Copper Recovers Following Better Housing Starts Data From US

         US acted as a savior for metals as its economic numbers were cheered by traders. Buyers were brought back in the markets after US reported that the housing starts rose to 1.036 million in the month of March from 0.939 million in the month of February 2013.         Industrial production data from US also overtook analysts expectations. The Industrial production in US rose 0.4 percent in March unlike analysts expectations of 0.2 percent. The production was higher than expected but lower from 1.1 percent in the month of February, which was ignored by the...

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Gold Down Slightly On Profit Taking

         Gold futures are trading down slightly in the Asia electronic session today on profit taking after posting gains of nearly 2% in the US floor trading.         Gold for June delivery is trading down $8 at $ 1379 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it rose $26.30, or 1.9%, to settle at $1,387.40 an ounce.        On Monday it plunged $140.30, or 9.3%, to $1,361.10 an ounce. The slide marked the precious metal’s biggest one-day percentage drop since February 1983. Gold’s one-day...

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Oil Stays Flat Ahead Of Inventories

       Crude oil futures stayed flat in the Asia electronic session today with the traders awaiting the weekly oil inventories data from the U.S. Energy Information Administration due later today.       May crude oil futures are trading flat at $88.72 a barrel on the New York Mercantile Exchange. Yesterday, it added a penny to settle at $88.72 a barrel, after touching intraday lows under $87. Prices had tallied a loss of more than 6% over the past three trading sessions.      Nymex oil on Monday dropped $2.58, or 2.8%, to $88.71 a barrel, the lowest settlement...

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US Stainless Steel Products Up 7.1 Percent In February 2013

                 The US shipments of stainless steel products totaled 168,901 tons in February, rising by 7.1% from January 2013. This is the highest level since March, 2011. Among the total stainless steel products shipped, 96306 tons were cold rolled stainless steel sheets, increasing by 13.7%; 25898 tons were cold rolled stainless steel strips, falling by 2.7% and 8256 tons were hot rolled stainless steel sheets, decreasing by 12.6%, all compared to those in a month ago. [via] ================================================================================== You can Contact...

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China To Close Down 7.8 Million Tonnes Of Steel Making Capacity

          Struggling Ministry of Industry and Information Technology (MIIT) is forced to close down outdated steel capacity. Slowness in demand and huge inventories of steel has been dragging steel industry down for long time. China is planning to close down 7.81 million metric tonnes of steel making capacity in 2013.         Total crude steel capacity in China is estimated to have increased by 900 million tonnes. Crude steel output increased by 3 percent to 717 million tonnes in 2012. Ministry is also planning to shut down 14.05 million tonnes of coking coal...

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Jeera closes lower on sluggish demand

            Jeera prices closed lower by 1.87 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for April 2013 contract closed at Rs. 13,280 per quintal, down by 1.87 per cent, after opening at Rs. 13,360 against the previous closing price of Rs. 13,532.5. It touched the intra-day low of Rs. 13,280.          Global output of Jeera is around 2.2 lakh MT per year, of which...

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RIL plummets on reporting revenue drop in Q4

             Reliance Industries (RIL) is currently trading at Rs 786.75, down by 17.75 points or 2.21% from its previous closing of Rs 804.50 on the BSE.            The scrip opened at Rs 805.10 and has touched a high and low of Rs. 810.00 and Rs. 781.70 respectively. So far 348928 shares were traded on the counter.            The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs. 954.80 on 21-Jan-2013 and a 52 week low of Rs. 671.00 on 08-May-2012.           ...

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