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| As on Feb 27, 2021 12:00 AM |
Your results on : End Session |
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| COMEX Silver futures tanked as three week highs above $28 per ounce failed to sustain amid a heavy slide in the precious metals. Silver fell sharply as rising US yields and worries over retail demand in India hurt the sentiments. The metal tested a one week low near $26.20 per ounce. MCX Silver futures also fell near Rs 66500 per kg but edged up thereafter as a sharp slide in Indian Rupee from one year high capped the losses for the commodity. Volatile equities and correction in Copper are keeping a check on Silver. Meanwhile, Silver imports in India were at just Rs 69 crores in January 2021, plunging 95% compared to January 2020. In current fiscal, Silver imports have dropped 67% to Rs 5824 crores. It will be interesting to see the trend in imports after the Finance Minister cut import duties on gold and silver to 7.5% from 12.5% earlier. Powered by Commodity Insights |
| The WTI Crude oil futures eased after hitting above a 13 month high above $63 per barrel. MCX Crude oil consolidated above Rs 4600 per barrel. Prices rose as power outages in the US have disrupted Midcontinent and Gulf Coast petroleum markets. The US Energy Information Administration or EIA noted in a latest update that beginning February 13, 2021, a major winter weather system characterized by extreme cold spread across much of the central United States, disrupting energy systems and causing serious health and safety issues. Oil edged up despite increase in US crude oil stockpiles. The Energy Information Administration (EIA) said yesterday that US Crude inventories increased 1.28 million barrels last week. US crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze. Overall output fell by 1.1 million bpd to 9.7 million bpd in the week to February 19, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub for the commodity rose by 2.8 million barrels, and net US crude imports rose by 249,000 bpd, the EIA said. US gasoline stocks also rose by 12,000 barrels to 257.1 million barrels. Powered by Commodity Insights |
| COMEX Copper futures consolidated around a decade high above $4 per pound amid sustained buying support and falling inventories. The London Metal Exchange (LME), Copper inventories are holding around lowest mark since 2005. However, the metal tanked amid volatile equities and plunged around 4% in a single session yesterday. MCX Copper also ended around Rs 700 per kg, falling from highs around 740 per kg. Overall demand supply scenario remains positive. The International Copper Study Group (ICSG) released preliminary data for November 2020 world copper supply and demand in its February 2021 Copper Bulletin. The world copper mine production fell by around 0.2% in the first eleven months of 2020, with concentrate production increasing by 0.4% and solvent extraction-electrowinning (SX-EW) declining by about 2.2%. Preliminary data indicates that world refined copper production increased by 1.8% during the first eleven months of 2020 with primary production (electrolytic and electrowinning) up by 2.9% and secondary production (from scrap) down by 3.1%. The world apparent refined copper usage increased by 2.5% over the first eleven months of 2020, stated ICSG. The world refined copper balance in the first eleven months of 2020 indicates an apparent deficit of about 590,000 tonnes due to a strong Chinese apparent usage. Due to a 43% (1.25 million tonnes) increase in net refined copper imports, Chinese apparent usage increased by 14% offsetting usage declines in other regions of the world. Powered by Commodity Insights |
| Gold fell sharply as a slide under $1800 per ounce triggered hefty selling amid a sharp spurt in US treasury yields. Gold has been losing in last few days as easing global Covid-19 concerns kept the demand limited for the metal. The World Health Organization (WHO) stated in a latest update that the number of new coronavirus cases continues to fall globally, though variants of the virus have spread to more than 100 countries and territories. The DOW hit another record as US Fed Chair Jerome Powell continued to provide with dovish cues regarding the US interest rates but continued to witness intense volatility. COMEX Gold tanked near a seven month low around $1720 per ounce. MCX Gold futures fell under Rs 46000 per 10 grams following the slide in global prices. The World Gold Council (WGC) noted in a latest update that the Indian government's sustained campaign for improving overall tax compliance through a carrot-and-stick policy was reflected again in the 2021-2022 Union Budget, with a few material announcements that impact gold. Powered by Commodity Insights |
COMEX Gold fell sharply today, extending losses after a deep slide in last session. The prices tumbled well under $1800 per ounce as the US bond yields soared with 10 year benchmark yield jumping to 13 month high above 1.60%. The commodity has already been under stress as Covid-19 scenario eases and vaccinations continue around the world at a good pace. Demand is likely to pick up in retail markets after the recent tumble that has taken the COMEX Gold to an eight month low now. The metal currently trades at $1759 per ounce, down 0.90% on the day. MCX Gold futures tanked under Rs 46000 per 10 grams but capped losses as a deep slide in the Indian Rupee pushed up the prices. The counter currently trades at Rs 46588 per 10 grams, up 0.75% on the day. The Indian Rupee tanked sharply today as a massive selloff in local stocks hurt the sentiments. INR fell from around one year high as traders are now focusing on firm undertone in global crude oil prices which can cap gains in local currency. The INR ended at 73.47 per US dollar, down more than 1 Rupee on the day and testing around two month low. Powered by Commodity Insights |
COMEX Copper tanked as weakness in global equities hurt the mood and finally triggered a substantial correction in the metal. Asian stocks saw heavy losses today on extremely weak overnight cues from US equities. China's Shanghai Composite index lost 2.12%. Hong Kong's Hang Seng index plunged 3.55%. The Japanese Nikkei average crashed nearly 4%. European markets eased after recent surge as a reversal in risk appetite weighed on the sentiments. The US stocks tanked on Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names. DOW crashed 1.75% while NASDAQ melted 3.50%. The United States launched airstrikes in Syria on Thursday, targeting facilities near the Iraqi border further hurting risky assets. COMEX Copper lost more than 3% and fell near $4.10 per pound. MCX Copper is also down 1.50% to trade at Rs 709.65 per kg. Powered by Commodity Insights |
