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| As on Oct 19, 2018 12:00 AM |
Your results on : End Session |
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Natural Gas futures slipped to one week lows as a drop from its nine month highs extended ahead of the weekend. The US Energy Information Administration (EIA) reported Thursday that US natural gas stockpiles increased by 81 billion cubic feet for the week ending 12 October 2018. Demand remains firm though and prices may see some buying support. The commodity currently trades at $3.17 per mmbtu, down 0.70% on the day. MCX Natural Gas futures are trading at Rs 232.70 per mmbtu, down 2% as a recovery in Indian Rupee weighed further on the prices. Meanwhile, the EIA data showed that five-year average for the week is an injection of 79 billion cubic feet, and last year’s storage increase for the week totaled 51 billion cubic feet. Natural gas inventories rose by 90 billion cubic feet in the week ending October 5. Total US stockpiles increased slightly week over week to 167.5% below last year’s level and also rose slightly to 16.6% below the five-year average. The EIA reported further that US working stocks of natural gas totaled about 3.037 trillion cubic feet at the end of last week, around 605 billion cubic feet below the five-year average of 3.642 trillion cubic feet and 601 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 3.638 trillion cubic feet for the same period a year ago. Powered by Commodity Insights |
COMEX Gold futures consolidated around $1230 per ounce today. US dollar index eased a little after hitting its highest levels in one and half weeks. A report released by the Conference Board on Thursday showed a continued increase by its index of leading economic indicators in the month of September. The Conference Board said its leading economic index climbed by 0.5% in September. The Philly Fed said its diffusion index for current general activity edged down to 22.2 in October from 22.9 in September, although a positive reading still indicates growth in regional manufacturing activity. The dollar index has edged up from a three week low under 94.50 this week and could stay supported given the escalating global worries, particularly the US- Saudi Arabia conflict. Gold has been supported after a recent break above $1200 per ounce but near term price direction would depend upon the movement of US dollar and the general undertone in global equities. MCX Gold futures are quoting at Rs 31915 per 10 grams, down half a percent on the day on profit selling. The Indian Rupee edged up near 73.30 per US dollar and pulled the local Gold futures lower. Powered by Commodity Insights |
| To provide relief to farmers availing short term crop loans and affected by a natural calamity, an interest subvention of 2% per annum will be made available to banks for the first year on the restructured loan amount. Such restructured loans will attract normal rate of interest from the second year onwards, the RBI said in its updated Master Directions on Relief Measures by Banks in Areas affected by Natural Calamities. While the rate of interest will be in accordance with the Master Directions on Interest Rate on Loans and Advances, the RBI said within the area of their discretion, banks shall take a sympathetic view of the difficulties of the borrowers, and extend a concessional treatment to calamity-affected people. In respect of default in current dues, no penal interest will be charged. Banks will also suitably defer the compounding of interest charges. Powered by Commodity Insights |
| Europe's passenger car registration declined sharply in September as the introduction of the new WLTP test at the beginning of last month caused an exceptional surge in registrations in August, the Automobile Manufacturers Association reported Wednesday. Passenger car sales dropped 23.5% annually in September, reversing a 31.2% gain in August. This was the first fall in six months. Over the first nine months of 2018, EU demand for passenger gained 2.5%. Powered by Commodity Insights |
WTI Crude oil slipped today amid choppy moves. Prices have been witnessing a mixed movement this week on geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. Traders are also eyeing the weekly US EIA oil inventories data due to be released today. US crude inventories fell by 2.1 million barrels last week American Petroleum Institute data showed yesterday, according to media reports. Equities were cautious in Asia and mostly slipped in Europe on renewed Italian budget woes.
