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| As on Oct 19, 2018 12:00 AM |
Your results on : Pre Session |
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| MCX Zinc ended above Rs 200 per kg in last session as a recovery from three week lows extended. Zinc stocks on the London Metal Exchange (LME) have been sliding over last few weeks and fell to a five month low following a drop of 3400 tonnes in last session. The inventories currency stand around 184000 tonnes. The stockpiles have been constantly falling since rising to a ten month high of around 255000 in the middle of August 2018. Powered by Commodity Insights |
WTI Crude oil futures took a sharp tumble on Wednesday after US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.5 million barrel for the week ended Oct. 12, data from the US Energy Information Administration noted. At 416.4 million barrel, US crude oil inventories are about 2% above the 5-year average for this time of year, the report indicated. The commodity fell nearly 3% and extended the losses further yesterday before witnessing some support around one month low. The commodity trades at $68.78 per barrel, up marginally on the day. MCX Crude oil ended at Rs 5065 per barrel, down 1.34% in last session. EIA said total motor gasoline inventories decreased by 2 million barrel and are about 7% above the 5-year range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 800,000 barel last week and are about 3% below the 5-year average for this time of year. Gasoline production increased, averaging 10.4 million b/d. Distillate fuel production decreased, averaging 4.8 million b/d. Total motor gasoline imports averaged 394,000 b/d. Distillate fuel imports averaged 165,000 b/d. US crude oil imports averaged 7.6 million b/d, up by 218,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.7 million b/d, 3.5% more than the same period last year. Powered by Commodity Insights |
Visible stress in global equities yesterday offered some support to Gold. DOW saw steep losses after Treasury Secretary Steven Mnuchin announced he will not attend an upcoming investment conference in Saudi Arabia. COMEX Gold futures soared to two and half month high of $1233 per ounce yesterday and currently trade at $1230 per ounce, flat on the day. MCX Gold closed at 32072 per 10 gram, up 0.66% on the day. Domestic demand is still tepid though as spot prices hover around Rs 32000 levels. Meanwhile, the IMF Global Financial Stability report, released on 10 October, highlighted an increase in the level of risk among multiple global metrics. Following its publication, stocks in the US, Europe and Asia lost 4%, 3% and 4% respectively over three days. While the market has regained some of its early losses, the report and the subsequent market pullback underline the relevance of holding gold in the near and long term, noted the World Gold Council (WGC) in a latest update. Last week stocks were hammered, and gold acted as a key flight-to-safety asset in the market. Initially, as the US market retreated, gold held steady. But as the sell-off became more systemic globally, gold began to rally meaningfully. Gold broke higher as stocks retreated, noted the council. Powered by Commodity Insights |
| A report released by the Federal Reserve Bank of Philadelphia on Thursday showed manufacturing activity in the Philadelphia area grew at a slightly slower rate in the month of October. 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 modest decrease by the headline index was partly due to a slowdown in new orders growth, with the new orders index falling to 19.3 in October from 21.4 in September. Meanwhile, the employees' index rose to 19.5 in October from 17.6 in September. Powered by Commodity Insights |
| 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. Powered by Commodity Insights |
| COMEX Copper futures stayed under pressure as heavy profit selling hurt the red metal after the prices tested their highest levels in one and half weeks on Monday. The metal is currently trading at $2.77 per pound, down around 0.40% on the day. Overall demand concerns stay in place for the metal following global economic growth worries. MCX Copper futures ended at Rs 452.55 per kg, down 0.70% on the day. Traders also eyed recent production update from mining major Rio Tinto. The company stated that its mined copper production was 159.7 thousand tonnes in September 2018 quarter, up around 32% than the corresponding quarter of 2017, primarily reflecting increased production from Rio Tinto Kennecott due to higher grades. Powered by Commodity Insights |
NCDEX Refined Soya Oil futures gained further yesterday before pulling back. Festive demand for ready oils is supporting the sentiments. Traders also eyed the latest import data for vegetable oils. According to the Solvent Extractors’ Association (SEA) of India, the import of vegetable oils during September 2018 is reported at 1,491,174 tons compared to 1,519,277 tons in September 2017 consisting 1,422,003 tons of edible oils and 69,171 tons of non-edible oils i.e. down by 2%. The overall import of vegetable oils during November 2017 to September 2018 (11 months) is reported at 13,769,847 tons compared to 14,272,845 tons i.e. down by 3.5%. SEA noted further that in spite of rupee depreciation, in August and September, import of vegetable oil jumped, as pipelines were dried up due to lesser import during June & July 2018 months, coupled with improved parity in import of palm oil due to reduction in spread between palm oil and soft oils, resulted into higher import. While this is likely to push up the availability of the ready oils in coming weeks, the strong undertone in retail demand is keeping the undertone firm for the edible oils. NCDEX Refined Soya oil futures scaled up to a fresh contract high near Rs 770 per 10 kg. The counter closed at Rs 762.80 per 10 kg, down 0.20% on the day.
