Market Overview (23-December-2014) Bullion: Bullion extended its correction on 5-year low energy prices that has eroded inflation hedge appeal while, surging dollar curbed further upside expectations. In domestic bourses, gold prices fell by 390 points to settle at Rs26570 while, silver lost 785 points to close at Rs36125. Prices may remain dull ahead of long holidays in the US. Crude oil: Crude oil plunged to end sharply lower at $55.2 a barrel on Monday, after having gained over 5% in the last session, on continued concerns of a supply glut and demand growth worries. Nymex crude price has been moving in the range of $58-53 a barrel for the last six days whereas, on domestic front, prices moved in the range of Rs3730-3420. Natural gas: Natural gas prices tumbled to a 2-year low of $3.1 Btu as mild weather and record production (74 Bcf, 5% higher against last year) threatened to expand a stockpile surplus. Gas stockpiles totaled 3295 Bcf as of Dec. 12, 47 billion more than a year earlier and above the year-ago level for the first time since 2012. Base Metals: Base metal market traded on lower note despite the moderation in dollar index and rebound in global equities. U.S. existing home sales dropped to the lowest level in six week to 4.93 million units in Nov from revised 5.25 million units in a month earlier. Weakening existing home sales is a further snapshot of dwindling housing sector of U.S. which stokes demand concern from second top consumer of base metal. Agro Commodities: Agro commodities traded with full energy and closed the session in green. If we talk about all over agro commodities, Jeera, Turmeric, Gaur seed and Gaur gum gave stupendous performance. Jeera has crossed Rs14000 level, which is almost 27% up since October 2014 on reducing acreage in Gujarat, major producing state of Jeera in India. Gaur seed surged to 8-day high at Rs4548 whereas, Guar gum was 3.2% up yesterday despite higher supply. Research Desk Globe commodity & Currency
Posted on: Tue, 23 Dec 2014 04:04:04 +0000
Trending Topics
Recently Viewed Topics
© 2015