Friday, 4 October 2013
Today's Outlook on Commodity Market
- Gold prices are expected to go up as uncertainty over budget talks continues which could possibly delay Fed’s decision to wind down its stimulus program as economic growth would likely take a hit if shutdown continues for a long time.
- We expect crude oil prices to move up over supply concerns due to storm in the Gulf of Mexico which can support prices.
- We expect copper prices to move down as absence of physical demand from China and higher supplies are likely to weigh on prices.
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Fundamental Outlook of Crude Oil
Crude oil dropped on Thursday, recoiling after posting their largest gain in two weeks a day earlier, as worries about the impact of the continuing U.S. government shutdown on demand from the world's largest oil consumer undermined prices.
Crude oil is trading marginally lower on NYMEX today. We expect prices to remain range bound with a negative bias for the day as the U.S. government shutdown continued and concerns about demand from the world's largest oil consumer outweighed news of production shutdowns in the U.S. Gulf of Mexico due to a tropical storm.
Thursday, 3 October 2013
Today's News on Gold Market
A heavy open interest pick up was witnessed in MCX Gold on 1 October 2013. Gold contract for December expiry declined by almost 3% to settle at Rs 29028 per 10 grams. A low of Rs 29815 per 10 grams was tested in Gold. Further correction looks probable in this metal. Continuation of the short build ups will mean that Gold can be dragged near to Rs 28500 in near term. Meanwhile, Rs 29600 and 29900 per 10 grams has become a intermediate resistance for Gold. In Silver, panic selling can derail the prices towards Rs 47000 and 46600 per kg on MCX. The December futures closed at Rs 47902 per kg, down 2.6%.
Industrial Metal Market News on 03/10/2013 by Market Magnify
Industrial metals prices fell to its lowest in aweek yesterday as the U.S. government shutdown reignited concerns about the world's largest economy and sparked a wave of fund and institutional selling, offsetting upbeat U.S. manufacturing data.
Industrial metals prices are trading little changed on international bourses today. We do notexpect any major downside in the prices of metals on account of better economic data fromChina and US and a weak US dollar overseas.
Domestic Market Update on Soyabean Crop
On Tuesday, soybean ended the session on a higher note supported by lower arrivals in the spot market. Lower arrivals during the season have raised concerns over the crop size this year. The actual loss due to abnormal rains can be larger than estimated. Hence, until we see a major pick up in arrivals in the spot markets, bulls will continue to ride over the bears. Soy oil prices gained sharply due to improved demand of oil in the spot market ahead of the festivities. Lower crushing in the last two months has resulted in lower oil availability which is also a supporting factor. The appreciation of the home currency against the dollar will keep the gains limited for the day. Our view in soybean would be supportive for the start but actual arrivals in the spot market and demand progress during the day will drive the sentiments.
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Fundamental Outlook of Crude Oil
Crude oil dropped on Wednesday as a budget impasse continued to keep parts of the U.S. government shut down.
Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day on worries a prolonged U.S. government shutdown would hurt demand in the world's biggest oil consumer.
Tuesday, 1 October 2013
Today's News on Gold Market
Spot gold prices declined around 0.7 percent yesterday on the back of declining trend in SPDR gold holdings. Further, weak global market sentiments on the back of rising concerns regarding US debt ceilingexerted downside pressure on prices.However, sharp downside in the prices was cushioned as result of weakness in the DX. The yellow metal touched an intra-day low of$1322.95/oz and closed at $1326.90/oz in yesterday’s trading session.
In the Indian markets, gold prices traded lower by 1 percent and closed at Rs.30,425/10 gms after touching an intra-day low of Rs.30,160/10 gms on Monday.
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Industrial Metal Market News on 01/10/2013 by Market Magnify
Industrial metals prices steadied yesterday as soft dollar and signs of steady global growth offset investors' concerns about the prospect of an imminent U.S. government shutdown.
Industrial metals prices are trading firm on international bourses today. We expect a further rise in the prices of metals on account of better economic data from China. Buying at dips is recommended for the day.
Domestic Market Update on Soyabean Crop
In the domestic markets, soybean futures surged 3 percent on the back of domestic cues and rising hopes of a bullish USDA data. Rains in the growing regions of India have raised concerns over the damage caused to the standing crops. Further the arrivals in the spot markets were limited which further added fuel to prices. Many mandis in Madhya Pradesh will remain closed this week on festivities which means lower spot market availability. However, the supply scenario and the large carryover stock continues to paint a bearish picture for the oilseed. Arrivals will augment from the coming week which means price should eventually cool down. Traders should sell the rallies till Rs 3600 per quintal in the November contract for a downside of Rs 3400 with a stop loss of Rs 3700.
