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| As on Jan 22, 2021 12:00 AM |
Your results on : Mid Session |
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The International Copper Study Group (ICSG) stated in a monthly update that world copper mine production fell by around 0.5% in the first ten months of 2020, with concentrate production remaining essentially unchanged and solvent extraction-electrowinning (SX-EW) declining by about 2%: World mine production declined by 3.5% in April-May as these two months were the most affected by the COVID-19 related global lockdown that resulted in temporary mine shutdowns/reduced production levels. However, world mine production started to recover in May as lockdown measures eased and the copper industry adapted to the strict health protocols. In Chile, the world’s biggest copper mine producing country, output was up by 2.5% in 1st half of 2020, recovering from production constraints in early 2019 (output had declined by 2.5% in 1st half 2019). However, with a 3% decline over July-October 2020 compared to the same period of 2019, accumulated output in the first 10 months of 2020 remained essentially unchanged. Preliminary data indicates that world refined copper production increased by 1.5% during the first ten months of 2020 with primary production (electrolytic and electrowinning) up by 2.5% and secondary production (from scrap) down by 3.5%. Preliminary data indicates that world apparent refined copper usage increased by 2% over the first ten months of 2020. The COVID-19 related global lockdown has had a notable negative impact on the world economy and subsequently on key copper end-use sectors in all regions. World ex-China refined copper usage was significantly impacted and is estimated to have declined by about 10%. Among the biggest copper using regions, refined usage fell by 17% in Japan, 12% in the EU, 5% in the United States and by about 12% in Asia (Ex-China). Preliminary world refined copper balance in the first ten months of 2020 indicates an apparent deficit of about 480,000 t due to a strong Chinese apparent usage. Powered by Commodity Insights |
| Eurozone private sector activity contracted at an accelerated pace in January amid the ongoing pandemic and related restrictions, flash data from IHS Markit showed Friday. The composite output index dropped to 47.5 in January from 49.1 in December. The score signaled third successive contraction and the largest fall since November. The rate of factory output growth weakened to the slowest since the recovery began and the service sector saw output fall at the second-fastest rate since May. The factory Purchasing Managers Index or PMI fell to 54.7 from 55.2 in the previous month. The services PMI eased to 45 from 46.4 in December. Powered by Commodity Insights |
| WTI Crude oil futures are witnessing heavy losses today as markets are focussing on ideas that output from producing cartel OPEC could be rising on less compliance with the oil output cuts. The commodity is currently trading at $52.32 per barrel, down 1.50% on the day. MCX Crude oil futures also lost in line with global prices and are currently down 1.62% at Rs 3831 per barrel. Equities fell in Asia and continue to turn lower in Europe too as traders are worried about the US stimulus and rising cases of Covid-19 despite the rapid vaccination drives. Oil is also witnessing selling pressure on rising US shale output in coming months are keeping buyers at bay. Powered by Commodity Insights |
UK retail sales volume gained 0.3 percent month-on-month In December, reversing a 4.1 percent decline seen in November, data released by the Office for National Statistics showed Friday. Sales increased by 2.7 percent from the February's pre-lockdown level. Clothing stores reported strong monthly growth of 21.5 percent, rebounding from a large fall in November, when stores were closed because of coronavirus restrictions. Excluding auto fuel, the retail sales volume gained 0.4 percent on month, in contrast to a 3 percent fall in November. Sales were forecast to gain 0.8 percent. On a yearly basis, retail sales growth improved to 2.9 percent from 2.1 percent in November. Excluding auto fuel, retail sales were up 6.4 percent, faster than the 5.3 percent rise logged a month ago. Powered by Commodity Insights |
UK public sector net borrowing, excluding public sector banks, totalled GBP 34.1 billion in December, which was GBP 28.2 billion more than in the same period last year, data from the Office for National Statistics showed Friday. This was both the highest December borrowing and the third-highest borrowing in any month since monthly records began in 1993. During the financial year April to December period, public sector net borrowing increased by GBP 212.7 billion from the last year to GBP 270.8 billion, the highest deficit in any April to December period since 1993. In the first nine months of the financial year, public sector net debt reached GBP 2,131.7 billion, or around 99.4 percent of GDP. This was the highest debt to GDP ratio since the financial year ending 1962. Powered by Commodity Insights |
| The US dollar turned lower yesterday, falling to a one week low of 90.01 after the European Central Bank (ECB) kept interest rates and stimulus program unchanged. The index currently trades up marginally at 90.20. The ECB's main refinancing operations, marginal lending facility and deposit facility will remain at 0.00%, 0.25% and -0.50%, respectively. The coronavirus pandemic is still posing serious risks to the euro zone economy, ECB President Christine Lagarde said Thursday as lockdowns are tightened across the region. The start of vaccination campaigns across the euro area is an important milestone in the resolution of the ongoing health crisis. However, the ECB has stuck with its growth forecasts for this year. In December, the bank estimated a 3.9% GDP rate for 2021, and 2.1% for 2022 and maintained its view yesterday. This weighed on the US dollar, particularly as the traders looked at further stimulus coming in to support the US economy under the new presidential regime. Powered by Commodity Insights |
LME Inventories Data - 21 January 2021 Copper 91150 (-2800), Aluminium 1419250 (2200), Nickel 249396 (-330), Lead 117150 (-2175), Zinc 191875 (-2325). All figures in tonnes, Daily change in bracket.
