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| As on Jun 25, 2019 12:00 AM |
Your results on : End Session |
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COMEX Copper edges up near one month high on supply worries as workers of Chile’s Codelco rejected the company’s offer during the weekend. Workers at Chuquicamata, one of the world’s biggest copper mines, have been on strike since mid-June to demand better healthcare and retirement benefits, hurting output of state-run Codelco, the world’s leading copper producer. COMEX Copper was oblivious to the muted moves in global equities and currently trades at $2.73 per pound, up around 1% on the day. MCX Copper futures are trading at Rs 418.70 per kg, up 0.92% on the day after testing a high of Rs 419.20 per kg. Meanwhile, the US economy is in the longest expansion in recorded history. Unemployment is at levels not seen since the late 1960s, and economic activity is growing above potential, aided by a fiscal stimulus and supportive financial conditions, the Executive Board of the International Monetary Fund (IMF) noted after the Article IV consultation with the United States. However, the US public debt-to-GDP ratio is on an unsustainable path and is expected to continue rising throughout the medium-term, as aging related spending rises. Powered by Commodity Insights |
Fresh stockiest buying was seen across all the major agri commodities due to decline in kharif sowing acreage. Some of the commodities such as chana and mustard seed have witnessed some buying, while weakness was seen in selected spices counters. As per latest data of the Agriculture Ministry on 22nd June, kharif planting declined by more than 12 per cent. The total area covered till the end of the current week was around 91 lakh hectares (lh) against 104 lh in the corresponding week of the previous kharif season. Due to delayed monsoon, several State Governments have advised the farmers not to rush to sowing and wait for the monsoon. At 6.3 lh, the area under rice was 32 per cent lower than at the same time last year. Coarse cereals planting too fell short by almost a similar quantum compared to last year. Against 9.58 lh planted in the same period last year, only 7.4 lh has been covered so far. In today's trading, the NCDEX chana futures added 0.61 percent , while NCDEX Mustard Seed August futures added 0.39 percent today. Powered by Commodity Insights |
Gold marks excellent gains on stress in global markets and worries over rising crude oil. Traders maintain caution ahead of this week's G20 meeting. COMEX Gold also eyed weak US dollar and tepid economic data. COMEX Gold futures are currently trading at $1409 per ounce, up 0.70% on the day. MCX Gold futures are trading at Rs 34254 per 10 grams, up 0.47% on the day as strength in Indian Rupee capped gains. INR jumped 23 paise to end around 69.35 per US dollar today. Meanwhile, Germany's business sentiment weakened in June, survey data from the Munich-based Ifo Institute revealed. German IFO business confidence index falls to 97.4 in June from 97.9 in May- nearing five year low. The current conditions index edged up marginally to 100.8 from May's initial reading was 100.6. The expectations index fell to 94.2 in June from May's originally estimated 95.3. The US dollar index lingers around three month low of 96 following Fed’s pledge to cut rates last week. Powered by Commodity Insights |
Selling continued across all the major coarse cereals and spices complex in today's trading in the wake of fragile demand of millers . The oilseeds counters plunged by almost one percent, while barley and spices complex declined by more than 0.50% today.Despite of weak sowing progress of kharif crops, majority of the commodities were settled in red. As per latest data of the Agriculture Ministry on 22nd June, kharif planting declined by more than 12 per cent. The total area covered till the end of the current week was around 91 lakh hectares (lh) against 104 lh in the corresponding week of the previous kharif season. The NCDEX Barley August contract declined by 1.05 percent today On the other side, weakness also prevailed in jeera futures as NCDEX August Jeera futures shrugged off by more than 1.30% today. Powered by Commodity Insights |
