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| As on Jan 18, 2020 12:00 AM |
Your results on : End Session |
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| COMEX Silver futures saw a good recovery after testing around three week low of $17.69 per ounce as a positive undertone in global equities boosted the white metal. However, the near term outlook is cautious on tepid Indian imports. India's Silver imports fell by a massive 66.69% on year ago basis to Rs 779 crore in December 2019. Silver imports in April-December 2019 also tumbled 25.52% to Rs 16085 crore. However, global Silver ETF buying has been witnessing firm trend. The metal could see a choppy pricing action amid these cues. MCX Silver futures moved in range of Rs 46000-47000 per 10 grams over last few days. Powered by Commodity Insights |
| COMEX Copper consolidated just under its eight month high of 2.86 per pound amid supportive equities. MCX Copper futures managed to break under Rs 450 per kg but faced persistent selling pressure thereafter. Chinese copper demand figures were optimistic as well. China's imports of copper concentrate rose 11.6% in 2019, according to data from the General Administration of Customs released on Tuesday. In December, China imported 1.93 million mt of copper concentrate, down from an all-time high of 2.16 million mt in November, but up 31.8% from the same month 2018. China's imports of unwrought copper and copper products rose to 527,000 mt last month, from 483,000 mt in November. China's unwrought copper imports rose 9.1% in December from the previous month to their highest since March 2016. However, the total unwrought imports for 2019 came in at 4.98 million mt, down 6%. Powered by Commodity Insights |
WTI Crude oil prices edged up from five week low but stayed cautious after recent surge. The commodity ended around $59 per barrel. MCX Crude oil futures closed at Rs 4146 per barrel after briefly falling under Rs 4100 per barrel. The US Energy Information Administration (EIA) noted that in the first half of 2020, it expects significant liquid fuels supply growth. Production restraint from members of the Organization of the Petroleum Exporting Countries (OPEC) and several non-member countries (OPEC+), most notably Russia, and accelerating global demand growth will be more than offset by non-OPEC production, largely in the United States, Norway, Brazil, and Canada. EIA forecasts an average global stock build of 520,000 b/d in the first half of the year, which will put downward pressure on crude oil prices. EIA forecasts that Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021, compared with an average WTI discount of about $7.35/b in 2019. Global liquid fuels inventories were mostly unchanged in 2019, and EIA expects they will grow by 0.3 million b/d in 2020 and then decline by 0.2 million b/d in 2021. EIA forecasts that US refinery runs will rise by 3% from 2019 to a record level of 17.5 million b/d in 2020, resulting in refinery utilization rates that average 93% in 2020. EIA expects one of the most significant effects of the regulation will be on diesel wholesale margins, which will rise from an average of 43 cents per gallon (gal) in 2019 to a forecast peak of 53 cents/gal in March 2020 and an annual average of 50 cents/gal in 2020. EIA expects diesel margins to decline to 49 cents/gal in 2021. Powered by Commodity Insights |
| COMEX Gold futures gained from two week low. However, US equities hit record highs, capping gains in Gold. The COMEX Gold futures ended just under $1560 per ounce. Gold might not extend the gains much though as Indian bullion demand stays tepid. India's Gold imports stood at Rs 17564 crore in December 2019, down 3.30% compared to December 2018. In April-December 2019, the total imports stood at Rs 161924 crore, down 5.83%. A recovery in the US dollar index would be in focus in near term. Gold could moderate if the US dollar index rises further after hitting a five week high of 97.41 in the middle of January 2020. MCX Gold futures extended a drop under Rs 40000 per 10 grams and fell to a low under Rs 39500 per 10 grams. Powered by Commodity Insights |
