Crude rises sharply, as U.S. oil rigs fall to lowest levels since 2010

U.S. crude futures rose considerably on Friday, as oil rigs nationwide fell sharply last week providing signals that the wide gulf in the domestic supply-demand balance might be narrowing.
On the New York Mercantile Exchange, WTI crude for November delivery traded in a tight range between $44.00 and $45.80 a barrel, before closing at $45.55, up 0.81 or 1.81% on the day.
For the week, Texas Long Sweet futures were virtually flat after opening on Monday just below $45.40 a barrel. Although the price for the front month of WTI future contracts has not reached $50 a barrel since mid-July, the November contract has only fallen by roughly 1% over the last month of trading.
On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $46.94 and $48.50 a barrel, before settling at $48.17, up 0.48 or 1.01% on the session.

 After opening on Monday around $48.30 a barrel, brent futures fell less than 1% on the week. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at $2.62, below Thursday's level of $2.92 at the close of trading.




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General Mills Announces Recall of Frozen Green Beans Amid listeria Scare

General Mills (NYSE:GIS) announced on Friday that it is recalling 60,000 bags of its Cascadian Farm frozen green beans after a single package tested positive for the presence of listeria, marking the second time the company has had to recall the brand in the last three months. 

The recall pertains to frozen 16-ounce bags of Cascadian Farm green beans with the label "better if used by" June, 2017. The contaminated package in question was produced in June.

 In August, General Mills recalled 60,000 bags of 10-ounce Cascadian Farms frozen green beans produced in March. Eating food contaminated with listeria can lead to listeriosis, a rare, serious illness marked by fever and muscle aches, according to the U.S. Food and Drug Administration. 

Listeriosis can also be preceded by diarrhea and other gastrointestinal symptoms, the FDA said. 

The symptoms can appear anywhere from a few days to a few weeks after consumption of the contaminated foods.



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Daily Mcx Tips Update - Zinc Market News

Zinc settled up 0.86% at 111.15 rallied on Wednesday after sliding to multi months lows, but concerns lingered over slumping commodities prices and China's cooling economy. Since this week Zinc continued its downward slide hit a 5-year low last Monday due to fears about rising stocks and falling demand in China. The base metal fell by its maximum daily limit of 5% in trading on the Shanghai Futures Exchange as a result, reported the Financial Times. The rising stocks can be placed at London Metal Exchange warehouses in New Orleans, which climbed nearly 60% over the past month, showcasing just how much zinc could be unloaded in the market. Zinc had some of the strongest fundamentals to begin 2015, signaling it as one of the strongest performers of any metal.
Zinc trading range for the day is 108.9-112.7.
Zinc prices bounced off as market players looked ahead to a pair of manufacturing reports due out of China.
Japanese big manufacturers' confidence worsened in the three months to September and companies were cautious on the outlook.
Zinc daily stocks at Shanghai exchange came down by 1851 tonnes.
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Mcx Market Update

Silver settled down -1.17% at 34547 tracking weakness from Comex Silver which was down 0.6 percent at $14.52 an ounce and closed the quarter down nearly 8 percent hit its lowest level in two weeks and recorded its biggest quarterly loss in a year on Wednesday as U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise. While Comex Gold seen worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997.
The metal has come under pressure from expectations that the U.S. Federal Reserve is set to hike interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. In economic news, a report from payroll processor ADP on Wednesday showed stronger than expected private sector job growth in September, reflecting strong job growth at large businesses. The upbeat jobs data could be a catalyst for the Fed to move towards a hike in interest rates with focus now on Friday's employment data, despite some persistent global economic headwinds led by China.

Silver trading range for the day is 34086-35230.

Silver prices dropped as optimistic U.S. employment data bolstered hawkish arguments for an interest rate hike by the U.S. central bank.

Data showed U.S. companies hired workers at a solid clip in September, adding a more-than-expected 200,000 jobs.

Holdings at ishares silver trust gained by 0.36% i.e. 35.61 tonnes to 9907.38 tonnes from 9871.77 tonnes.


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Synalloy, others seek dumping duties on Indian steel pipes

Steel products maker Synalloy Corp and its U.S. competitors have urged regulators to apply anti-dumping duties on welded stainless pressure pipes from India, the company said.
Imports of the pipes from India have increased at an "unbelievable rate" over the past three years at prices well below U.S. market prices, Synalloy said on Wednesday.
Synalloy's unit Bristol Metals LLC, along with Felker Brothers Corp, Outokumpu Stainless Pipe Inc and Marcegaglia USA, has petitioned the Department of Commerce and the U.S. International Trade Commission (ITC) to take action.

Welded stainless pressure pipe imports from India jumped to 12,101 tons from 281 tons between 2012 and 2014.
ITC is required to make a preliminary ruling on the companies' petition within 45 days.
The Commerce Department will likely issue preliminary duty rulings in early 2016, with final rulings by both agencies due by late 2016, the company said.
A group of U.S. steel pipe producers had sought duties in July on imports of a certain type of welded carbon steel pipes from South Korea, Mexico and Turkey.
On Sept. 3, U.S. officials said they found reasonable evidence U.S. producers of steel pipes and tubes are injured by these imports, taking the complaint a step closer to import duties.

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Copper Slips On China Growth Concerns

Copper prices fell by 0.36 per cent on Tuesday as concerns over the health of China's economy dampened appetite for the red metal. 

Private sector data last week revealed that manufacturing activity in China in September contracted at the fastest pace since the global financial crisis, fueling fears over slackening demand for the industrial metal.
At the MCX, copper futures for November 2015 contract were trading at Rs. 332.80 per 1 kg, down by 0.36 per cent, after opening at Rs. 332.70 against the previous closing price of Rs. 334. It touched the intra-day low of Rs. 329.75 till the trading. (At 4.45 PM today). 

