Gold Eyes Worst Week In Five As Strong U.S. Data Fuels Fed Hike View

Gold was stuck near recent lows on Friday and was on track to post its biggest weekly drop in five as strong U.S. economic data backed the case for a near-term increase in interest rates.

A looming U.S. rate hike has dimmed the appeal of non-interest bearing assets as gold, which may explain the fall in the metal from a recent seven-week high even as global equities tumbled on fears over a slowing Chinese economy.

The upward revision in U.S. economic growth in the second quarter to 3.7 percent from the initial estimate of 2.3 percent spurred market expectations that the Federal Reserve could still raise rates this year despite the market turmoil.

Spot gold was up 0.4 percent at $1,129.60 an ounce by 0226 GMT, but down almost 3 percent for the week.

The metal touched a one-week low of $1,117.35 on Wednesday and has lost more than 3 percent since hitting a seven-week top on Aug. 21

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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---- CRUDE TRADING UPDATE BY MARKERTMAGNIFY

Brent crude climbed by more than USD 1 a barrel on Thursday on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains.

Front-month Brent LCOc1, the global oil benchmark, had gained USD 1.10 to USD 44.24 a barrel by 0300 GMT (11.00 p.m. EDT), having ended down 7 cents at USD 43.14 on Wednesday.

US crude's front-month contract CLc1 rose 91 cents to USD 39.51 a barrel, after settling down 71 cents, or 1.8 percent, at USD 38.60 a barrel.

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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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MCX TIPS---MENTHAOIL AGRI MARKET UPDATE BY MARKETMAGNIFY

Mentha oil settled up by 1.54% at 963.6 as rising demand amidst lower arrivals supported the prices. Sources indicate rates have fallen to low levels over last few weeks and further fall may be limited as domestic and export demand rise. Further, restricted supplies from Chandausi in Uttar Pradesh too supported mentha oil prices uptrend. At Sambhal market total arrivals are at 100 Drums(1-drum=180kg), steady as against previous day’s arrival. At Barabanki market sources reported arrivals at 300 Drums(1-drum-180kg), unchanged as compared to previous day’s arrival. At Rampur market estimated market supply was at 7 Drums(1-drum=180kg), higher by 2 Drums(1-drum=180kg) from previous day’s arrivals.

Menthaoil trading range for the day is 934.7-981.3.

Mentha oil spot at Sambhal closed at 1073.70 per 1kg. Spot prices is up by Rs.8.50/-.
Mentha oil prices ended with gains as rising demand amidst lower arrivals supported the prices.
Further, restricted supplies from Chandausi in Uttar Pradesh too supported mentha oil prices uptrend.
Total area under mentha planting reported a decline of 20% to 1.75 lakh ha this season resulting into a proportionate fall in mentha oil production.

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MCX TIPS-- CRUDE OIL MARKET UPDATE BY MARKETMAGNIFY

Crudeoil settled down -1.21% at 2607 as pressure seen after Rupee hitting a fresh two-year low, the Indian rupee staged a dramatic recovery on Tuesday, gaining +0.81 per cent to close at 66.10 per dollar. While Nymex Crude oil rebounded to end higher on Tuesday jumped 2.8 percent, to settle at $39.31 a barrel rebounded as China lowered its benchmark interest rates to boost its economy with most global equity markets recovering from the brutal losses in the previous session following the massive sell-off on China worries.
Crudeoil trading range for the day is 2561-2685.
Crude oil prices dropped as firmness in rupee weighed and global oversupply and worries over the severity of the economic slowdown in China weighed.
Fears over a global economic downturn, led by a slowdown in China’s economy have intensified in recent days, accelerating a selloff.
Global oil production is outpacing demand following a boom in US shale oil production and after a decision by the OPEC last year not to cut production.

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MCX TIPS--- SILVER TRADING UPDATE BY MARKETMAGNIFY

Silver settled down -2.14% at 34652 continued their three-day losing streak despite a rebound in US stock markets following "Black Monday." Earlier this month Comex Silver price reached an August high of $15.59 as support seen on news that the FOMC would likely avoid hiking interest rates next month. Since then, Silver prices have fallen as U.S. and Chinese stock markets reel from their largest sell-offs in years. Yesterday bullion extended losses after data showed US CCI hit a seven-month high in August. This suggested underlying strength in the economy that could still allow the Fed to raise interest rates this year.

Silver trading range for the day is 33885-35825.

Silver prices tumbled sharply continued their three-day losing streak despite a rebound in US stock markets following "Black Monday."

The Conference Board said its index of consumer confidence jumped to 101.5 this month from a reading of 91.0 in July.

The People's Bank of China cut interest rates by 25 basis points to 4.6%, the bank also cut the reserve requirement ratio for large lenders by 0.5% to 18.0%.

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MCX TIPS---GOLD MARKET UPDATE BY MARKETMAGNIFY

Gold settled down -2.58% at 26740 ended lower amid easing anxiety of a possible stock market meltdown after China cut its benchmark interest rates to boost a faltering economy. The move encouraged investors back to equities with some bargain hunting evident in the process. The Chines decision to lower interest rates helped bring stability to global equity markets and as well bolstered the U.S. dollar, following yesterday's massive declines in global equity markets over fears focused on the economic doldrums in China. The Chinese authorities lowered interest rates overnight, hoping to jump start what was the world's fastest growing global economy.
Gold trading range for the day is 26233-27599.

Gold fell after an interest rate cut from China helped global markets rebound from the previous day's rout, with stocks rallying and the dollar also gaining.

Bullion extended losses after data showed US CCI hit a 7 month high in August, suggested strength in the economy that could still allow the Fed to raise rates this year.

Pressure also seen as global markets found some respite after the previous day's rout, with stocks markets rising and the dollar rebounded.

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MCX TIPS- MAIZE AGRI MARKET UPDATE 25- 08-2015

Maize settled up by 2.46% at 1377 tracking firmness in spot demand despite of weak trend in overseas prices. The October requirement of 1.5 million tonne too will need to be met with the stocks from 2014-15 crop. 

The availability from Uttar Pradesh is poor and prices are now at over Rs 12,600 per tonne and delivered to Haryana ranging between Rs 14,000-14,400 per tonne. 

There was increase of almost Rs 1,500 per tonne in 15 days. Delivered price of maize to south India, particularly Coimbatore region from Bihar is now at Rs 15,500 per tonne or more.

China's imports of corn and corn substitutes, including barley, sorghum and distillers' grain (DDGS) hit a record high in July as feed mills took advantage of cheap overseas prices to replace expensive domestic grain.

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