COMMODITIES FUTURES UPDATE AS ON 8TH APRIL INTERNATIONAL UPDATE PARTICULARS TIME: IST GOLD % 0. URL: Tuesday Daily Commodity Report as on. KEDIA FOR TRIAL CALL ON / Daily Commodity Report as on. KEDIA COMMODITY URL: dvisory .com FOR TRIAL CALL ON /
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Gold slid to a one-week dalyreport as the dollar firmed in the wake of the U. The metal is on track to post a fifth straight session of losses, hurt more broadly by a recovery in investor appetite for nominally higher-risk assets like stocks. The election outcome is likely to result in gridlock on Washington. Eurozone retail sales remained unchanged dailhreport September after it expanded in August, preliminary data from Eurostat showed.
On a year-on-year basis, retail sales rose 0. The annual gain for August was revised to 2. Indicative of the prevailing investment sentiment in gold, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Clm, fell for a fourth straight session on Wednesday. Technically market is under long liquidation as market has witnessed drop in open interest by Gold slid as the dollar firmed in the wake of the U.
The Federal Reserve announced that it will maintain its monetary policy and indicated further gradual rate hikes before the end of the year. India raised gold holdings by 6.
Silver prices slipped as investors digested the U. Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, dailyrepot the U. President Donald Trump suggested he would work with Democrats on policy initiatives in order to promote economic growth. The outlook for the Eurozone economy is mixed according to reports issued Thursday by the European Commission and the European Central Bank, which remains on course to tighten Eurozone monetary policy in due course.
The Commission forecast trail Eurozone economic growth will reach 2. The Commission is concerned about US economic policies and Brexit, as well as Italy’s spending plans. This marked the third consecutive month of decline, to the lowest since April Technically now Silver is getting support at and below same could see a test of level, And resistance is now likely to be dailyrwport ata move above could see prices testing Crudeoil on MCX settled down Chinese crude imports soothed some concern that demand in the world’s largest commodity buyer may be flagging just as global supply is rising.
The EIA data showed that crude oil inventories increased by 5. That was compared to forecasts for a stockpile build of just 2. China’s crude imports rose 32 percent in October compared with a year earlier to 9. The United States has now surpassed Russia to become the world’s largest oil producer and the Energy Information Administration said this week it expects output to cok 12 million bpd by the middle ofthanks to shale kediaco,modity.
Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Cim and Brazil, and threatens to overtake demand next year. Iran’s crude exports could fall to little more kediaocmmodity 1 million barrels per day bpd in November, roughly a third of their mid peak. Technically now Crudeoil is getting support at and below same kediacomnodity see a test of level, And resistance is now likely to be seen ata move above could see prices testing Crude oil prices dropped as investors focused on the pace of growth in global crude supply, which is increasing more quickly than many had expected.
Naturalgas on MCX settled down Prices were unaffected by a larger than expected build in natural gas inventories. The weather is expected to be kediacommodkty than normal over the next days which should increase heating demand driving up the price of natural gas.
Natural gas stocks are less than last year and well below the five-year average range for this time of year. This represents a net increase of kedjacommodity Bcf from the previous week. Expectations were for a rise of 56 Bcf. Traders appear to be focused on the cold weather despite the larger than expected build. This is because stock piles were Bcf less than last year at this time and Bcf below the five-year average of 3, Bcf.
At 3, Bcf, total working gas is below the five-year historical range. The trajectory of inventory builds are continuing to climb, but in the next couple of weeks, the withdrawal season will kick in and despite robust production, stockpiles will begin to fall.
The weather is expected to be much colder than normal over the next days. Dailyrepoft gas prices traded in range unaffected by a kediacommority than expected build in natural gas inventories.
Copper on MCX settled down Copper price comes amid continued inflows into LME warehouses. While fundamentals have been supporting copper prices, U.
