Gold futures spurt Rs 186 on global cues

Gold rose by Rs 186 to Rs 27,165 per 10 grams in futures trading on Wednesday as speculators widened positions, tracking a firming trend overseas. 

At the Multi Commodity Exchange, gold for delivery in December spurted Rs 186, or 0.69 percent, to Rs 27,165 per 10 grams, in a business turnover of 836 lots. 

Similarly, the metal for delivery in far-month February was also trading higher by Rs 181, or 0.67 percent, to Rs 27,370 per 10 grams in nine lots. 

Market analysts said speculators enlarged their positions on the back of a firming global trend as investors see less chance of higher US borrowing costs this year. 

Globally, gold climbed as much as 0.5 percent to USD 1,174.81 an ounce in Singapore, the highest level since July 6.

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Mustard seed update

Mustard Seed settled up by 1.87% at 5009 on improved demand and on speculation of lower supply in international and domestic market. The rise in mustard oil demand by major consuming region of eastern India during the festive season is encouraging higher buying by crushing units. Prices were supported on supply worries after Indian Meteorological Department (IMD) reported that from the beginning of Oct till date Rajasthan has not received any rainfall which is likely to affect rabi sowing of rm seed. Prices were also supported on supply worries after USDA reported global rapeseed production forecast to decline 3.5 million tons in 2015/16 as a slight decrease in area reduces total output to 68.1 million tons.

Trading Ideas:
Rmseed trading range for the day is 4855-5143.
Mustard seed prices gained on improved demand and on speculation of lower supply in international and domestic market.
USDA reported global rapeseed production forecast to decline 3.5 million tons in 2015/16.
NCDEX accredited warehouses mustard seed stocks dropped by 159 tonnes to 48522 tonnes.
In the Alwar spot market in Rajasthan the price gained 71.85 rupee to 5088.4 rupees per 100kgs.


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NCDEX MAIZE UPDATE

Maize settled down by -0.44% at 1355 tracking weakness in spot demand and overseas prices amid expectations of rapid progress of the U.S. harvest. New crop arrivals with high moisture level of around 18-25% have entered the market. Prices are ruling as per moisture level ratio and is weighing on market sentiments but this down side could be limited as poultry feed makers have reduced its ratio in poultry feed. In A.P, new crop arrivals with high moisture of around 14-28% have entered the market. Stock of maize in the Government’s warehouse is almost empty. The stock position was around 40,000 MT during the corresponding period of last year.
Trading Ideas:
Maize trading range for the day is 1338-1382.
Maize prices dropped tracking weakness in spot demand and overseas prices amid expectations of rapid progress of the U.S. harvest.
New crop arrivals with high moisture level of around 18-25% have entered the market In A.P, new crop arrivals with high moisture of around 14-28% have entered the market.
In Nizamabad maize prices dropped -55 rupee to end at 1395 rupees per 100 kg.

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Zinc trading range for the day is 115.3-119.9

Zinc settled down -0.72% at 117.40 slid on Tuesday as mixed trade data revived fears about China's economy, despite showing a surge in imports of the metal. LME Zinc slid 1.3 percent to $1,820. While the metal soared 10 percent on Friday in its largest single-day gain in at least a decade following the Glencore supply cuts. Data released earlier showed that China's trade surplus widened to $60.3 billion last month from $60.2 billion in August, compared to estimates for a surplus of $46.8 billion.
Trading Ideas:
Zinc trading range for the day is 115.3-119.9.
Zinc prices declined after latest trade figures out of China added to concerns over the health of the world's second-biggest economy.
Data showed that China's trade surplus widened to $60.3 billion last month from $60.2 billion in August, compared to estimates for a surplus of $46.8 billion.
Chinese exports slumped 3.7% from a year earlier, better than forecasts for a decline of 6.3%




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Crudeoil Trading Range For The Day is 2980-3214

Crudeoil settled up 0.46% at 3089 closed moderately higher on Tuesday, following a volatile, see-saw day of trading after the IEA issued a bleak outlook for the next year with forecasts of minimal reductions from record-levels of global oversupply. While Crude oil prices fell from the day's high amid concerns about rising global supplies. With OPEC determined to oversupply markets despite waning demand, crude oil prices have tumbled from multi-month highs since Friday. On Tuesday, the Paris-based IEA said it expects non-OPEC supply to fall by 500kbpd in 2016, the sharpest decline in two decades.
Trading Ideas:
Crudeoil trading range for the day is 2980-3214.
Crude oil edged up but prices pared gains after the International Energy Agency rekindled fears that the market remains over supplied.
The IEA said the world oil market would remain over supplied for at least another year despite falls in output from non-OPEC producers.
OPEC’s monthly oil market report showed a daily output of 31.57 million barrels, the highest since 2012.


