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| As on Aug 24, 2017 12:00 AM |
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COMEX Copper consolidated just under its 32 month high around $3 per pound mark. MCX Copper ended at Rs 421.70 per kg, down marginally on the day and should take cues from movement in global equities today. Large speculators continued to lift their net positions in favor of the copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 36,829 contracts in the data reported through Tuesday August 15th. This was a weekly lift of 3,693 contracts from the previous week which had a total of 33,136 net contracts. This week's increase marked a fifth straight week of net bullish gains and put the current level of bullish net positions at the highest level since February 28th when bets totaled +37,998 contracts. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,145 contracts on the week. This was a weekly drop of -3,218 contracts from the total net of -33,927 contracts reported the previous week. Powered by Commodity Insights |
WTI Crude oil futures edged up following another drop in US crude oil inventories. However, the prices slipped in Asia today as equities stayed choppy on on-going global concerns. WTI Crude is quoting at $48.37 per barrel right now, down marginally on the day. MCX Crude oil futures closed around Rs 3110 per barrel, up 1.27% on the day and should see some selling on rallies today. The latest Energy Information Administration (EIA) data recorded an inventory draw of 3.3 million barrels for the week ending August 18th following a draw of 8.95 million barrels the previous week. Crude inventories declined to 463.2 million barrels and were down 6.0% on the year. This was the eight consecutive drop in US crude inventories. Cushing inventories recorded a draw of 0.50mn barrels on the week after a build of 0.68mn barrels the previous week. Domestic crude production recorded a gain of 0.3% on the week at 9.53mn bpd and there was an increase of 11.5% over the year. Gasoline inventories declined 1.2 million barrels on the week with a 1.2% annual decline while distillate stocks were unchanged on the month with a year-on-year decline of 3.2%. Refinery use fell 0.7% on the week and there will be speculation over maintenance-driven falls over the next few weeks, although the small draw in gasoline inventories should cushion output slightly. The continued decline in inventories will help underpin market sentiment, although the underlying balance of fundamentals is likely to be little changed given the further increase in production levels globally. Powered by Commodity Insights |
COMEX Gold stayed supported yesterday though overall undertone in the metal is mixed after the recent drop from highs around $1300 per ounce. US stocks slipped after gaining impressively in the previous session. US President Donald Trump pledged to a crowd of supporters that he would build the controversial wall on the border with Mexico even if it meant shutting down the government. This kept Gold afloat though the metal eased a little in Asian trades, quoting at $1293 per ounce, down 0.10% on the day. MCX Gold futures hit a high above Rs 29200 per 10 grams and ended around Rs 29170 per 10 grams, up 0.20% on the day. On the economic front yesterday, new home sales in the US unexpectedly saw a substantial decrease in the month of July, according to a report released by the Commerce Department. The report said new home sales plunged by 9.4% to an annual rate of 571,000 in July from the revised June rate of 630,000. Eurozone private sector retained its solid growth momentum in August, led by manufacturing that expanded at the fastest pace in over six years on the back of strong demand for exports. The flash Composite Output Index of the Purchasing Managers' survey climbed to a two-month high of 55.8 from July's 55.7, study results from IHS Markit showed. Indian buying has proven an extremely supportive factor for Gold in its latest ascent. India’s gold imports more than doubled to $13.35 billion during the April-July period of the current fiscal, according to the data of the commerce ministry. Gold imports stood at $4.97 billion in April-July 2016-17. In July this year, imports of the precious metal rose to $2.10 billion from $1.07 billion in the same month of the previous year. Powered by Commodity Insights |
