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People who have made an entry into the commodity market would definitely at one point in time or other bump into commodity trading. Or at least, they will surely develop an interest when they see the prices of the commodities fluctuate because of the influence of the commodity prices. ShriNam Globe Commodities is a financial services group offering a wide range of services to a diversified client base, an outcome of its expertise in guiding its clients through the financial market.
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SHRINAM GLOBE COMMODITIES 11/03/2014 8:30 AM The prices of MCX Copper slipped to July 2013 levels on Monday. Heavy build up in open interest mitigated the chances of any buying on Monday. The prices on the other hand declined to Rs 410.25 per kg as its intraday low and settled at Rs 413.95 per kg. Further decline can take Copper to Rs 409 per kg. It will be interesting to note todays moves in MCX Copper with RSI at rock bottom of 11 indicating marginal jump in prices from oversold regions. On weekly charts, Copper is continuing its bearish journey. Copper is also close to its 200 day Exponential Moving Average of Rs 409 per kg, which will can become an active barrier before the next supports.
SHRINAM GLOBE COMMODITIES 11/03/2014 9:00 AM Crude Oil is looking vulnerable in the weekly charts. The prices are showing correction for the second week in the trot. Further declines in Crude Oil can take prices towards Rs 5971 per barrel. RSI was at 50. Momentum indicator Fast Stochastics %K is at 73. Crude Oil intraday charts are looking dicey. A decline towards Rs 6151 per barrel cannot be ruled out, whereas the buying will take Crude Oil towards Rs 6220 per barrel from current levels of Rs 6178 per barrel. After the correction from Rs 6549 levels on 3 March 2014, Crude has been in a parallel channel.
SHRINAM GLOBE COMMODITIES 11/03/2014 9:10 AM Crude oil futures inched up in the Asia electronic session today on some bargain buying interest as the commodity tumbled by more than 1% yesterday as the downbeat Chinese economic data cut into prospects for energy demand. Crude for April delivery is trading up 6 cents at $ 101.18 per barrel on the New York Mercantile Exchange. Yesterday, it fell $1.42, or 1.4%, to settle at $101.12 a barrel. Lacklustre trade figures from China raised concerns about slowing growth in the world’s second-largest consumer of oil. An unexpected 18% fall in Chinese exports in February from the year-ago period left a trade deficit of $22.98 billion last month. However, Chinas February crude oil imports totaled 23.05 million metric tons, down 18.1% from January Imports according to customs data. The significant decline in China’s exports led to a deficit of $22.98 billion last month, compared to a surplus of $31.86 billion in January. Also ongoing geopolitical tensions in Ukraine are keeping the oil futures supported. Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions. Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in New York-traded oil futures in the week ending March 4. Net longs totaled 346,469 contracts, up 2.15% from net longs of 339,052 in the preceding week. MCX March crude oil futures may open today’s session near Rs 6185 levels with resistance near Rs 6200-20 levels.
SHRINAM GLOBE COMMODITIES 11/03/2014 9:45 AM After correcting below Rs 30000 per 10 grams, MCX Gold prices settled sideways on Monday. The prices were at Rs 30123 per 10 grams at the time of settlement. With Rs 30250 per 10 grams now becoming a hurdle for Gold on the higher side, prices are expected to show some moves on the downside. A Fibonacci retracement channel is showing Rs 29905 per 10 grams as the 50% retracement level for the prices. Breaching the supports Gold can further drop towards Rs 29500 per 10 grams. COMEX Gold April expiry was last seen at $ 1342.6 per troy ounce, up $ 1.1 per troy ounce.
SHRINAM GLOBE COMMODITIES 11/03/2014 10:00 AM Gold futures are trading marginally higher in the Asia electronic session today, extending its yesterday’s gains following soft Chinese trade figures. Gold for April delivery are trading up $1.1 at $ 1342.6 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it settled higher by $3.30, or 0.2%, at $1,341.40 an ounce. However the metal may continue to face resistance near $1355 level. Ongoing geopolitical tensions in Ukraine also bolstered golds appeal as a hedge on Monday. Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions. Copper futures were hurt badly yesterday. The May copper futures settled down 5.1 cents, or 1.7%, to $3.03 a pound, with the selloff attributed to data released over the weekend that showed Chinese exports unexpectedly fell 18.1% in February from a year earlier. Weak Chinese trade data supported the greenback as well by bolstering its appeal as a safe-haven asset class. Data released over the weekend showed that Chinese exports fell 18.1% on-year in February, defying expectations for a 6.8% increase, following a rise of 10.6% in January. A separate report showed that the annual rate of inflation in China slowed to 2.0% in February, from 2.5% in January. MCX April bullion may open today’s session near Rs 30150 levels with resistance near Rs 30200 levels.
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