MTECHTIPS COMMODITY MARKET NEWS 2

MTECHTIPS:-Gold slides on euro zone recession fears

Gold futures extended losses from Thursdays U.S. session in the early part of Asian trading today as traders digested some slack economic data out of Europe.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.24% to USD1,631.65 per troy ounce in Asian trading Friday. That decline comes after gold settled down 0.54% at USD1,636.15 a troy ounce in U.S. trading on Thursday.Gold futures were likely to test support USD1,626.05 a troy ounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high.On Thursday, a reported showed the euro zones fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.Adding to the selling pressure on the euro and thereby gold, other reports showed Germanys fourth-quarter GDP contracted by 0.6%, below expectations calling for a 0.5% drop. Frances fourth-quarter GDP shrank 0.3% while Italys contracted by 0.9%. Germany, France and Italy are the euro zones three largest economies, in that order.

MTECHTIPS:-Oil down despite speculation of OPEC supply cut

Oil futures declined modestly during Fridays Asian session even amid speculation the Organization of Petroleum Exporting Countries will pare crude shipments this month.On the New York Mercantile Exchange, light, sweet crude futures fell 0.02% to USD97.30 per barrel in Asian Friday after up settling up 0.24% at USD97.24 a barrel on Thursday in the U.S.On Thursday, it appeared traders focused more on U.S. economic news than the comparable headlines out of Europe.Data showed the euro zones fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.

MTECHTIPS:-WTI Crude Oil futures gain on economy; OPEC to cut shipments

Amid reports arriving that OPEC is about to cut its crude shipments by 0.9% this month, WTI crude oil futures headed for its ninth weekly gain in 10 weeks. Prices climbed 0.3% yesterday even as the futures are up 1.8% this week. Crude oil on India's MCX, meanwhile is a tad down in the opening hour of trade.It is clear a better global growth scenario is emerging and being priced into markets generally and oil in particular, said Michael McCarthy, a chief market strategist at CMC Markets in Sydney to Bloomberg.We had further evidence with the improvement in jobless claims in the U.S. It just adds to that broader, better demand scenario. he added.Open Interest in crude oil futures on the NYMEX jumped to the highest level since the onset of trading on the Exchange in March 1983.The futures for delivery on March 13 was spotted trading at $97.36 a barrel, a gain of $0.04 or 0.05% as of 10.18 AM IST. Brent futures for delivery on the same date in April was spotted trading at $117.94 a loss of or $0.10 or 0.08% as of 10.19 AM IST.

MTECHTIPS:-MCX Crude Palm Oil sideways on likely speculative activities, international cues
Crude Palm Oil (CPO) futures for March delivery on India's Multi Commodity Exchange (MCX) is sideways on international cues and likely speculative activities.The trend looks sideways at current levels. Trading range for the commodity is seen between 455 and 465; break out of any side will give clear direction to the prices,CPO futures was up by 0.57 percent at Rs.459.50 per 10 kgs as of 10.53 PM IST on Friday.Malaysian Palm oil stocks fell 1.9 per cent to 2.58 mn tons in January from the 2.63 mn tons in December 2012, said Malaysian Palm Oil Board (MPOB) on Wednesday. Also, processed palm oil stocks lost 3.31 percent in quantity and touched1.02 mn tons.Meanwhile, Crude Palm Oil stocks fell 0.96 per cent to 1.56 mn tons in January. Also, palm kernel stocks declined 14.03 per cent to 161,319 tons.

MTECHTIPS:-MCX Gold futures negative on strong Indian Rupee and global cues
Gold futures for April delivery on India's Multi Commodity Exchange (MCX) is in negative zone on appreciation of Indian rupee (INR) against US dollar and global cues.For intra-day, the yellow metal has support at 30200 while 30500 is resistance. Traders are advised to sell near 30450 with the stop loss of 30500 for the target 30550,Trade is expected to stay on the selling side during today's session, she added.MCX gold for April delivery was down by 0.15 percent at Rs.30417 per 10 grams as of 12.09 PM IST on Friday.World Gold Council's report on fall in gold demand for the first time in 2012 since 2009 may hurt investor sentiments.Euro zones fourth-quarter GDP contracted by 0.6%, below expectations for a 0.4%, lowest rate of contraction since 2009.Investors are under increasing pressure as signs of recovery appear in the job, housing markets taking away the appeal of the bullion as the prospects of commodity is wedded to money printing measures adopted by various central banks.