Market Pearl

International Crude Update U.S. crude oil futures rose in early Asian trade on Monday after the Greek parliament approved a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default. On the New York Mercantile Exchange, crude for March delivery gained 63 cents to $99.30 a barrel as of 0017 GMT. In London, ICE March Brent crude climbed 54 cents to $117.85. Gold Updates Gold strengthened on Monday in line with gains in shares and the euro after Greece's parliament finally approved a deeply unpopular austerity bill to secure a second bailout from the European Union and the IMF to avoid bankruptcy. Physical buying from China also helped lift gold up$6.10 an ounce to $1,725.49 by 0236 GMT. Bullion fell to $1,703.69 on Friday, its lowest since late January, as uncertainty over negotiations for Greece's bailout package prompted investors to cash in. The Greek parliament approved on Monday the deeply ...

Gold Updates Gold prices came under pressure on Wednesday, taking cues from dollar strength coupled with weak market sentiments. A stronger dollar makes dollar-denominated commodities look expensive for the holders of other currencies. The yellow metal touched an intra-day low of $1724/oz and ended at the level of $1733/oz yesterday. MCX Gold April contract declined around 0.7 percent and touched an intra-day low of Rs28,125/10 gms on Wednesday. We expect gold and silver to trade with a negative bias today, on account of a stronger dollar and weak sentiments in the markets due to rising worries over global economy. Silver will also take cues from movement in gold and base metal prices. Copper Live Report Copper prices touched a 20-month high today on news that the Chinese government pledged to support first-time home buyers in China. The country is the world’s largest consumer of copper which is used in pipes and wires and the People’s Bank of China said yesterday that the governm...

Crude oil rose for a second day on Tuesday, helped by a weaker dollar and industry data showing an unexpectedly steep drawdown in U.S. crude inventories. Industrial metals ended lower on Tuesday pressured by the Greek debt discussions, but the market turned higher in later electronic trade pulled by the rally in the euro amid expectations a Greek rescue deal will be completed soon. Precious Metal Update Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1277.13 tonnes by Feb 07, remains unchanged from the previous business day. Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9664.26 tonnes by Feb 07, remains unchanged from the previous business day. Hong Kong's shipments of gold to mainland China in 2011 grew more than three times from a year earlier, confirming China's r apidl y g rowing appe t i t e for bul l ion, despite a sharp drop in December. Free Commodity tip...

Silver Tips On January 21, 2012 silver prices were trading higher in major metros in India. In Chennai market, pure silver (999 purity) was quoting up Rs 1100 at Rs 56700 and in Jaipur market it was up Rs 700 at Rs 56400. Gold MCX Tips In spite of constant efforts to push lower, attempts were arrested near support of $1714-1717 regions and provided signals of prolonged bullishness. The day’s candle stick pattern too is supportive to extend the upbeat rally. Meanwhile, breaching of the immediate upside hurdle of $1742 would be an initial requirement to prop up the bulls and later on $1755. Hence, for short term we retain our bullish perspective till $1770 as long as $1680, i.e. 100 day moving average, act as a stiff downside obstacle. Unanticipated drop below $1702 will provide chances of corrective selling but trend reversal point is seen only if prices push below the strong support of $1660. In the mean time, selling pressure cannot be ruled out as both RSI and Bollinger B...

The Sensex shaved off more than 100 points after its sharp spike as European markets too slipped a bit from day's high. Index heavyweights Reliance and ONGC turned flat after a rally of one percent. The BSE benchmark Index was up 94 points at 16,131.57 and the Nifty rose 25 points to 4,856.50. Shares of Tata Steel and Coal India retained their top position in the buying list, shooting up 7% and 5%, respectively. Capital goods majors L&T and BHEL gained 3.4% and 1%.

Crude Oil Updates U.S. crude inventories fell more than analysts' expectations last week, according to data released Wednesday by the U.S. Department of Energy. Crude oil stockpiles fell 10.6 million barrels to 323.6 million barrels, compared with an average survey estimate of a drop of 2.4 million barrels. The American Petroleum Institute, an industry group, reported a 4.6 million-barrel draw in its weekly report released Tuesday. Futures prices rocketed higher on the news Wednesday, rising 0.9% in the minutes after the release, to $98.94 a barrel on the New York Mercantile Exchange. Gasoline futures were up 1.4% to $2.6165 a gallon, and heating oil was up 2% to $2.9063 a gallon. The week before, crude oil inventories decreased by 1.90 million barrels to 334.20 million barrels. In MCX, Crude up by 0.89% at finally trade on 5199.10.

Copper, the leader of the base metals, declined almost 1 percent on Monday, as signs that the property market was cooling in China, the world’s largest metals consumer, has increased demand fears for industrial metals. The red metal touched an intra-day low of $7198/tonne and closed at the level of $7296/tonne yesterday. On the MCX, Copper February contract declined marginally by 0.1 percent as further fall was not witnessed due to Rupee depreciation on Monday. While In Gold The most-active February gold contract on the Multi Commodity Exchange was 0.31% higher at Rs 27,777 per 10 grams by 4:58 pm. The contract had fallen 5.6% since the beginning of the month. Crude Updates Crude oil rose today, buoyed by the risk of supply being disrupted from Central Asian oil producer Kazakhstan; even as sanctions-hit Iran struggles to maintain its production and Libyan output is delayed.