MCX TIPS- CRUDE OIL AND GOLD MARKET UPDATE

CRUDE OIL

Crude oil prices dipped on Friday after news top oil exporter Saudi Arabia sees no need for a summit of producing countries' heads of state to defend prices, partly offsetting the previous session's strong rally on bullish gasoline demand.
The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel. The US crude October contract CLc1 also lost 29 cents to USD 45.63 a barrel after it settled up USD 1.77, or 4 percent, at USD 45.92 a barrel.
Saudi believes such a summit by oil producers would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.

GOLD
Gold clung to small overnight gains near USD 1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall
as investors continued to fret over the timing of a looming US interest rate hike. FUNDAMENTALS
*Spot gold was little changed at USD 1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session.
*Earlier in the week, gold had fallen to USD 1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
*US gold GCcv1, also headed for a third weekly dip, was trading at USD 1,110.40.
*Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a US interest rate rise, before taking any big positions in gold
*Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a US rate increase, which had been expected as early as this month.

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NCDEX LIVE MARKET UPDATE

SOYABEAN

Soyabean settled down by -1.1% at 3158 on weak demand in export market and on higher supply of the crop from United States. Prices of the bean were under pressure after India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Soybean oilmeal exports dropped to 768 tons in August compared to 2,778 tons for the corresponding period a year earlier, data from SEA of India showed. Meanwhile, the export of soybean meal is at a historical low during current year and reduced month by month and reported 18,017 tons in April, 14,046 tons in May, 2,098 tons in June, just 928 tons in July 2015. China August soybean imports fell 18% to 7.78 million on year, the government data showed.
Soyabean trading range for the day is 3112-3238.

CHANA

Chana settled down by -5.41% at 4583 due to sluggish demand in the spot market. Further, impositions of additional margin in Chana provided some more selling pressures as moderate corrections were noted across most agricultural sectors, too weighed on chana prices. With new crop arrivals still some time away in India, some more firmness cannot be ruled out. With favorable weather condition and increased MSP Tur farmers started early sowing and area was expected to increase in the beginning. But deficit rainfall started affecting production.
Chana trading range for the day is 4371-4951.

TURMERIC

Turmeric settled down by -1.45% at 8306 as heavy rainfall in Andhra Pradesh and other major growing regions weighed on prices. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, deficient monsoon in August may affect turmeric production in rainfed areas. As on 2nd Sep 2015, turmeric sowing In AP, is recorded at 12,322 hectares increase over last years’ acreage and almost same as normal sowing area progress while in Telangana, only 82 per cent sowing is completed which normally should be completed as per normal schedule. At Warangal market estimated market supply was at 150 bags, steady as against previous day’s arrival. At Salem market arrivals were reported at 1 quintals, steady as against previous day’s arrival.
Turmeric trading range for the day is 8104-8680.

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MCX MARKET TIPS OVERVIEW

GOLD
Gold dropped as a broadly stronger U.S. dollar and rallying global equity markets reduced the appeal of the precious metal. Gold prices were also weighed amid ongoing uncertainty about whether the Federal Reserve will increase interest rates later this month when it meets on September 16-17. Last week's U.S. jobs report failed to provide much clarity on when the U.S. central bank will decide to raise short term interest rates. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Gold has failed to attract strong investor interest as a safe haven despite the recent weakness in stocks due to worries over the Chinese economy, showing that the metal is struggling to find direction outside U.S. monetary policy.
Gold trading range for the day is 25683-26659.
SILVER
Silver settled down -1.03% at 35294 amid a broadly stronger dollar and the introduction of further stimulus measures by China to rekindle its flagging economy. Economic data showed U.S. job openings surged to a record high in July and employers appeared to have trouble filling openings, the latest signal of an increasingly tight labour market that could push the Federal Reserve closer to raising interest rates. The job openings rate surged 3.9% in July, after measuring at 3.6% the previous three months. It also came off the back of a mixed employment report for August on Friday when the labor market added 173,000 non-farm payrolls, while the unemployment rate dropped to 5.1%, its lowest level since April, 2008. Stocks around the globe rallied after Chinese officials calmed markets by unveiling new policy measures aimed at stabilizing the equity market as well as boosting the slowing economy.
Silver trading range for the day is 34786-36242.
CRUDE OIL
Crudeoil settled down -1.97% at 2989 pressured by ample supply and concerns about demand being curbed by slowing economic growth. Prices extended losses as U.S. equities turned lower after the prospect of economic stimulus from China boosted stock markets in Japan and Europe. Crude oil futures have been under pressure from concerns about swollen inventories, high global production and the increasing likelihood that Iranian barrels will return to export markets even as slowing growth in China threatens demand. The U.S. Energy Information Administration cut its forecast for 2015 and 2016 world oil demand growth in its monthly report. While Saudi Arabia's crude oil production dipped by 100,000 barrels per day in August, the Organization of the Petroleum Exporting Countries continued to produce close to record volumes.
Crudeoil trading range for the day is 2908-3124.

