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| As on Jun 26, 2019 12:00 AM |
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The Indian rupee commenced weak against the dollar in early trades on Wednesday, 26 June 2019 amid simmering geopolitical tensions in the Middle East and higher crude oil prices. Strengthening of the American currency in the overseas market also weighed on the local unit. However, foreign fund inflows and strong opening in domestic equities supported the domestic currency. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,157.87 crore Tuesday, as per provisional data. Investors remain cautious amid rising tensions between the US and Iran. On the global front, the trade concerns between the US and China, and rising US-Iran tensions are poised to dominate a high-stakes G20 summit from Friday. The domestic currency opened at Rs 69.41 against the dollar and registered an intra-day high and low of 69.35 and 69.48 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 69.35. The rupee had settled at 69.36 against the US dollar on Tuesday. Domestic benchmark indices pared gains after hitting fresh intraday high in morning trade. The Nifty moved above 11,800 mark in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 108.98 points or 0.28% at 39,543.92. The Nifty 50 index was up 27.40 points or 0.23% at 11,823.85. Overseas, most Asian stocks were trading lower on Wednesday after US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing. US stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates. Fed Chair Jerome Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. Powell on Tuesday also said the central bank is insulated from short-term political pressures, pushing back against US President Donald Trump's demand for a significant rate cut. Meanwhile, investors looked toward developments on the US-China trade front, with presidents Donald Trump and Xi Jinping set to meet at the G-20 summit later this week. Investors are also watching the Middle East, with continuing tensions between the US and Iran. Iran said Trump's decision Monday to impose additional sanctions on Iran had closed the door to diplomatic negotiations. Meanwhile, the US dollar rose on Wednesday in Asia. U.S. Federal Reserve chairman Jerome Powell's comments were in focus as he said the central bank is “insulated” from political pressures. The U.S. dollar index gained 0.2% to 95.808. Powered by Commodity Insights |
The government of Malaysia has decided to keep its export duty on crude palm oil unchanged at 0% for another month, until the end of July 2019. For July, the minimum purchase price for the product in Malaysia was set at MYR 1970/MT (some USD 474.69/MT) with any price above MYR 2250/MT incurring a duty, reports Powered by Commodity Insights |
The Public Association Community of Pulse Producers and Customers of Ukraine and the China Chamber of Commerce of Import & Export of Foodstuffs, Native Produce & Animal By-Products (CFNA) have signed a Memorandum of Understanding for strengthening cooperation in pulses trade and investment, reports UkrAgroConsult. The priority area will be making the Chinese market open to Ukrainian peas. Their deliveries are expected to be set up by the end of this year.China imports 1.5-1.8 MMT of peas a year.According to Association, pea production in Ukraine in 2016 was 746.23 KMT, in 2017 - 1.95 MMT, in 2018 - 774.91 KMT. Powered by Commodity Insights |
| Chana eased in Delhi amid thin trading as the arrivals stayed at 25 trucks. Supplies are seen comfortable over the coming months given the recent decisions pertaining to pulses imports. However, broad demand in wholesale markets is steady. The spot Chana prices in Delhi are ruling around Rs 4400 per quintal, down 0.27% on the day. Powered by Commodity Insights |
| Soybeans soared as poor start to the monsoon season supported the prices. With the progress of monsoon still remaining sluggish, 84% of the meteorological subdivisions have recorded deficient rainfall. The official rainfall season starts from June 1 to September 30 and the overall monsoon deficiency until June 22 has been around 39%. However, the overall demand for ready edible oils is tepid and not much upside is seen in Soybeans in near term. The commodity currently trades at Rs 3725 per quintal in Indore, up marginally the day. Powered by Commodity Insights |
| Sugar is witnessing steady moves as physical market demand is thin. Mills are not witnessing much selling pressure. Indian sugar mills contracted to export 2.7 million tonnes of sugar since the current season began in October last year, All India Sugar Trade Association stated, according to recent media reports. Spot Sugar is trading at Rs 3250 per quintal in Muzzafarnagar, down marginally on the day. Powered by Commodity Insights |
| Wheat is trading in a steady manner as not much of buying is emerging after recent spurt in prices. Traders are expecting a pickup in demand in coming months though. Spot prices of Wheat in Delhi are quoting at Rs 2028 per quintal right now, up 0.08% on the day. Powered by Commodity Insights |
Brent Crude oil futures eased for a second session today as profit selling emerged around three week highs amid a dull movement in global equities. Oil saw excellent gains recently on sustained ongoing geopolitical concerns in the Middle East. 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. Global economic updates were also depressing yesterday. Germany's business sentiment weakened in June, survey data from the Munich-based Ifo Institute revealed. The ifo business confidence index fell to near five year low of 97.4 in June from 97.9 in May. 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. Asian equities mostly ended on a negative note today and European markets also witnessed a tepid start. This pulled the Brent Crude futures near $64 per barrel, down around 0.20% on the day. MCX Crude oil futures came off a high of Rs 4045 per barrel and currently trade flat at Rs 4033 per barrel. Powered by Commodity Insights |