The IEA Oil Market Report (OMR) noted yesterday that global oil supply tumbled 780 kb/d in December as biofuels production declined seasonally and Saudi Arabia reduced output. At 100.7 mb/d, the global total was down 1.3 mb/d on a year ago, with OPEC supply 2.4 mb/d lower. With non-OPEC oil supply growth accelerating from 2 mb/d in 2019 to 2.1 mb/d this year, the call on OPEC crude falls to 28.5 mb/d during 1H20 compared with December production of 29.44 mb/d. Steeper OPEC+ cuts take effect this month. Global oil demand rose by 955 kb/d y-o-y to 101.1 mb/d in October and for 4Q19 it is estimated to have grown by 1.9 mb/d versus a low 4Q18 level. IEA sees continued strong momentum in non-OECD countries with China and India demand growing 0.8 mb/d and 0.5 mb/d respectively in November. US demand is flat in 2019. IEA's global demand growth forecasts for 2019 and 2020 remain unchanged, at 1 mb/d and 1.2 mb/d. For 4Q19 and 2019 as a whole global refinery runs are estimated to have declined by 0.2 mb/d y-o-y. Refining margins continued falling in December due to higher crude prices, and exceptions were largely due to widening sour crude differentials. Global refining intake in 2020 is forecast to increasy by 1.1 mb/d, supported by a recovery in refined product demand, estimated to grow by 0.8 mb/d. OECD industry stocks fell 2.9 mb in November to 2 912 mb. They were 8.9 mb above the five-year average and covered 60.6 days, 0.6 days below the average. Powered by Commodity Insights |
Eurozone inflation rose to 1.3 percent in December, as initially estimated, from 1 percent in November, final data from Eurostat reported Friday. A similar higher rate was last seen in June. Headline inflation remained well below the European Central Bank's target of below, but close to 2 percent. Core inflation that excludes energy, food, alcohol and tobacco, held steady at 1.3 percent in December. Month-on-month, overall consumer prices gained 0.3 percent and core consumer prices moved up 0.4 percent in December. Powered by Commodity Insights |
COMEX Gold futures gained from two week low as global stocks saw a muted response to phase one US-China trade deal. The COMEX Gold futures are currently trading at $1557.35 per ounce, up 0.22% on the day. MCX Gold futures gained after witnessing modest losses in last session. The counter quotes at Rs 39761 per 10 grams, up 0.36% on the day. Asian stocks added modest gains after the signing of a partial trade deal between the United States and China. Chinese Shanghai Composite index fell 0.52% while Hong Kong's Hang Seng index rose 0.38%. Japanese Nikkei ended marginally higher. European saw cautious trades as focus shifted to the corporate earnings season. UK’s FTSE 100 is down 0.45% while Germany’s DAX fell 0.10% and the French CAC shed 0.07%. Gold might not extend the gains much though as Indian bullion demand stays tepid. India's Gold imports stood at Rs 17564 crore in December 2019, down 3.30% compared to December 2018. In April-December 2019, the total imports stood at Rs 161924 crore, down 5.83%. Silver imports fell by a massive 66.69% on year ago basis to Rs 779 crore in December 2019. Silver imports in April-December 2019 also tumbled 25.52% to Rs 16085 crore. Powered by Commodity Insights |
Eurozone's house prices climbed 4.1 percent year-on-year in the third quarter, after a 4.3 percent rise in the second quarter, data from Eurostat showed on Thursday. On a quarterly basis, house prices rose 1.4 percent in the third quarter, slower than the 1.7 percent increase in the preceding quarter. In EU28, house prices grew 1.5 percent quarterly and increased 1.4 percent annually in the third quarter. Powered by Commodity Insights |
| WTI Crude oil prices edged up from five week low but stayed cautious after recent surge. The US Energy Information Administration (EIA) noted yesterday that in the first half of 2020, it expects significant liquid fuels supply growth. Production restraint from members of the Organization of the Petroleum Exporting Countries (OPEC) and several non-member countries (OPEC+), most notably Russia, and accelerating global demand growth will be more than offset by non-OPEC production, largely in the United States, Norway, Brazil, and Canada. EIA forecasts an average global stock build of 520,000 b/d in the first half of the year, which will put downward pressure on crude oil prices. This is weighing on the commodity as the equities are witnessing a mixed reaction to the US-China trade deal. WTI Crude oil futures are currently trading at $57.89 per barrel, up 0.14% on the day. MCX Crude oil futures are trading at Rs 4107 per barrel, up 0.17% on the day after hitting a high of Rs 4137 per barrel in afternoon. Powered by Commodity Insights |