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Oil Prices Remain low As Japan Data Hints At Weaker Asia Economy

Crude oil prices slipped a fraction in early trading on Thursday as shrinking Japanese machinery orders fuelled concerns that weak levels of investment could further erode already slow growth in Asia.
Japan's core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, fell 3.6 percent in July, official data showed on Thursday.
That was much worse than a 3.7 percent increase expected by economists, and followed a 7.9 percent month-on-month decline in June.
In China, Asia's biggest economy, analysts already expect a further slowdown in economic growth, now at its lowest in a generation.
Benchmark Brent crude oil futures were trading at $47.52 per barrel at 0130 GMT, just below levels of their last settlement. U.S. crude futures were virtually unchanged at $44.16 a barrel.
Oil prices have fallen by over 50 percent since June 2014, when soaring global output began to clash with slowing economies in Asia, the main growth engine for commodities of the last years.
The weakening in Asia's economies and commodity demand is having far-reaching effects.


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TOday Soyabean Update By MarketMagnify

Soyabean settled down by -1.93% at 3193 due to approaching harvest season of India and the US. Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States. An USDA report had indicated last week that the US crop condition was stable. India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Prices of the bean were also down after the United States department of agriculture (USDA) rose 2015-16 United States soybean production forecast while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.
Soyabean trading range for the day is 3134-3290.
Soyabean prices dropped due to approaching harvest season of India and the US.
Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States.
An USDA report had indicated last week that the US crop condition was stable.
At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3359 rupee per 100 kgs.
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Today Mentha Oil Live Update

Mentha oil settled up by 0.65% at 915.8 driven by strong demand at spot markets from consuming industries. Besides, restricted arrivals from Chandausi in Uttar Pradesh too influenced mentha oil prices. 

At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), lower by 1 Drums(1-drum-180kg) as against previous day. 

Menthaoil trading range for the day is 888.9-932.3.
Mentha oil spot at Sambhal closed at 1036.40 per 1kg.
Spot prices is up by Rs.2.00/-.
Mentha oil prices ended with gains driven by strong demand at spot markets from consuming industries.
Besides, restricted arrivals from Chandausi in Uttar Pradesh too influenced mentha oil prices.
At Chandausi market sources reported arrivals at 15 Drums (1-drum-180kg), lower by 5 Drums(1-drum-180kg) as against previous day.


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OPEC Says Indonesia To Rejoin Oil Group After 7-Year Break

Indonesia is reactivating its membership of the Organization of the Petroleum Exporting Countries in December, OPEC said on Tuesday, which would add almost 3 percent to the group's oil output already close to a record high.
The southeast Asian country would be the fourth-smallest producer in the Organization of the Petroleum Exporting Countries ahead of Libya, Ecuador and Qatar, and bring the number of participants to 13 countries.
Indonesia was the only Asian OPEC member for nearly 50 years before leaving the group at the start of 2009 as oil prices hit a record high, and rising domestic demand and falling production turned it into a net oil importer.
In a statement, OPEC said Indonesia's request to reactivate its full membership was circulated to OPEC members and following their feedback, OPEC's next meeting on Dec. 4 will include the formalities of reactivating its membership.
"Indonesia has contributed much to OPEC's history," the statement from the group's Vienna headquarters said. "We welcome its return to the Organization."
Indonesia's Energy Minister, who OPEC said will be invited to December's meeting, told Reuters earlier on Tuesday the country would return as a full member.
OPEC pumps more than a third of the world's oil and is engaged in a defense of market share, having dropped its long-standing policy of cutting output to support prices in November 2014.
The addition of Indonesia's output will boost OPEC's production by about 2.6 percent based on July output figures towards 33 million barrels per day (bpd) - far in excess of OPEC's 30 million bpd official target.
OPEC output has not been above 32 million bpd since 2008, before Indonesia's exit.

