RESEARCH VIA DAILY FOREX REPORT 5/NOV/2014

• Rupee falls 15 paise against dollar in early trade
  The rupee declined by 15 paise to 61.51 in early trade today at the Interbank Foreign Exchange on fresh dollar demand from banks and importers amidst strengthening of the American currency overseas. Forex dealers said besides the dollar gaining against other currencies in the global markets, increased demand for the American unit from importers weighed on the rupee but surging domestic equity markets, capped the fall. The rupee gained nine paise to close at 61.36 against the dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex opened higher by 103.99 points, or 0.37 per cent, to reach a new lifetime high of 27,969.82 in early trade today.
• US dollar trades near seven-year high against yen

The US dollar traded near a seven-year high against the yen Monday after Japan's surprise decision last week to widen its stimulus and speculation that US interest rates could be hiked sooner than later. The greenback bought $112.74 -its highest since December 2007 -- in Singapore late-morning trade, compared with $112.35 yen in New York late Friday. The euro was at $1.2476 against $1.2525, while it also bought 140.68 yen compared with 140.71 yen. Japanese markets were closed for a public holiday. Singapore's United Overseas Bank (UOB) said "the dominant influence on markets" was the Bank of Japan's surprise announcement on Friday that it would expand its already vast asset-purchasing scheme in a bid to kickstart the economy.

Policymakers at Japan's central bank said they would add up to 20 trillion yen to the scheme, bringing it to 80 trillion yen annually. The decision follows a string of poor data that has fanned fears the world's number three economy, which contracted in April-June, may contract in the following three months, technically putting it in recession. In the United States, UOB said dealers are focused on US jobs data that will be released on Friday.

"The US jobs data could swing market expectations for the Federal Reserve's future course of interest rate actions," the Singapore lender said. The Fed's optimistic comments on the state of the jobs market last week were seen as more hawkish than in the past, fuelling speculation of a possible earlier rate hike. The US central bank said in a policy statement last week it would keep near-zero interest rates for "a considerable time" after the end of the quantitative easing programme, sticking to its timetable of an increase well into 2015. UOB said the US unemployment rate is expected to remain unchanged at 5.9 percent, while the non-farm payrolls data will likely show an addition of 215,000 jobs in October, compared with 236,000 jobs in September.

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DAILY MCX REPORT FROM RESEARCH VIA 31/OCT/2014

GOLD

Gold futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market after the US Fed ended monthly bond purchases while investment demand tumbled after holdings in the largest exchange traded product (ETP) fell to the lowest level in six years.

Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, shrank to the lowest level since October 2008 to 742.40 metric tons on Wednesday.

Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,765 per 10 grams, down by 1.16 per cent, after opening at Rs. 26,990, against the previous closing price of Rs 27,079. It touched an intra-day low of Rs 26,761. (At 11:34 AM).

COPPER
 
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal tracking a weaker trend in the overseas market as the Fed’s decision to end QE boosted the dollar, curbing the demand for the base metal as an alternative asset.

Stronger greenback makes copper expensive for those holding other currencies, thus dimming demand.

Investors will be keeping an eye on planned mine strikes in Indonesia and Peru which may signal tighter copper supplies.

At the MCX, copper futures for November 2014 contract is trading at Rs. 417.85 per 1 kg, down by 0.89 per cent, after opening at Rs. 420.70, against the previous closing price of Rs. 421.60. It touched an intra-day low of Rs. 417.75. (At 11:38 AM).

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DAILY MCX REPORT FROM RESEARCH VIA 16/OCT/2014

DAILY BUZZ

GOLD

Tracking a firming global trend, gold prices rose 0.55 per cent to Rs 27,119 per ten gram in futures trade today as speculators enlarged positions.

At the Multi Commodity Exchange, gold for delivery in December contracts moved up by Rs 147, or 0.55 per cent to Rs 27,119 per ten gram in business turnover of 1,800 lots.

On similar lines, gold for delivery in February traded higher by Rs 149, or 0.55 per cent to Rs 27,260 per ten gram in 24 lots.