| COMEX Silver futures soared to three month top of $15.55 per ounce as commodities witnessed a bullish undertone following tepid stance by the US Fed and a general pick up in risk sentiments. The white metal has been on a recovery trail and extended a break above $15 per ounce this week amid excellent buying support. Heavy gains were seen in Gold as well with the spot COMEX futures soaring to a two year high around $1400 per ounce. The local Silver futures jumped to a high of Rs 38200 per kg and ended just under Rs 38000 per kg. The counter has jumped by more than Rs 2000 per kg in last three weeks. However, weak Chinese manufacturing data cap potentially cap any further upside in base metals, thereby weighing on Silver too. China's industrial output rose 5%in May from a year earlier, sharply below 5.4% in April, data from the National Bureau of Statistics showed. This marked the weakest show since early 2002 for the measure. Powered by Commodity Insights |
| WTI Crude oil futures edged up further, adding to the latest string of gains on sustained ongoing geopolitical concerns in the Middle East. The counter hit a three week high near $58 per barrel. MCX Crude oil futures also soared above Rs 4000 per barrel mark. Altercation between the US and Iran above the Strait of Hormuz is currently driving the oil prices up. However, demand concerns are set to weigh on the broad oil market sentiments in near term, particularly after the recent spurt in prices given the stress in world economy and global automobile market. Global sales of new cars are expected to drop from 83.7 million in 2018 to approximately 79.5 million in 2019, according to a study by the German CAR Institute. Global new cars sales fell by 1.1 million in 2018, marking the first decline in eight years. Powered by Commodity Insights |
COMEX Gold futures jumped in style, breaking above $1400 per ounce and hitting nearly 18 month highs as global equities edged up amid cautious trade. Gold surged as the US Federal Reserve stated that it will act as appropriate to sustain the US economic expansion amid increasing uncertainties about the outlook for the economy. The Fed left its interest rates unchanged and noted that it continues to see a sustained economic expansion, a strong labor market, and inflation near its 2% target. Rising commodity prices are also benefiting Gold though there are some worries about the Indian retail demand following the massive spurt in prices recently. Local spot prices are hovering around Rs 34000 per 10 grams – their highest mark in nearly five years. MCX Gold futures closed around Rs 34170 per 10 grams after hitting highs of Rs 34470 per 10 grams. Meanwhile the other major global central banks are also indicating a tepid monetary policy stance. European Central Bank President Mario Draghi said that the central bank still has room to cut interest rates and measures to cushion the side effect from low interest rates. The Bank of England left its main rate of interest unchanged at 0.75% but noted that the underlying growth in the UK appears to have weakened slightly in the first half of the year relative to 2018 to a rate a little below its potential. Powered by Commodity Insights |
COMEX Copper futures edged up around three week high of $2.74 per pound as a dovish stance from the US Federal Reserve and supportive equities boosted the sentiments. MCX Copper futures edged up near Rs 419 per kg amid sustained buying as firm global cues offered good support. The US Federal Reserve stated that it will act as appropriate to sustain economic expansion amid increasing uncertainties about the outlook for the economy. Long term demand scenario remains steady. Global Copper demand is set to double within the next two decades, but miners will need to re-evaluate ways of commercialising the resource as ore levels continue to fall noted International Copper Association Australia (ICAA), according to media reports. According to the World Bureau of Metal Statistics (WBMS), the global copper market recorded a surplus of 43 kt in January to April 2019 which follows a deficit of 19 kt in the whole of 2018. Reported stocks rose each month in between January and April and closed at the end of April 137 kt higher than at the end of December 2018. These increases included net deliveries of 94 kt into the LME warehouses and net deliveries of 101 kt into Shanghai warehouses. World mine production in January to April 2019 was 6.63 million tonnes which was 1.0 per cent lower than in the same period in 2018. Global refined production for January to April 2019 was 7.41 million tonnes down 4.9 per cent compared with the previous year with significant decreases recorded in India (down 99 kt) and in Chile (down 106 kt). Powered by Commodity Insights |
