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| As on Sep 25, 2020 12:00 AM |
Your results on : Mid Session |
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| Eurozone money supply rose at a slower pace in August, the European Central Bank (ECB) reported Friday. The broad monetary aggregate M3 grew by 9.5% on a yearly basis, slower than the revised 10.1% increase seen in July. The ECB noted that annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, fell to 13.2% from 13.5% in July. Powered by Commodity Insights |
| UK consumer confidence rose in September, survey data from the market research group Gfk showed Friday. The consumer confidence index improved to -25 in September from -27 in August. Among sub-components, three measures increased, one decreased and one remained unchanged in comparison to the August 21st announcement. The indicator for past personal financial situation slipped to -7 from -5 in August, while that for future financial situation was steady at 1. Powered by Commodity Insights |
| US Energy Information Administration (EIA), in its weekly natural gas storage report, showed n net increase of 66 billion cubic feet (Bcf) for the week ended September 18th from the previous week. EIA noted that at 3.680 trillion cubic feet, working gas in storage is standing 504 Bcf, or 16%, above the year-ago level of 3.176 Tcf and 407 Bcf, or 12.4%, more than the five-year average of 3.273 Tcf. Powered by Commodity Insights |
| UK car production fell sharply in August as ongoing coronavirus crisis stalled efforts to ramp up output, data from the Society of Motor Manufacturers and Traders or SMMT, showed Friday. The total output decreased 44.6% on a yearly basis in August to 51,039 units. The SMMT said that the production for domestic market fell 58.3% annually and that for exports were down 41.1%. So far this year UK, car production decreased 40.2%. Powered by Commodity Insights |
| The NCDEX Turmeric futures moved up today as traders eyed some pickup in demand from stockists in wholesale markets. The benchmark NCDEX Turmeric futures for October have been under pressure recently with the commodity testing a contract low of Rs 5684 per quintal in last session. Some short covering has been visible in last few days and slipped by 0.47% so far today. A slide in Indian Rupee, which fell near one month low against the US dollar yesterday could now offer some good support from export markets for the commodity. NCDEX Turmeric futures are currently trading at Rs 5762 per quintal, up 1% on the day. Bulk buying is expected to increase ahead of festivities in coming weeks. Powered by Commodity Insights |
UK public sector net borrowing excluding public sector banks, increased by GBP 30.5 billion from last year to GBP 35.9 billion in August, data from the Office for National Statistics showed Friday. This was the highest borrowing in any month since records began in 1993. During April to August, borrowing was estimated to have been GBP 173.7 billion, which was GBP 146.9 billion more than in the same period last year and the highest borrowing in any April to August period since records began in 1993. Public sector net debt excluding public sector banks at the end of August 2020 was GBP 2,023.9 billion or around 101.9 percent of gross domestic product. Powered by Commodity Insights |
The Global agricultural food trade has more than doubled since 1995, amounting to $1.5 trillion in 2018, with emerging and developing countries’ exports on the rise and accounting for over one-third of the world’s total, according to a new report issued today by the Food and Agriculture Organization of the United Nations (FAO). The State of Agricultural Commodity Markets, 2020 (SOCO 2020) noted that global trade and well-functioning markets lie at the heart of the development process as they can spur inclusive economic growth and sustainable development, and strengthen resilience to shocks. The report estimates that about one-third of global agricultural and food exports are traded within a global value chain and cross borders at least twice. The rise of global value chains is driven by income growth, lower trade barriers and technological advancements, which have transformed markets and trade processes, linking farmers to traders and consumers across regions and countries. FAO says that by participating in global value chains, smallholder farmers can boost their food production and income. On average and in the short term, a 10% increase in agriculture’s global value chain participation can result in an increase of around 1.2% in labour productivity, finds the report. Powered by Commodity Insights |
LME Inventories Data - 24 September 2020 Copper 76325 (-950), Aluminium 1482225 (-3950), Nickel 236646 (336), Lead 135400 (-100), Zinc 221300 (2000). All figures in tonnes, Daily change in bracket.