| COMEX Copper stayed well supported around a decade high as strong cues from equities and falling exchange inventories boosted the metal. The commodity currently trades at $4.34 per pound, up 0.84% on the day. MCX Copper futures are trading up 1% at Rs 731.90 per kg. Asian stocks rose today after a tumble in last session. China's Shanghai Composite index added 0.59%. Hong Kong's Hang Seng index spiked 1.22%. The Japanese Nikkei average surged 1.68%. European markets firmed up further. Good buying continues to emerge in German DAX index. The US stocks saw firm action as buyers were active amid supportive economic cues and lax US monetary policy outlook. Covid-19 worries are abating now. US Food and Drug Administration said the Johnson & Johnson Covid-19 vaccine has met the requirements for emergency use authorization. Powered by Commodity Insights |
| Eurozone economic confidence surged to a one-year high in February on rising sentiment in industry, services and among consumers, reflecting the easing of strict restrictions related to Covid-19 pandemic, survey results from the European Commission revealed on Thursday. The economic sentiment index jumped to 93.4 from 91.5 in the previous month. Powered by Commodity Insights |
Copper futures remained well supported around decade high of $4.20 per pound as US economic data turned out to be good and overall demand supply scenario remained bullish for the prices. The metal had eased in Asian trades but saw a good pullback. European markets moved up in cautious trades. German DAX is up 0.70% on upbeat economic data. MCX Copper also recovered after testing under Rs 700 per kg and currently trades at Rs 705.80 per kg, almost unchanged on the day. Local traders are keeping a focus on the spurt in Indian Rupee. The Indian Rupee continued to surge on hopes of continued buying in local financial assets from overseas investors. INR is consolidating around one year high as traders are now focusing on firm undertone in global crude oil prices which can cap gains in local currency. INR hit around 72.25 per US dollar today in intraday moves and ended up 10 basis points at 72.35. Powered by Commodity Insights |
The dollar dropped to its lowest level in nearly six weeks while commodity-linked currencies hovered near multi-year highs on Tuesday, 23 February 2021 ahead of Federal Reserve Chairman Jerome Powell's semi-annual testimony to Congress. Investors shifted focus to how US Federal Reserve chief Jerome Powell might respond to expectations of resurgent inflation. The dollar index, which tracks the greenback against a basket of six other currencies, touched its lowest since January 13, falling under the critical 90 mark early on Tuesday but managed to regain ground and is currently seen at around 90.14 against a basket of currencies. Powered by Commodity Insights |
Italy's industrial orders grew 1.7 percent monthly in December, after a 1.4 percent decrease in November, data from the statistical office Istat showed on Tuesday. Industrial orders In November, industrial orders rose 2.8 percent. Orders from the domestic market increased 6.5 percent, while those from the foreign market decreased 4.9 percent in December. Industrial turnover rose 1.0 percent month-on-month in December, after a 2.0 percent declined in the prior month. On a year-on-year basis, industrial orders surged 7.0 percent in December, following a 5.0 percent increase in preceding month. Powered by Commodity Insights |
| COMEX Gold futures carved good gains today as bargain buying lifted the sentiments up. The US dollar index turned lower ahead of comments from the US Fed Chairman Jerome Powell , approaching near its three week low and currently quotes at 90.24, down 0.13% on the day. This pulled up COMEX Gold from around seven month low and the metal currently trades at $1796 per ounce, up 1.09% on the day. MCX Gold also moved up above Rs 46000 per 10 grams and currently trades at Rs 46570 per 10 grams, up 0.81% on the day. Meanwhile, the US Fed Chair Jerome Powell will appear before the Senate Banking Committee on Tuesday for Semiannual Monetary Policy Report to the Congress. The next day, he will deliver his report to the House Financial Services Committee. Powered by Commodity Insights |
| MCX Gold futures extended losses amid tepid global cues today, sliding well under Rs 46000 per 10 grams mark in intraday moves. The contract currently trades at Rs 46018 per 10 grams, down 0.23% on the day. COMEX Gold futures stayed near a seven month low around $1770 per ounce. Some buying was seen emerging in the commodity after the heavy selloff in last few days but generally positive vibes on the Covid-19 front capped the overall enthusiasm. Equities turned in a rather mixed outing. European markets edged up amid cautious trades today. The US stocks stayed under pressure as tech counters saw heavy selling and buying was limited in leading counters after record hitting spree for the indices. Gold could likely see some consolidation if equities enter into a risk off mode in near term. US dollar index has been facing a tough resistance on the higher side and flipped back towards its recent three week low today. The dollar index currently lingers at 90.23, down 0.40% on the day. Powered by Commodity Insights |
| The US Natural Gas futures edged up marginally today after a heavy slide in last session. The US Energy Information Administration (EIA) reported yesterday that supplies of natural gas in the US declined by 237 billion cubic feet for the week ended February 12th. Total stocks are now at 2.281 trillion cubic feet, down 105 billion cubic feet from a year ago, but 57 billion cubic feet above the five-year average, pulling back the commodity from a two and half month high. However, lows near $3 per mmbtu offered good support to the counter and the commodity currently trades at $3.09 per mmbtu, up 0.39% on the day. MCX Natural Gas futures are currently trading at Rs 224 per mmbtu, down 0.49% on the day after plunging under Rs 219 per mmbtu in intraday moves. Powered by Commodity Insights |
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