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Thursday 28 February 2013
India introduces 4% excise duty on Silver produced from Zinc
India Raises Spending, Taxes the Rich
Crude Oil and Natural Gas Stronger As US Dollar Eases
Wednesday 27 February 2013
Fed Director Bernanke Sends Gold Skywards
Thursday 21 February 2013
Rio’s Mongolia Copper Dream Awakens 20-Year-Old Nightmare
‘Fingers Burned’
‘Serious Risks’
Gold Hammered to 7.5-Mo. Low on Technical Selling, Bearish FOMC Minutes
7.5-month low as the precious yellow metals bulls are presently reeling. April gold last traded down $43.50 at $1,560.90 an ounce. Spot gold was last quoted down $44.90 at $1,560.50. March Comex silver last traded down $1.017 at $28.405 an ounce.
Saturday 16 February 2013
METALS OUTLOOK: Sentiment In Gold Changes; Watch Asian Activity
In the U.S., markets are closed Monday for the Presidents Day holiday. Trade resumes Tuesday.
Friday 15 February 2013
Gold slides on euro zone recession fears
Gold futures were likely to test support USD1,626.05 a troy ounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high. On Thursday, a reported showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.
Monday 11 February 2013
Gold edges up in Asia despite a strong dollar
Oil rises following U.S. blizzard
Oil futures rose modestly to start the Asian trading week after one of the worst blizzards in decades struck the U.S. East Coast, prompting speculation that heating oil and natural gas prices are poised to jump in the near-term.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery added 0.06% to USD95.78 per barrel in Asian trading Monday. Last week, New York-traded crude dipped 1.85% for its first decline in nine weeks.
Traders seemed to gloss over comments from Indian billionaire Mukesh Ambani who said the U.S. is on pace to become energy independent as soon as 2018. Due to soaring production at various shale formations such as the Bakken and Eagle Ford, U.S. oil output has jumped in recent years to the point that the world’s largest oil consumer has become a next exporter of the commodity.
Some estimates have said the U.S. will be energy by 2020 while others have put the date further out at 2030, implying Ambani’s comments are on the ambitious side. The U.S. December trade deficit fell to its lowest level in three years due to increased oil and gas exports.
On a related note, British media reports said this weekend that the U.K. perhaps has enough shale gas reserves to fuel the kingdom for 1,500 years. Elsewhere, the African nation of Cameroon said this weekend that it sees oil production climbing 9% this year to an estimated 90,000 barrels per day.
Last week, Norway’s state-controlled oil producer Statoil said it plans to spend USD20 billion per year in a bid to boost production by 25% per year by 2020. The company spend just USD13.7 billion on exploration and production projects three years ago compared with an estimated 2013 capital budget of USD19 billion.
Elsewhere, Brent futures for April deliver fell 0.01% to USD117.80 per barrel on the ICE Futures Exchange.
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Courtesy: INVESTING.COM