Analysts attributed the rise in gold futures to a firming global trend where the metal traded at nearly four-week highs. as speculation that the US Federal Reserve may delay raising borrowing costs on slowing global growth hurt the dollar and boosted demand for a safe-haven.

Meanwhile, gold traded higher at $1,236.12 an ounce from $1,235.87 yesterday in Singapore.

COPPER

Copper prices moved up by 0.13 per cent to Rs 420.45 per kg in futures trade today as speculators enlarged positions after base metals rose in overseas markets amid pick-up in spot demand.

At the Multi Commodity Exchange, copper for delivery in February next year traded higher by 55 paise, or 0.13 per cent to Rs 420.45 per kg in business turnover of 10 lots.

In a similar fashion, the metal for delivery in November edged up by 50 paise, or 0.12 per cent to Rs 413.80 per kg in 2,306 lots.

Meanwhile, copper for delivery in three months gained 0.2 per cent to USD 6,723.25 a metric tonne at the London Metal Exchange

ZINC

Zinc prices rose by 0.74 per cent on Tuesday at the domestic markets after better than expected China export data eased concerns over an economic slowdown in the world’s biggest metals consumer, lifting the demand outlook for zinc. China’s exports climbed 15.3 per cent, year on year in September 2014, surpassing estimates of a 12 per cent rise. Zinc futures for October 2014 contract, at MCX, were trading at Rs 143.15 per kg, up by 0.74 per cent after opening at Rs. 142.55 against the previous closing price of Rs. 142.10. It touched the intra-day high of Rs. 143.30 till the trading. (At 4.15 PM).

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DAILY FOREX REPORT RESEARCH VIA 14/oct/2014

MARKET HEADLINES

• Rupee up 8 paise against dollar in early trade

The rupee recovered by 8 paise to 61.27 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency.

Besides strengthening of the euro and yen against the dollar in overseas market supported the rupee, but a lower opening in the domestic equity market capped gains, forex dealers said.

The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The benchmark BSE Sensex fell by 159.35 points, or 0.61 per cent, to 26,138.03 in early trade today.

• Rupee down 30 paise at 61.35 vs dollar

Snapping a four-day gaining spree, the rupee today fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The local currency rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange ( Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent.

It moved in a range of 61.11 and 61.36 per dollar during the day.

"Rupee traded weak today taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week," said Pramit Brahmbhatt, CEO, Veracity Group. 

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Daily Commodity Market Report From Research Via 25/sep/2014

GOLD

Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as escalating tensions in the Middle East amid US led airstrikes in Syria against Islamic State militants boosted safe haven inflows into the yellow metal. However, the gains in the bullion were curbed by speculation of a rise in US borrowing costs after a top US Fed official saw the case for a rate hike in early 2015, dimming the appeal of the precious metal as a store of value. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,699 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,672, against the previous closing price of Rs 26,669. It touched an intra-day high of Rs 26,712. (At 11:21 AM).

NICKEL

Amid a weak trend in global market and subdued demand at domestic spot markets, nickel prices fell 0.26 per cent to Rs 1,052.60 per kg in futures trade today as speculators trimmed positions.

At the Multi Commodity Exchange, nickel for delivery in October traded Rs 2.70, or 0.26 per cent, to Rs 1,052.60 per kg in a business turnover of 13 lots.

On the similar lines, the metal for delivery in November shed Rs 1.40, or 0.13 per cent, to Rs 1,058.80 per kg in one lot.

LEAD

Lead prices fell by 0.16 per cent on Wednesday at the domestic markets due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 125 metric tonnes to 225375 metric tonnes as on September 24, 2014. At the MCX, Lead futures, for the September 2014 contract, is trading at Rs 125.60 per kg, down by 0.16 per cent, after opening at Rs 125.70, against a previous close of Rs 125.80. It touched an intra-day low of Rs 125.40 till the trading.

AGRO OUTLOOK

The National Commodity & Derivatives Exchange on Wednesday announced the launch of forwards contracts on its national-level electronic platform.