In June 2017, corn exports from Russia remained high for this time of season. They totaled 445.5 KMT, i.e. more than doubled against June 2016 (194.8 KMT).Russia exported 5.14 MMT of corn during the ten months in 2016/17, or already 13% more than for the whole last season (4.57 MMT was shipped abroad in MY 2015/16). The European Union continues to be the key importer of Russian corn with an export share of 19%. The season's top three buyers also included Iran and Vietnam (18% and 16%, respectively). June witnessed active corn shipments from Russia to Turkey. Their monthly volume (171 KMT) was the largest since March 2015. Nevertheless, Turkey only holds the fifth position on this season's export destinations - it stepped down from its leading place seen in the past seasons. Powered by Commodity Insights |
| New Zealand merchandise trade surplus came in at NZ$85 million in July, representing 1.8 percent of exports, Statistics New Zealand said on Thursday, following the NZ$242 million surplus in June. It also marked just the 11th time since 1960 that the month of July saw a surplus, the bureau said. July months are typically deficits, overseas trade manager Tehseen Islam said. This is the first July surplus since 2012 ($98 million). This month's surplus compares with a NZ$351 million deficit in July 2016, in part reflecting a large aircraft import back then. Exports surged an annual 178.0 percent or NZ$668 million to NZ$4.63 billion, down from NZ$4.70 billion in the previous month. Imports advanced 5.4 percent on year or NZ$232 million to NZ$4.55 billion, up from NZ$4.46 billion a month earlier. Powered by Commodity Insights |
Canada reduces its forecasts for canola and wheat production - particularly of durum, for which it raised price expectations. AAFC, Canada's farm ministry, citing drought-like dry conditions in some parts of the important Prairies growing region, downgraded by 1.1m tonnes to a five-year low of 27.3m tonnes its forecast for the domestic all-wheat harvest. The revision reflected in particular weaker expectations for output of durum, the type of wheat used in making pasta, and for production hopes were cut by 700,000 tonnes to 5.0m tonnes, which would also represent a five-year low.Durum crop conditions have deteriorated since the July report due to low precipitation, said the ministry, whose comments follow weak ratings from ag officials in Saskatchewan, the top growing province.Low precipitation in the durum-growing areas will see the durum yield come in at a lower-than-trend 2.42 tonnes per hectare, a cut of 0.34 tonnes per hectare on last month's forecast. Powered by Commodity Insights |
As per Indian Textile Commissioner , India's cotton production is likely to rise by 3.76 per cent to 345 lakh bales in 2016-17 as compared to 332 lakh bales produced in 2015-16, mainly because of higher yield, textile commissioner Kavita Gupta has said. However, the area under cultivation has dropped notably to about 108.45 lakh hectares from 122.92 lakh hectares in the previous year. The commissioner stated that Less frequent pest attacks in Punjab, Haryana and Gujarat added to the higher production as well, Total yield is estimated to grow by almost 20 per cent to 540.80 kg per hectare in 2016-17 from 459.16 kg per hectare in 2015-16. The total cotton exports figure is estimated to have declined to 60 lakh bales during 2016-17 from 69.07 lakh bales in 2015-16. Powered by Commodity Insights |
Gold slipped sharply yesterday as US stocks soared and the US dollar edged up. COMEX Gold has been facing plenty of after hitting highs above $1300 per ounce and the metal dropped heavily last night as DOW soared nearly 1%. The US- North Korea standoff has eased a bit and global equities are witnessing good buying. COMEX Gold is quoting at $1291 per ounce right now, down marginally on the day. MCX Gold futures closed down 0.62% at Rs 29100 per 10 grams yesterday after testing a low near Rs 29K. Meanwhile, the US dollar edged up after Germany's economic confidence weakened for the third straight month to hit a 10-month low in August. The ZEW Indicator of Economic Sentiment declined to 10.0 in August from 17.5 in July, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday. This was the lowest score since October 2016, when the reading was 6.2. The indicator has remained significantly below the long-term average of 23.8 points and the expected level of 15.0. Meanwhile, the assessment of the current economic situation improved unexpectedly in August. The corresponding index rose to 86.7 from 86.4 in July, while it was forecast to drop to 85.2. Dollar index has recovered from a recent multi month low. The index currently quotes in green around 93.46 levels. Powered by Commodity Insights |