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| Swiss National Bank retained the policy rate and interest on sight deposits at the SNB at a record low -0.75%. The central bank continued to supply the banking system with generous amounts of liquidity via the SNB COVID-19 refinancing facility or CRF. Powered by Commodity Insights |
US Energy Information Administration's (EIA) stated yesterday that OPEC+ agreement to reduce production contributes to global oil market rebalancing. On April 15, members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partner countries, collectively known as OPEC+, agreed to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020. At the time, efforts to contain the spread of coronavirus resulted in a steep decline in demand for petroleum liquids and lower crude oil prices. Starting in May 2020, the OPEC+ agreement called for a decrease in crude oil output by an initial 9.7 million barrels per day (b/d) that gradually tapers through April 2022, the end of the current agreement period. The EIA monthly data show that OPEC total crude oil production decreased by 6.0 million b/d from April to May, which was the largest monthly production decline since 1993. Compared with January 2020 total petroleum liquids production, partner countries' output fell by an estimated 5.9 million b/d in May, 7.9 million b/d in June, 7.1 million b/d in July, and 5.6 million b/d in August. OPEC members Iran, Libya, and Venezuela were exempt from the production cut agreement because of economic sanctions or domestic political instability. EIA estimates that the OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019. Lower supply than demand has resulted in significant global liquid fuels inventory draws since June. EIA expects inventories to continue declining in the second half of 2020 and during most of 2021, resulting in a relatively balanced market by the end of next year, according to EIA's September 2020 Short-Term Energy Outlook. Powered by Commodity Insights |
German business confidence index rose to 93.4 in September from 92.5 in August, reports said citing survey data from ifo Institute on Thursday. Firms' assessment of current situation as well as their expectations improved from the previous month. The current conditions index climbed to 89.2 from 87.9 in the previous month. The expected reading was 89.5. The expectations index rose to 97.7 in September from 97.2 a month ago. Powered by Commodity Insights |
| Natural Gas futures jumped sharply in last session and added further to these gains today even as commodities plummeted and equities stayed under extreme stress. The benchmark Henry Hub Natural Gas futures spiked nearly 20% in intraday moves yesterday as a recovery from seven-week low extended. Sentiments turned highly bullish on storm linked flooding in some LNG facilities. The commodity rose further today and currently trades at $2.24 per mmbtu, up 5.80% on the day. MCX Natural Gas futures are also trading at Rs 166.10 per mmbtu, up 7.70% on the day. The market is eyeing release of weekly Natural Gas storage data from the US Energy Information Administration later tonight. Powered by Commodity Insights |
| The global Soybean futures tanked yesterday as a slide from 25 month high continued amid a massive destruction in commodity prices. Risky assets were hurt on economic worries as traders focused on a resurgence of Covid-19 cases in Europe. The benchmark US Soybean futures almost tested $10 per bushel today and lingers near the same, marking its lowest level in last one week. The counter is currently witnessing a loss of around 1%. Traders are worried about the near term demand from China as tensions are flaring up on the US-China front. US President Donald Trump has asked the United Nations to hold China accountable for the Covid-19 pandemic. President Trump has also accused China of trade abuses. Powered by Commodity Insights |
Ministry of Labour & Employment noted yesterday that the parliament has passed three Labour Codes to pave way for enactment of historic “Game changer” Labour Laws. The Rajya Sabha has passed three labour codes namely, Industrial Relations Code, 2020 (ii) Code on Occupational Safety, Health & Working Conditions Code, 2020 & (iii) Social Security Code, 2020. With this, the decks for enactment of these codes have been cleared as Lok Sabha had already passed these Bills. Speaking during the discussions on the bills, Santosh Gangwar, the Minister of State with independent charge in the Ministry of Labour and Employment,.described the Bills as historic game changer which will harmonize the needs of workers, industries and other related parties. He said that these Labour Codes will prove to be an important milestone for the welfare of the workers in the country. The Minister further said that the Social Security Code provides a framework to include organized and unorganized sector workers under the ambit of comprehensive social security. The Social Security Code contains provisions relating to EPFO, ESIC, building construction workers, maternity benefits, gratuity and social security fund for unorganized sector workers. Powered by Commodity Insights |
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