Daily Mcx Market Update On Crude oil

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Crude oil prices rose by 1.05 per cent on Wednesday on hopes for major producers to begin to trim output and even as US industry estimates showed a massive build in US crude stockpiles last week. The American Petroleum Institute's weekly crude stockpile report released showed an 11.4 million barrels build, well above the 3.5 million barrels seen. Separately, Wednesday's report from the US Department of Energy could show that domestic crude inventories rose by 3.5 million barrels for the week ending on January 22.

 At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,122 per barrel, up by 1.05 per cent, after opening at Rs. 2,080 against the previous closing price of Rs. 2,100. It touched the intra-day high of Rs. 2,135 till the trading. Crude prices rallied after Nawal al-Farzaia, Kuwait's OPEC governor, made bullish comments on the possibility that the cartel could reduce supply levels in an effort to stem record-low price declines.

Daily Mcx Market Update On Natural Gas

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Natural Gas futures rallied in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market amidst hopes than an extended cold snap in the US may bolster the heating demand for the fuel in the world’s biggest economy. 

After a massive snowstorm that hit the US East Coast last weekend, natural gas traders are pinning hopes on an extended run of below-normal temperatures that may boost demand for gas-fired heating at offices and homes, eroding stockpiles which are at multi-year highs. Updated weather forecasts called for colder weather persisting over the next two weeks across parts of the US. 

Today's Mcx Market Update On Crude oil

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US crude oil prices were stable in early Asian trading on Friday after bouncing away from 12-year lows the previous day as rallying financial markets gave some traders reason to cash in on record short positions. 

Front-month West Texas Intermediate (WTI) crude futures CLc1 were trading at USD 29.82 per barrel at 0056 GMT (1956 EDT), up 29 cents from their last settlement and over USD 3.50 above 2003 lows reached earlier this week. 

Traders said that a lot of people with open short positions in the market, which profit from falling prices, had decided to cash in when prices had fallen 30 percent between the beginning of the year and the middle of this week, and flip into buying at low costs, lifting prices.

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JEERA NCDEX UPDATE

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Jeera settled up 0.51% at 13915 as the overall acreage of jeera is likely to decline by 15-20 percent. In Gujarat state, current year, sowing completed 2,68,400 hectares, Normal area is 3,52,300 hectares. Last year Jeera sowing reported 2,66,700 hectares. Jeera sowing reported higher by 1700 hectares in Gujarat as compared to last year area, sowing almost completed in Gujarat current year. Farmers reveled that, Jeera sowing delay in Gujarat as compared to Rajasthan around 25-30 days. Weather in growing areas remain a very important factor for the near term market sentiments.

Trading Ideas:
Jeera trading range for the day is 13685-14065.
Jeera prices gained as the overall acreage of jeera is likely to decline by 15-20 percent.
Jeera sowing reported higher by 1700 hectares in Gujarat as compared to last year area, sowing almost completed in Gujarat current year.
India's total carryover stock is currently estimated between 0.7-0.8 million bags versus 2.5 million bags a year ago.
In Unjha, a key spot market in Gujarat, jeera edged up by 1.35 rupees to end at 14705 rupee per 100 kg.

CHANA NEWS TODAY

Chana settled down by -0.82% at 4360 on hopes of rise in arrival of new crop in the coming days coupled with pressure of imported crop. Reports subdued demand at higher prices as the standing chana crop is developing well in Rajasthan and MP also weighed. As per data release by Agriculture Ministry, Chana planted 81.08 lakh tonnes (lt) so far, compared with 79.95 lt last year.

Trading Ideas:
Chana trading range for the day is 4304-4458.
Chana prices dropped on hopes of rise in arrival of new crop in the coming days coupled with pressure of imported crop.
Reports subdued demand at higher prices as the standing chana crop is developing well in Rajasthan and MP also weighed.
As per data release by Agriculture Ministry, Chana planted 81.08 lakh tonnes (lt) so far, compared with 79.95 lt last year.
In Delhi spot market, chana remains unchanged at by 0 rupee to end at 4850 rupee per 100 kgs

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Copper Falls prey to Profit-booking

Copper futures were trading tad lower in the domestic market on Wednesday as the sharp surge in prices in the previous session prompted traders, to book profits, in the industrial metal, at existing levels. 

Prices of the metal soared by nearly 3 per cent on Tuesday as reports that Chinese smelters may slash output by a total 200,000 metric tons next quarter to support prices, and speculation of further China stimulus after the People’s Bank of China said that it would "flexibly" use various policy tools to maintain appropriate liquidity, bolstered sentiment. 

China is the world’s biggest consumer of copper, accounting for more than 40 per cent of the metal’s global consumption. At the MCX, Copper futures for February 2016 contract is trading at Rs 316.5 per kg, down by 0.05 per cent after opening at Rs 316.25, against the previous closing price of Rs 316.65. It touched the intra-day low of Rs 315.2.


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Gold retains losses as dollar rallies on Fed rate hike view

Gold struggled to recover from overnight losses on Tuesday on expectations of a Federal Reserve rate hike next week and a robust dollar.

FUNDAMENTALS

* Spot gold was little changed at $1,071.52 an ounce by 0009 GMT. It fell as much as 1.6 percent on Monday to hit a session low of $1,069.66.

