Oil heads for third weekly loss after Fed rate hike

Crude futures fell in Asian trading on Friday as fresh signs of inventory building and the Federal Reserves rate hike this week kept prices under pressure amid a global glut of oil that shows no sign of abating. 

US crude's West Texas Intermediate (WTI) futures CLc1 were down 18 cents at USD 34.77 a barrel by 0104 GMT (8.04 am EDT). The contract fell 1.6 percent to USD 34.95 a barrel on Thursday. 

Brent LCOc1 fell by 19 cents to USD 36.87 a barrel. It fell 33 cents to USD 37.06 a barrel on Thursday. Both contracts are on track to post a third week of losses, with US crude down 2.4 percent and Brent off by 2.6 percent. 

WTI is less than 60 cents away from the low reached during the global financial crisis of USD 32.40 in December 2008, while Brent is less than 70 cents off its nadir of USD 36.20 the same month.

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Gold holds losses from biggest dip in five months

Gold steadied on Friday but largely retained losses made a day earlier when the metal suffered its biggest slide in five months after the Federal Reserve hiked US rates for the first time in nearly a decade. 

FUNDAMENTALS 

* Spot gold ticked up 0.3 percent to USD 1,053.96 an ounce by 0051 GMT as the dollar eased on profit taking following sharp gains. 

* The metal slid 2 percent on Thursday, its biggest one day slide in five months. It is down 2 percent for the week in its worst weekly performance in six weeks. 

* Gold has come under intense sell off since the Federal Reserve raised the range of its benchmark interest rate by a quarter of a percentage point on Wednesday, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. 

* The move sent the dollar to a two-week high on Thursday against a basket of major currencies. 

* On the other hand, gold saw little interest, with investors sending the yellow metal to USD 1,047.25 in the previous session, close to a near-six-year low. 

* Gold has tumbled 11 percent this year, largely on uncertainty around the timing of the rate rise and on fears that higher rates would hit demand for the non-interest-paying metal. 

* Many are predicting further drops. Gold is likely to test the key USD 1,000 level soon, technical analysts said. 

* Assets in SPDR Gold Trust, the world's top gold-backed exchange-traded fund, fell 0.70 percent to 630.17 tonnes on Thursday, the lowest since September 2008.

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Crude falls after U.S. fed rate hike, inventory gains

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Crude futures fell in Asian trade on Thursday, adding to sharp losses the previous session after the Federal Reserve raised rates for the first time in nearly a decade and official figures showed a surprise build in U.S. inventories.

West Texas Intermediate for January delivery, the front-month contract, was down 12 cents to $35.40 a barrel by 0248 GMT after finishing down nearly 5 percent on Wednesday.

Brent crude for February delivery, the front-month contract from Thursday, fell 21 cents to $37.18. The global benchmark fell $1.34 to $37.39 the previous session.

"Last night's inventory data from the U.S. was clearly unsettling," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

"We are now seeing signs of the U.S. dollar getting stronger in our time zone as well, following on from the Fed," he said.

The dollar added almost 1 percent to 98.812 against a basket of major currencies and looked set for another test of stiff resistance around the 100.00 mark.

The U.S. Fed hiked interest rates for the first time in nearly a decade on Wednesday, a sign it believes that the U.S. economy had largely overcome the calamity that was the 2007-2009 financial crisis.

Higher U.S. rates typically support the dollar, making oil and other commodities denominated in the greenback more expensive, undermining demand.

Gold dips in choppy trade after Fed rate hike

Gold slipped on Thursday, giving back some of its overnight gains, in choppy trading after the Federal Reserve raised US interest rates for the first time in nearly a decade. 

The US central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. 

Gold has slumped nearly 10 percent this year, largely on uncertainty around the timing of the US rate hike and on fears that higher rates would hit demand for the non-interest-paying precious metal. 

Though the Fed decision removes an overhang for gold prices, the focus now shifts to the central bank's pace of future rate increases. Spot gold dipped 0.2 percent to USD 1,070.70 an ounce by 0037 GMT. 

The metal had rallied before the Fed decision on Wednesday and managed to hold on to most gains post the central bank statement, ending the day up 1.2 percent. US gold GCcv1 fell 0.6 percent to USD 1,070.50, following a 1.4 gain in the previous session.

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US crude dips for 1st time in 3 days as Fed decision looms

US oil prices fell in Asian trade on Wednesday, snapping two days of gains that pulled crude back from testing 11-year lows, as investors awaited the outcome of a Federal Reserve meeting that will likely raise interest rates. 

West Texas Intermediate fell 50 cents to USD 36.85 a barrel by 0048 GMT after rising more than USD 1 on Tuesday. 

It fell to USD 34.53 on Monday, the lowest since it financial crisis bottom of USD 32.40, before ending the day higher. Brent had yet to trade. The contract settled up 53 cents at USD 38.45 a barrel on Tuesday, closing higher for the first in eight days. 