COMEX Gold futures are hovering around $1400 per ounce after hitting nearly 18 month highs as global equities edged up amid cautious trade. Rising commodities are benefiting Gold though there are some worries about the Indian retail demand following the massive spurt in prices recently. Local spot prices are hovering around Rs 34000 per 10 grams – their highest mark in nearly five years. COMEX Gold futures are currently trading at $1400 per ounce, up 0.26% on the day. MCX Gold futures are quoting at Rs 34197 per 10 grams, up 0.50% on the day after hitting a high of Rs 34468 per 10 grams. Fund buying has been very support for Gold in last few days. Large precious metals speculators once again sharply added to their bullish net positions in the Gold futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 184,238 contracts in the data reported through Tuesday June 11th. This was a weekly rise of 28,123 net contracts. Gold net positions moved up to the highest point since March 27th of 2018 with this surge. Powered by Commodity Insights |
WTI Crude oil futures edged up further today, adding to the latest string of gains on sustained ongoing geopolitical concerns in the Middle East. The counter hit a three week high near $58 per barrel and currently trades at $57.45 per barrel, up 0.65% on the day. MCX Crude oil futures are trading at Rs 4018 per barrel, up 1.03% on the day. Prices can extend the gains if the counter manages to hold above the key $4K levels. Altercation between the US and Iran above the Strait Of Hormuz is currently driving the oil prices up even as equities are witnessing slightly choppy action ahead of the weekend. However, demand concerns are set to weigh on the broad oil market sentiments in near term, particularly after the recent spurt in prices given the stress in world economy and global automobile market. Global sales of new cars are expected to drop from 83.7 million in 2018 to approximately 79.5 million in 2019, according to a study by the German CAR Institute last week. Global new cars sales fell by 1.1 million in 2018, marking the first decline in eight years. Powered by Commodity Insights |
| Eurozone construction output declined a seasonally adjusted 0.8 percent month-on-month in April, following a 0.4 percent fall in March, amid a fall in civil engineering and building activity, data from the statistical office Eurostat showed on Wednesday. The latest decline was the weakest since January, when the output fell 1.1 percent. Civil engineering output dropped to 2.5 percent and building construction declined 0.5 percent. On an annual basis, construction production slowed a calendar adjusted growth of 3.9 percent in April, after a 5.8 percent increase in the previous month. Powered by Commodity Insights |
Global Crude oil futures stayed elevated today amid decent bargain buying. Fed decision stays in focus for broad markets after recent volatility in global risky assets. Asian markets saw steady gains while European markets are mostly choppy. WTI Crude currently trades flat around $54 per barrel after hitting around three week highs of $54.40 per barrel. MCX Crude oil futures are quoting at Rs 3790 per barrel, up around 0.25% on the day. Markets are eyeing the release of weekly US oil inventory data while the all important US Fed monetary policy decision is also due. Oil has carved out impressive gains from five month low following attacks last week on two oil tankers in the Gulf of Oman. The tensions emanating from the attacks have been simmering for a while now and oil traders are likely to look for fresh cues to push up prices from now on. This is quite evident in the rather laggard price action in today’s session. Powered by Commodity Insights |
| China's industrial output advanced 5 percent year-on-year in May, while growth was expected to remain stable at 5.4 percent, data from the National Bureau of Statistics showed Friday. Meanwhile, retail sales grew at a faster pace of 8.6 percent after rising 7.2 percent in the previous month. Sales were forecast to advance 8.1 percent. In January to May period, fixed asset investment increased 5.6 percent from the previous year. Powered by Commodity Insights |
| India's wholesale price inflation climbed 2.45 percent year-on-year in May, following a 3.07 percent increase in April, data from the Ministry of Commerce & Industry showed on Friday. The build up inflation rate in the financial year was 1.08 percent in May compared to 1.72 percent in the same period last year. The wholesale prices for food articles remained unchanged in May and that of non-food articles rose 0.9 percent. The fuel and power prices rose 0.6 percent in May and the manufacturing products prices increased 0.4 percent. Powered by Commodity Insights |
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