As gold, platinum prices fall, investors flee metal funds

Here's another sign that investors are getting tetchy about the performance of precious metals such as gold. According to Bank of America Merrill Lynch's weekly flows report, investors yanked USD 1 billion from precious metals funds in the week to Nov. 25, the chunkiest outflow in 17 weeks. Data this week were based on four days of fund flows as opposed to the normal five due to Thanksgiving holiday, the bank said. 

Precious metal funds typically focus investments in companies that mine, explore or deal in gold and other metals such as silver and platinum, the prices of which have been under the cosh recently. Gold is currently trading at USD 1,072 an ounce, near its lowest level since February 2010. Platinum, meanwhile, is close to a seven-year trough at USD 852 an ounce. Investment-grade bond funds saw outflows of USD 2.6 billion, the heftiest in eight weeks, while investors piled into money market funds, as shown by USD 12 billion of inflows. 

Emerging markets continued to be unloved as well. More money has fled emerging markets equity funds than has entered for the past four weeks, while bond funds have seen outflows in 17 of the past 18 weeks, the data showed.



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Turmeric Market News

Turmeric settled down -3.99% at 9424 due to lower upcountry demand at the spot market. Though, some losses were capped as traders are keen in buying the quality turmeric, and arrival of quality turmeric from the producing belts. As per latest sowing data from various state departments, turmeric sowing in Andhra Pradesh was 15,753 hectares, an increase over last year’s acreage but well below the normal sowing area of over 19,000 hectares. In Telangana, turmeric has been planted in 40,823 hectares, about 17 per cent lower than the normal sowing area. Similarly in Maharashtra and Karnataka the acreage dropped by about 25-30 per cent to 7,000 hectares and 12,000 hectares respectively. However, due to better irrigation facilities and sufficient rains, acreage in Tamil Nadu increased by 10-12 per cent compared to last year to over 50,000 hectares. The traders are keen in buying the quality turmeric and so grower brought quality turmeric for sale.


Trading Ideas:
Turmeric trading range for the day is 9140-9992.
Turmeric prices ended with losses due to lower upcountry demand at the spot market.
Though, some losses were capped as traders are keen in buying the quality turmeric, and arrival of quality turmeric from the producing belts.
NCDEX accredited warehouses turmeric stocks dropped by 526 tonnes to 5043 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 9745 rupees dropped -78.8 rupees.

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NCDEX SOYABEAN NEWS

Soyabean settled up 0.34% at 3840 due to drop in production from the major producing belts along with tightening supplies. However, an additional margin of 5 percent on soybean futures imposed by the National Commodity & Derivatives Exchange (NCDEX) capped some gains in soyabean prices. The USDA has recently estimated Brazil production 2.4% higher versus last year’s. Already the USDA report released on November 10 was bearish for the global market.

The 2015/16 U.S. season-average soybean price is projected at $8.40 to $9.90 per bushel, unchanged from last month. Soybean meal prices are also unchanged at $310 to $350 per short ton. The 4th estimate released by the GOI indicated lower than the estimated production for Indian soybean.

Trading Ideas:
Soyabean trading range for the day is 3730-3932.
Soyabean prices ended with gains due to drop in production from the major producing belts along with tightening supplies.
However, an additional margin of 5 percent on soybean futures imposed by the National Commodity & Derivatives Exchange (NCDEX) capped some gains.
NCDEX accredited warehouses soyabean stocks gained by 1122 tonnes to 29332 tonnes.
At the Indore spot market in top producer MP, soybean dropped -13 rupee to 3733 rupee per 100 kgs.

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MCX TIPS-- Copper Market News

Copper settled down -0.68% at 300.15 as expectations of higher interest rates in U.S., broadly stronger U.S. dollar and slower global economic growth weighed. 

Prices of the red metal were down as fears of a China-led global economic slowdown and a stronger greenback slammed commodities. Data showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month. Inbound shipments of refined copper are expected to drop in November. 

Growing supply of domestic refined copper, weak demand and no import profits will combine to reduce import demand. As the year-end nears, domestic copper smelters are expected to increase output to meet production target, in addition to support from the rise in spot TCs for copper concentrate, which rose to $100 per tonne in October, and this will grow refined copper supply in China.

Trading Ideas:
Copper trading range for the day is 294.6-305.6.
Copper prices seen under pressure as expectations of higher interest rates in U.S., broadly stronger U.S. dollar and slower global economic growth weighed.
Prices of the red metal were down as fears of a China-led global economic slowdown and a stronger greenback slammed commodities.
Data showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month.
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Gold near multi-year lows as U.S. data supports rate hike view

