|
Prev
Next
|
|
| As on Sep 17, 2019 12:00 AM |
Your results on : End Session |
|
|
| COMEX Gold futures stayed lax today as some profit selling was seen in the metal as weak retail demand in India continued to weigh on the sentiments. The metal had surged yesterday amid a massive jump in global crude oil prices but moderated today and currently trades at $1511 per ounce, flat on the day. MCX Gold futures are currently trading at Rs 38149 per 10 grams, down 0.08% on the day after testing a low under Rs 38000 level. Some recovery can emerge in local Gold as the Indian Rupee tumbled today amid a deep slide in local stocks and latest jump in global crude oil futures. INR closed at 71.78 per US dollar, falling 18 basis points on the day. Powered by Commodity Insights |
The US Soybeans futures settled higher on tight NOPA stocks. USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week. NASS reported the US soybean crop with 95% of the crop setting pods and 15% dropping leaves (38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report showed August crush among its members at 168.085 mbu, well above trade estimates. Powered by Commodity Insights |
COMEX Gold futures jumped on soaring crude oil prices and continued buying support. COMEX Gold is up 0.70% at 1510 per ounce. MCX Gold futures are up 1.30% at Rs 38006 per 10 grams. Safe haven buying increased after the US President Donald Trump said that the United States was locked and loaded for a potential response to drone attack on Saudi Arabia's oil facilities. Crude oil futures surged today after a major drone attacks on two Saudi Aramco oil facilities in eastern Saudi Arabia. A sharp decline in last week which pulled the WTI futures near one week low of $54 per barrel also acted in favor of the bulls as traders looked at an immediate squeeze on global crude oil supplies to the tune of 5%. However, the US President Donald Trump said that he has authorized releasing oil from the Strategic Petroleum Reserve and this pulled the WTI Crude lower after the commodity tested around four month high of $63.47 per barrel. The counter currently trades at $60.36 per barrel, up 10% on the day. MCX Crude oil futures are trading at Rs 4325 per barrel, up 10.50 on the day after hitting high of Rs 4350 mark. Powered by Commodity Insights |
Renewed buying interest was emerged in guarseed and oilseeds seed commodities after sharp sell off in previous trading sessions. However, weakness was seen in chana and jeera counters due to supply pressure in local mandies. In today's trading, the NCDEX Guarseed September futures added 0.80 percent due to strong global cues. Strong buying interest was also seen in oilseeds counter in today's trading as most of the speculators are expecting recovery in oilmeal exports in the current season. The NCDEX Mustard seed September settled at Rs 3925 per quintal, up 0.60 percent from last close. On the other side, selling was seen in chana market as prices declined today due to bearish nodes in other pulses. Powered by Commodity Insights |
| India's crude oil imports in August 2019 were USD 10.88 billion (Rs. 77,380.49 crore), which was 8.90% lower in Dollar terms (6.81% lower in Rupee terms), compared to USD 11.94 billion (Rs. 83,032.28 crore) in August 2018. Oil imports in April-August 2019-20were USD 55.33 billion (Rs. 3,85,835.81 crore) which was 6.34% lower in Dollar terms (3.81% lower in Rupee terms) compared to USD 59.07billion (Rs. 4,01,124.26 crore), over the same period last year. Powered by Commodity Insights |
| Silver futures slipped heavily on constant profit selling pressure as traders eyed weakness in Gold. The COMEX Silver futures eased to three week low under $17.50 per ounce. MCX Silver futures eased from highs above Rs 51300 per kg and extended losses once the key Rs 50000 level was broken to end around Rs 45800 per kg. India's Silver imports stayed firm, rising by 80% on year to Rs 1971 crore in August 2019. There are some worries over the global demand given the tepid global economic growth and fresh buying is limited in the metal after the prices tested their three year high of $19.75 per ounce at the start of this month. Meanwhile, the Fraunhofer Institute for Solar Energy Systems (ISE) has recently provided some research updates to improve the screen-printing process used to apply silver fingers in silicon solar cells. The fine-line metallization process could reduce module silver consumption 30%, a figure which would have significant ramifications on overall manufacturing costs of Solar cells. ISE is the largest solar energy research institute in Europe. Powered by Commodity Insights |