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Australia manufacturing sector continued to expand in January, with a PMI score of 57.2, Markit Economics said in Friday's flash estimate. That's up from 55.7 in December and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, goods producers enjoyed the fastest expansions in both sales and production in over three years. In some cases, monitored firms suggested that pending 2020 projects had been authorized. There remained signs of export weakness, however, with new orders from abroad down for the fourth straight month. The services PMI fell to 55.8 from 57.0 in December as firms recorded slower increases in both new orders and business activity. According to survey participants, growth was stymied by the COVID-19 pandemic and border restrictions. The composite index came in at 56.0, up slightly from 55.6 a month earlier. Powered by Commodity Insights |
Japan consumer prices were down 1.2 percent on year in December, the Ministry of Internal Affairs and Communications said on Friday, following the 0.9 percent decline in November. Core consumer prices were down 1.0 percent on year after also slipping 0.9 percent in the previous month. Among the individual components, prices were down for fuel, food, medical care, transportation, education and recreation on a yearly basis. Prices were up for housing, furniture and clothing. On a seasonally adjusted monthly basis, overall inflation was down 0.1 percent and core CPI was flat. Powered by Commodity Insights |
Australia total value of retail sales were down a seasonally adjusted 4.2 percent on month in December, the Australian Bureau of Statistics said on Friday, coming in at A$30.324 billion and following the 7.1 percent jump in November. Following the November rise, all industries except for Cafes, restaurants and takeaway food services fell. Household goods retailing led the falls (-9%), following the Black Friday sales, and new product releases, that boosted turnover in November. Similarly, other retailing, Department stores, and Clothing, footwear and personal accessory retailing, saw falls after reporting large rises in November. Food retailing fell 2%, with sales across the Food industry down in Victoria and New South Wales in line with restrictions on Christmas gatherings. Powered by Commodity Insights |
Households' demand for secured lending for house purchases in the UK is set to fall in the first quarter, the Credit Conditions Survey from the Bank of England showed Thursday. Although demand for secured lending for house purchase increased in the fourth quarter, it is set to drop slightly, the survey revealed. Lenders reported that demand for unsecured lending increased in the fourth quarter and is expected to rise further in next three months. Banks reported that demand for corporate lending from small businesses decreased slightly and demand from medium sized businesses declined whereas demand from large private non-financial corporations increased over the same period. Demand for corporate lending was expected to fall for small businesses in the first quarter but increase for medium and large businesses over the next quarter. Powered by Commodity Insights |
| French manufacturing sentiment rose in January, survey results from the statistical office Insee revealed on Thursday. The manufacturing confidence index moved up to 98 in January from 94 in December, marking highest score since February 2020. The personal production expectations index advanced to 7 from 5 in the previous month. However, the general production prospects weakened slightly in January, with the reading falling to -9 from -5 a month ago. The industrialists' opinion on overall order books improved sharply in January. Powered by Commodity Insights |
| Local Crude oil production during December,2020 was 2555.66 TMT which is 6.85% lower than target and 3.59% lower when compared with December, 2019. Cumulative crude oil production during April-December, 2020 was 22982.16 TMT which is 5.27% and 5.72% lower than target for the period and production during corresponding period of last year respectively. Natural gas production during December, 2020 was 2424.90 MMSCM which is 22.94% lower than the monthly target and 7.11% lower when compared with December, 2019. Cumulative natural gas production during April-December, 2020 was 21128.92 MMSCM which is 13.38% and 11.30% lower than target for the period and production during corresponding period of last year respectively. Powered by Commodity Insights |
| The Solvent Association (SEA) has stated in a latest update that this year, the mustard farmers have positively responded on the sowings front due to the high price of mustard oil and seed during the sowing time. The latest data of rabi sowing indicates increase in rape-mustard sowing area by about 4.61 Lakh hectares from previous year, totalling 73.25 lakh hectares. The current year's sowing number is higher by about 13.8 Lakh hectares compared to normal five-year average viz. 59.44 lakh hectares. The mustard crop is shaping-up well, thanks to conducive weather so far. The harvest is just 4 to 6 weeks away and if the weather continues to remain conducive, we would not be surprised to see the current year's mustard production touching 100 lakh tonnes. This will also augment the domestic availability of oils. Powered by Commodity Insights |
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