Today's Crude Oil Market Update By MarketMagnify

Crude oil futures closed lower in the domestic market on Wednesday as investors and speculators cut positions in the energy commodity after storage levels in the US shot up to the highest level since 1930, raising concerns over a growing global supply glut. 

The EIA said that US crude inventories climbed by 2.3 million barrels to 534.8 million barrels last week, while supplies at Cushing, the biggest US oil storage hub, fell by 272,000 barrels to 66 million barrels. However, refineries operated at 90.4 per cent of capacity in the week ended March 25, 2 percentage points higher than the prior week. 

Oil production in the US fell by 16,000 barrels per day to 9.02 million barrels per day last week, the lowest since November, supporting crude. Meanwhile, reports emerged that Iran will attend talks in Doha in April with other major crude producers including OPEC giant Saudi Arabia, without participating in a proposal to freeze output. 

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Natural Gas futures advanced in the domestic and overseas market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for a late cold front in early April across the US Northeast and Midwest bolstered the demand outlook for the heating fuel and eased concerns over oversupplies. 

Energy Aspects said that US natural gas output has fallen 2 per cent from a recent high of 73 billion cubic feet while the EIA on Thursday, may show a 24 billion cubic feet withdrawal in US gas supplies in the week ended March 25, 2016. 

At the MCX, Natural Gas futures for April 2016 contract closed at Rs 132.8 per mmBtu, up by 0.53 per cent, after opening at Rs 132, against the previous closing price of Rs 132.1. It touched an intra- day high of Rs 133.8.

Today's Lme Inventory Report

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Copper stocks -3675 MT to 145450, 

Aluminum Stocks -15925 MT to 2798875 MT,

 Nickel Stocks -2178 MT to 432672 MT, 

Zinc Stocks -850 MT to 435800 MT, 

Lead Stocks -1075 MT to 156075 MT.

Today's Maize Market Update By MarketMagnify

Maize prices closed higher by 0.73 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries.

 At the NCDEX, maize futures for April 2016 contract closed at Rs. 1,241 per quintal, up by 0.73 per cent, after opening at Rs. 1,232 against the previous closing price of Rs. 1,232. 

It touched the intra-day high of Rs. 1,241. USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

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Gold futures rebounded in the domestic and overseas market on Tuesday as investors and speculators cheered comments from Fed Chair Janet Yellen who signaled caution over raising interest rates in the near-term amid worries over a global slowdown hurting growth in the world’s biggest economy, bolstering the lure for the yellow metal as a store of value. 

Yellen called for a slower pace of US interest rate tightening as she stressed that the rate of inflation in the US hasn’t yet proven to be sustainable in the wake of rising global risks that could slow growth in the American economy. 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,743 per 10 gram, up by 1 per cent after opening at Rs 28,389, against the previous closing price of Rs 28,458. It touched the intra-day high of Rs 28,782.

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Gold futures ended lower in the domestic market on Monday as investors remained jittery over the trajectory for US interest rates. Federal Reserve Bank of San Francisco President John Williams said that global economy was having a significant impact on measures that Fed officials gauge to determine interest rates. 

 

At the same time, an upward revision in US fourth quarter growth to 1.4 per cent annualized pace from 1 per cent earlier signaled more optimism over the strength in the world’s biggest economy, bolstering the case for further interest rate tightening in the coming months. 

 

Traders stuck to a cautious tone ahead of key US reports on employment, manufacturing, housing, consumer confidence and Fed Chair Janet Yellen’s speech this week, which may offer further clues over the course of US interest rates. 

 

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Today's Jeera Market Update By MarketMagnify

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Jeera prices closed higher by 0.97 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. 

 

 At the NCDEX, jeera futures for April 2016 contract closed at Rs. 15,540 per quintal, up by 0.97 per cent, after opening at Rs. 15,455 against the previous closing price of Rs. 15,390. It touched the intra-day high of Rs. 15,775. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. 

 

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. 

 

India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.

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Crude oil futures tumbled by more than 1.5 per cent in the domestic market on Thursday as a larger than expected US stockpile build exacerbated fears over a widening global supply glut. US crude oil stockpiles climbed by 9.4 million barrels to 532.5 million barrels in the week ended March 18, 2016, the EIA said. 

The number of Americans who filed to claim jobless benefits climbed, orders for durable goods fell in February but services growth quickened in March, signaling a mixed outlook for the world’s biggest economy, weighing on the fuel.

US jobless claims rose by 6,000 to 265,000 in the week ended March 19, durable goods orders declined 2.8 per cent in February but the gauge measuring US services climbed to 51 in March from 49.7 in February. 

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Natural gas futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after a rise in US storage levels signaled weak demand for the fuel in the world’s biggest natural gas consumer. 

The EIA reported that US gas supplies climbed by 15 billion cubic feet to 2.493 trillion cubic feet in the week ended March 18, 2016. The five-average average for the same week was a withdrawal of 24 billion cubic feet while stockpiles fell by 4 billion cubic feet a year ago.

At the MCX, Natural Gas futures for March 2016 contract closed at Rs 120.8 per mmBtu, down by 0.90 per cent, after opening at Rs 121.2, against the previous closing price of Rs 121.9. It touched an intra day low of Rs 119.