The facility, named Agrim Sauda, will be available from Thursday, initially for sugar and maize. It will be extended to other commodities later.

The forward contracts will offer the benefits of transparent trade practices and national market reach through registered farmer producer organisations.

The introduction of Agrim Sauda is expected to help integrate the commodity ecosystem leading to a more developed and efficient agriculture market.

In addition to farmers, Agrim Sauda will help almost every participant in the segment, including processors, exporters, traders and government procurement agencies.

This may also make price predictability less onerous and is likely to contribute in the development of storage infrastructure for traded commodities in and around major producing and trading areas. With this initiative, a buyer or a seller from one part of the country has the benefit of being able to buy or sell any commodity in any part of the country. 

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DAILY MCX GOLD UPDATE FOR 9/SEP/2014

DAILY BUZZ

GOLD

Gold prices were up by 0.27 per cent to Rs 27,614 per 10 gram in futures trade as speculators enlarged positions amid a firming global trend.

At the Multi Commodity Exchange, Gold for delivery in December moved up by Rs 73, or 0.27 per cent, to Rs 27,614 per 10 gram in a business turnover of 43 lots.

In a similar fashion, the metal for delivery in October gained Rs 59, or 0.22 per cent, to Rs 27,437 per 10 gram in 1,036 lots.

Analysts said the rise in gold prices at futures trade was mostly attributed to a firming trend overseas as speculators enlarged positions.

Meanwhile, gold rose 0.2 per cent to USD 1,270.78 an ounce in Singapore. 

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RESEARCH VIA DAILY MCX REPORT 01/SEP/2014

DAILY BUZZ

GOLD

Gold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765 .

COPPER

Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after consumer confidence in Germany fell for the first time in one and a half years in August 2014, signaling a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. The gauge measuring consumer confidence in Germany fell to 8.9 this month from 8.6 in July, the biggest drop since May 2011, GfK said. All eyes are on the European Central Bank (ECB) which will announce its policy decision next week amid speculation of fresh easing measures to boost the sagging 18-member economy. At the MCX, Copper futures for August 2014 contract closed at Rs. 422.85 per 1 kg, down by 0.73 per cent, after opening at Rs. 425, against the previous closing price of Rs. 425.95. It touched an intra-day low of Rs 421.75

CRUDE OIL

Crude oil futures were trading higher in the domestic market on Thursday as a dip in oil and gasoline stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. While crude stockpiles fell 2 million barrels last week, gasoline supplies declined 960,000 barrels to 212.3 million barrels, the EIA said. All eyes are on the Q2 US GDP data to be released today which is expected to confirm an annualized growth of 4 per cent after a surprise contraction in the previous quarter when bad weather played spoilsport. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,685 per barrel, up by 0.18 per cent, after opening at Rs 5,686, against a previous close of Rs 5,675. It touched an intra-day high of Rs 5,693. (At 11:01 AM).

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TODAY'S PRECIOUS METAL REPORT FROM RESEARCH VIA

DAILY BUZZ

SILVER

Silver prices fell by Rs 211 to Rs 42,130 per kg in futures trade today as speculators engaged in reducing positions largely in tune with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in September traded lower by Rs 211, or 0.50 per cent, to Rs 42,130 per kg in a business turnover of 331 lots.

Similarly, the white metal for delivery in far-month December declined by Rs 181, or 0.42 per cent, to Rs 42,897 per kg in a business volume of 35 lots.

In the international market, silver fell 0.41 per cent to $ 19.37 an ounce in Singapore.

Market analysts said a subdued trend in the global markets as minutes of the Federal Reserve's last meeting signalled that policy makers may increase borrowing costs earlier than expected amid strengthening dollar, reducing appeal of precious metals, put pressure on silver futures here.

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DAILY MCX COMMODITY REPORT 6/AUG/2014

Precious Metals

DAILY BUZZ

GOLD/SILVER

Snapping its four-day rising streak, gold prices fell by Rs 135 to Rs 28,390 per 10 grams in the national capital today on fall in demand at prevailing higher levels amid a weak global trend.

