Gold Hovers Near Three-Week High

Gold held close to its highest level in nearly three weeks on Monday, boosted by safe-haven demand after the Federal Reserve's move last week to leave U.S. interest rates unchanged weighed on global equities.
Spot gold eased slightly to $1,137.56 an ounce by 0311 GMT, after gaining 3 percent in the previous three sessions. Trading liquidity is likely to be thin during Asian hours due to a three-day holiday in Japan.


The metal had climbed to $1,141.50 in the previous session, its highest since Sept. 2.

Asian shares followed Wall Street lower on Monday after the Fed's decision to keep interest rates at record lows raised fresh concerns about growth globally, particularly in China. U.S. and European debt yields also tumbled.

"The retreat in equities plus the continued decline in U.S Treasury yields helped encourage buying in gold," said HSBC analyst James Steel.

"Buying appeared to be a combination of safe-haven demand and fresh short covering," he said.

The Fed kept interest rates unchanged last week in a bow to worries about the global economy, financial market volatility and sluggish inflation at home. It left open the possibility of modest rate rises later this year.

With the Fed having sounded a cautious tone on the health of the global economy, the focus this week will likely turn to China and the flash PMI report on Wednesday.

The decision to not hike rates last week is positive for non-interest-paying gold, which could see demand drop with higher rates. Bullion prices have dropped about 4 percent this year on uncertainty over the timing of a rate hike.

But with the Fed expected to hike rates before the end of the year, gold could come under pressure again.

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DAILY MCX MARKET UPDATE

GOLD

Gold firmed near a two-week high on Friday and was on track to snap a three-week losing streak after the Federal Reserve decided to hold US interest rates steady due to worries over the global economy.
* Spot gold was flat at USD 1,130.70 an ounce at 0036 GMT, not far from a two-week high of USD 1,133.20 reached in the previous session.
The metal is headed for a 2-percent weekly gain, following three weeks of losses.
* US gold GCcv1 gained 1 percent to USD 1,130.40, also near a two-week high * Bullion got a boost on Thursday after the Fed kept interest rates unchanged following a two-day policy meet, in a bow to worries about the global economy, financial market volatility and sluggish inflation at home.
* But the US central bank maintained its bias towards a rate hike sometime this year, while lowering its long-term outlook for the economy
. * Gold had been weighed down all year on fears the Fed would soon hike interest rates from record-lows for the first time in nearly a decade. Higher rates could dent demand for non-interest paying bullion, while boosting the dollar.
CRUDE OIL

Oil prices dipped early on Friday on fresh signs the Middle East will continue to prioritise market share over prices, while the United States kept interest rates at historic lows on worries over the health of the global economy.
US West Texas Intermediate (WTI) crude futures CLc1 were trading at USD 46.70 per barrel at 0049 GMT, down 20 cents from their last settlement. Brent prices were little changed at USD 49.14 per barrel. Kuwait, a key producer of the Organization of the Petroleum Exporting Countries (OPEC), said on Thursday that the oil market would balance itself but that this would take time, indicating support for the producer group's policy of defending market share despite falling prices.
This view was confirmed by sources at OPEC who said they expected oil prices to rise by no more than USD 5 a barrel a year to reach USD 80 by 2020, with a slowing in rival non-OPEC production growth not enough to absorb the current oil glut. The lower prices came despite the US Fed keeping interest rates at historic lows.



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Today Gold And Crude oil Update

CRUDE OIL

Oil prices extended gains in early trading in Asia on Wednesday after US prices were boosted by a stockpile draw, while a warning by OPEC producer Iraq that it may slow spending on new fields pushed up international crude contracts.

 US crude futures rose after industry group the American Petroleum Institute (API) reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. 

A surge in American gasoline prices was also supportive. Outside the United States, international crude contracts rose on reports that Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices.

GOLD
Gold struggled to break out of a tight range near its one-month low on Wednesday, as investors waited to hear on the outlook of US interest rates from a Federal Reserve policy meet that kicks off later in the session. 

 * Spot gold eased 0.1 percent to USD 1,103.95 an ounce by 0037 GMT. The metal has not made any significant move this week, after dropping to a one-month low of USD 1,098.35 last week.

 * US gold GCcv1 was little changed at USD 1,103.30. 

* Traders are waiting to see if the US central bank will raise rates this week for the first time in nearly a decade.