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| US NAHB/Wells Fargo Housing Market Index inched up to 68 in October from 67 in September. A report released by the National Association of Home Builder on Tuesday unexpectedly showed a modest increase in U.S. homebuilder confidence in the month of October. Powered by Commodity Insights |
Crude oil futures stayed in a tight range yesterday but sharp gains in US equities supported the sentiments. DOW soared on good corporate earnings despite escalating tensions between Saudi Arabia and the West exacerbating geopolitical concerns. The US Federal Reserve said that industrial production rose by 0.3% in September after climbing by 0.4% in August. WTI Crude is currently trading at $72 per barrel, up marginally on the day. MCX Crude ended at Rs 5282 per barrel, up 0.17% on the day after the recent string of losses. In other economic news, China's consumer inflation in September rose 2.5% compared to a year ago and 0.7% higher than August, government data showed. 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. Year-on-year, exports advanced 5.6% and imports climbed 8.4% in August. The UK unemployment rate remained at the lowest level seen since early 1975, in three months to August, the Office for National Statistics said. Germany's economic sentiment index fell sharply by 14.1 points to -24.7 in October, survey data from the Centre for European Economic Research, or ZEW, showed. The indicator reached the same low-point as in July of this year, being at its lowest reading since August 2012. The assessment of the current economic also dropped 5.9 points to 70.1. Powered by Commodity Insights |
COMEX Gold slipped 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. However, soaring US equities hurt Gold and the metal dropped under $1230 per ounce. The COMEX Gold futures are quoting at $1225 per ounce, down around half a percent on the day. MCX Gold futures also extended losses under Rs 32000 per 10 gram mark. The counter ended at Rs 31868 per 10 grams, down 0.62% 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 |
| US industrial production rose by 0.3 percent in September after climbing by 0.4 percent in August, in according to a report released by the Federal Reserve on Tuesday. The Fed said output growth in September was held down slightly by Hurricane Florence but noted the estimated negative effect was less than 0.1 percentage points. Production growth in September was partly due to the fourth consecutive monthly increase in manufacturing output, which edged up by 0.2 percent after rising by 0.3 for two straight months. Powered by Commodity Insights |
Large energy speculators trimmed their bullish net positions lower in the WTI Crude Oil futures markets 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 WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 528,051 contracts in the data reported through Tuesday October 9th. This was a weekly drop of -20,858 contracts. The speculative WTI crude position has now fallen for two straight weeks and for four out of the past five weeks. The current bullish positions are the lowest since October 31st of 2017. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -568,656 contracts on the week. This was a weekly gain of 14,973 contracts. Powered by Commodity Insights |
Large metals speculators trimmed their bullish net positions in the Copper Futures markets 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 Copper futures, traded by large speculators and hedge funds, totaled a net position of 8,247 contracts in the data reported through Tuesday October 9th. This was a weekly decrease of -3,728 contracts. This week's drop in the speculative bullish position was the first pull back in four weeks after the net positioning crossed back into bullish territory on September 25th. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -8,924 contracts on the week. This was a weekly gain of 4,348 contracts. Powered by Commodity Insights |
| The pace of growth in New York manufacturing activity accelerated by more than anticipated in the month of October, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index rose to 21.1 in October from 19.0 in September, with a positive reading indicating growth in regional manufacturing activity. The bigger than expected increase by the headline index partly reflected a significant acceleration in the pace of shipment growth, as the shipments index surged up to 26.3 in October from 14.3 in September. New orders growth also showed a notable acceleration compared to the previous month, with the new orders index jumping to 22.5 in October from 16.5 in September. Powered by Commodity Insights |
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