According to a latest update from the International Copper Study Group (ICSG), the preliminary data indicates that world refined production declined by around 1.1% in the first quarter of 2019 with primary production (electrolytic and electrowinning) declining by around 1.5% and secondary production (from scrap) increasing by 0.7%. The decline in world refined production was mainly due to a 32% decline in Chilean electrolytic refined output due mainly to temporary smelter shutdowns whilst undergoing upgrades to comply with new environmental regulations. A decline of 45% in India’s production negatively impacted by the shutdown of Vedanta’s Tuticorin smelter in April 2018 also weighed. Reduced output in major producing countries including Germany, Japan, Peru and the United States due to smelter maintenance shutdowns was the other critical factor. However overall decline was partially offset by growth in China due to the continued expansion of Chinese smelter/refinery capacity. Other countries recovering from production constraints in 2018 such as Australia, Brazil and Poland also contributed to growth. On a regional basis, refined output is estimated to have increased Asia (2.5%) and in Oceania (24%) while declining in Africa (-8%), in the Americas (-12%) and remaining essentially unchanged in Europe. Preliminary data indicates that world apparent refined usage increased by about 0.8% in the first quarter of 2019. Chinese apparent usage grew by around 4%. Among other major copper users, demand increased in India but declined in the EU and the United States, remaining essentially flat in Japan. World ex-China usage declined by around 2%. Preliminary world refined copper balance in the first quarter of 2019 indicates a small deficit of about 30,000t. In the first quarter of 2019, the world refined copper balance adjusted for changes in Chinese bonded stocks indicated a market surplus of around 105,000 t. Powered by Commodity Insights |
| Germany's construction orders decreased by a seasonally and working-day adjusted 1.7 percent month-on-month in April, data from Destatis showed on Tuesday. This decline was due to the high order intake last month on the back of particularly good development, the agency reported. Compared to the previous year, price-adjusted order intake in the main construction industry increased 6.4 percent in April. From the January to April period, construction orders advanced 7.5 percent from the same period last year. Powered by Commodity Insights |
Broadway Gold Mining Ltd announced that Kennecott Exploration Company, part of the Rio Tinto Group, has commenced with a drilling campaign at Broadway’s Madison copper-gold project located in the Butte Region of Montana. The initial drilling program consists of three drill holes targeting an area displaying multi-element soil and rock chip geochemical anomalies, historic prospects, strong Induced Polarization (IP) anomalies and porphyry drill intercepts identified by Broadway’s technical team as per the news release dated October 26, 2017 and four holes targeting skarn mineralization. Through its wholly owned Montana-based subsidiary, Broadway Gold Corp., the Company is focused on the exploration and development of its two mines, the Broadway and Madison mines, and the delineation of the porphyry source of their mineralization. The Company owns a 100% interest in the two mines and has staked an area of four-square-miles in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for mining and exploration. Powered by Commodity Insights |
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. Real wages are rising, including for those at the lower end of the income distribution, and productivity growth appears to be recovering. Against this backdrop, inflationary pressures remain remarkably subdued. Despite these positive macroeconomic outcomes, the benefits from this decade-long expansion have not been shared as widely as they could. Average life expectancy is falling, income and wealth polarization have increased, poverty has fallen but remains higher than in other advanced economies, and social mobility has steadily eroded. In addition, a number of medium-term risks are growing. The financial system appears healthy but vulnerabilities in leveraged corporates and, potentially, in the nonbank system is elevated by historical standards. An abrupt reversal of the recent supportive financial market conditions or a deepening of ongoing trade disputes represent material risks to the US economy, with concomitant negative outward spillovers. Powered by Commodity Insights |
As per the official sources, the area under cotton in Gujarat is likely to decline by 10-15% as farmers are shifting towards groundnut coupled with delayed monsoon. The sources stated that state government policies have encouraged farmers to cultivate more area under the oilseed. Moreover, Gujarat has reported scanty rainfall so far this season. Since Jun 1, the rainfall has been 40.0 mm, 40% below the normal weighted average of 66.6 mm for the period. The conditions are much more suitable for groundnut on the account of higher realisations and cheaper cost of production, Powered by Commodity Insights |
First Quantum Minerals Ltd announced yesterday that the first shipment of copper concentrate from Cobre Panama has left port. This shipment is the first from the operation and a significant milestone of the ongoing ramp-up. Cobre Panama is the Company's newest operation located in the district of Donoso, Colon province, in the Republic of Panama, which commenced production earlier in the year. The Missy Enterprise going through the Panama Canal with the first copper concentrate shipment from First Quantum’s Cobre Panama Mine. The Missy Enterprise (a Panama flagged vessel), departed the Punta Rincon port at Cobre Panama on June 19, 2019 with a total load of 31,377 wet metric tonnes of copper concentrate as per the Captain's draft survey. The next vessel, the Clarke Quay, has already docked at the Cobre Panama port and will be loading approximately 44,000 wet metric tonnes of copper concentrate over the next few days. Ongoing vessels are expected every 2-3 weeks. This first shipment, at copper concentrate grades consistent with plan, is a significant milestone in the ramp-up at the Project. Cobre Panama remains on track to produce between 140-175,000 tonnes of copper in 2019 with more than 80% of production expected in the second half of the year and ramping up to over 300,000 tonnes of annual copper production over the next few years, consistent with Company guidance. Powered by Commodity Insights |
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