TRADERS´ Blogs

Oil prices eased in Asia with investors taking profits after a rally on robust US jobs data and rising tensions in West Asia. New York’s main contract, light sweet crude for delivery in June, dropped 57 cents to $95.59 a barrel and Brent North Sea crude for June delivery shed 39 cents to $105.07.

Crude is moving nearer to $94.410 and is expected to rise up to 98 level. After that it may face some selling pressure which is also called as correction or profit booking. A major support can be found at $92.17. Intraday traders should not trade for 2-3 trading sessions in this commodity.

 

Currently moving at 1.30939 level, after making few sideway candle movements in daily basis. The pair will face a major resistance at 1.31550 for short time period. In major technical lower indicators, MACD is still showing buy signal and Stochastic is making buy signal for short term basis. Price line is moving above daily averages, which is positive for this pair. Support level can be found at 1.30233.

Silver futures for May traded lower by Rs 1625, or 3.66%, to Rs 42753 per kg in 3,465 lots. This level was last seen in January, 2011. The July contract declined by Rs 1052 or 2.32%, to Rs 44200 per kg in 223 lots. Prices had tumbled by 10% in previous trading session. Meltdown in precious metal in global markets on worries over Chinese growth and a possible sell-off by struggling Cyprus' central bank also weighed on the silver futures trade here.

The rupee rose 14 paise to 54.44 against the dollar at the Interbank Foreign Exchange market on selling of the US currency by exporters and banks. A higher opening in the domestic equity market and strengthening of the euro and yen against the dollar overseas, supported the rupee. The rupee had ended two paise down at 54.58 yesterday on renewed demand for the US currency from importers and continued capital outflows.

In International, Gold is currently trading at $ 1604, with sideway movement from couple of candles in hourly basis. Intraday traders are watching some selling pressure from few days. But if we look in to 8 hour chart, Major indicators are moving nearer to oversold position.

The Indian government cut interest rates on investments in public provident fund and national savings certificate. Investors putting their money in public provident fund will now get an interest rate of 8.7% compared with 8.8% earlier. The rate on 5-year and 10-year national savings certificate has also been reduced to 8.5% and 8.8%, respectively from 8.6% and 8.9%. The government has also cut interest rates by 0.1 percentage point in the India Post’s Senior Citizens Savings Scheme and Monthly Income Scheme and deposits in the 2-5 year category. It has, however, kept unchanged the interest rate accruing to savings deposit and one year-term deposit at 4% and 8.2%, respectively.

 In spite of the repo rate should be slashed by the RBI to kick start the economy, car sales often considered an indicator of the country’s economy, plunged 26% in February, 2013. February turned out to be one of the worst months in past 12 years in terms of percentage fall as the sales fell to about 158,513 units, a drop of about 25.7% vis-a-vis February 2012. The first 11 months’ total sales of passenger cars dipped by 4.64% between April 2012 and February this year as against the corresponding period a year before. Car sales between April 2012 and March 2013 are expected to shrink for the first time since 2003 due to slowing economy.

 

 

Germany's producer price inflation slowed more than economists expected in February. The producer price index increased 1.2% on an annual basis in February, notably slower than the 1.7% gain seen in January. Expectation was for a 1.5%. Energy prices advanced 1.7% compared to February 2012, and prices of consumer goods rose 2%. Food prices were higher by 3% from a year earlier.

Crude oil prices continued to rally in the first half of February on increased optimism over the global economic outlook. But these gains were subsequently reversed, helped by a stronger US dollar. Forecasts for oil demand growth in 2013 have edged higher as a result of better-than-expected 2012 data. Still, OPEC may need to cut production further to prevent prices from falling. Crude oil prices continued their volatile start to the year in February, rising to multiple-month highs by the middle of the month before falling back sharply soon after.