 * The Fed will begin its much awaited two-day policy meeting on Wednesday, with a statement expected on Thursday. 

* The uncertainty over the timing of a rate hike has weighed on gold all year, sending it down over 6 percent. Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar. 

* Data on Tuesday showed US consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Fed to hike interest rates on Thursday. 

* While other data showed continued weakness in manufacturing, economists said that was unlikely to have much impact on the US central bank's decision.

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MCX TIPS- CRUDE OIL AND GOLD MARKET UPDATE

CRUDE OIL

Crude oil prices dipped on Friday after news top oil exporter Saudi Arabia sees no need for a summit of producing countries' heads of state to defend prices, partly offsetting the previous session's strong rally on bullish gasoline demand.
The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel. The US crude October contract CLc1 also lost 29 cents to USD 45.63 a barrel after it settled up USD 1.77, or 4 percent, at USD 45.92 a barrel.
Saudi believes such a summit by oil producers would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.

GOLD
Gold clung to small overnight gains near USD 1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall
as investors continued to fret over the timing of a looming US interest rate hike. FUNDAMENTALS
*Spot gold was little changed at USD 1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session.
*Earlier in the week, gold had fallen to USD 1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
*US gold GCcv1, also headed for a third weekly dip, was trading at USD 1,110.40.
*Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a US interest rate rise, before taking any big positions in gold
*Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a US rate increase, which had been expected as early as this month.

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MCX MARKET TIPS OVERVIEW

GOLD
Gold dropped as a broadly stronger U.S. dollar and rallying global equity markets reduced the appeal of the precious metal. Gold prices were also weighed amid ongoing uncertainty about whether the Federal Reserve will increase interest rates later this month when it meets on September 16-17. Last week's U.S. jobs report failed to provide much clarity on when the U.S. central bank will decide to raise short term interest rates. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Gold has failed to attract strong investor interest as a safe haven despite the recent weakness in stocks due to worries over the Chinese economy, showing that the metal is struggling to find direction outside U.S. monetary policy.
Gold trading range for the day is 25683-26659.
SILVER
Silver settled down -1.03% at 35294 amid a broadly stronger dollar and the introduction of further stimulus measures by China to rekindle its flagging economy. Economic data showed U.S. job openings surged to a record high in July and employers appeared to have trouble filling openings, the latest signal of an increasingly tight labour market that could push the Federal Reserve closer to raising interest rates. The job openings rate surged 3.9% in July, after measuring at 3.6% the previous three months. It also came off the back of a mixed employment report for August on Friday when the labor market added 173,000 non-farm payrolls, while the unemployment rate dropped to 5.1%, its lowest level since April, 2008. Stocks around the globe rallied after Chinese officials calmed markets by unveiling new policy measures aimed at stabilizing the equity market as well as boosting the slowing economy.
Silver trading range for the day is 34786-36242.
CRUDE OIL
Crudeoil settled down -1.97% at 2989 pressured by ample supply and concerns about demand being curbed by slowing economic growth. Prices extended losses as U.S. equities turned lower after the prospect of economic stimulus from China boosted stock markets in Japan and Europe. Crude oil futures have been under pressure from concerns about swollen inventories, high global production and the increasing likelihood that Iranian barrels will return to export markets even as slowing growth in China threatens demand. The U.S. Energy Information Administration cut its forecast for 2015 and 2016 world oil demand growth in its monthly report. While Saudi Arabia's crude oil production dipped by 100,000 barrels per day in August, the Organization of the Petroleum Exporting Countries continued to produce close to record volumes.
Crudeoil trading range for the day is 2908-3124.

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TOday Soyabean Update By MarketMagnify

Soyabean settled down by -1.93% at 3193 due to approaching harvest season of India and the US. Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States. An USDA report had indicated last week that the US crop condition was stable. India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Prices of the bean were also down after the United States department of agriculture (USDA) rose 2015-16 United States soybean production forecast while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.
Soyabean trading range for the day is 3134-3290.
Soyabean prices dropped due to approaching harvest season of India and the US.
Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States.
An USDA report had indicated last week that the US crop condition was stable.
At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3359 rupee per 100 kgs.
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Today Mentha Oil Live Update

Mentha oil settled up by 0.65% at 915.8 driven by strong demand at spot markets from consuming industries. Besides, restricted arrivals from Chandausi in Uttar Pradesh too influenced mentha oil prices. 

At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), lower by 1 Drums(1-drum-180kg) as against previous day. 