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Today Jeera Market Update

Jeera settled up by 0.56% at 16195 on account of good domestic demand at the spot market ahead of festival season.
Though, expectation of bumper sowing in Gujarat due to good rains during last week of September, capped some gains.
As per Department of commerce data, exports from India in first four months of FY 2015-16 is 31,419 MT.
As per latest spice board press release, cumin export is stood at 155,500 tonnes for 2014-15 period and earned foreign exchange worth Rs 1,838.20 crore while in 2013- 14, the figures stood at 121,500 tonnes valued at Rs 1,600 crore.
Trading Ideas:
Jeera trading range for the day is 16020-16420.
Jeera prices gained on account of good domestic demand at the spot market ahead of festival season.
Though, expectation of bumper sowing in Gujarat due to good rains during last week of September, capped some gains.
NCDEX accredited warehouses jeera stocks gained by 51 tonnes to 5864 tonnes.
In Unjha, a key spot market in Gujarat, jeera edged up by 61.2 rupees to end at 16464.55 rupee per 100 kg.


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Turmeric trading range for the day is 7972-8296

Turmeric settled up by 0.95% at 8110 due to good demand from stockiest and upcountry exporters to meet the winter season and festive demand.
However, some gains were limited by higher production due to good rains in second part of September in southern peninsula region.
Good rains in second part of September in southern peninsula region may enhance the turmeric production and quality.
Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period.
However, deficient monsoon in August and early September may affect production in rainfed areas.
As per dept of commerce data, turmeric exports during April-Jul, 2015 pegged at 32,158 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14.
At Erode market arrivals were reported at 6000 quintals, lower by 2000 quintals from previous day’s arrivals.
Trading Ideas:
Turmeric trading range for the day is 7972-8296.
Turmeric prices gains due to good demand from stockiest and upcountry exporters to meet the winter season and festive demand.

However, some gains were limited by higher production due to good rains in second part of September in southern peninsula region.
NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 10421 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 8030.4 rupees remains unchanged at0 rupees.


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Gold Near 3-Mth High As Investors Expect US Rate Hike Delay

Gold steadied near a three-month high on Tuesday, as investors pushed back expectations of a Federal Reserve interest rate hike to next year and on a weaker dollar. 

FUNDAMENTALS

 * Spot gold was little changed at USD 1,161.96 an ounce by 0037 GMT, after a two-day rally. It hit a three-month high of USD 1,169 in the previous session. 

* The dollar languished around three-week lows against a basket of currencies.

 * The Fed was expected to raise US rates for the first time in nearly a decade this year, but recent weak US data, concerns over Chinese growth and volatility in financial markets have prompted markets to shift rate hike views to early 2016. 

* The US central bank refrained from hiking rates at its last meeting in September. It holds two more policy meets in 2015: on Oct. 27-28, and then in December. 

* Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar. 

* The Fed should hold off on any rate hike until it is clear that a global slowdown, trouble in China and other international risks will not push the US recovery off course, Fed Governor Lael Brainard said on Monday in one of the strongest defences yet of a go-slow approach to rate policy.

 * There could be sufficient economic data for the Fed to consider a rate hike at their meeting later in October but there will be a lot more data on hand in time for the December meeting, Atlanta Fed President Dennis Lockhart said on Monday.


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Gold Near 7-Week High As Traders See Delay In US Rate Hke

Gold was trading near its highest in seven weeks on Monday, bolstered by expectations the Federal Reserve will not hike US interest rates soon. 

FUNDAMENTALS 

* Spot gold was little changed at USD 1,156 an ounce by 0043 GMT, after gaining 1.6 percent in the previous session. 

* The metal climbed to USD 1,159.80 on Friday, its highest since Aug. 28, after minutes from the Fed's September policy meet showed that the central bank was deeply cautious about tightening monetary policy.

 * Weakness in the dollar, which fell to a three-week low on Friday, also helped support gold.

 * A delayed rate rise could support non-interest-paying gold, although uncertainty over the timing could weigh on prices in the near term. 

* Two influential Fed policymakers on Friday reinforced Fed Chair Janet Yellen's message that a rate hike is coming by year's end. 

* Fed policymakers are still likely to raise rates this year but that is "an expectation, not a commitment", and could change if the global economy pushes the US economy further off course, Fed Vice Chairman Stanley Fischer said over the weekend. 

* Recent weak US data and concerns over the global economy have prompted many to believe the first US rate hike in nearly a decade will not come this year.


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डॉलर में कमजोरी से कच्चा तेल उछला, सोने में मजबूती

डॉलर में गिरावट की वजह से सोने में तेजी आई है। शुक्रवार को सोना 7 हफ्ते के ऊंचे स्तर पर पहुंच गया था। फिलहाल कॉमेक्स पर सोने के भाव 1.20 फीसदी की बढ़त के साथ 1155 डॉलर के ऊपर है। जबकि चांदी 0.40 फीसदी की मजबूती के साथ 15 डॉलर के ऊपर दिख रही है। वहीं क्रूड में भी तेजी देखने को मिली है। नायमैक्स पर क्रूड का भाव 1 फीसदी से ज्यादा की उछाल के साथ 50 डॉलर के आसपास और ब्रेंट पर 0.54 फीसदी की बढ़त के साथ 53 डॉलर के ऊपर नजर आ रहा है।



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