Copper soared impressively amid steady cues from global equities and easing of trade tensions between the United States and China. China said that it will exclude some agricultural products from additional tariffs on US goods. A slide in US dollar and hopes of continued easy monetary policy from major global central banks also helped COMEX Copper surge to $2.70 per pound – its highest mark in nearly six weeks. Meanwhile, the US dollar index slipped to two week low of 97.86 after falling under 98 level. Despite the latest surge, Copper may face some headwinds in coming weeks on broad concerns over global demand. In a latest press briefing, Gerry Rice, Director of the Communication Department at the International Monetary Fund (IMF), noted that the pace of global economic activity remains subdued. The rising trade and geopolitical tensions have increased uncertainty taking a toll on business confidence, investment and global trade. He further stated that the ongoing US China tariffs, including those implemented and announced, could potentially reduce the level of global GDP by 0.8% in 2020 with additional losses in future years. Powered by Commodity Insights |
WTI Crude oil futures extended losses as OPEC and its allies reiterated their commitment to current output cuts, but failed to announce bigger production cuts as some had expected in the wake of easing tensions between the US and Iran. WTI Crude tested one week low near $54 per barrel. MCX Crude oil extended losses under Rs 4000 per barrel and closed around Rs 3900 per barrel mark. Oil market also eyed a monthly report from the International Energy Agency which said that supplies from outside of OPEC would rise by 2.3 million barrels a day in 2020, from 1.9 million barrels a day this year. The IEA left its daily global demand growth forecast at 1.1 million for 2019 and 1.3 million barrels for 2020. OPEC lowered its forecast for global oil-demand growth in 2019 and 2020, citing data in the first half of this year from various global demand centers and slower economic growth projections. Meanwhile, the US Energy Information Administration (EIA) forecasts THAT Brent spot prices will average $60/b in the fourth quarter of 2019 and $62/b in 2020. EIA forecasts that West Texas Intermediate (WTI) prices will average $5.50/b less than Brent prices in 2020. EIA forecasts that global liquid fuels consumption will increase by 0.9 million barrels per day (b/d) in 2019, down from year-over-year growth of 1.3 million b/d in 2018. The slowing liquid fuels demand growth reflects EIA's assumption of decelerating growth in global oil-weighted gross domestic product (GDP). EIA expects that global liquid fuels demand will increase by 1.4 million b/d in 2020 as a result of an expected increase in global GDP growth. Powered by Commodity Insights |
COMEX Gold futures saw a bearish movement as demand was thin following recent surge to near seven year highs. Rising global risk appetite and some solace on the US-China trade front capped gains for the metal. A slide in global crude oil prices also weighed. The metal tested one week low near $1492 per ounce and ended just under $1500 per ounce levels. India’s Gold imports stayed slippery following the surge in local prices to all-time highs. The country imported gold worth Rs 9711 crore in August 2019, down 62% compared to August 2018. Gold imports had fallen sharply by 42% to Rs 11787 crore in July 2019. COMEX Gold futures are likely to see some buying ahead of the US Fed's monetary policy meeting to be held next week. The central bank is widely expected to cut US interest rates by 25 basis points on September 18th 2019. European Central Bank (ECB) has announced a new stimulus package, in an attempt to boost growth in the Eurozone. The bank cut its deposit rate, charged on commercial bank deposits at the ECB, by 10 basis points to a new all-time low of minus -0.5%. The ECB's governing council has also decided to leave its benchmark interest rate at 0%. The ECB is also restarting its quantitative easing programme, and will start buying Euro 20 billion of bonds each month from the start of November. Powered by Commodity Insights |
| Natural Gas futures slipped today as weakness stayed around after the commodity fell from a six month high earlier this week. Demand is fairly thin and the counter currently trades at $2.57 per mmbtu, down 0.27% on the day. MCX Natural Gas futures are trading at Rs 182.40 per mmbtu, down 0.33% on the day after testing a low of Rs 180.70 per mmbtu.The working gas storage in United States was 3,019 billion cubic feet in the week ending September 6th, a net increase of 78 billion cubic feet, or 2.7% from the previous week, the US Energy Information Administration (EIA) said in a report on Thursday. The total working gas storage increased by 15% from this time last year, or 2.5% below the five-year average, but still within the five-year historical range, according to the EIA's Weekly Natural Gas Storage Report. Powered by Commodity Insights |
