Commodity Market Latest News 15-May

MCX Natural Gas positive, resistance at 225 levels

Natural Gas prices at India’s Multi Commodities Exchange (MCX) witnessed a positive phenomenon. The May Contract is now trading around Rs 219.30-220.90 per mmBtu levels.

On Wednesday trade, natural gas May contract rose to a high of 220.90 Rs/bbl at 02.49 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 217, 215 levels and resistance at 222 & 225, analyst said.

DGCX Daily Report: Crude Oil up, Gold positive

INR weakens for 2nd day, falling 0.1% to 54.8750. 1-month volatility falls 6 bps to 8.3925%. 1-month NDFs decline 0.2% to 55.11. 1-year IRS was at 7.0900%; 5-year IRS was at 6.7100%. 10-year benchmark was at 7.460%.

Technical: Pivot point at 54.7308;
resistance at 54.6266, 54.4371, 54.1434;
support at 54.9203, 55.0245, and 55.3182.
INR is seen approaching lower Bollinger band at 54.9246.

Gold
Spot gold fell as much as 0.5% to $1,418.63 lowest since April 24. June- gold drops as much as 0.5% to $1,417.

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NCDEX Wheat witnesses positive rally, bullish trend

Wheat prices at India’s National Commodities and Derivative Exchange (NCDEX) witnessed a positive phenomenon. Wheat June is now trading around Rs 1510-1519 per qtl levels.

On Wednesday trade, wheat rose to a high of 1519 Rs/qtl at 12.11 pm IST and is expected to trade positive in the near term. Support is at 1500, 1490 levels and resistance at 1520 & 1530.

Good spot demand and bulk buying have impacted wheat prices. We expect NCDEX wheat to trade on bullish note.

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