Fundamental Outlook of Crude Oil
Crude oil dropped to a 2-1/2 month low early on Monday, with markets uncertain on the outlook for demand as a shutdown of U.S. government operations seemed more likely.
Crude oil is trading lower on NYMEX today.
We expect prices to trade lower for the day on the prospect of a U.S. government shutdown that could crimp oil demand, while investors also eyed easing tensions in U.S.-Iran nuclear talks.
Monday, 30 September 2013
Today’s Outlook on Commodity Market
- Gold prices are expected to move up due to uncertainty surrounding a decision on the budget talks.
- We expect crude oil prices to remain in range today as fears of a strike at an oil refinery can offset the downside due to rising supplies and demand concerns over US government shutdown.
- We expect copper prices to move up on expectations for good demand from China. However, a week long holiday beginning from tomorrow could limit upside.
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07316619100
Today's News on Gold Market
Spot gold prices rose by around 1 percent on a weekly basis on the back of decision taken by the Federal Reserve of delayed QE taper during the FOMC meet earlier this week, thereby leading to weakness in the DX.
Mixed global market sentiments and decline in SPDR Gold holdings by 0.5 percent to 905.99 tonnes restricted sharp gain in prices of the yellow metal.
In the Indian markets, gold prices traded higher by 2.9 percent over the week owing to depreciation in the Rupee.
Domestic Market Update on Soyabean Crop
The soybean complex has remained in a tight trading range over a week. The active month November soybean contract have been in a range of Rs 3500 -3420 a quintal. Arrival pressure has not been felt by the markets yet due to weather anomalies and this is holding on to the prices. Once the arrivals begin in full swing we expect soybean prices to witness a sharp downside in prices. On the flipside, the weakening home currency against the dollar will support the sentiments of a bull. What we require is a forceful trigger to over play other factors and drive prices out of the trading range. We expect arrivals to rise from this week which should keep the prices under pressure. For the day traders should sell soybean November contract on rallies to Rs 3500per quintal with a stop loss of Rs 3550 for a target of Rs 3350.
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Fundamental Outlook of Crude Oil
Crude oil fell for a sixth session out of seven on Friday as a U.S.-Russia deal to remove chemical weapons from Syria and talks on resolving tensions over Iran's nuclear plans helped ease fears over Middle East supply risks.
Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day as tensions over Iran eased and as a potential U.S. government shutdown clouded the outlook for demand.
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07316619100
Friday, 27 September 2013
Today's News on Gold Market
December futures gold prices traded down at the COMEX platform and ended at $1324, down by $12. At the MCX, the same contract ended at Rs 29,419, down by Rs 455. Although there were no major developments yesterday, the US data was mostly mixed, eventually keeping gold prices lower. Interestingly, there is no activity at the world’s largest gold-backed ETF and the holdings continue to remain unchanged at 909.59.
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Industrial Metal Market News on 27/09/2013 by Market Magnify
Industrial metals prices edged higher yesterday,supported by improving demand in topconsumer China, but renewed worries overthe U.S. fiscal outlook and federal debt kept gains in check.
Industrial metals prices are trading little changed on international bourses today. We do not expect any major downside in the prices of metals on account of better demand prospects from China. Copper and Lead in particular can be bought for the day.
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07316619100
Fundamental Outlook of Crude Oil
Crude oil dropped for a sixth day running on Thursday, in what could be its longest daily losing streak inmore than a year, as key producer Iran sought to speed up talks on its nuclear program and after a rise inU.S. crude inventories.
Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day as a U.S.-Russia deal to remove chemical weapons from Syria and talks on resolving tensions over Iran's nuclear plans helped ease fears over Middle East supply risks.
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Domestic Market Update on Soyabean Crop
In the domestic market, soybean prices ended the session a tad lower after rising above previous day’s close. Concerns over the damage due to rains to the standing groundnut crop in Gujarat kept the sentiments positive for all the major oilseeds. Soybean arrivals in the spot market of Madhya Pradesh were recorded at 175,000 bags compared to 150,000 bags. It is expected that from the coming week, arrivals in the spot market will rise and we could witness upto 300,000-350,000 bags. This may keep prices under pressure. Mustard and soy oil prices remained sideways and prices were not able to sustain at higher levels. Yields this year have a taken a hit but the overall crop size is larger than last year. Considering this we expect harvest pressure to bring down soybean and oil prices though the sharp downside will be limited due to concerns over the US soybean crop. For the day, we recommend selling November soybean contract between Rs 3465-3485 per quintal with a stop loss above Rs 3550 for a target of Rs 3300.