Solvent Extractors Association of India reported the import data of Vegetable Oils (edible & non-edible) for the month of August 2019. Import of vegetable oils during August 2019 was up by 5% to 1,586,514 tons compared to 1,512,597 tons in August 2018, consisting 1,523,261 tons of edible oils and 63,253 tons of non-edible oils. The overall import of vegetable oils during November 2018 to August 2019 is reported at 12,867,486 tons compared to 12,278,673 tons during the same period of last year i.e. up by 5%. During the last few months, due to duty advantage given to Malaysia for Palmolein under India-Malaysia CECA Agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from10% to 5% between CPO and Palmolein sourced from Malaysia w.e.f. 1st January, 2019 and import of RBD Palmolein jumped by 727% during Jan –June’19 (1,566,313 MT) compared to same period of Jan –June’18 (189,445 MT). In response to safeguard duty petition filed by the SEA of India, Government imposed 5% safeguard duty on RBD Palmolein/Palm Oil of Malaysian origin w.e.f. 4.9.2019. In view of this, now the duty difference between crude and refined palm oil has increased to 10% irrespective of any origins. This decision will check excessive import of RBD Palmoleinin to India. Powered by Commodity Insights |
| COMEX Gold futures saw continued recovery on hopes of easy monetary policies form major central bankers. COMEX Gold is currently up 0.54% at $1515 per ounce. US dollar slipped in global markets on rising risk appetite. The US dollar index quotes down 0.28% at 98 levels. MCX Gold futures are trading at Rs 37845 per 10 grams, up 0.25% on the day. COMEX Silver futures also saw steady buying support around two week low. Rising risk appetite boosted the metal after a drop from three month high. COMEX Silver is up 0.25% at $18.22 per ounce. MCX Silver gained 0.13% to trade at Rs 47187 per kg. Gains were limited for local bullion counters as the Indian Rupee continued to gain. INR closed at 70.92 per US dollar, up 21 basis points on the day. INR tested a one month high of 70.86 per US dollar in intraday moves. Powered by Commodity Insights |
| Gold jumped today, extending a bounce from one month low on ideas that the global central banking action would lift the metal futher. The commodity jumped 1.30% to trade at $1523 per ounce. European Central Bank has announced a new stimulus package, in an attempt to boost growth in the eurozone. The bank cut its deposit rate, charged on commercial bank deposits at the ECB, by 10 basis points to a new all-time low of minus -0.5%. The ECB's governing council has also decided to leave its benchmark interest rate at zero percent. The ECB is also restarting its quantitative easing programme, and will start buying Euro 20 billion of bonds each month from the start of November. MCX Gold futures are also up 0.38% at Rs 38120 per 10 grams. The gains were limited for local Gold as Indian Rupee marked excellent gains as a slide in global crude oil prices supported the local currency. INR closed at 71.14, up 52 basis points on the day against US dollar. INR tested a high of 71 per US dollar in intraday moves. Powered by Commodity Insights |
MCX Crude oil plummeted today as global cues turned frail and is currently down 2.30% at Rs 3916 per barrel. Brent Crude oil futures fell 2.52% to close at $60.81 per barrel on Wednesday. The commodity extended losses today and is currently down 1.43% at $59.92 per barrel. Brent crude oil spot prices averaged $59 per barrel (b) in August, down $5/b from July and $13/b lower than the average from August of last year. EIA forecasts Brent spot prices will average $60/b in the fourth quarter of 2019 and $62/b in 2020. EIA forecasts that West Texas Intermediate (WTI) prices will average $5.50/b less than Brent prices in 2020. EIA forecasts that global liquid fuels consumption will increase by 0.9 million barrels per day (b/d) in 2019, down from year-over-year growth of 1.3 million b/d in 2018. The slowing liquid fuels demand growth reflects EIA’s assumption (based on forecasts from Oxford Economics) of decelerating growth in global oil-weighted gross domestic product (GDP). EIA expects that global liquid fuels demand will increase by 1.4 million b/d in 2020 as a result of an expected increase in global GDP growth. EIA forecasts US crude oil production will average 12.2 million b/d in 2019, up by 1.2 million from the 2018 level. Forecast crude oil production then rises by 1.0 million b/d in 2020 to an annual average of 13.2 million b/d. The slowing rate of crude oil production growth reflects relatively flat crude oil price levels and slowing growth in well-level productivity. Powered by Commodity Insights |
|
|