| US Energy Information Administration (EIA) estimated that US dry natural gas production set a new record in 2019, averaging 92.0 billion cubic feet per day (Bcf/d). EIA forecasts dry natural gas production will rise to 94.7 Bcf/d in 2020 and then decline to 94.1 Bcf/d in 2021. Production in the Appalachian region drives the forecast as it shifts from growth in 2020 to declining production in 2021. EIA forecasts that Henry Hub natural gas spot prices will average $2.33 per million British thermal units (MMBtu) in 2020, down from $2.57/MMBtu in 2019. This accounts for a drop of 9.33%. EIA expects that natural gas prices will then increase in 2021, reaching an annual average of $2.54/MMBtu. Powered by Commodity Insights |
COMEX Copper slipped today as a drop from eight month high continued amid weak global equities. Asian stocks saw some selling on ideas that US tariffs on China would stay until a Phase 2 deal is completed. Chinese Shanghai Composite index fell 0.54% while Hong Kong's Hang Seng index dropped 0.39%. Japanese Nikkei also lost 0.45%. European stocks saw subdued trades amid mixed economic data. UK’s FTSE 100 is up 0.10% while Germany’s DAX fell 0.06% and the French CAC shed 0.14%. COMEX Copper currently trades at $2.84 per pound, down 0.89% on the day. MCX Copper futures are also trading in red at Rs 452.90 per kg, down 0.21% on the day. In a critical economic data, Germany gross domestic product grew a price-adjusted 0.6% in 2019 from the previous year, when it rose 1.5%, preliminary figures from the statistical office Destatis showed on Wednesday. The economy expanded for a tenth year in a row, but at the slowest pace in six years in 2019. The latest pace of growth was the slowest since 2013, when the economy expanded 0.4%. Growth continued to be driven by private consumption, which grew 1.6%. Government expenditure increased 2.5%. Powered by Commodity Insights |
COMEX Gold futures saw some steady buying around two week low yesterday. The yellow metal has slipped after falling under $1600 per ounce mark. Sentiments remained supportive for global stocks amid continued optimism about impact of the phase one US-China trade deal. Dow Jones hit a record high above 29,000 in last session. The COMEX Gold futures are currently trading at $1552 per ounce, up 0.50% on the day. The US dollar index also eased a little after hitting three week high, offering some solace for Gold. MCX Gold futures gained after witnessing modest losses in last session. The counter quotes at Rs 39623 per 10 grams, up 0.45% on the day. Local bullion traders are worried about the retail demand following recent surge above Rs 40K in spot prices. Gold is expected to hold the latest gains as traders are likely to focus on the details of the US-China trade deal now.
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| COMEX Gold futures eased today as supportive global equities capped buying in the commodity after recent spurt. The yellow metal has been sliding after falling under $1600 per ounce mark. Sentiments remained supportive for global stocks amid continued optimism about impact of the phase one US-China trade deal due to be signed later this week. The Nasdaq and the S&P 500 ended the session at new record closing highs. COMEX Gold futures are currently trading at $1546 per ounce, down 0.31% on the day. The metal saw some support around its two week low level. MCX Gold futures are also in red, currently lingering at Rs 39436 per 10 grams, down 0.30% on the day. Local bullion traders are worried about the retail demand following recent surge above Rs 40K in spot prices. Powered by Commodity Insights |
| COMEX Gold futures eased today, giving up some of the gains seen in the last session as supportive global equities curbed the upside for the yellow metal. Asian stocks edged up on steady buying support. The US is planning to announce a new forum for economic dialogue with China. China's Shanghai Composite index added to recent gains to end up 0.75% while Hong Kong's Hang Seng index soared 1.11%. European stocks started the week on a positive manner as investors looked ahead to the signing of a 'phase one' trade deal between the United States and China this week. COMEX Gold eased amid these cues and currently trades at $1554 per ounce, down 0.39% on the day. MCX Gold futures are trading at Rs 39691 per 10 grams, down 0.45% on the day after testing a low of Rs 39525 per 10 grams. Powered by Commodity Insights |
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