Today Commodity Market Tips News

Gold

Gold on MCX settled down -0.41% at 28251 as the prospect of imminent interest rate rises kept them near the five-week lows touched last week. Fed policymakers on Tuesday gather for a two-day meeting that is expected to end with the central bank raising interest rates for the second time in three months. Investors are also focusing on Wednesday's Dutch elections.

Trading Ideas:

*Gold trading range for the day is 28084-28504.

*Gold prices were little changed as the prospect of imminent interest rate rises kept them near the five-week lows touched last week.

Silver

Silver on MCX settled down -0.27% at 40418 as the possibility of a U.S. rate hike later this week weighed on prices. Fed policymakers on Tuesday gather for a two-day meeting that is expected to end with the central bank raising interest rates for the second time in three months. Investors are also focusing on Wednesday's Dutch elections.

Trading Ideas:

*Silver trading range for the day is 40166-40806.

*Silver prices ended with losses as the possibility of a U.S. rate hike later this week weighed on prices.

Crude oil

Crude oil on MCX settled down -0.81% at 3203 continued to fall in yesterday session after the government raised its shale oil output estimates for April. US shale oil production from seven main regions is forecast to rise by 109,000 barrels a day to 4.962 million barrels a day in April from March, according to a monthly report from the EIA.

Trading Ideas:

*Crude oil trading range for the day is 3167-3241.

*Crude oil continued its recent slide as traders continue to unwind bullish long positions amid doubts about OPEC’s productions cuts.

Natural gas

Natural gas on MCX settled up 1.05% at 202 as support seen after the cold weather forecasts pointed to increased demand before the end of winter. The jump has been attributed to more usage than expected and revised weather predictions.

Trading Ideas:

*Natural gas trading range for the day is 199.4-204.8.

*Natural gas gained to settle at 202 as support seen from cold weather forecasts pointed to increased demand before the end of winter.

Copper

Copper on MCX settled up 0.69% at 385.45 as support seen after trader cover their short position as supply disruptions seen after workers at Peru's top copper miner downed tools indefinitely late last week. Workers at Freeport-McMoRan's Cerro Verde in Peru started an indefinite strike on Friday that halted output of about 40,000 tonnes per month.

Trading Ideas:

*Copper trading range for the day is 383.4-388.2.

*Copper prices gained buoyed mostly by supply disruptions after workers at Peru's top copper miner downed tools indefinitely late last week.

Zinc

Zinc on MCX settled up 0.67% at 181.20 as support seen after LME Zinc prices jumped 1.6 percent to $2,757 a tonne, its highest level in a week after weaker dollar and stronger global risk appetite despite the likelihood the Fed will raise rates on March 15. In the physical market, premiums continued to strengthen last week in the USA due to the strike at Noranda Income Fund’s zinc processing facility in Canada, which is tightening available supply.

Trading Ideas:

*Zinc trading range for the day is 179.1-184.3.

*Zinc gained as support seen after LME Zinc prices jumped 1.6 percent to $2,757 a tonne, its highest level in a week after weaker dollar and stronger global risk appetite

Nickel

Nickel on MCX settled up 2.26% at 675.40 on short covering as support seen from LME nickel which climbed 1.7% to $10,055 a tonne after sliding 10% last week. Philippine President Rodrigo Duterte could reappoint the environment minister who ordered more than half the country's mines to shut down, as Congress appears set to defer a decision on her confirmation after concluding hearings last week. Congress' Commission on Appointments will meet on Tuesday to discuss issues surrounding the appointment of Environment Secretary Regina Lopez.

Trading Ideas:

*Nickel trading range for the day is 658.5-688.3.

*Nickel prices rallied on short covering as support seen from LME nickel which climbed 1.7 percent to $10,055 a tonne after sliding 10 percent last week.

Aluminium

Aluminium on MCX settled down -0.56% at 123.9 and is the only counter in base metals prices dropped as the markets geared up for an expected increase to U.S. interest rates this month. The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.

Trading Ideas:

*Aluminium trading range for the day is 122.5-126.7.

*Aluminium dropped and is the only counter in base metals prices dropped as the markets geared up for an expected increase to U.S. interest rates this month.

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