Today's Outlook on the Commodity Market
Gold prices are expected to move down due to positive USeconomic data but uncertainty regarding the US debt ceiling issue can keep prices in check.
We expect crude oil prices to move down on optimism over negotiations with Syria and Iran, easing supply worries.
We expect copper prices to move down as worries over US budget talks is likely to weigh on prices.
Thursday, 26 September 2013
Highlight of The International Commodity Market
- US Core Durable Goods Orders declined by 0.1 percent in August.
- GfK German Consumer Climate rose to 7.1-level in September.
- US New Home Sales gained by 31,000 to 421,000 in the last month.
- UK’s CBI Realized Sales jumped to 34-mark in the current month
- LME Copper inventories fell 0.6 percent in yesterday’s trading session.
- US crude oil inventories surged unexpectedly by 2.6 mn bbl yesterday.
Asian markets are trading lower today on the back of rising concerns over the US debt ceiling which poses a threat of growth in the world’s largest economy.
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07316619100
Domestic Market Update on Soyabean Crop
In the domestic markets, soybean prices witnessed a seesaw session but ended the day on a positive note. Weather premiums continue to build as arrivals in the spot markets remain lower due to slowdown in the harvesting process. The active monsoon trough over the Western and Central India have bought heavy showers leading to concerns over crop damage. Heavy rains in Gujarat have damaged the groundnut crop which is supporting sentiments across the oilseed market. Arrivals of soybean in the Madhya Pradesh spot market were 100,000 bags. Mustard prices surged in yesterday’s session on active buying interest ahead of the festival season. . For the day we expect the bias to remain positive due to unfavourable weather conditions.
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Today's News on Gold Market
Spot gold prices gained around 0.8 percent yesterday on the back of weakness in the DX. Further, favorable economic data from the US in yesterday’s trade supported an upside in prices.
However, sharp upside was capped as a result of declining trend in SPDR gold holdings to 909.59 tonnes. Additionally, weak global market sentiments coupled with rising concerns over the US debt ceiling restricted positive movement in prices. The yellow metal touched an intra-day high of $1337.90/oz and closed at $1333/oz in yesterday’s trade.
On the MCX, October contract gold prices jumped around 1.3 pecentand closed at Rs.30,215/10 gms after touching an intra-day high of Rs.30,290/10 gms on Wednesday.
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07316619100
Industrial Metal Market News on 26/09/2013 by Market Magnify
Industrial metals prices traded mixed yesterday as solid demand from China helped stem three consecutive days of falls, though uncertainty about the U.S. fiscal outlook and its monetary policy kept gains in check.
Industrial metals prices are trading little changed on international bourses today. In the evening session we have the final GDP numbers to be released by the US. Any higher than expected data reported is likely to lend support to base metals prices.
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07316619100
Wednesday, 25 September 2013
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Monday, 6 May 2013
COPPER
Copper rose more than 6 percent on Friday, its strongest daily gain in 18 months, as economic stimulus moves by central banks raised investor confidence over growth of industrial metals demand.
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U.S.CRUDE
U.S. crude rose $1.27 a barrel to a one-month high of $96.88 at 0000 GMT on Monday, down slightly from a high of $96.97. On Friday, it settled up $1.62, or 1.7 percent, at $95.61, its highest close since April 3.
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BRENT CRUDE
Brent crude also rose $1.14 to $105.33 a barrel after it previously settled at $104.19 a barrel.
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GOLD
Gold added $3.46 an ounce to $1,473.66 by 0037 GMT after rising as high as $1,487.80 on Friday, its strongest since April 15, on safe haven buying after a cut in interest rates by the European Central Bank and the U.S. Federal Reserve’s decision to stick to its stimulus programme.
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Friday, 3 May 2013
LME COPPER
Three-month copper on the London Metal Exchange rose 0.6 percent to $6,891 a tonne by 0108 GMT. Despite gaining since Thursday, the contract is down nearly 2 percent for the week, its second loss in three weeks.
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COPPER
London copper futures rose for a second session in a row on Friday, backed by the European Central Bank’s interest rate cut to support a recession-hit euro zone, although the modest gains indicated caution ahead of a U.S. jobs report.
