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| As on Jun 23, 2017 12:00 AM |
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Copper held on to hefty overnight gains, spurred on by data showing the metals shift to global a supply deficit.The global world refined copper market showed a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February, industry data released this week. The prices of MCX Copper yet again in the last trading day. The metal gained by 0.07% to end the day at Rs 370.45 per kg. Zinc was mostly flat at $2,643 a tonne after ending 3.3 percent higher overnight, bolstered by a weaker dollar and concerns over tightening supplies, with LME stocks at their lowest since January 2009 . Powered by Commodity Insights |
Copper held on to hefty overnight gains, spurred on by data showing the metals shift to global a supply deficit.The global world refined copper market showed a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February, industry data released this week. The prices of MCX Copper yet again edged in the last trading day. The metal gained by 0.07% to end the day at Rs 370.45 per kg. Zinc also remained supported after the recent spurt, bolstered by a weaker dollar and concerns over tightening supplies, with LME stocks at their lowest since January 2009 . Powered by Commodity Insights |
Global Cotton futures took a beating last night on ideas of surplus production. New York cotton for December plummeted 2.0% at 66.74 cents a pound, the contract's weakest close in nine months. The latest release of United States Department of Agriculture (USDA ) has projected a upward revision in global production, from 113.2 million bales to 114.7, or about 1.3 percent. In combination with some slight revisions in the current and previous crop years, production is forecast to grow 8.2 percent from 2016/17 to 2017/18, rather than 6.9 percent as forecast in the previous WASDE. These changes reflect price-driven area increases for most major cotton producers, and significant improvements in the outlook for a few countries, namely Pakistan, China, and Mexico. Despite this improving outlook, however, global production remains below the levels seen before the extremely poor-yielding 2015/16 crops. Recovery in production has varied by region, but it is notable that almost alone among major cotton-producing regions, the African Franc Zone is forecast to yield its largest crop ever obtained, at about 5.2 million bales. Powered by Commodity Insights |
Gold stayed supported after recovering from its one month low on ideas that Indian demand would remain strong as the recent price correction pulled the local spot prices near Rs 28000 per 10 grams. A satisfactory monsoon is expected to boost the rural demand in coming months. However, strength in global economic data is weighing on the metal. COMEX Gold is currently quoting flat at $1253 per ounce. MCX Gold futures ended around Rs 28630 per 10 grams yesterday and are likely to open up on a flat note today. Reflecting widespread improvement, the Conference Board released a report on Thursday showing that its index of leading US economic indicators rose in line with the estimates in the month of May. The Conference Board said its leading economic index climbed by 0.3% in May after rising by a downwardly revised 0.2% in April. Eurozone's solid growth momentum is set to continue in the second quarter, mainly driven by domestic demand, and there are signs of a build-up of pipeline inflationary pressures, the European Central Bank said in its latest economic bulletin released on Thursday. Overall, incoming data point to solid growth in the second quarter of 2017, the bank said. Existing risks to global growth such as an abrupt tightening of financial conditions likely eased over the past year, thanks to careful communication by the US Federal Reserve, but new threats have emerged due to high policy uncertainty surrounding the fiscal and trade plans of the Trump administration, the European Central Bank said Wednesday. Powered by Commodity Insights |
India's Crude oil production during May, 2017 was 3099.48 TMT which is 0.35% lower than target but 0.73% higher when compared with May 2016.Cumulative crude oil production during April-May, 2017 was 6038.33 TMT which is 1.16% lower than target for the period but 0.07% higher than production during corresponding period of last year. Natural gas production during May, 2017 was 2768.89 MMSCM which is 5.19% lower than the target for the month but4.16% higher when compared with May, 2016. Cumulative natural gas production during April-May, 2017 was 5302.50 MMSCM which is 7.13% lower than target for the period but 3.04% higher than the production during corresponding period of last year. Powered by Commodity Insights |
| The markets for Crude oil gained in the trading session ending 22 June 2017. There were sharp moves upwards any noticeable moves. The prices were up to end the session at Rs 2779 per barrel, marking gains of 1.39%. Crude Oil is getting resisted at Rs 2880 and 2950 per barrel. On the lower side Rs 2680 and 2650 per barrel are noted support levels. Powered by Commodity Insights |
| Yellow metal faced minor appreciation in the trading session ending 22 June 2017. The prices of Gold was up 0.23% to end the day at Rs 28644 per 10 grams. On the higher side Rs 28749 per 10 grams was noted while on the lower side Rs 28620 per 10 grams was tested. Refined Gold benchmark contract is likely to find resistance at Rs 28780 and 28850 per 10 grams. On the lower side Rs 28500 per 10 grams is the noted support level. Powered by Commodity Insights |
| The prices of MCX Copper yet again in the last trading day. The metal gained by 0.07% to end the day at Rs 370.45 per kg. On the higher side Rs 372.70 per kg was noted while on the lower side Rs 366.65 per kg was tested. Resistance for Copper is active at Rs 375 and 376 per kg, while supports are active at Rs 363 per kg. Powered by Commodity Insights |
