India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Friday, March 16, 2012
Red metal ends near its session high
Tighter supply outlook, labor related problems and weak dollar push up prices
Copper prices ended higher on Thursday, 15 March 2012 at Comex. Copper ended up near its session highs on Thursday, bolstered by an increasingly tighter supply outlook after warehouse stocks fell further and labor-related problems forced one of the world's top miners to lower its first-quarter sales outlook. Prices also ended higher due to a weak dollar.
Copper for May delivery ended higher by 5 cents (1.4%) at $3.9 a pound at Comex on Thursday. Last week, prices shed about 1%. For February 2012, copper had gained 2.2%.
Crude fails to pare all of its intra day losses
Prices trade between $103.78 and $106.18 a barrel
Crude prices partially pared its early weakness but still ended lower on Thursday, 15 March 2012 at Nymex. Prices dropped despite a weak dollar and the weekly inventory report showing smaller than expected rise in crude supplies for last week in yesterday's report. Prices pared intra day losses partly due to mixed economic data.
Light and sweet crude for April delivery fell $0.32 (0.3%) to $105.11 a barrel on the New York Mercantile Exchange on Thursday. The contract had traded as low as $103.78 and as high as $106.18 a barrel. Prices advanced 0.7% last week. Prices gained 8.7% during February 2012.
Bullions shine again
Prices end at almost session highs following weak dollar
Bullion metal prices ended higher on Thursday, 15 March 2012 at Comex and ended almost at session high. Short covering and bargain hunting following recent strong selling pressure were featured. The key “outside markets” were bullish for the precious metals on Thursday, as the U.S. dollar index was lower.
Gold for April delivery ended higher by $16.6 or 1%, to end at $1,659.5 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. Prices edged up 0.1% last week. Prices shed 1.7% on the month of February 2012.
Union Budget 2012-13 to dictate the trend
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 16 points at the opening bell. The finance minister Pranab Mukherjee will present the Union Budget 2012-13 in parliament today, 16 March 2012. The annual budget is usually presented on the last working day of February. However, the budget has been delayed this time due to the assembly polls.
Mukherjee might have good news for the salaried class, with indications he might marginally raise the income tax exemption limit by Rs 20,000 to Rs 2 lakh per annum. A question mark looms over whether he will announce reformist measures, including politically sensitive ones like foreign direct investment (FDI) in retail and pensions.
Markets may start in green on Budget day
The most awaited event of the year in India will be keenly watched. The opening on the Budget day is likely to be in the green zone following positive global cues.
Headlines for the day
Kingfisher to have full recovery plan in 2-3 days: Mallya
India will buy 1,000 new aircraft by 2030: Airbus
RIL KG-D6 gas fields may hold lower reserves: Niko
EGoM to decide on further sugar exports up to 1 mn tonne
ONGC gives 30% dividend, govt nets Rs 888 cr
Oil cos hike jet fuel prices by 2%
Subscribe to:
Posts (Atom)