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U.S.CRUDE
U.S. crude for June delivery was little changed at $93.80 a barrel by 0036 GMT after settling at $93.99 on Thursday. The contract jumped 3.3 percent in the prior session, its biggest daily increase since early November
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BRENT CRUDE
Brent crude held below $103 a barrel on Friday, holding on to most of its steep gains from the previous session when an interest rate cut by the European Central Bank boosted investors’ appetite for riskier assets
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SPOT GOLD
Spot gold hit an intraday high around $1,468 an ounce and stood at $1,466.74 by 0022 GMT, up only 50 cents from the previous close. Investors are waiting for U.S. non-farm payrolls report for April due on Friday, which will signal the longer-term prospects for the Fed’s monetary stimulus.
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GOLD
Gold edged up slightly on safe-haven buying on Friday, heading for a second straight weekly gain, after the European Central Bank cut interest rates to an all-time low and the U.S. Federal Reserve said it would keep up its bond purchases to spur growth.
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Thursday, 2 May 2013
COPPER
Copper slid on Wednesday, extending its deepest monthly drop in almost a year in April, due to concerns over growth in top metal consumer China and in the United States after data suggested the world’s two biggest economies remain fragile.
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U.S.CRUDE
U.S. crude futures dropped for a third session running on Thursday, hurt by weak economic data from top oil consumers China and the United States although the Federal Reserve’s commitment to sustain monetary stimulus kept losses in check.
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BRENT CRUDE
Brent, which fell more than 2 percent on Wednesday, edged up 11 cents to $100.06 a barrel by 0233 GMT on Thursday after hitting a low of $99.51 — just shy of the prior session’s trough of $98.76.
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SPOT GOLD
Spot gold fell $1.18 an ounce to $1,455.56 by 0035 GMT, having shed more than 1 percent in the previous session — its biggest daily drop since the bullion’s historic decline in mid-April. It hit a low of $1,439.74 on Wednesday, the weakest since April 25.
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GOLD
Gold held near its weakest level in almost a week on Thursday, shrugging off the U.S. Federal Reserve’s decision to maintain its loose monetary policy, pressured by a drop in holdings on exchange-traded funds, equities and other commodities.
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LME COPPER
Three-month nickel on the London Metal Exchange closed down 3.7 percent at $14,820 a tonne after earlier tumbling to a session low of $14,788 a tonne, the weakest since July 2009.
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Monday, 29 April 2013
COPPER
London copper drifted on Monday, after rising half a percent to log its biggest weekly gain since early February last week, as slower-than-expected U.S growth hurt the demand outlook, while hopes for further central bank easing lent support.
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U.S.CRUDE
U.S. crude futures slipped for the second straight session on Monday after data showed the U.S. economy grew less than expected in the first quarter, stoking concern over the prospects for demand in the world’s top oil consumer.
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BRENT CRUDE
Brent crude eased under $103 a barrel on Monday as investors fretted about the uncertain outlook for growth in the world’s two largest oil consumers, the United States and China.
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SPOT GOLD
Spot gold had risen $1.15 an ounce to $1,463.65 by 0025 GMT, having posted its biggest weekly gain in three months last week. Gold plunged to around $1,321 on April 16, its lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.
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GOLD
Gold ticked up on Monday, holding near its highest level in more than a week, as a rebound in prices from a 2-year trough failed to curb investor appetite for the precious metal.
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LME COPPER
Three-month copper on the London Metal Exchange edged down by 0.26 percent to $7,011.75 a tonne by 0109 GMT, extending losses from the previous session when it closed down by 2 percent.
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Friday, 26 April 2013
LME COPPER
Three-month copper on the London Metal Exchange had edged up 0.11 percent to $7,037 a tonne by 0107 GMT, adding to gains from the previous day when it snapped a three-session losing streak to close up by 2.3 percent.
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COPPER
London copper held steady above the $7,000 mark on Thursday, keeping its 2-percent gain from the day before after a stream of poor economic indicators in Europe raised hopes for easier monetary policy, prompting shorts to rush for cover.
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U.S.CRUDE
U.S. crude gained $2.25 to settle at $91.43 a barrel. Brent settled $1.42 higher at $101.73 a barrel.
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SPOT GOLD
Spot gold fell $2.14 an ounce to $1,428.66 by 0045 GMT. Gold sank a combined $225 on April 12 and 15 in a sell-off that surprised ardent gold investors and bulls.
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GOLD
Gold inched lower on Thursday, hovering below a 1-week high hit earlier this week, as firm equities sapped interest in the precious metal, which has seen steady outflows on exchange-traded funds.
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Thursday, 25 April 2013
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LME COPPER
Three-month copper on the London Metal Exchange had edged up 0.11 percent to $7,037 a tonne by 0107 GMT, adding to gains from the previous day when it snapped a three-session losing streak to close up by 2.3 percent.
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Tuesday, 23 April 2013
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