Gold hovered close to its lowest in nearly six years on Thursday, as the dollar held at multi-month highs and U.S. economic data reinforced market expectations of an interest rate hike this year.
FUNDAMENTALS
* Spot gold was little changed at $1,070.80 an ounce by 0031 GMT, after dropping 0.4 percent on Wednesday. The metal had fallen to $1,064.95 last week, the lowest since February 2010.
* Data on Wednesday showed that U.S. manufacturing output rose well above economists' expectations in October, while business spending plans surged. New applications for unemployment benefits dropped last week.
* Though other data showed only a small increase in U.S. consumer spending in October, it did little to alter views that the economy was strong enough for the Federal Reserve to raise rates at its next policy meeting in December.
* Higher rates would dent the appeal of non-interest-paying bullion, while boosting demand for the dollar.
* The dollar climbed to its highest in eight months against a basket of major currencies on Wednesday on the robust U.S. data.
* A stronger greenback makes dollar-denominated gold expensive for holders of other currencies.
* Gold had seen some safe-haven bids earlier in the week after Turkey downed a Russian fighter jet, stoking tensions between the two countries, but have faded since as investors fretted over the U.S. rate hike.
MARKET NEWS
* Asian shares advanced in early trade on Thursday, while growing bets the European Central Bank was gearing up to deliver further stimulus steps kept the euro under pressure.
DATA AHEAD (GMT)
No major data on tap for Thursday. U.S. markets shut for Thanksgiving holiday.

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Crude Surges, as energy markets react to downing of Russia jet in Turkey

Crude futures surged more than 2% amid intensifying global political discord, after Turkey downed a Russia fighter jet on the Syrian border on Tuesday morning. On the New York Mercantile Exchange, WTI crude for January delivery traded in a broad range between $41.84 and $43.45 a barrel, before settling at $42.92, up 1.17 or 2.80% on the session. At one point on Tuesday, Texas Long Sweet futures reached their highest level in two weeks before paring some of the gains late in the session.

 After slipping below $39 a barrel last week, the front month contract for U.S. crude has jumped by more than 6% over the last two sessions. On the Intercontinental Exchange (ICE), brent crude for January delivery wavered between $44.93 and $46.49 a barrel before settling at $46.16, up 1.33 or 3.00% on the day. 

With the considerable gains, North Sea brent futures moved above $46 a barrel for the first time in nine sessions. Meanwhile, the spread between the international and U.S. domestic benchmarks of crude stood at $3.24, above Monday's level of $3.08 at the close of trading.

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LIVE MCX TIPS CALL

SELL ZINC NOV BELOW 102.1 TARGET 101.5-101-100 WITH SL 104

SELL NATURAL GAS DEC BELOW 144.7 TARGET 143.1-141.1-138 WITH SL 149

SELL GOLD DEC BELOW 25180 TARGET 25150-25100-25000 WITH SL 25340 SELL


SILVER DEC BELOW 33650 TARGET 33550-33450-33200 WITH SL 33890

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Gold, silver, platinum at multi-year lows on robust dollar

Gold languished near its lowest level in nearly six years on Tuesday, while silver and platinum also held near multi-year lows on a strong dollar and increasing expectations that the Federal Reserve would increase U.S. interest rates next month.

FUNDAMENTALS

* Spot gold was little changed at $1,069.67 an ounce by 0042 GMT, after losing 0.8 percent in the previous session. The metal had fallen to $1,064.95 last week, its lowest since February 2010.

* U.S. gold was also near a six-year low of $1,062 reached last week.
* Silver steadied after slumping to $13.86 on Monday, the lowest since August 2009. Platinum was close to $839.50 reached in the previous session, its lowest since December 2008.

* The precious metals have been hit by strength in the dollar and expectations that the Fed would hike rates in December for the first time in nearly a decade.

* Demand for bullion and the other metals that do not pay any interest could be hurt by higher rates.

* San Francisco Fed President John Williams on Saturday cited a "strong case" for raising rates when Fed policymakers meet next month, as long as U.S. economic data does not disappoint, echoing other officials. Nonfarm payrolls data earlier this month also supported views of a strong economy.

* The dollar rose to an eight-month high on Monday on hopes of a hike next month. A strong greenback makes dollar-denominated gold and other metals more expensive for holders of other currencies.

* Investors have been pulling out of precious metals funds at a rapid pace, further hurting sentiment.

* Holdings of platinum ETFs are at a two-year low, while assets in palladium funds are close to their lowest since April 2014.

MARKET NEWS
* World equity markets slipped on Monday, with U.S. stocks ending slightly lower in quiet trading after strong gains last week.

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OPEC comments show lost relevance ahead of meeting

Comments from Saudi Arabian officials stirred speculation OPEC could be considering abandoning its market-based pricing strategy, but the cartel is unlikely to change policy and it heads into next week's meeting less relevant than ever. 

Oil surged Monday on remarks from Saudi officials that the country is willing to work with oil producing and exporting countries, both inside and outside of OPEC to maintain market and price stability. 

West Texas Intermediate crude futures shot higher after the comments but then fell back and fluctuated. "It's really just short covering. The Saudi comments are a reminder to the market that the Saudis aren't powerless, but OPEC is overall for sure. At some point, the sell-off will be vulnerable to a production response. The fact of the matter is if they really do cut production by a million or 2 million barrels, the market would react to that. 

I don't think they're ready to do that yet," said oil analyst John Kilduff of Again Capital. The comments echo others made by Saudi officials. But they did come a day after Venezuela's oil minister said OPEC cannot allow a price war and must act to stabilize prices. He said oil could go as low as the "mid-USD 20s." 

