MCX TIPS--Copper slips amid China stock marke tbloodbath

Copper prices fell by 1.95 per cent on Monday as steep declines on Chinese stock markets dampened appetite for the red metal. The Shanghai Composite tumbled almost 9 per cent to a six-month low, wiping out this year's gains. The drop came amid growing concerns over China's slowing economy and worries that Beijing may allow the yuan to continue to depreciate, fuelling fears over a currency war that could destabilize the global economy.

At the MCX, copper futures for August 2015 contract were trading at Rs.331.15 per 1 kg, down by 1.95 per cent, after opening at Rs. 335.05 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 328.40 till the trading. 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 2375 metric tonnes to 352450 metric tonnes as on August 24, 2015.

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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- TURMERIC MARKET UPDATE BY MARKETMAGNIFY

Turmeric settled down -3.25% at 7800 due to medium quality arrival in the spot market.

Though, good demand from North India capped some losses. However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much. However, excess rains during the vegetative and harvesting may adversely affect the production and quality.

As per Telengana Agricultural Department, till now around 36,000 ha area has been sown under turmeric vs 37,000 ha same time last year. Total 50,000 ha area is covered.

Turmeric trading range for the day is 7526-8266.

Turmeric prices ended with losses due to medium quality arrival in the spot market.

However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much.

NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 13502 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7559.6 rupees gained 25.6 rupees.

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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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MCX TIPS-Brent, US oil mark fresh 6-1/2-yr lows on China

Brent and US crude oil futures hit fresh 6-1/2-year lows on Monday as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus.

 Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.

Brent oil LCOc1 was trading down 94 cents at an intraday low of USD 44.52 a barrel as of 0251 GMT, its lowest since March 2009.

On Friday it ended USD 1.16, or 2.5 percent, lower at USD 45.46 a barrel.

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Precious Metals Gold & Silver Headlines for Today

Gold prices have broken down and are trading below its immediate support at 27000 27050 levels. Prices can witness a pullback from lower levels and test 26950-27000 but failure to sustain at higher levels should be used to sell by day traders. Overall view for the day remains range bound to negative until prices sustain below 27100.

Silver prices are trading weak. Sustenance below 36550 will see prices test 36200 36100 area on the downside. Prices have multiple resistances around 36900-37000 levels and only a close above this levels will see positive momentum in the counter. Overall range for the day is seen between 36100 to 37000 levels.

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