Copper climbed on Thursday to its highest in nearly a week on dollar weakness dollar slid following uncertainty about potential stimulus in Europe and after a fire at a mine, though concerns about the outlook for demand from top consumer China limited gains.

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U.S. natural gas futures fell over 4 percent on Thursday for a fifth down day in a row on a smaller-than-expected storage draw and forecasts for continued warmer-than-normal weather over the next two weeks. The U.S. Energy Information Administration said utilities withdrew 22 billion cubic feet of gas from storage last week. On the MCX, gas prices declined by 3.61 percent and closed at Rs.226.80/Mmbtu.

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Oil prices ended lower on Thursday as the debate over pricing continued after Saudi Arabia announced deep discounts for the crude it sells Asian and U.S. buyers in an apparent attempt to defend market share.

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Spot silver prices rose marginally by 0.1 percent to $16.4/oz in contrary to the fall in gold prices. Weakness in the dollar index coupled with strength in the base metals pack acted as a negative factor for prices. On the MCX, silver prices rose by 0.62 percent and closed at Rs.37269/kg.

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Spot gold prices ended lower by 0.32 percent to $1205.3/oz after European Central Bank chief Mario Draghi said the bank would re-evaluate the case for more stimulus next year, but remained under pressure ahead of key U.S. data on Friday.

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Zinc continued to underperform Lead and declined by0.75% closing at $2258 MT. Fundamentally; no fresh cues are available for the metal and may largely follow the market sentiment. On the other hand Lead, too declined however the level of decline for lead for restricted to 0.09% closing at $2057 MT. As per the latest quote, Zinc and Lead are seen trading around $2258 MT and $2055 MT. We recommend a spread between Zinc and Lead wherein we buy Lead from lower levels and sell Zinc from higher levels for the day.

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Nickel declined a tad yesterday by 0.03% to $16375 MT. It should be noted that the metal did not fall much despite the fall in oil prices as Philippines government tries to imitate Indonesian ban of unprocessed ore which might further tighten the supply. However, the market did not react to it much as Philippines had announced the same previously as well but had failed to imply it in reality restricting the gains of the metals to an extent. As per the latest quote, Nickle is seen trading at $16309 MT. Fundamentally, the metal continues to look bullish and we expect Nickel to remain within a range and recommend buying for small targets today.

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Copper continued to decline yesterday and closed at $6547.75 MT down by around 0.2%. Apart from the slumping crude oil prices which damped the overall trading sentiment, Copper has weak fundamental cues as well that further continue to pressurize the metal. The labor strike at Antamina Copper mine of Peru was resolved and the operations are likely to get started once again giving a further negativity to the metal. The cancelled warrants decline and rise in the inventory prices continue to make the future of Copper bleak. As per the latest quote, Copper is seen trading at $6523.75 MT, down by 0.37% from previous day’s close. Economic data from EU is also expected during the day which may add some further movement in the metal. For today, we recommend selling Copper from higher levels.



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3M LME Aluminum declined yesterday, by around 0.82%, to $2043 MT, as a deflationary impact of the slumpingoil prices. Aluminum is the most energy intensive metal amongst the entire base metals complex with around 30% of the cost of production being attributed to the power usage. Decline in oil prices means a lower cost of production for the metal which in turn created a downward pressure on the commodity. Fundamentally, Aluminum continues to look bullish as yesterday the backwardation further rose to $31 MT indicating a rise in the spot demand. For the intraday we recommend selling Aluminum from higher levels as the decline in oil prices might continue to weigh upon the metal although we continue to maintain a bullish stance for the metal on a fundamental note.

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LME copper prices fell by 0.2 percent yesterday amid escalated demand concerns after data showed from the US showed home sales, durable goods orders and consumer sentiments slowed down in the
second biggest consumer.

 

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U.S. natural gas futures fell by 4.09 percent on Wednesday on worries about mild weather forecasts in the near term, erasing early gains that came on last week's huge gas consumption for heating. Profit-taking ahead of Thursday's U.S. Thanksgiving holiday also drove the market lower.

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Oil prices declined on both sides of the Atlantic with Brent and WTI falling by 0.3 percent and 0.5 percent respectively. it appeared unlikely producer club OPEC would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and U.S. stocks boosted available supplies.

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Spot silver prices declined by 1.1 percent in tandem with falling gold prices amid thin volumes ahead of thanksgiving holiday today. Decline in copper as well as nickel prices also dragged prices further. On the MCX, silver prices rose by 0.20 percent and closed at Rs.36594/kg.

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Spot gold prices eased on Wednesday and steadied at just under $1200 anounce amid low volumes ahead of the U.S. Thanksgiving holiday and a key Swiss vote on bullion holdings.The U.S. dollar retreated after data suggested U.S. economic growth might be slowing in the final quarter of 2014. Oil was pulled lower after OPEC increased signals that it would hold off making any major production cuts this week.

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