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Weak Economic Outlook and Oversupply Weigh On Oil Markets

Oil prices remained weak on Tuesday as the global economic outlook darkened further and cooperation between oil producing countries to curb oversupply looked unlikely. 

Japan's economy shrank an annualised 1.2 percent in April-June, revised GDP data showed on Tuesday, despite ongoing government and central bank measures to support growth.

"Oil prices are now expected to stay around current levels until the end of 2015, before rising to the mid to high 50s by the end of 2016," National Australia Bank said in its September.

 US crude benchmarks were at USD 44.60 per barrel at 0152 GMT, down USD 1.45 since Friday's close, weighed down by the closure of the largest crude distillation unit at Exxon Mobil Corp's 502,500 barrel-per-day (bpd) Baton Rouge, Louisiana, refinery.

 US markets were closed on Monday for a holiday. 

Not impacted by the refinery outage, Brent futures firmed 32 cents in early trading to USD 47.95 barrel, although the global benchmark was still down USD 1.32 from its opening value on Monday.


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Gold Holds Near 2-1/2 Week low as US Rate Outlook Weighs

Gold steadied on Tuesday after a four-day losing streak, but the metal wasn't too far from a 2-1/2-week low as it struggled to find direction amid uncertainty over a looming U.S interest rate hike.
* Spot gold ticked up 0.1 percent to USD 1,120.61 an ounce by 0048 GMT. It slid to USD 1,116.20 on Monday, its lowest since August 19. * US gold GCcv1 dipped 0.1 percent to USD 1,120.10.
* Investors had been awaiting Friday's US jobs report to gauge the strength of the economic recovery and whether it would prompt the Federal Reserve to hike rates at its policy meet later this month. But the data failed to provide adequate clarity regarding a Fed move amid volatility in financial markets.
* Bullion traders have said gold will likely be under pressure until the Fed policy meet on Sept. 16-17 due to persistent uncertainty. Gold prices have been dented this year by expectations the Fed will hike rates for the first time in nearly a decade.
* Gold has failed to find a strong safe-haven bid despite the recent weakness in stocks due to worries over the Chinese economy. It has also failed to pick up cues from trading activity in the dollar, showing that gold is struggling to find direction outside of US monetary policy.

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LME Inventory Data Today – 07/09/2015

COMMODITY	Data of 04/09/2015 (Released on Friday)	PREVIOUS-DAY DATA (07/09/2015)
ALUMINIUM	- 8900 MT	- 8950 MT
COPPER	- 4975 MT	- 3525 MT
LEAD	- 2925 MT	- 2125 MT
NICKEL	- 48 MT	- 1668 MT
TIN	NA	- 35 MT
ZINC	- 2025 MT	+25775 MT

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Today Turmeric Update By MarketMagnify

Turmeric settled flat on late profit booking after prices gained due to falling stocks, lower arrivals amidst festive season demand and export queries. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, deficient monsoon in August may affect turmeric production in rainfed areas. As on 26 Aug 2015, turmeric sowing In AP, is recorded at 11,724 hectares increase over last years’ acreage but below normal area of 12,275 hectares while in Telangana, 78 per cent sowing is completed at 38,990 hectares, still below the normal area 42,983 hectares as on 19th Aug.
Turmeric trading range for the day is 8636-9152.
Turmeric settled flat on late profit booking after prices gained due to falling stocks, lower arrivals amidst festive season demand and export queries.
Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period.
NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 12987 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 8496 rupees gained 46 rupees.

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Zinc Drops 0.54% on Downbeat Demand

Zinc futures fell by 0.54 per cent to Rs 119.70 per kg today as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. Zinc futures for September 2015 contract, at MCX, were trading at Rs 119.70 per kg, down by 0.54 per cent after opening at Rs. 120.20 against the previous closing price of Rs. 120.35. It touched the intra-day low of Rs. 119.40 till the trading. 

However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2025 metric tonnes to 526875 metric tonnes as on September 4, 2015. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

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Oil prices down in Asian trade

Oil prices eased in Asian trade on Monday as dealers await the US Federal Reserve's decision on whether to raise interest rate following a mixed August jobs report, analysts said. US benchmark West Texas Intermediate for October delivery fell 35 cents to USD 45.70 while Brent crude for October eased 38 cents to USD 49.23 in mid-morning trade. 

The US Labor Department said Friday the economy added 173,000 jobs in August, fewer than estimated. 

However, the previous two months' job gains were revised upward, pushing the unemployment rate down more than expected to 5.1 percent, its lowest level since April 2008.


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