However, silver held steady at Rs 45,000 per kg on some support.

Traders said besides fall in demand at prevailing higher levels, weak global trend led to the fall in gold prices.

Gold in New York, which normally sets price trend on the domestic front, fell 0.46 per cent to USD 1 ,288.20 an ounce and silver by 0.84 per cent to USD 20.13 an ounce in yesterday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity dropped by Rs 135 each to Rs 28,390 and Rs 28,190 per 10 grams, respectively. It had gained Rs 325 in the previous four sessions.

Sovereign also declined by Rs 100 to Rs 24,700 per piece of eight grams.

On the other hand, silver ready held steady at Rs 45,000 per kg while weekly-based delivery lost Rs 490 at Rs 44,090 per kg on lack of buying support from speculators

Base Metals & Energy

DAILY BUZZ

NICKEL

Nickel prices moved down by 0.21 per cent to Rs 1,134.80 per kg in futures trade today as speculators trimmed positions even as the metal strengthened overseas.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 2.40, or 0.21 per cent, to Rs 1,134.80 per kg in a business turnover of three lots.

The metal for delivery in August shed Rs 2.30, or 0.20 per cent, to Rs 1,129.50 per kg in 329 lots.

LEAD

Lead prices shed 0.50 per cent to Rs 138.05 per kg in futures trading today as speculators trimmed positions amidst a weak global trend and sluggish demand from battery-makers in the spot market.

At the Multi Commodity exchange, lead for delivery in August eased by 70 paise, or 0.50 per cent, to Rs 138.05 per kg in a business turnover of 185 lots.

The metal for delivery in September fell by a similar margin to trade at Rs 138.70 per kg in just one lot. At the LME, lead for delivery in three months retreated 0.8 per cent to USD 2,260 per tone.

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DAILY MCX BASE METAL REPORT 21/JULY/2017

Base Metals & Energy

 

DAILY BUZZ

LEAD

Lead prices fell by 0.26 per cent to Rs 132.55 per kg in futures trading today as speculators reduced positions due to decline in demand from battery-makers in the spot market.

At the Multi Commodity exchange, lead for delivery in August contracts traded lower by 35 paise, or 0.26 per cent to Rs 132.55 per kg in business turnover of one lot.

Likewise, the metal for delivery in July contracts shed 30 paise, or 0.23 per cent to Rs 131.40 per kg in 176 lots.

CRUDE OIL

Crude oil prices rose by 0.56 per cent to Rs 6,256 per barrel today after participants indulged in creating speculative positions, tracking a firming trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56 per cent higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.

The oil for August also moved up by Rs 25, or 0.40 per cent, to Rs 6,205 per barrel, with a business volume of 154 lots.

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TODAY'S COMMODITY MCX REPORT FROM RESEARCH VIA

Precious Metals

DAILY BUZZ

SILVER

Silver prices fell by 0.74 per cent to Rs 45,727 per kg in futures trade today amidst profit-booking by speculators and a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September traded lower by Rs 341, or 0.74 per cent, to Rs 45,727 per kg in a business turnover of 753 lots.

Similarly, the white metal for delivery in December declined by Rs 356, or 0.72 per cent, to Rs 46,581 per kg in a business volume of 33 lots.

In the international market, silver traded lower at USD 21.43 an ounce in Singapore from USD 21.44 on July 11.

Market analysts said apart from profit-booking by participants, a weak trend in global markets led to the fall in silver prices at futures trade here. 

Base Metals & Energy 

DAILY BUZZ

COPPER

Copper futures fell 0.15 per cent to Rs 442.30 per kg today as speculators trimmed positions to book profits amidst a weak trend in global markets.

At the Multi Commodity Exchange, copper for delivery in November declined by 65 paise, or 0.15 per cent, to Rs 442.30 per kg in a business turnover of 41 lots.

The metal for delivery in August shed 50 paise, or 0.11 per cent, to Rs 436.05 per kg in a business volume of 540 lots.

