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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MCX TIPS- JEERA MARKET UPDATE BY MARKET MAGNIFY

Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Further, sowing progress of jeera in non-irrigated fields due to monsoon rains in August too fuelled the downtrend. As per the Agriculture Ministry, around 2.14 lakh ha crop has been damaged in Rajasthan, while 9,000 ha was damaged in Gujarat. In Gujarat, the total acreage is down 42% to 2.64 lakh ha compared to 4.54 lakh ha in 13-14. Jeera lost ground to coriander, fennel and fenugreek seed on comparatively lesser profit realisation in jeera during the last 2 years.

The demand for Indian jeera export may be lower for next 2 months but there is possibility of good demand after that as Syria and Turkey jeera may come to world market in August- September.

 According to 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. As per fourth advance estimate of Gujarat State, production is expected at 1.58 lt in 2014-15, which is 54.3 % lower, compared to last years’ production of 3.46 lakh tonnes.
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MCX TIPS Silver December contract trades flat

MCX SILVER September contract was trading at Rs 35418 up Rs 8, or 0.02 percent. The SILVER rate touched an intraday high of Rs 35441 and an intraday low of Rs 35295. So far 665 contracts have been traded. SILVER prices have moved down Rs 5677, or 13.81 percent in the September series so far.

 MCX SILVER December contract was trading at Rs 36236 up Rs 5, or 0.01 percent. The SILVER rate touched an intraday high of Rs 36250 and an intraday low of Rs 36115. So far 62 contracts have been traded. SILVER prices have moved down Rs 2884, or 7.37 percent in the December series so far.




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MCX TIPS--Surge in arrivals drags down Mentha oil futures

Mentha oil prices fell by 1.07 per cent on Monday at the Multi Commodity Exchange (MCX) as a result of the increased arrivals of the commodity in the physical market from the major producing belts in Uttar Pradesh. At MCX, Mentha oil futures for August 2015 contract, at MCX, were trading at Rs. 966.80 per kg, down by 1.07 per cent after opening at Rs. 980.10 against the previous closing price of Rs. 977.30.

It touched the intra-day low of Rs. 963.30 till the trading. Sentiment weakened further as the investors indulged in profit-booking in the midst of a fall in demand in the spot market. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

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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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