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| As on Feb 18, 2019 12:00 AM |
Your results on : End Session |
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COMEX Copper surged on rising risk appetite and ideas that Chinese demand would stay supported. China’s banks made the most new loans on record in January – totalling 3.23tn yuan ($477bn) – as policymakers attempted to revive the sluggish investment and prevent a sharper slowdown in the world’s second-largest economy. In January, the PBOC cut the reserve requirement ratio (RRR) in January by 100 basis points. COMEX Copper futures tested around two week low before the current recovery and now trades at $2.83 per pound, up 1.30% on the day. MCX Copper futures are trading at Rs 446.60 per kg, up 1% on the day. The broad economic data stayed weak though. The European Central Bank's Olli Rehn told a German newspaper on Sunday that recent data point to a weakening euro zone economy and interest rates would remain at the current level until monetary policy goals have been met. Japan core machine orders eased 0.1% on month in December, the Cabinet Office said on Monday, following the flat reading in November. On a yearly basis, core machine orders were up 0.9%, following the 0.8% increase in the previous month. Core machine orders for the fourth quarter of 2018 were down 4.2% on quarter and up 2% on year. For the first quarter of 2019, core machine orders are predicted to fall 1.8% on quarter and gain 1.5% on year. Powered by Commodity Insights |
| As on 15th February 2019, total acreage under rabi crops stood at 617.8 lh, the Agriculture Ministry data showed on Friday. This was in comparison to 643.6 lakh hectares (lh) planted in the same week previous year, accounting for a drop of 33.90%. Powered by Commodity Insights |
| COMEX Gold futures remained supported today on good Indian demand. Metal edged up even as the risk sentiments were mostly elevated. Gold bulls are keeping an eye on the major stresses in world economy like the US government and Brexit. According to latest commerce ministry data, total imports of the precious metal in the corresponding period of 2017-18 stood at $28.23 billion. After recording negative growth for three consecutive months -- October, November and December 2018, the imports grew by 38.16% to $ 2.31 billion in January this year. COMEX Gold futures are currently trading at $1328 per ounce, up marginally on the day. Prices have approached near their eight month highs following the recent uptick. MCX Gold futures are currently trading at Rs 33570 per 10 grams, up 0.56% on the day as the Indian Rupee extended recent losses. Powered by Commodity Insights |
| COMEX Silver futures recovered from two and half week lows as a smart recovery in Gold prices and continued buying in copper supported the sentiments. Traders are also eyeing a pickup in demand from Indian consumers. According to GFMS, silver jewelry consumption in India had increased by 20% in the fourth quarter of 2018. This trend has continued further as India's latest trade data showed that the Silver import also jumped 127% to Rs 2529 crore in January 2019. COMEX Silver ended at $15.75 per ounce, up 1.46% on the day. The metal had hit a seven month high of $16.20 per ounce in last week of January 2019. MCX Silver futures also finally broke above Rs 40000 per kg following the recovery in global prices. Powered by Commodity Insights |
| Crude oil futures surged further on worries over reductions to global output and supportive Chinese economic data. WTI Crude futures ended just under $56 per barrel - hitting near two and half month high. MCX Crude oil futures closed up nearly 2% at Rs 3940 per barrel after hitting a high of Rs 3980 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated suppliers including Russia are withholding supply, media reports noted. The producer group known as OPEC+ has agreed to cut crude output by a joint 1.2 million barrels per day (bpd). The Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year, noted the US Energy Information Administration (EIA). The EIA forecasts Brent spot prices will average $61/b in 2019 and $62/b in 2020, compared with an average of $71/b in 2018. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $8/b lower than Brent prices in the first quarter of 2019. Powered by Commodity Insights |
Copper rose as a sharp recovery in risk sentiments supported the red metal after the US Treasury Secretary Steven Mnuchin provided the traders with supportive vibes as he wrapped up two days of trade talks between China and the US. COMEX Copper also jumped following this and extended recent gains to break above $2.80 per pound. The metal ended at its one week high. MCX Copper futures also recorded sharp gains of 1.70% on the day to close at Rs 442.40 per kg. However, the global economic stress is likely to cap the upside for the red metal. The IFO World Economic Climate index for the first quarter of 2019 slipped for the fourth time in a row to minus 13.1 points, the German ifo Institute announced on Monday. For the fourth quarter of 2018, the index for the global business climate stood at -2.2 points. The ifo index for the global economic climate in the first quarter of 2019 is based on responses of 1,293 experts from over 100 countries. The economic climate was significantly tepid for the Middle East and North Africa, according to the ifo Institute, while in emerging and developing countries the experts' assessment of the economic situation remained virtually unchanged, after having declined significantly in the previous two quarters. The experts surveyed by the ifo Institute expected weaker growth of private consumption, investments and world trade, as well as a worldwide depreciation of the US dollar. Powered by Commodity Insights |
