Oil falls to lowest in over 2 mths on swelling inventories

US crude fell for the third session in a row on Friday to trade at the lowest in more than two months, as a relentless climb in oil stockpiles helped trigger a 10 percent drop in prices since the beginning of November. 

Benchmark US crude futures were at USD 41.47 a barrel at 0139 GMT, down 28 cents from Thursday, when prices tumbled 4 percent on the back of rising US stocks. 

The contract was trading at the lowest since Aug 27. Internationally traded Brent crude futures were at USD 44 a barrel, down six cents. "Crude prices dropped to the lowest level in more than two months after US oil stockpiles climbed for a seventh week," ANZ bank said on Friday referring to official US data that saw crude inventories rise by 4.2 million barrels last week against a market expectation of a 1.3 million barrel gain.


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सोने में सुस्ती, कच्चा तेल लुढ़का

अमेरिकी फेड के अगले महीने तक ब्याज दरें बढ़ाने की चिंता में अंतर्राष्ट्रीय बाजार में सोना 6 साल के निचले स्तर पर लुढ़क गया था। फिलहाल सोने का भाव 0.16 फीसदी की बढ़त के साथ 1083 डॉलर के नीचे दिख रहा है। वहीं क्रूड में भी गिरावट देखने को मिल रही है।
नायमैक्स पर कच्चे तेल का भाव 0.47 फीसदी की गिरावट के साथ 42 डॉलर के नीचे और ब्रेंट पर 0.11 फीसदी की बढ़त के साथ 45 डॉलर के आसपास है। वहीं चांदी हल्की कमजोरी के साथ 15 डॉलर के नीचे दिख रही है। जबकि कॉपर 0.05 फीसदी गिरकर 2 डॉलर के थोड़ा ऊपर दिख रहा है।


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NCDEX CHANA MARKET UPDATE

Chana futures fall on yesterday as speculators trim their positions due to increase in margins for the buy side. 

Chana Dec futures closed lower by 2.81% at Rs. 5,042 per quintal. NCDEX has issued circular regarding increasing in special margin in cash for the buy side by 25 per cent for Chana (CHARJD DEL) Nov 2015, Dec 2015 and Jan 2016 expiry contracts and CHANA2MT Dec 2015 contract with effect from beginning of day Monday, November 9, 2015.
Recently, Maharashtra has exempted stock limit for pulses importers but once it sells the imported pulses to a wholesaler, the limit will become applicable.

 The Agriculture Ministry has sought inter-ministerial comments on a proposal to create a buffer stock of 3.5 lakh tonnes of pulses in 2015-16 crop year. 

The sowing of chickpea has already begun and early trends suggest that acreage under this main pulses crop is set to make a significant gain this season.
Outlook
Chana price may trade sideways to lower due to increased supplies in the spot market from the imported pulse as stock limit is exempted from the importers. However, good demand from the industrial buyers may keep prices higher above Rs. 5,000 levels.

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Oil price to rise only gradually to $80 by 2020

Oil is unlikely to return to USD 80 a barrel before the end of the next decade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day, the International Energy Agency said on Tuesday.

 In its World Energy Outlook, the IEA said it anticipates demand growth under its central scenario will rise annually by some 900,000 barrels per day to 2020, gradually reaching demand of 103.5 million bpd by 2040. 

The drop in oil to around USD 50 a barrel this year LCOc1 has triggered steep cutbacks in production of US shale oil, one of the major contributors to the oversupply that has stripped 50 percent off the price in the last 12 months. 

"Our expectation is to see prices gradually rising to USD 80 around 2020," Fatih Birol, the executive director of the IEA, told Reuters ahead of the release of the report. 

"We estimate this year investments in oil will decline more than 20 percent. But, perhaps even more importantly, this decline will continue next year as well." 

"In the last 25 years, we have never seen two consecutive years where the investments are declining and this may well have implications for the oil market in the years to come."

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Jewellers see flat gold sales this Dhanteras

Gold sales are likely to be flat this Dhanteras, which is considered as an auspicious day to buy precious metals, due to weak economic environment and poor monsoon, jewellers said.

 Jewellers also expect demand to be more inclined towards investment related items like coins, bars after launch of three schemes by Prime Minister Narendra Modi last week. Dhanteras, which usually falls two days ahead of the Diwali festival, will be celebrated on Monday this year.

The business during this Dhanteras is likely to be "similar to last year or go up marginally", Anmol Jewellers Founder Ishu Datwawani told PTI. 

"It has been a quieter year, where revenue has dropped. However, for the last two months we are witnessing a spike in sales, but in phases," he said. 

ADVERTISING P N Gadgil Jewellers' CMD Saurabh Gadgil said that compared to last year the market is not so buoyant but the weakness in gold prices will keep up some of the demand.


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