Menthaoil trading range for the day is 888.9-932.3.
Mentha oil spot at Sambhal closed at 1036.40 per 1kg.
Spot prices is up by Rs.2.00/-.
Mentha oil prices ended with gains driven by strong demand at spot markets from consuming industries.
Besides, restricted arrivals from Chandausi in Uttar Pradesh too influenced mentha oil prices.
At Chandausi market sources reported arrivals at 15 Drums (1-drum-180kg), lower by 5 Drums(1-drum-180kg) as against previous day.


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OPEC Says Indonesia To Rejoin Oil Group After 7-Year Break

Indonesia is reactivating its membership of the Organization of the Petroleum Exporting Countries in December, OPEC said on Tuesday, which would add almost 3 percent to the group's oil output already close to a record high.
The southeast Asian country would be the fourth-smallest producer in the Organization of the Petroleum Exporting Countries ahead of Libya, Ecuador and Qatar, and bring the number of participants to 13 countries.
Indonesia was the only Asian OPEC member for nearly 50 years before leaving the group at the start of 2009 as oil prices hit a record high, and rising domestic demand and falling production turned it into a net oil importer.
In a statement, OPEC said Indonesia's request to reactivate its full membership was circulated to OPEC members and following their feedback, OPEC's next meeting on Dec. 4 will include the formalities of reactivating its membership.
"Indonesia has contributed much to OPEC's history," the statement from the group's Vienna headquarters said. "We welcome its return to the Organization."
Indonesia's Energy Minister, who OPEC said will be invited to December's meeting, told Reuters earlier on Tuesday the country would return as a full member.
OPEC pumps more than a third of the world's oil and is engaged in a defense of market share, having dropped its long-standing policy of cutting output to support prices in November 2014.
The addition of Indonesia's output will boost OPEC's production by about 2.6 percent based on July output figures towards 33 million barrels per day (bpd) - far in excess of OPEC's 30 million bpd official target.
OPEC output has not been above 32 million bpd since 2008, before Indonesia's exit.

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Weak Economic Outlook and Oversupply Weigh On Oil Markets

Oil prices remained weak on Tuesday as the global economic outlook darkened further and cooperation between oil producing countries to curb oversupply looked unlikely. 

Japan's economy shrank an annualised 1.2 percent in April-June, revised GDP data showed on Tuesday, despite ongoing government and central bank measures to support growth.

"Oil prices are now expected to stay around current levels until the end of 2015, before rising to the mid to high 50s by the end of 2016," National Australia Bank said in its September.

 US crude benchmarks were at USD 44.60 per barrel at 0152 GMT, down USD 1.45 since Friday's close, weighed down by the closure of the largest crude distillation unit at Exxon Mobil Corp's 502,500 barrel-per-day (bpd) Baton Rouge, Louisiana, refinery.

 US markets were closed on Monday for a holiday. 

Not impacted by the refinery outage, Brent futures firmed 32 cents in early trading to USD 47.95 barrel, although the global benchmark was still down USD 1.32 from its opening value on Monday.


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Gold Holds Near 2-1/2 Week low as US Rate Outlook Weighs

Gold steadied on Tuesday after a four-day losing streak, but the metal wasn't too far from a 2-1/2-week low as it struggled to find direction amid uncertainty over a looming U.S interest rate hike.
* Spot gold ticked up 0.1 percent to USD 1,120.61 an ounce by 0048 GMT. It slid to USD 1,116.20 on Monday, its lowest since August 19. * US gold GCcv1 dipped 0.1 percent to USD 1,120.10.
* Investors had been awaiting Friday's US jobs report to gauge the strength of the economic recovery and whether it would prompt the Federal Reserve to hike rates at its policy meet later this month. But the data failed to provide adequate clarity regarding a Fed move amid volatility in financial markets.
* Bullion traders have said gold will likely be under pressure until the Fed policy meet on Sept. 16-17 due to persistent uncertainty. Gold prices have been dented this year by expectations the Fed will hike rates for the first time in nearly a decade.
* Gold has failed to find a strong safe-haven bid despite the recent weakness in stocks due to worries over the Chinese economy. It has also failed to pick up cues from trading activity in the dollar, showing that gold is struggling to find direction outside of US monetary policy.

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Mcx Silver December Contract Trades Lower

MCX SILVER September contract was trading at Rs 34685 down Rs 43, or 0.12 percent. The SILVER rate touched an intraday high of Rs 34685 and an intraday low of Rs 34685. 