COMEX Gold futures rose, eyeing the upbeat movement in commodities as crude oil and copper rallied. The metal has been well supported after recovering from two week low and traders are eying the possibility of a further upmove in the commodity given its recent price behavior. The metal has approached eight month highs near $1230 ounce yet again. MCX Gold futures ended just under Rs 32400 per 10 grams, adding around 1% on the day as weakness in Indian Rupee supported the metal further. The Indian rupee extended recent slide and ended around 71.23 per US dollar, losing 7 paise. Local currency recorded third straight session of losses. Renowned economist Ken Rogoff has made a bullish case for Gold according to a latest write up in World Gold Council’s (WGC) Gold Investor Update for February 2019. He is particularly concerned about the amount of gold held by emerging market central banks, suggesting they should increase their gold reserves by several percentage points. Emerging market central banks should hold fewer dollars and more gold as a way of diversifying their portfolio. At the moment, most emerging market central banks hold 1–2% of their reserves in gold, with 70–80% in dollars and the rest in euros and other currencies. A 5% allocation seems a natural position to take as part of an effective diversification policy – although it could be higher. After all, the US share of the global economy is shrinking, power is being centralised and we don’t know what the future holds, he noted. Powered by Commodity Insights |
COMEX Gold futures rose today, eyeing the upbeat movement in commodities as crude oil and copper rallied. The metal has been well supported after recovering from two week low and traders are eying the possibility of a further upmove in the commodity given the tepid state of affairs in the US dollar today. The dollar index eased from a two week high yesterday and currently lingers around 96.95, up marginally on the day. The rise in risk sentiment and yesterday’s feeble US retail sales data can weigh on the dollar. The yellow metal currently trades at $1320 per ounce, up 0.44% on the day. MCX Gold futures are currently trading at Rs 33327 per 10 grams, up 0.75% on the day as the recent break above Rs 33K extended. In a major economic data release yesterday, the US Commerce Department said retail sales fell by 1.2% in December after inching up by a revised 0.1% in November. The annual rate of retail sales growth also slowed dramatically to 2.3% in December from 4.1% in November. Powered by Commodity Insights |
| Copper soared today as a sharp recovery in risk sentiments supported the red metal. European markets rose after the US Treasury Secretary Steven Mnuchin provided the traders with supportive vibes as he wrapped up two days of trade talks between China and the US. The major indices in the region are up around 1% on the day. COMEX Copper also jumped following this and extended recent gains to trade at $2.79 per pound, up 0.90% on the day. The red metal saw good bargain buying after testing around one week low in last session. MCX Copper futures surged as well, breaking above Rs 440 per kg and currently trade at Rs 441.25 per kg, up 1.43% on the day. Powered by Commodity Insights |
| Eurozone's seasonally adjusted trade surplus fell to EUR 15.6 billion in December from EUR 15.8 billion in November, as exports decreased, while imports were unchanged, figures from the statistical office Eurostat showed on Friday. Exports decreased 0.1 percent month-on-month, while imports were unchanged. On a non-seasonally adjusted basis, the trade surplus fell to EUR 17 billion from EUR 24.5 billion a year ago. Exports decreased 2.5 percent year-on-year, while imports grew 1.9 percent. Trade with the euro area countries shrunk 1.2 percent year-on-year in December. Powered by Commodity Insights |
| Germany's wholesale price inflation index climbed 1.1 percent year-on-year in January after a 2.5 percent rise in December, figures from the Federal Statistical Office showed on Thursday. The pace was the slowest since February 2017, when prices rose 1.1 percent. The biggest increase was in the prices of cereals, raw tobacco, seeds and animal feed stuffs by 18.9 percent annually. Prices of waste and residual materials and live animals declined by 9.8 percent and 5.6 percent, respectively. On a monthly basis, the wholesale prices declined by 0.7 percent following a 1.2 percent fall in the previous month. Prices fell for the second month in a row. Powered by Commodity Insights |
The US Natural gas storage operators reported their largest withdrawals of the 2018–19 heating season, totaling 237 billion cubic feet (Bcf) for the week ending February 1, 2019, according to a latest update from the EIA. This level was the 12th-largest total net withdrawal of working natural gas in the Lower 48 states reported by EIA since 2010. Withdrawals from natural gas storage fields in the Midwest contributed to the largest net withdrawal of working natural gas in the Lower 48 states so far during the 2018–19 heating season. The Midwest region contributed the most to the net withdrawal, totaling 84 Bcf—the region’s second-largest net withdrawal since EIA adopted the five-region breakout. High natural gas storage withdrawals in the Midwest were driven mostly by increased heating demand for natural gas because of below-zero windchill temperatures and congested natural gas pipelines in the upper Midwest. In addition to regional storage withdrawals, the Midwest relied significantly on natural gas inflows from other parts of the Lower 48—particularly the Northeast region—to meet regional natural gas demand. Powered by Commodity Insights |
| Eurozone's economic growth in the fourth quarter was in line with the initial estimates released late January. Gross domestic product grew 0.2% from the third quarter, when the economy expanded at the same pace. Compared to the same quarter a year ago, GDP rose 1.2% after a 1.6% increase in the three months to September. The full year growth for 2018 was confirmed at 1.8% versus 2.4% in 2017. Powered by Commodity Insights |
Erratic weather conditions in Northern India has propelled fresh buying in chana and mustard seed market. Both the commodities such as chana and mustard seed have witnessed strong buying, while weakness was seen in selected spices counters. On the other side, commodities like soyabean and castor seed also rebounded from its lows. In today's trading, the NCDEX chana March futures added 2.17 percent as traders are expecting weak arrivals in major mandies due to heavy rainfall. Strong buying interest was also seen in mustard seed counter in today's trading as most of the speculators are expecting recovery in mustard meal exports in the current season. The NCDEX Mustard seed February settled at Rs 3875 per quintal, up 0.83 percent from last close. Powered by Commodity Insights |
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