On Monday, the global oil benchmark came within 14 cents of a December 2008 bottom of USD 36.20, unleashing a surge of buying support.

 The Federal Reserve on Tuesday started a two-day meeting where it is expected to raise rates eight years after a devastating recession opened an era of loose US monetary policy. 

A rise in rates is typically negative for oil prices because a hike is likely to prop up the greenback, making crude contracts more expensive as they are denominated in dollars.



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NCDEX TIPS :- Intraday Chana News

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Chana settled down by -1.35% at 4736 as ample stocks position in the physical market on improved supplies following government measures weighed. Since imposition of the stock holding limits on pulses by the states, 1.3 lakh tonnes of pulses have been seized till December 2. As per data release by Agriculture Ministry, pulses planted on 100.4 lakh hac, lower by 7 per cent compared to last year acreage as on now. The acreage under chana reported higher in Maharashtra and Andhra Pradesh compared to last year’s acreage but lower in Rajasthan as per data released by respective state agriculture department. India has imported 3.07 lakh tonnes (lt) of Chana until September in the current financial year.

Trading Ideas:
Chana trading range for the day is 4635-4881.
Chana settled down as ample stocks position in the physical market on improved supplies following government measures weighed.
Since imposition of the stock holding limits on pulses by the states, 1.3 lakh tonnes of pulses have been seized till December 2.
As per data release by Agriculture Ministry, pulses planted on 100.4 lakh hac, lower by 7 per cent compared to last year acreage as on now.
In Delhi spot market, chana gained by 16.65 rupee to end at 5166.65 rupee per 100 kgs.

MCX TIPS- copper Market News

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Copper settled down -0.18% at 310.40 while the session was another muted session as investors positioned for a looming US rate hike. While slowly outlook improving as some bearish traders left the market after a major US copper producer cut supply. Copper prices may see support after the update that mining giant Glencore announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet. The Swiss-based company cut its capital expenditure for 2016 to $3.8 billion, from an earlier estimate of $5 billion. Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts. In September, the firm said it would reduce copper production from mines in Zambia and the Democratic Republic of Congo by 400,000 tons.

Trading Ideas:
Copper trading range for the day is 307.1-313.1.
Copper dropped as demand from China wanes and as traders cut risk ahead of a U.S. Federal Reserve meeting next week.
However downside was limited after mining giant Glencore announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet.
Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts.

OPEC points to larger 2016 oil surplus as group's output hits multi-year high

OPEC pumped more oil in November than in any month since late 2008 and forecast little increase in demand for its crude next year, pointing to a larger supply surplus even as low prices hurt rival producers.

The Organization of the Petroleum Exporting Countries in a report also forecast supply from non-member countries will fall more sharply next year, which would suggest its strategy, reaffirmed last week of defending market share, is working.

OPEC's report follows an acrimonious OPEC meeting on Dec. 4, where it rolled over a policy of pumping crude to safeguard market share, despite oil prices that have more than halved to $40 a barrel in 18 months due to excess supply.

A year ago, Saudi Arabia pushed though an OPEC decision to defend market share instead of cutting output to support prices, hoping to slow growth in rival supplies such as U.S. shale oil.

"U.S. tight oil production, the main driver of non-OPEC supply growth, has been declining since April," OPEC said in the report. "This downward trend should accelerate in coming months given various factors, mainly low oil prices and lower drilling activities."

Supply outside OPEC is expected to decline by 380,000 barrels per day (bpd) in 2016, the report said, as output falls in regions such as the United States and former Soviet Union. Last month, OPEC predicted a drop of 130,000 bpd.

But OPEC also increased its 2015 non-OPEC supply growth forecast by 280,000 bpd, citing upward revisions to output from the United States, Brazil, Russia and the UK, among other countries.

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Oil prices to benefit Asian EMs, refining hubs

The slump in oil prices to levels not seen since the global financial crisis has fanned expectations of deflation, hammered economies of producers and flattened share prices of once high-flying energy companies. 

But according to one analyst, lower oil prices could actually help some emerging market economies and refiners by lifting disposable incomes and improving margins. "Cheaper feedstock costs will support refining margins, while lower import costs will encourage greater consumer spending, driving economic growth in the emerging economies," said Peter Lee, Oil & Gas Analyst at BMI Research on Tuesday. 

US WTI and Brent crude oil prices are trading around seven-year lows, tanking after OPEC last week decided not to cut its 30-million-barrel a day production ceiling to support depressed energy prices. Major producers of refined fuels in Asia include South Korea, Singapore, Japan and Taiwan that rely on crude oil imports to supply the sector. 

"Regional demand for oil products at the higher-end of the barrel, notably gasoline and naphtha, remains strong, providing opportunities for refiners to capitalize on higher margin products," said BMI's Lee.

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