However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 625 metric tonnes to 321600 metric tonnes as on September 29, 2015.

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क्रूड में कमजोरी बढ़ी, सोने पर दबाव

अमेरिकी क्रूड इन्वेंटरी में कमी आने की उम्मीद से कल क्रूड में तेजी आई थी लेकिन आज एशियाई कारोबार में कच्चे तेल में दबाव दिख रहा है। नायमैक्स पर कच्चा तेल 1.02 फीसदी गिरकर 45 डॉलर के नीचे कारोबार कर रहा है। वहीं ब्रेंट क्रूड 0.50 फीसदी घटकर 48 डॉलर के नीचे फिसल गया है।

उधर सोने में भी दबाव बना हुआ है। सोने का भाव 0.20 फीसदी की गिरावट के साथ 1120 डॉलर के करीब है। वहीं चांदी मामूली बढ़त के साथ 14.60 डॉलर के आसपास दिख रही है।


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Crude Futures Jump Nearly 2%, Ahead of Weekly API Supply Report

Crude futures rose considerably on Tuesday erasing most of their losses from the previous session, ahead of the release of the American Petroleum Institute's weekly crude supply report after the close of trading. 

On the New York Mercantile Exchange, WTI crude for November delivery traded in a tight range between $44.35 and $45.70 a barrel, before settling at $45.27, up 0.82 or 1.83% on the session.

 It came one day after NYMEX oil prices slid more than 2%, amid stronger indications from the Federal Reserve that it will raise interest rates before the end of the year. 

U.S. crude futures have now closed higher in three of the last five sessions. While WTI crude has gained more than 2.25% in value over the last month of trading, it still remains only slightly above its late-August level when it crashed to fresh six and a half year lows. 

On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $47.27 and $48.62 a barrel, before closing at $48.27, up 0.92 or 1.95% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $3.00, slightly above Monday's level of $2.98 at the close.


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India gets first tranche of imported pulses

India, which is facing shortage of pulses, has received the first trance of 1,872 tonnes of tur dal, an official statement said on Monday.
The pulses, whose tender was floated by state-run Metals and Minerals Trading Corporation of India (MMTC) recently to tame the rising prices, were being allocated to states as per their requirements, it added.
"The first tranche of 888 tonnes and 984 tonnes of tur dal has arrived at Chennai Port and Mumbai's JNPT on September 23 and September 24 respectively," the consumer affairs, food and public distribution ministry said in the statement.
The remaining consignment of 5,000 tonnes of tur (pulse), already ordered for the import, would be received soon, it added.
Besides, the MMTC, which handles trading of primary products such as coal, iron ore, and manufactured agro, would also open the bids for importing additional 5,000 tonnes of tur on October 1.
Meanwhile, the consignment of 5,000 tonnes of urad (pulse) from Myanmar will reach India by October 20.
During the fourth meeting of the inter ministerial committee on prices and availability of essential food items chaired by Consumer Affairs Secretary C. Viswanath here, it was also disclosed that the first tranche of onion is expected to arrive from China and Egypt on October 3.

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Oil prices volatile in Asian trade

Oil prices were volatile in Asian trade on Tuesday as equities tumbled over concerns the slowing Chinese economy could weigh on global economic growth. 

US benchmark West Texas Intermediate for November was up seven cents to USD 44.50 and Brent crude for November added four cents to USD 47.38 in late-morning trade, but prices were swinging in positive and negative territory. 

"We think the prices of key commodities, such as oil and copper, are close to finding a floor, but sluggish demand growth and battles among producers for market share will keep prices under pressure for some time to come," Barclays bank said in a market commentary. 

Analysts said the bearishness in equities was spilling over into the oil market, with resources firms leading a sell off in Asian stock markets today. 

Demand has been hit hard by a slowdown in China, the world's top energy consuming nation, while other Asian countries have also seen their economic growth shaved. 

Profits at China's major industrial companies yesterday fell almost nine per cent in August from a year ago, the biggest decline since 2011, in the latest sign of weakness in the world's second biggest economy.



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MCX Silverm February contract declines

MCX SILVERM November contract was trading at Rs 36009 down Rs 86, or 0.24 percent. The SILVERM rate touched an intraday high of Rs 36021 and an intraday low of Rs 35941.

 So far 1744 contracts have been traded. SILVERM prices have moved down Rs 7051, or 16.37 percent in the November series so far. MCX SILVERM February contract was trading at Rs 36737 down Rs 92, or 0.25 percent.

 The SILVERM rate touched an intraday high of Rs 36745 and an intraday low of Rs 36646. So far 35 contracts have been traded. 

SILVERM prices have moved down Rs 764, or 2.04 percent in the February series so far.


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Oil prices fall on slowing global economic growth outlook

Oil prices dropped in Asian trading hours on Monday despite a fourth weekly fall in US drilling activity, with analysts pointing to the weak economic outlook as the main reason for low crude prices. 

China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent. 

The International Monetary Fund is likely to revise downwards its estimates for global economic growth due to slower growth in emerging economies, IMF head Christine Lagarde said in a newspaper interview. 

In line with bearish sentiment, Brent crude futures LCOc1 were down almost 1 percent, or 45 cents, at USD 48.15 per barrel at 0138 GMT (2038 EDT). 

US West Texas Intermediate (WTI) futures CLc1 were also 1 percent lower, or 47 cents, at USD 45.23 a barrel.


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