So far 1 contracts have been traded. SILVER prices have moved down Rs 6410, or 15.60 percent in the September series so far. MCX SILVER December contract was trading at Rs 35291 down Rs 67, or 0.19 percent. 

The SILVER rate touched an intraday high of Rs 35385 and an intraday low of Rs 35271. So far 678 contracts have been traded. SILVER prices have moved down Rs 3829, or 9.79 percent in the December series so far.


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Gold Up As Dollar, Shares fall On China Worries

Gold rose on Tuesday as the dollar and global equities dropped on fresh signs of economic weakness in China and uncertainty over the timing of the Federal Reserve's first interest rate increase in nearly a decade.

Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, increasing investor concern that the world's second-largest economy could be lurching towards a hard landing.

Spot gold was up 0.6 percent at $1,140.51 an ounce by 1203 GMT, while U.S. gold for December delivery was up 0.7 percent at $1,140.30.

The metal posted its biggest weekly drop in five last week, weighed by a steady dollar and strong U.S. economic data, supporting the case for a rate rise as early as this month.

Gold, which is on track for a 4 percent fall this year, would suffer from higher interest rates because they would increase the opportunity cost of holding the metal. Conversely, a delayed rate increase would relieve some selling pressure, if only temporarily.

"As long as the Chinese growth anxieties are there, the Fed will have to find some other remedy for their itching to raise the interest rate," said Naeem Aslam, chief market analyst at AvaTrade. "All in all, in the short term we could see another leg up for gold, but nothing mammoth."


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Crude Oil Prices Down On US Oil Inventory

Oil prices fell as much as over 2 percent in early Asian trade on Wednesday, as a stronger than expected build in US crude oil stocks and weaker US manufacturing data fuelled a rout in prices that started in the previous session. 

Brent and US crude finished around 8 percent lower on Tuesday to end a 25-percent three-session surge, the largest three-day gain since 1990. 

That came after oil prices dropped to their lowest level in 6-1/2 years last week. 

This rollercoaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric Spooner, chief market analyst at Sydney's CMC Markets.

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Today Silver Market Update By MarketMagnify

Silver settled up 0.7% at 35333 as the dollar weakened, but expectations the Federal Reserve could go ahead with an interest rate increase this month kept gains in check. Bullion ended August 3.5-percent higher as worries over China's slowing economy sparked safe-haven bids that proved fleeting as the metal has come off a seven-week top. Investors also weighed some hawkish comments from Federal Reserve Vice Chairman Stanley Fischer in the recent past, indicating a real possibility of a interest rate hike in September.
Silver trading range for the day is 34630-35844.
Silver prices ended with gains after the dollar weakens as investors looked ahead to Friday’s U.S. jobs report for August
Fischer said that the case for a rate increase in September was "pretty strong", though it was still too soon to say what the central bank might do.
Fed’s Fischer suggested that the door was still open for a rate hike at the Fed's next meeting due to take place September 16-17.


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Oil Rates Drop 3% As Investors Retreat From Overnight Gains

Oil prices fell 3 percent in Asian trade on Tuesday, with investors covering short positions and taking profits after Brent and US crude soared more than 8 percent in the previous session.
Both Brent and US crude prices dropped nearly USD 2 a barrel shortly after trading in Brent started on Tuesday before recovering later in the session.
"A lot of the fall was due to short covering," said Ben Le Brun, market analyst at Sydney's OptionsXpress.
"There could be a bit of profit taking for people who have gone long," he added. The falls also indicated investors may have "gone overboard" in pushing up prices so fast, Le Brun said.
US crude, also known as West Texas Intermediate, climbed 27.5 percent by the end of the previous session after three days of gains, the largest three-day increase in dollar terms since February 2011 and the biggest percentage increase since August 1990.

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Mcx Tips- Copper Market Update By MarketMagnify

Copper settled up 0.69% at 342.20 as Chinese equity markets rebounded from a brutal selloff earlier in the week, easing jitters over an ongoing stock market collapse. Prices of the red metal sank to a six-year low of $2.202 on August 24 as concerns over the health of China's economy and steep declines on Chinese stock markets dampened appetite for the red metal. 

Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week. Wall Street rose sharply overnight thanks to revised U.S. gross domestic product data showing the economy grew faster than initially thought in the second quarter - a reassuring sign amid worries over deepening economic woes in China.