* Friday's strong U.S. nonfarm payrolls data supported widely held market views that the Fed would hike interest rates for the first time in nearly a decade later this month.

* Gold gained 2.3 percent on Friday on short-covering immediately after the data, but with the focus back on the rate rise next week, investors sold off the metal on Monday.

* The dollar extended gains against a basket of major currencies on Monday, helped by the jobs data and the looming rate hike, further weighing on bullion.

* Higher rates tend to drag on non-interest-paying gold by increasing the opportunity cost of holding it, while boosting the dollar.

* Bullion has lost about 9.5 percent for the year, its third straight annual decline, on expectations of the rate hike.

* Investor sentiment has been downbeat. Assets in SPDR Gold Trust <GLD>, the world's largest gold-backed exchange-traded fund, tumbled 0.65 percent to 634.63 tonnes on Monday, the lowest since September 2008.

MARKET NEWS

* Oil prices skidded to their lowest level in nearly seven years on Monday as a global glut showed no signs of abating. Stock markets fell.

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Oil tanks near seven-year low on OPEC decision

US oil prices finished at their lowest level since February 2009 in New York trade as markets continue to reel from OPEC's refusal last week to cut back production.

 

The January contract for West Texas Intermediate crude sank USD 2.32 to USD 37.65 a barrel on the New York Mercantile Exchange, a drop of 5.8 percent. In late-afternoon trade in London today, Brent North Sea crude also was languishing near 2009 lows. 

The Organisation of the Petroleum Exporting Countries - which pumps about 40 percent of the world's crude oil - decided on Friday against cutting output to raise prices. The 13-member OPEC cartel took no action to shore up the market and observers said it appeared to be in disarray. 

"The decision by OPEC members to keep oil production output at record high levels has seen oil prices plummet again," said Sanjiv Shah, chief investment officer of Sun Global Investments.

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Zinc trading range for the day is 100.9-105.5

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Zinc settled up 0.98% at 103.15 after a report showed U.S. employers added more jobs than forecast in November, boosting demand prospects. The rise in payrolls followed a gain a month earlier that was bigger than previously estimated, while the jobless rate held at a seven-year low, a government report showed. Even before Friday's release, data indicated that the U.S. labor market added more than 200,000 monthly jobs on average this year. 

The unemployment rate in November held steady at 5.0%, while average hourly earnings ticked up by 0.2%. Combined zinc inventories in Shanghai, Tianjin and Guangdong added 10,300 to 323,800 tonnes this past week. Tianjin’s zinc inventories fell only slightly. Shanghai saw zinc inventories grow on large inflows of imported zinc and normal supplies from zinc smelters.

Trading Ideas:
Zinc trading range for the day is 100.9-105.5.
Zinc settled up after a report showed U.S. employers added more jobs than forecast in November, boosting demand prospects.
The rise in payrolls followed a gain a month earlier that was bigger than previously estimated, while the jobless rate held at a seven-year low.
Zinc weekly stocks at Shanghai exchange came down by 519 tonnes.

Gold inches higher on short covering, weak U.S. data

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Gold ticked up for a third session on Wednesday, buoyed by short covering following a dip in the dollar and soft U.S. manufacturing data.

FUNDAMENTALS

* Spot gold edged up 0.1 percent to $1,070.60 an ounce by 0036 GMT, after gaining about 1 percent in the past two sessions.

* U.S. manufacturing contracted in November for the first time in three years, sending the dollar sliding from an 8-1/2 month high reached on Monday.

* The weakness in the dollar provided some support for the greenback-denominated gold and an opportunity for investors to cover short positions. Hedge funds and money managers are holding a record net short position in COMEX gold contracts, data on Monday showed.

* Despite the recent gains, the outlook for gold remains bearish due to a looming U.S. rate hike.

* The Federal Reserve is widely expected to raise U.S. rates this month for the first time in nearly a decade.

* Bullion fell to a near-six-year low last month and posted its biggest monthly drop in 2-1/2 years in November as investors believed higher rates could weaken demand for non-interest-paying bullion.

MARKET NEWS

* U.S. stocks closed higher on Tuesday despite mixed U.S. economic data as treasury yields and the dollar declined while oil prices were choppy ahead of an OPEC meeting later this week.

* The U.S. dollar nursed broad losses early on Wednesday, having retreated from a multi-month peak as bulls got cold feet after U.S. manufacturing contracted in November for the first time in three years.

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, 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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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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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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Oil up a fraction but near 3-month lows on surplus supply

Oil futures inched up in early Asian trading on Friday, but remained near three-month lows after a persistent supply glut has cut prices by up to 13 percent since the start of November. 

Front-month Brent futures for January climbed 14 cents at USD 44.32 a barrel as of 0227 GMT, following the previous session's 4 cent gain. 

US crude's West Texas Intermediate (WTI) futures were quoted 3 cents higher at USD 40.57 a barrel after settling down 21 cents at USD 40.54 on the previous session USD 44.18 a barrel. 

"Oil markets are really moving range bound...mainly because fundamentals have yet to change," Daniel Ang, an investment analyst at Phillip Futures Pte Ltd, said. 

"Markets are a bit fearful that Iranian oil could come in." Crude futures have already lost around 60 percent of their value since mid-2014 as supply exceeds demand by roughly 0.7 million to 2.5 million barrels per day to create a glut that analysts say will last well into 2016.


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