Crude Oil
Nymex crude oil prices declined around 1 percent yesterday taking cues from rise in US crude oil inventories from API which is at highest level in last 82 years. Further, strength in the DX also exerted downside pressure on the crude oil prices.
However, sharp downside in the prices was cushioned as a result of rise in risk appetite in the global market sentiments. Crude oil prices touched an intra-day low of $93.85/bbl and closed at $94.20/bbl in yesterday's trading session.
On the domestic bourses, prices declined by 0.9 percent on account of appreciation in the Indian Rupee and closed at Rs.5,190/bbl after touching an intra-day low of Rs.5175/bbl on Tuesday.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories gained by 541,000 barrels to 390.21 million barrels for the week ending on 10th May 2013. Crude oil inventories are at the highest level since 1931. Gasoline inventories fell by 480,000 barrels to 216.48 million barrels and whereas distillate inventories gained by 1.9 million barrels to 117.92 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 8:00pm IST and US crude oil inventories is expected to rise by 0.3 million barrels for the week ending on 10th May 2013. Gasoline stocks are expected to fall by 0.8 million barrels whereas distillate inventories are expected to gain by 0.7 million barrels for the same period.
Outlook
From the intra-day perspective, we expect crude oil prices to trade lower today on the back of expectations of rise in US crude oil inventories coupled with strength in the DX. Further, increase in crude oil inventories from API which is at the highest level in last 82 years will also exert downside pressure on the oil prices. However, sharp downside in the prices will be cushioned as a result of rise in risk appetite in the global market sentiments. In the Indian markets, appreciation in the Rupee will also add downside pressure on the crude oil prices.
Gold
Spot gold prices declined by 0.3 percent in the yesterday's trading session on the back of strength in DX coupled with weak economic data from Germany. Further, rise in stock market led to the decline in dem and for safe haven. Additionally, SPDR gold trust holding continued to decline, which acted as a negative factor for the prices.
The yellow metal touched an intra-day low of $1421.65/oz and closed at $1425.4/oz in yesterday's trading session.
In the Indian markets, prices ended on negative note in the yesterday trading session taking cues from spot gold prices and closed at Rs.26707/10 gms after touching an intra-day low of Rs. 26652/10 gms on Tuesday. Appreciation in the Indian Rupee kept prices under pressure.
Silver
Taking cues from decline in spot gold prices coupled with downside in the base metal packs, Spot silver prices fell by 1.0 percent in the yesterday's trading session. Further, unsatisfactory data from Germany added downside pressure on the prices. However, rise in risk appetite in the global market sentiments cushioned sharp downside in the prices.
The white metal prices touched an intra-day low of $23.11 /oz and closed at $23.36/oz in yesterday's trade.
On the domestic front, prices decreased by 1.3 percent taking cues from spot silver prices and closed at Rs. 44516/kg after touching an intra-day low of Rs. 44152/kg on Tuesday.
Outlook
In the intraday, we expect precious metals to trade on a negative note on the back of rise in stock markets may led to decline in demand for safe haven. Further, strength in DX coupled with expectation of weak economic data from euro zone may add downside pressure on the prices. Additionally, SPDR gold trust holding is near to 4 years low, which may keep prices under pressure. In the Indian markets appreciation in the Indian rupee may add downside pressure on the prices.
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Nymex crude oil prices declined around 1 percent yesterday taking cues from rise in US crude oil inventories from API which is at highest level in last 82 years. Further, strength in the DX also exerted downside pressure on the crude oil prices.
However, sharp downside in the prices was cushioned as a result of rise in risk appetite in the global market sentiments. Crude oil prices touched an intra-day low of $93.85/bbl and closed at $94.20/bbl in yesterday's trading session.
On the domestic bourses, prices declined by 0.9 percent on account of appreciation in the Indian Rupee and closed at Rs.5,190/bbl after touching an intra-day low of Rs.5175/bbl on Tuesday.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories gained by 541,000 barrels to 390.21 million barrels for the week ending on 10th May 2013. Crude oil inventories are at the highest level since 1931. Gasoline inventories fell by 480,000 barrels to 216.48 million barrels and whereas distillate inventories gained by 1.9 million barrels to 117.92 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 8:00pm IST and US crude oil inventories is expected to rise by 0.3 million barrels for the week ending on 10th May 2013. Gasoline stocks are expected to fall by 0.8 million barrels whereas distillate inventories are expected to gain by 0.7 million barrels for the same period.
Outlook
From the intra-day perspective, we expect crude oil prices to trade lower today on the back of expectations of rise in US crude oil inventories coupled with strength in the DX. Further, increase in crude oil inventories from API which is at the highest level in last 82 years will also exert downside pressure on the oil prices. However, sharp downside in the prices will be cushioned as a result of rise in risk appetite in the global market sentiments. In the Indian markets, appreciation in the Rupee will also add downside pressure on the crude oil prices.
Gold
Spot gold prices declined by 0.3 percent in the yesterday's trading session on the back of strength in DX coupled with weak economic data from Germany. Further, rise in stock market led to the decline in dem and for safe haven. Additionally, SPDR gold trust holding continued to decline, which acted as a negative factor for the prices.
The yellow metal touched an intra-day low of $1421.65/oz and closed at $1425.4/oz in yesterday's trading session.
In the Indian markets, prices ended on negative note in the yesterday trading session taking cues from spot gold prices and closed at Rs.26707/10 gms after touching an intra-day low of Rs. 26652/10 gms on Tuesday. Appreciation in the Indian Rupee kept prices under pressure.
Silver
Taking cues from decline in spot gold prices coupled with downside in the base metal packs, Spot silver prices fell by 1.0 percent in the yesterday's trading session. Further, unsatisfactory data from Germany added downside pressure on the prices. However, rise in risk appetite in the global market sentiments cushioned sharp downside in the prices.
The white metal prices touched an intra-day low of $23.11 /oz and closed at $23.36/oz in yesterday's trade.
On the domestic front, prices decreased by 1.3 percent taking cues from spot silver prices and closed at Rs. 44516/kg after touching an intra-day low of Rs. 44152/kg on Tuesday.
Outlook
In the intraday, we expect precious metals to trade on a negative note on the back of rise in stock markets may led to decline in demand for safe haven. Further, strength in DX coupled with expectation of weak economic data from euro zone may add downside pressure on the prices. Additionally, SPDR gold trust holding is near to 4 years low, which may keep prices under pressure. In the Indian markets appreciation in the Indian rupee may add downside pressure on the prices.
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For more detail and to know about our free trial services you can take commodity tips free trial on mobile
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