WTI Crude is currently trading at $71.56 per barrel, down 0.50% on the day. MCX Crude oil futures are trading at Rs 5268 per barrel, down 0.27% on the day. Europe's passenger car registration declined sharply in September as the introduction of the new WLTP test at the beginning of last month caused an exceptional surge in registrations in August, the Automobile Manufacturers Association reported Wednesday. Passenger car sales dropped 23.5% annually in September, reversing a 31.2% gain in August. This was the first fall in six months. Powered by Commodity Insights |
| Eurozone consumer price index rose 2.1 percent year-on-year in September following a 2 percent increase in August and exceeding the European Central Bank's target of below, but close to 2 percent, latest data from the Eurostat showed on Wednesday. In July, inflation was 2.1 percent. Core inflation, which excludes energy, food, alcohol and tobacco, was steady at 0.9 percent in September, after August's figure was revised from 1 percent. Powered by Commodity Insights |
COMEX Gold stayed broadly supported on good follow up buying after hitting a three month high yesterday. Strong Gold imports from India and cautious undertone in equities also supported the yellow metal. Gold imports were at Rs 18731 crore, up nearly 70% over year while Silver imports edged up 4.13% to Rs 2133 crore. Global shares were mixed Tuesday, as escalating tensions between Saudi Arabia and the West exacerbate geopolitical concerns and limit gains. COMEX Gold futures are currently trading at $1234.40 per ounce, up 0.33% on the day. MCX Gold futures are trading at Rs 31985 per 10 grams, down 0.25% on the day though as the Indian Rupee firmed up. The Indian Rupee edged higher against the dollar as gains in stocks supported the sentiments. The partially convertible rupee ended at 73.48, compared with its close of 73.83 during the previous trading session. Slight weakness in US dollar globally also helped the rupee. Powered by Commodity Insights |
Indian Copper slipped in the evening trades on Tuesday. This was due to profit booking in the evening session. The prices of Copper was trading at Rs 452.7 per kg. Prices tested a high of Rs 456 per kg and a low of Rs 451.5 per kg. Rio Tinto came out with its production report oflate. The company stated that mined copper production in the third quarter of 2018 was significantly higher than the third quarter of 2017 as mining activity continued in a higher grade area of the pit, coupled with productivity improvements and increased plant throughput. The production profile is expected to experience increased variation in grade as operations mine in lower levels of the pit, together with waste stripping related to the south wall pushback expansion. Anticipated south wall pushback grade increases beginning in late 2020 are expected to offset this impact over the longer term. Refined copper was one per cent higher than the corresponding period of 2017, and 33 per cent above the second quarter of 2018 as better mine grades improved concentrate quality and smelting throughput. Third quarter mined copper production at Escondida was six per cent higher than the same period of 2017, reflecting the ramp-up of Escondida production to nameplate capacity following commissioning of the Los Colorados concentrator, which occurred in the second half of 2017. Powered by Commodity Insights |
| The euro area trade surplus rose to a seasonally adjusted EUR 16.6 billion in August from EUR 12.6 billion in July, figures from Eurostat showed Tuesday. Exports increased 2.1 percent month-on-month in August, while imports remained stable. At the same time, on an unadjusted basis, the trade surplus fell to EUR 11.7 billion from EUR 15.3 billion a year ago as the annual growth in imports exceeded the rise in exports. Year-on-year, exports advanced 5.6 percent and imports climbed 8.4 percent in August. Powered by Commodity Insights |
| The UK unemployment rate remained at the lowest level seen since early 1975, in three months to August, the Office for National Statistics said Tuesday. The ILO jobless rate came in at 4 percent, in line with expectations. The number of unemployed decreased by 47,000 from the previous quarter to 1.36 million. At the same time, the employment rate stood at 75.5 percent compared to 75.7 percent in three months to May. Powered by Commodity Insights |
COMEX Gold edged up above $1230 per ounce on continued safe haven demand. Stocks started on a tepid note on worries over rising US interest rates, global growth concerns and the Italy budget row. A growing feud between the US and Saudi Arabia over the disappearance of a prominent Saudi journalist also weighed on the general mood. COMEX Gold futures are currently trading at $1234.80 per ounce, up 1% on the day as the counter rose for a third session. MCX Gold futures are also benefiting from these moves and currently trade at Rs 32177 per 10 grams, up 1% on the day. Meanwhile, the large precious metals speculators continued to add to their bearish net positions in the Gold futures markets again last 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of -38,175 contracts in the data reported through Tuesday October 9th. This was a weekly fall of -16,353 contracts. Powered by Commodity Insights |
| The global pepper market continued to show a mixed trend. Prices in Viet Nam, Indonesia and Sri Lanka increased while softness was seen in Indian market as the spot quotes neared their lowest mark in last decade. In Sarawak, the price was reportedly stable. The outlook for near term appears strong as the International Pepper Community (IPC) has projected the total world pepper production in 2019 at 4,94,200 tonne as against 5,23,400 tonne in 2018. Powered by Commodity Insights |
| Construction material Copper edged up marginally in the evening session trades on MCX. Indian Copper is trading at Rs 461.70 per kg, up 0.48% on the day. The prices of Copper, which has been under pressure in the past weeks, recouped some of its losses last week due to increased import of the commodity by China last month. China's copper imports grew as the world's top buyer of the commodity brought in more ores and metal to replace scrap after it tightened waste-related imports this year. Powered by Commodity Insights |
COMEX Copper saw volatile moves amid weakness in equities and as an expected slowdown in global growth and trade weighed on the sentiments. The COMEC Copper futures tested around three week low before recovering. Chinese demand remained strong as the latest data showed that the country’s imports of copper rose 24% from August to about 521,000 tonnes in September. COMEX Copper futures tested near three week low before edging up. MCX Copper futures saw a choppy pattern though as prices hovered around Rs 460 per kg mark. The local futures had hit a high near Rs 465 per kg in first week of October but have been moving in a sideways manner thereafter as weakness in Indian Rupee and selling pressure in global prices made the whole picture rather distorted for the counter. Powered by Commodity Insights |
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