EUROZONE TRADE SURPLUS DIPS IN JANUARY

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Money Market Guru — Eurozones seasonally adjusted trade surplus dropped to EUR 15.7 billion in January from EUR 23.1 billion in December, as exports declined and imports increased, figures from Eurostat showed Friday. Exports dropped 0.6 percent from December, while imports grew 4.1 percent.

VIETNAM TO RESUME STEEL EXPORTS TO US

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Money Market Guru — VIETNAM TO RESUME STEEL EXPORTS TO US — Gold It is reported that USDOC to launch anti-circumvention measures on imports of galvanized steel products from Vietnam, which used hot-rolled substrate from China.

After Vietnams steel mills to adjust raw material and restart to make an offer to US market.

GUARSEED FUTURES JUMPS MORE THAN 1 PERCENT ON GUARGUM EXPORT DEMAND

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Money Market Guru — Buoyancy continued in guarseed futures on the back of strong export demand of guargum coupled with limited supplies in local mandies. The trade sources stated that Indias guargum exports are expected to surpass 4 lakh tonnes in the current year due to revival of oil drilling activities in US.

COPPER JUMPS FOR SECOND DAY IN A ROW

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Money Market Guru  — The prices of Copper regained confidence for the second consecutive day in a row. The benchmark contract ended at Rs 388 per kg. The prices managed to move past Rs 390 during the day which is a good sign, though closure was still below those levels. Copper tested a high of Rs 391.15 per kg, and a low of Rs 387 per kg.

CRUDE OIL TECHNICAL COMMENT FOR THE DAY

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Money Market Guru — Crude Oil gained marginally to close the day at Rs 3191 per barrel, up Rs 13. The price tested a high of Rs 3245 per barrel and a low of Rs 3172 per barrel. On the lower side, Rs 3100 per barrel is the support. On the higher side, Rs 3280 per barrel.

GOLD JUMPS TO TWO WEEK HIGH ON POST FED RALLY

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Gold Silver Reports — COMEX Gold futures jumped to a two week high yesterday as continued weakness in the dollar following the Federal Reserves cautionary stance on the pace of interest-rate increases this year boosted the sentiments. A strong support seemed to have emerged around $1200 per ounce levels and the counter currently trades flat around $1226 per ounce. MCX Gold futures ended around Rs 28400 per 10 grams, up 1.50% on the day after hitting highs above Rs 28500 levels.

COMFORTABLE GLOBAL SUPPLIES WEIGH ON CRUDE OIL

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Money Market Guru — Crude oil prices are not moving anywhere as a rally post Fed decision failed to hold on in US trades yesterday. WTI Oil is lingering just under $49 per barrel. MCX Crude can also see some moderation after ending up 0.40% at Rs 3190 levels yesterday. Global oil market is well supplied. The price of oil has been stuck in a narrow range since the conclusion in mid-December of the OPEC/non-OPEC production accords.

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