Copper Slips On China Growth Concerns

Copper prices fell by 0.36 per cent on Tuesday as concerns over the health of China's economy dampened appetite for the red metal. 

Private sector data last week revealed that manufacturing activity in China in September contracted at the fastest pace since the global financial crisis, fueling fears over slackening demand for the industrial metal.
At the MCX, copper futures for November 2015 contract were trading at Rs. 332.80 per 1 kg, down by 0.36 per cent, after opening at Rs. 332.70 against the previous closing price of Rs. 334. It touched the intra-day low of Rs. 329.75 till the trading. (At 4.45 PM today). 

However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 625 metric tonnes to 321600 metric tonnes as on September 29, 2015.

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Crude Inches Up, Despite Few Developments In Putin-Maduro Meeting

U.S. crude futures inched up in spite of a stronger dollar on Thursday, even as Russian and Venezuelan leaders accomplished little headway in crafting a strategy to boost crashing oil prices.

On the New York Mercantile Exchange, WTI crude for October delivery traded in a broad range between $45.67 and $48.42 a barrel before closing at $46.74, up 0.48 or 1.05% on the session.

It marked the fifth time U.S. crude futures closed higher over the last seven sessions.

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WTI Crude Pared Almost All Gains As Inventories Rise Again-MarketMagnify

• US Equity markets opened strong on higher ADP employment data

• Chinese authorities initiate investigations into wild swings in stock markets recently

• US Rig Count fell 1st time to 877 after seven straight weekly increases

• US Weekly Crude oil inventories added 4.7 mn bl to record stocks

• Friday’s Employment data holds cue for Sep FOMC meet.

• SPDR gold trust add almost 5 tons, increasing holding to 682 tons




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Expect crude to touch $36-37/bbl

Economist & CIO at Ayers Alliance spoke about crude as the prices trade at a six-and-a-half year low on concerns that demand from China is slowing at a time when supply is plentiful especially from US and Iran and that demand/supply equation is putting pressure on crude prices.




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MCX TIPS --Gold holds below 7-week high as dollar, equities recover

Gold hovered below a seven-week high on Tuesday as equity markets and the US dollar rebounded from a brutal selloff in the prior session that was fuelled by fears over the fate of the Chinese economy. 

After Monday's rout, most Asian stocks recovered in tandem with US futures and Chinese shares pared losses. 

The dollar rose 0.6 percent versus a basket of currencies after falling the most since 2011.

 "If that remains the case over the course of this session then buying interest in gold could dry up," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.





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MCX TIPS - SOYABEAN MARKET UPDATE BY MARKETMAGNIFY

Soyabean prices settled flat as sluggish demand for soymeal in export markets, capped some gains in soyabean prices.

Timely planting and sufficient rains through most of July in the major grain producing states is likely to support MY 2015/16 Kharif grain production prospects. However, sufficient rains throughout August and September will be critical for achieving forecast normal yields.

The inputs provided by the USDA report on August 12 were negative and had pressured price levels of US soy complex on the same day. Overall, the global supply outlook for soybeans in 2015/16 remains positive, notwithstanding the recent downward revisions.

Soyabean trading range for the day is 3085-3179.

Soyabean prices settled flat as sluggish demand for soymeal in export markets, capped some gains in soyabean prices.

However, sluggish demand for soymeal in export markets, capped some gains in soyabean prices.

However, sufficient rains throughout August and September will be critical for achieving forecast normal yields.

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MCX TIPS Gold December contract gains

MCX GOLD October contract was trading at Rs 27366 up Rs 127, or 0.47 percent.
The GOLD rate touched an intraday high of Rs 27400 and an intraday low of Rs 27231.
So far 2983 contracts have been traded. GOLD prices have moved up Rs 1213, or 4.64 percent in the October series so far.
MCX GOLD December contract was trading at Rs 27575 up Rs 136, or 0.50 percent.
The GOLD rate touched an intraday high of Rs 27600 and an intraday low of Rs 27435

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MCX TIPS - Silver may trade positive on Yuan devaluation

U.S. home resales rose to a near 8-1/2-year high in July and factory activity in the mid-Atlantic region picked up this month, fresh signs of steady economic growth that likely keeps the Federal Reserve on track to raise interest rates this year.

While other data on Thursday showed a slight increase in the number of Americans filing new applications for unemployment benefits last week, the trend remained consistent with strong labor market momentum.

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MCX TIPS GOLD SEVEN WEEK HIGH BY MarketMagnify

Gold- hovered near its highest level in almost seven weeks early on Monday after scoring its biggest weekly gain since January as worries over a slowing Chinese economy spurred appetite for safe-haven assets.
Spot gold was little changed at $1,160.50 an ounce by 0047 GMT, after touching a high of $1,165.11 in early deals.
Gold rose to as much as $1,168.40 on Friday, its highest since July 7. It gained more than 4 percent last week, the most since mid-January.
U.S. gold for December delivery was flat at $1,160.40 an ounce.
Markets will be watching for China's next move as signs of a slowdown in the world's second-largest economy stack up, raising expectations it will act to stoke growth.
Data on Friday showed activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled.
On Sunday, China allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the country's struggling equity market.

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