WTI Crude remained supported following strong cues from US equities. Following the lackluster performance seen in the previous session, stocks moved sharply higher over the course of the trading day on Tuesday. The tech-heavy Nasdaq rebounded strongly after ending the previous session at its lowest closing level in well over a month. WTI futures are up in Asia too as the momentum in global stocks remained strong. The commodity currently trades at $47.65 per barrel, up 0.60% on the day. MCX Crude oil futures closed around Rs 3075 per barrel, up 0.30% on the day. Expect a positive opening today with prices likely to test highs around Rs 3100 mark. However, oil could see some moderation later on as traders gear up for the weekly US (Energy Information Administration) EIA data. The latest EIA data recorded an inventory draw of 8.95 million (mn) barrels for the week ending August 11th following a draw of 6.45 million barrels the previous week. The inventories have now dropped for seven straight weeks. Crude inventories dropped to 466.5 million barrels and were down 4.9% on the year. Cushing inventories recorded a rise of 0.68mn barrels on the week after a build of 0.57mn barrels the previous week. Domestic crude production recorded a gain of 0.8% on the week at 9.50mn bpd and there was an increase of 10.5% over the year. Gasoline inventories were unchanged on the week with a 0.7% annual decline while distillate recorded a build of 0.7 million barrels with a year-on-year decline of 3.1%. Powered by Commodity Insights |
| Wheat is predicted to reach a record 80.1 million tonnes, followed by barley at 19 million tonnes and corn at 16.3 million tonnes, also a record. A record could also be set for leguminous crops (peas, chickpeas, vetch, lupins, etc.), which together could reach 3.85 million tonnes. Buckwheat is projected at 1.7 million tonnes. Powered by Commodity Insights |
The manufacturing sector in Japan continued to expand in August, and at a faster pace, the latest survey from Nikkei revealed on Wednesday with a Manufacturing PMI score of 52.8. That's up from 52.1 in July, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction. Individually, output, new orders, new export orders, employment, input prices and stocks of purchase all expanded at an accelerated rate. Future expectations also remained positive, although the optimism was weaker. Powered by Commodity Insights |
The German farmers association has highlighted the damage to Germany's harvest from late rains, slashing its wheat production forecast. The farmers' association, better known as the DBV, slashed by 1.16m tonnes to 23.35m tonnes its estimate of this year wheat crop in Germany, the European Union's second largest grower of the grain. The downgrade, which took the estimate below last year's 24.09m-tonne result, reflected a cut of 0.37 tonnes per hectare, to 7.4. tonnes per hectare, in the yield figure. Last year's result of 7.7 tonnes has been missed by a good 3%, and the five-year average of 8 tonnes per hectare is almost 7%, the group said, blaming the weakened result on further weather setbacks, after a June "heatwave" which it blamed for ending prematurely the grain filling phase of development. Powered by Commodity Insights |
Large speculators continued to increase their net positions in favor of the copper futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of copper futures, traded by large speculators and hedge funds, totaled a net position of 36,829 contracts in the data reported through Tuesday August 15th. This was a weekly rise of 3,693 contracts from the previous week which had a total of 33,136 net contracts. This week’s increase marked a fifth straight week of net bullish gains and put the current level of bullish net positions at the highest level since February 28th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,145 contracts on the week. This was a weekly drop of -3,218 contracts. Powered by Commodity Insights |
Large oil speculators trimmed their bullish net positions in the crude oil WTI futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of WTI crude oil futures, traded by large speculators and hedge funds, totaled a net position of 463,473 contracts in the data reported through Tuesday August 15th. This was a weekly drop of -17,156 contracts from the previous week. Speculative positions have now fallen for two straight weeks following a previous streak of five weekly gains. Meanwhile, the commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -473,499 contracts on the week. This was a weekly rise of 3,243 contracts. Powered by Commodity Insights |
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