MCX TIPS-Brent, US oil mark fresh 6-1/2-yr lows on China

Brent and US crude oil futures hit fresh 6-1/2-year lows on Monday as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus.

 Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.

Brent oil LCOc1 was trading down 94 cents at an intraday low of USD 44.52 a barrel as of 0251 GMT, its lowest since March 2009.

On Friday it ended USD 1.16, or 2.5 percent, lower at USD 45.46 a barrel.

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Precious Metals Gold & Silver Headlines for Today

Gold prices have broken down and are trading below its immediate support at 27000 27050 levels. Prices can witness a pullback from lower levels and test 26950-27000 but failure to sustain at higher levels should be used to sell by day traders. Overall view for the day remains range bound to negative until prices sustain below 27100.

Silver prices are trading weak. Sustenance below 36550 will see prices test 36200 36100 area on the downside. Prices have multiple resistances around 36900-37000 levels and only a close above this levels will see positive momentum in the counter. Overall range for the day is seen between 36100 to 37000 levels.

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Precious Metals Gold & Silver Headlines

Gold was little changed on Tuesday, in a choppy session that took prices back below $1,200 an ounce as the dollar came off its lows and traders worried the U.S. Federal Reserve may remove the phrase "considerablem time" before raising interest rates.

Silver was down 2.5 percent at $15.71 an ounce. We expect Silver prices are likely to trade on negative note on the back of US interest rate outlook.

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International live Metals News and Pricing

Aluminium prices hit their lowest in two months on Tuesday, while copper also slid after poor industrial data from China, the world's biggest metals consumer, and a further fall in oil prices. Activity in China's factory sector contracted in December for the first time in seven months, the latest in a string of weak economic indicators. 

Broader market sentiment was soured as Brent oil futures fell below $59 per barrel for the first time since May 2009, while the rouble plunged more than 10 percent for a second day and recorded its biggest fall since the Russian financial crisis in 1998.

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Precious Metals Gold & Silver Headlines

Gold commodity marked its second weekly gain at the international and domestic markets with the yellow metal riding higher on the back of losses in major equity markets globally and good slide in US Dollar Index (USDX).

Silver too advance this week with the commodity once again rising around 5% and managing a decent outperformance over gold.

Silver owing to its higher beta and speculation that continued set of weaker Chinese economic data would force the government and its central bank to add more stimulus, gained more weight last week to $17 per ounce at Comex.

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International live Metals News and Pricing

Aluminum closed on a weaker note last week declining by around 2.37% to settle at $1941 MT. This downfall could be attributed to the weak global economic cues especially with China lowering its growth forecast for 2015.

Copper climbed up to settle at $6490 MT, up by $39 or 0.6% from its last week’s close. The continuous decline in the metal was put to a halt even though the economic data from China.

Nickel declined by around 1.2% and settled at $16600 MT last week. Fundamentally the metal seemed to have been running out on its appeal for the investors as the cancelled warrants declined more than 6.5% during the week.

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Mcx Market Base Metals Report

Copper futures fell the most in a week on concern that demand is ebbing in China, the world’s top consumer of industrial metals. China’s producer-price index in November fell 2.7 percent from a year earlier, government data showed today. The record 33rd straight decline was the biggest since mid-2013. Copper has dropped 15 percent this year, heading for a consecutive annual decline for the first time since 2001.

Nickel commodity also traded down along with other metals drop and ended the day at $16325 down by 1.30% from its previous close. This morning nickel is seen trading up by $42 from its previous close.

Both lead and zinc traded down but the loss in Zinc was more prominent to lead. Hence, the suggested spread between the two commodities has moved in the favor as expected. We believe still the same scenario could be developed where in continue to sell zinc and buy lead for the day.

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Today Gold and Silver Price in Mcx Market

Silver likewise gold traded in a constricted range though managed to eke-out marginal gains of around 0.3% to $17.18 per ounce at the Comex for March expiry

Silver same month’s expiry at MCX advanced 0.3% to Rs 38670 per Kg level. 

Gold after the good gains on Tuesday had a largely ranged session while finally the commodity closed modestly lower under $1230 mark, down by 0.2% at Comex.

MCX Gold for FEB expiry was also little moved though shut marginally higher by 0.1% to Rs 27190 per 10 Gms.

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Mcx Market Base Metals Report

Base Metals
The base metals pack traded on a mixed note in yesterday’s session on the back of unfavorable employment figures from the US economy acting as a negative factor. Further, strength in the DX exerted downside pressure on the prices.

Copper
LME Copper prices plunged around 0.6 percent yesterday on the back of unfavorable non-farm employment figures from the US hinting towards slow growth in world’s largest economy. Further, strength in the DX exerted downside pressure on the prices.

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Today Gold and Silver Price in Mcx Market

Gold
Spot gold prices gained by 0.89 percent to $1209.2/oz on Wednesday boosted by firmer oil prices that prompted investors to shuffle positions while largely shrugging off the firm U.S. dollar.

Silver
Spot silver prices declined by 0.2 percent to $16.4/oz in contrary to the gains in gold prices. Strength in the dollar index coupled with decline in copper prices also acted as a negative factor.

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