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Turmeric trading range for the day is 9642-10026

Turmeric settled down -1.15% at 9788 as pressure seen due to profit booking after prices seen supported due to persistent rains in south peninsula since last two weeks may damage turmeric crop in Tamilnadu and Karnataka. 

However, rains recorded in Telangana and Andhra Pradesh may enhance the production of Turmeric. Turmeric crop in Maharashtra is experiencing moisture stress in some parts. 

As per dept of commerce data, turmeric exports during April-Aug, 2015 pegged at 38,774 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14. 

As on latest sowing data, turmeric sowing In AP, is recorded at 15,864 hectares increase over last years’ acreage as well normal sowing area progress however in Telangana, the sowing area is lower than the normal sowing area at 40,823 hac compared to 43,470 hac last year. Spot turmeric prices increased at Erode markets on demand.
Trading Ideas:
Turmeric trading range for the day is 9642-10026.
Turmeric dropped as pressure seen due to profit booking after prices seen supported due to persistent rains in south peninsula since may damage turmeric crop.
However, rains recorded in Telangana and Andhra Pradesh may enhance the production of Turmeric.
NCDEX accredited warehouses turmeric stocks dropped by 30 tonnes to 5520 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 9787.5 rupees remains unchanged at0 rupees.

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NCDEX SOYABEAN MARKET UPDATE

Soyabean settled down -1.31% at 3919 amid prospect of ample South American supply too weighed on soyabean prices.

 As per the recent SEA data, export of soybean meal is at a historical low, reducing to 46,980 tons compared to 140,098 tons during the first seven months of the financial year 2015- 16. India’s vegetable oil imports jumped 24 per cent in oil year 2014-15 (Oct- Nov). 

As per COOIT, India is likely to produce 7.2 mt of soybeans in 2015, a dip of 15.3 percent over the last year, because of patchy rains in the top two producing states. However, as per the data release by SEA, for April—September period of the 2015—16 fiscal, soybean meal exports dropped sharply to 42,743 tonnes from 1,11,027 tonnes in the year— ago period. Argentina’s 2015/16 area under soybean is forecasted at 20.6 million hectares by the agriculture ministry, the first estimate of the season, in the monthly report. However, Rosario Grain Exchange had estimated 20.5 million hectares which is higher than their previous season’s estimate of 20.2 million hectares.
Trading Ideas:
Soyabean trading range for the day is 3859-4013.
Soyabean prices ended with losses amid prospect of ample South American supply too weighed on soyabean prices.
As per the recent SEA data, export of soybean meal is at a historical low, reducing to 46,980 tons compared to 140,098 tons.
NCDEX accredited warehouses soyabean stocks gained by 1364 tonnes to 25476 tonnes.
At the Indore spot market in top producer MP, soybean dropped -24 rupee to 3794 rupee per 100 kgs.

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MCX NICKEL NEWS

Nickel settled down -3.07% at 574.4 as prices seen under pressure as China's slowing growth, and a poor outlook for its struggling steel sector ramped up pressure on the glut-hit metal. 

Chinese steel demand shrank around 6 percent in January-October, according to the China Iron and Steel Association. 

Global nickel markets ended in small deficit of 39,000 tonnes in January-September 2015 with apparent demand exceeding production. The calculated full year surplus had stood at 241,800 tonnes in the whole of 2014, according to the latest data released by the World Bureau of Metal Statistics (WBMS). 

The statistics indicate that that reported stockpiles maintained by LME were 37,700 tonnes higher at the end of September this year from the closing levels of 2014. World Nickel mine production was 1,404 kt in January-September 2015, 118 kt lower when compared with the corresponding period during previous year. The ban on exports by Indonesian administration has led to reduced mine output from the country.
Trading Ideas:
Nickel trading range for the day is 555.3-607.9.
Nickel prices ended with losses as China's slowing growth, and a poor outlook for its struggling steel sector ramped up pressure on the glut-hit metal.
Global nickel markets ended in small deficit of 39,000 tonnes in January-September 2015 with apparent demand exceeding production.
Chinese steel demand shrank around 6 percent in January-October, according to the China Iron and Steel Association.


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Oil drops on supply glut despite cut in US oil rigs

Crude oil futures lost ground in early Asian trading on Monday, pressured by a global supply surplus despite a cut in the number of US oil rigs for an eleventh week out of 12. 

Benchmark front-month Brent futures for January LCOc1 had fallen 38 cents, or 0.85 percent, to USD 44.28 a barrel as of 0133 GMT, after it ending up 48 cents at USD 44.66 a barrel on Friday. 

US crude's West Texas Intermediate (WTI) January contract CLc1 dropped 54 cents, or 1.29 percent, to USD 41.36 a barrel against its previous settlement at USD 41.90. 

"The burden of carrying high US crude oil inventories is large," Kang Yoo-jin, commodities analyst at NH Investment and Securities based in Seoul, said in a note on Monday. 

"The markets would likely rebound only if they saw a fall in US crude inventories, while declining US crude output and seasonal demand provide some support to oil at low prices."



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