Daily Commodity Outlook for 9th Nov by Kedia Commodity – Investment Guru India | DailyHunt
Last night the US dollar held on to earlier gains as the Federal Reserve kept its monetary policy on hold and indicated further gradual rate hikes. The Fed has raised rates three times this year and is expected to hike rates again before the end of The US Federal Reserve also voted to maintain the current benchmark interest rate.
Technically market is getting support at Copper slipped as the dollar extended its recovery after U. China’s Arrivals of scrap copper in Kediacommodtiy plunged The global world refined copper market showed a 47, tonnes deficit in July, compared with a 38, tonnes deficit frial June, the ICSG said. Zinc on MCX settled up 1. Headline inventories in the LME warehouse system continue to fall. Attonnes they are close to a year low oftonnes reached in March.
The dollar index inched up and closed at Base metals closed mixed with SHFE contracts rising for the most part. SHFE lead surged 1. LME lead also soared 3. China Dom published China’s trade balance for October, reporting a bigger-than-expected trade surplus as imports shrank significantly. Zinc gained as the market refocused from the US midterm election results to the declines in LME inventories.
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Inventories in Shanghai, Guangdong and Tianjin came in atmt as of Nov 5, down 14, mt from a week ago. China is ready to hold discussions and work with the United States to resolve trade disputes because the world’s two largest economies stand to lose from confrontation. Nickel on MCX settled up 0. Against a basket of six kwdiacommodity currencies, the dollar index inched up and closed at Technically trisl is under short covering as market has witnessed drop in open interest by Nickel gained as support seen after release of domestic environmental review results in Anhui province bolstered prices.
President Donald Trump said China has hurt the United States economically but was ready to make a trail on trade, and that he is open to a fair agreement. China’s PMI fell to Aluminium on MCX settled up 1. The decision is part of a months-long environmental dispute with Brazilian authorities, after Norsk Hydro admitted to grial unlicensed emissions of untreated water during severe rains in February. The rise also came after the U.
Commerce Department said it would impose final anti-dumping and anti-subsidy duties on Chinese common alloy aluminium sheet products of On a yearly basis, exports rose Aluminium gained as prices get some support from the news that Brazil court upheld partial shutdown at Hydro Alunorte alumina refinery.
China’s aluminium smelters are under pressure from current low prices, with the situation exacerbated by high costs for key raw material alumina. China’s exports of alumina surged more than fivefold from August totonnes, according to customs data released. Menthaoil on MCX settled down Low demand outlook in mentha oil in domestic as well as global market due to expectation of recovery in Indian Rupee against the U. Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users.
Arrivals in Sambhal stood at drums compared to drum a day ago while in Barabanki supplies rose to drums from drums a day earlier. According to preliminary estimates, mentha oil production in would be 40, ton against last year’s production of 35, tons. There could be chances of crop damage to certain extend due to unfavourable weather condition. Mandi Department, which assumes Mentha as an agricultural product and receives the mandatory duty of one and a half percent, the GST of the same commerce tax department, Mentha crop, is not considered as agricultural product and 15 percent GST is charged.
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Due to this double tax, the price of mentha product increases, whereas synthetic mentha is much cheaper, so many companies making mentha products have started using synthetic mentha. Technically now Menthaoil is getting support at Menthaoil settled down as spot markets are witnessing low demand amid adequate supply which weighed on prices. However, there could be chances of crop damage to certain extend due to unfavourable weather condition. Plants are not taking soybean for Diwali closure and the last offloading of soybean at maximum plants will be till Tuesday.
Many plants has already stopped offloading from Sunday. The full revival of crush is expected to happen in next week. In October, soybean closed 2. Government plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1.
All India arrival stood around 1. Arrivals in Madhya Pradesh were up attons. India’s soybean output is seen at The US Department of Agriculture has slashed its estimate for global oilseed production in to India’s soyameal exports during the oil year ending September were down 15 per cent at around 1.
Technically now Soyabean is getting support at and below same could see a test of level, And resistance is now likely to be seen ata move above could see prices testing Soyabean dropped on profit booking as demand in spot was also slack due to lack of soymeal demand for export.