As per official data, Ukrainian barley exports kept their faster pace in April-May 2017. In total, the country has exported 5.25 MMT of barley this season, i.e. already 19% more than for the whole last season (4.4 MMT was shipped abroad in MY 2015/16).Deliveries of Ukrainian barley to Libya reached a record 920 KMT. Exports to the EU market increased 53% to 348 KMT against 227 KMT for the whole last season. Powered by Commodity Insights |
Mexico's corn production estimate for MY 2016/17 has been revised upward from the USDA/Official estimate to 27.4 million metric tons (MMT), reflecting the preliminary final results of the 2016 spring/summer crop from Mexico's Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Foodstuffs (SAGARPA). Official sources stated that very favorable weather conditions during critical phases of the crop cycle resulted in greater yields than previously estimated and diminished the total area damaged compared with previous years. According to SAGARPA figures, during this crop cycle the total area damaged was only 154,157 hectares (ha), compared to the average of 460,000 ha in the last few years. In addition and based on official information as of May 31, 2017, the 2016/17 fall/winter crop harvest is expected to be better than previously anticipated. Sources stated that if the current favorable weather conditions continue throughout this season, the expected yield levels will be higher than previous estimates. According to industry sources, feed consumption is expected to increase less than previously estimated. Animal feed industry sources pointed out that the market for poultry, pork, and beef meats in Mexico could weaken in 2017 compared to recent history, largely because of reduced consumer purchasing power that the higher domestic inflation could cause. In the first months of 2017, the balance of inflation risks has shown some deterioration. Mexico's inflation rate rose more than any analyst had expected in April 2017, reaching almost 6 percent, which is practically double the official target rate, after gasoline prices surged and the peso weakened. New total corn import estimate for MY 2016/17 has been revised downward from USDA/Official data to 14.0 MMT. The revised data reflects the updated official information from SAGARPA and the General Customs Directorate of the Finance Secretariat (SHCP) for the first seven months of this marketing year. In addition, the private traders stated Mexican feed grains importers likely will opt to acquire more domestic corn instead of imported corn, due to the higher-thanpreviously-estimated domestic production. Powered by Commodity Insights |
WTI Crude oil futures are trying to stazilize around seven month lows near $42per barrel mark amid supportive equities and bargain buying. The US Energy Information Administration (EIA) released its weekly petroleum status report Wednesday. US commercial crude inventories decreased by 2.5 million barrels last week, maintaining a total US commercial crude inventory of 509.1 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year. Total gasoline inventories also decreased by 600,000 barrels last week, according to the EIA, but remain above the upper limit of the five-year average range. US refineries produced about 10.2 million barrels of gasoline a day last week, up by about 400,000 barrels a day compared to the prior week. Total motor gasoline supplied (the agency’s proxy for demand) averaged about 9.6 million barrels a day for the past four weeks, down by 1.6% compared with the same period a year ago. Powered by Commodity Insights |
| Abares, the official Australian commodities bureau slashed its forecast for sugar prices to a three-year low. The bureau forecast New York raw sugar futures averaging 15.0 cents a pound in 2017-18, on an October-to-September basis.That well below an estimate of 22.0 cents a pound made three months ago. The downward revision reflects a greater increase in supply expected for 2017-18, resulting in an increase in world sugar stocks for the first time in three years, Abares said. The forecast reflected an upgrade of 5.9 million (m) tonnes to 189.0m tonnes in global sugar production, reflecting a greater-than-expected expansion in area harvested in response to favorable sugar prices in 2016-17. Powered by Commodity Insights |
Gold has edged up from its one month low on ideas that Indian demand would remain strong after the recent price correction pulled the local spot prices near Rs 28000 per 10 grams. A satisfactory monsoon is expected to boost the rural demand in coming months. COMEX Gold is quoting up more than half a percent at $1254 per ounce. MCX Gold futures ended around Rs 28580 per 10 grams yesterday and are likely to open up on an upbeat note. However, strength in global economic data could cap gains for the yellow metal. After reporting a notable decrease in US existing home sales in the previous month, the National Association of Realtors (NAR) released a report on Wednesday showing an unexpected rebound in existing home sales in the month of May. NAR said existing home sales climbed by 1.1% to an annual rate of 5.62 million. Existing risks to global growth such as an abrupt tightening of financial conditions likely eased over the past year, thanks to careful communication by the US Federal Reserve, but new threats have emerged due to high policy uncertainty surrounding the fiscal and trade plans of the Trump administration, the European Central Bank said Wednesday. Asian equities are in a good touch. After ending the previous session mostly lower, US stocks turned in a mixed performance. While the Nasdaq climbed firmly into positive territory, the Dow and the S&P 500 pulled back further off the record closing highs set on Monday. Gold prices tend to ease in response to soaring equities as the safe haven demand takes a backseat. Powered by Commodity Insights |
| The markets for Crude oil declined in the trading session ending 21 June 2017. There were sharp moves downwards any noticeable moves. The prices were down to end the session at Rs 2741 per barrel, marking yearly losses of 18.2%. Crude Oil is getting resisted at Rs 2850 and 2880 per barrel. On the lower side Rs 2720 and 2680 per barrel are noted support levels. Powered by Commodity Insights |
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