Copper shot up 4.2 percent on Thursday, its biggest one-day percentage gain since May 2013. It was lifted by a bounce in global stock markets, buoyant U.S. economic data and the announcement of production cuts by miner Freeport-McMoran Inc also support the prices in Friday's session. Freeport lowered its copper sales estimates for 2016 and 2017 by about 150 million pounds. While the global copper market is expected to be in surplus by 477,000 tonnes this year, said Bruce Alway of GFMS, the metals research and forecast team at Thomson Reuters.


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Gold Slips As U.S. Rate Hike Expectations Drag

Gold edged lower on Monday, stretching last week's losses on concern that the Federal Reserve is on course to raise interest rates this year despite recent market turmoil.
Spot gold was down 0.2 percent at $1,131.30 an ounce by 0107 GMT, after dropping more than 2 percent last week in its steepest decline in five weeks.
U.S. gold for December delivery eased 0.3 percent to $1,131.10 an ounce.
The Fed left the door open to a September interest rate hike even while several U.S. central bank officials acknowledged that turmoil in financial markets, if prolonged, could delay the first policy tightening in nearly a decade.
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which investors, governments and central banks around the world are bracing.
But hedge funds and money managers hiked a bullish bet in COMEX gold and raised their net long position in silver futures and options in the week ended Aug. 25, U.S. Commodity Futures Trading Commission data showed on Friday.
A stronger U.S. dollar is helping drive Australian gold production and buffeting local prospectors from the effects of a global sell-off in bullion, according to a sector survey released on Sunday.


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US Oil Jumps More Than 10% To USD 42.56 A Barrel

US oil prices surged more than 10 percent on Friday, climbing back above USD 40 a barrel after strong American economic growth data lifted confidence about the world's biggest economy and petroleum user.
US benchmark West Texas Intermediate for delivery in October jumped USD 3.96 to USD 42.56 a barrel, up 10.3 percent from yesterday's close. 

US prices have been at or near six-and-a-half year lows all week, with WTI closing below USD 40 on Monday for the first time since 2009 and staying there through yesterday. 

The rally came after the Commerce Department reported the US economy expanded at an annual rate of 3.7 percent in the second quarter, much above the initial appraisal of a 2.3 percent gain.

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MCX TIPS --- Copper Trading Update By Market Magnify

Copper prices fell by 2.30 per cent on Wednesday as investors looked past China's latest easing move amid ongoing concerns over the deteriorating outlook for the Asian nation's economy. The People's Bank of China cut interest rates by 25 basis points to 4.6 per cent on Tuesday, as Beijing stepped up efforts to boost economic growth and halt a stock market rout. The central bank also cut the reserve requirement ratio for large lenders by 0.5 per cent to 18.0 per cent.

However, Chinese equities struggled on Wednesday, as worries about whether China’s central bank had done enough to spur its slowing economy remained on investors' minds. At the MCX, copper futures for August 2015 contract were trading at Rs. 330 per 1 kg, down by 2.30 per cent, after opening at Rs. 336.30 against the previous closing price of Rs. 336.85. It touched the intra-day low of Rs. 329.45 till the trading. (At 4.40 PM today). 

Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 13475 metric tonnes to 369025 metric tonnes as on August 26, 2015.

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MCX TIPS--- CHANA AGRI MARKET UPDATE BY MARKETMAGNIFY

Chana settled up by 0.96% at 4822 on limited supplies and improving demand in the spot market. Deficit monsoon in August and expensive imports may support the prices at higher levels in coming weeks. As per 4th Advance Estimates for 2014-15, Chana production is estimated at 7.17 million tonnes (mt) against 7.59 mt in 3rd estimate. According to the latest govt data, country has imported about over 1 lakh tonnes of chana in during first two months of MY 2015-16. In 2014-15, Indian imported 4.19 lt , which is more than 51.8 per cent higher than the quantity imported in the entire MY 2013-14.

Chana trading range for the day is 4761-4869.
Chana prices ended with gains on limited supplies and improving demand in the spot market.
As per 4th Advance Estimates for 2014-15, Chana production is estimated at 7.17 million tonnes.
NCDEX accredited warehouses chana stocks dropped by 220 tonnes to 109668 tonnes.
In Delhi spot market, chana gained by 134.25 rupee to end at 4900 rupee per 100 kgs.

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