NICKEL

Nickel prices eased by 0.11 per cent to Rs 1,169.10 per kg in futures trade today amid a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in August shed Rs 1.30, or 0.11 per cent, to Rs 1,169.10 per kg in a business turnover of 31 lots.

The metal for delivery in July also fell by Rs 1.20, or 0.10 per cent, to Rs 1,162.50 per kg in a turnover of 483 lots.

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COMMODITY MCX DAILY REPORT 7/JULY/2014

Precious Metals

 

DAILY BUZZ

GOLD

Gold futures rose 0.34 per cent to Rs 27,641 per 10 grams today amid a firming trend in global markets.

At the Multi Commodity Exchange, Gold for delivery in October rose by Rs 95, or 0.34 per cent, to Rs 27,641 per 10 grams with a business turnover of 85 lots.

In a similar fashion, the metal for delivery in August moved up by Rs 90, or 0.32 per cent, to Rs 27,554 per 10 grams with a trade volume of 4,113 lots.

Market analysts said the rise in gold futures was mainly in line with a firming trend in overseas markets after German factory orders fell more than expected, raising demand for the safe-haven.

Meanwhile, gold climbed 0.20 per cent to $1,321.89 an ounce in London.

Base Metals & Energy 

DAILY BUZZ

LEAD

Taking weak cues from the global market and sluggish domestic demand, lead fell by 0.38 per cent to Rs 129.65 per kg in futures trade today as speculators trimmed positions.

At the Multi Commodity exchange, lead for delivery in July down by 50 paise, or 0.38 per cent, to Rs 129.65 per kg in business turnover of 595 lots.

Metal prices for delivery in August also fell by a similar margin to Rs 130.90 per kg in 7 lots.

NICKEL

Nickel prices moved down by 0.62 per cent to Rs 1,180.80 per kg in futures trade today as participants reduced their exposures, tracking a weak trend overseas and sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in August month declined by Rs 7.40, or 0.62 per cent, to Rs 1,180.80 per kg in a turnover of 42 lots.

Similarly, the metal for delivery in July traded lower by Rs 8.60, or 0.56 per cent, to Rs 1,175.20 per kg in 1,517 lots.

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DAILY COMMODITY MCX REPORT 3/july/2014

Precious Metals

DAILY BUZZ

SILVER

Silver prices fell 0.20 per cent to Rs 44,800 per kg in futures trade today as speculators reduced exposures on a weak trend in the precious metals overseas.

At the Multi Commodity Exchange, silver for delivery in September fell by Rs 90, or 0.20 per cent, to Rs 44,800 per kg in a business turnover of 2,373 lots.

Similarly, the white metal for delivery in current month was down by Rs 8, or 0.02 per cent, to Rs 44,290 per kg in a business volume of 137 lots.

Market analysts said a subdued trend overseas due to the recent rally in precious metals has dampened physical demand and led to a fall in silver prices at futures trade here.

In the international market, silver fell 4 cents to USD 20.99 an ounce in Singapore.

Base Metals & Energy

DAILY BUZZ

CRUDE OIL

Crude oil futures rose by 0.62 per cent to Rs 6,340 per barrel today as speculators created fresh positions amid a mixed trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in July traded higher by Rs 39, or 0.62 per cent, to Rs 6,340 per barrel, with a business turnover of 2,603 lots.

The oil for delivery in August also moved up by Rs 37, or 0.59 per cent, to Rs 6,337 per barrel, with a business volume of 145 lots.

COPPER

Copper futures fell 0.25 per cent to Rs 432 per kg today as speculators trimmed their positions amidst a weak trend in global markets.

Besides, rising stockpiles of the metal, monitored by the London Metal Exchange (LME) in Asia, also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in far-month November declined by Rs 1.10, or 0.25 per cent, to Rs 432 per kg in a business turnover of five lots. The metal for delivery in August fell by Re 1, or 0.22 per cent, to Rs 426.70 per kg in a business volume of 409 lots. 

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