills.

The contract for July delivery was trading at Rs 1229.00, down by 0.18% or Rs 2.20 from its previous closing of Rs 1231.20. The open interest of the contract stood at 18990 lots.

The contract for August delivery was trading at Rs 1249.40, down by 0.37% or Rs 4.60 from its previous closing of Rs 1254.00. The open interest of the contract stood at 13370 lots on the NCDEX.

Physical Rubber Prices Continue Their Bullish Trend : July 10, 2010

Physical rubber prices continued their bullish trend on Friday gaining on the back of fresh buying and short covering following the rise in domestic futures. The domestic prices are still trading higher than the international prices but the demand rise are keeping the prices firm despite the major consuming industries not being active in trade.

Spot price for RSS-4 variety closed at Rs 185 compared to its previous closing of Rs 183.50 while the RSS-5 variety closed at Rs 180 compared to its previous closing of Rs 179.

In the futures market the contract for July delivery for RSS-4 increased to Rs 187.90 compared to its previous closing of Rs 186.52 while the contract for August delivery closed at Rs 180.12 compared to its previous closing of Rs 178.76 on the National Multi Commodity Exchange.

Mentha Oil Futures Are Trading Low On MCX : July 09, 2010

Mentha Oil futures are trading low on MCX counter as traders reduced their positions, triggered by sluggish demand in the spot market. Further, increased arrivals of the commodity from Chandousi in Uttar Pradesh, a major producing centre, have also mounted pressure on the prices.

The contract for July delivery was trading at Rs 699.00, down by 0.51% or Rs 3.60 from its previous closing of Rs 702.60. The open interest of the contract stood at 4579.00 lots.

The contract for August delivery was trading at Rs 723.80, down by 0.52% or Rs 3.80 from its previous closing of Rs 727.60. The open interest of the contract stood at 2383.00 lots on the MCX.

Physical Rubber Showed A Bit Bearish Trend - July 08, 2010

Physical rubber showed a bit bearish trend on Wednesday. The trade remained steady lacking any fresh incentives, also the domestic futures too traded in a tight range unable to give any cue to the domestic markets.

Spot price for RSS-4 variety closed at Rs 182 compared to its previous closing of Rs 182.50 while the RSS-5 variety closed at Rs 177.50 compared to its previous closing of Rs 177.

In the futures market the contract for July delivery closed at Rs 185.21 compared to its previous closing of Rs 185.24 while the contract for August delivery closed at Rs 178.60 compared to its previous closing of Rs 176.24 on the National Multi Commodity Exchange.