Home Arrow Commodity News Arrow 28th April – 4th May - Oil Prices creating Havoc for world Economies

Commodity World Roundup

28th April – 4th May - Oil Prices creating Havoc for world Economies

Oil Prices creating Havoc for world Economies

OIL STEADY AS US DECISION ON IRAN SANCTIONS LOOMS

Reuters, May 04, 2018

Oil prices steadied on Friday, consolidating after recent gains, as global supplies remained tight and the market awaited news from Washington on possible new US sanctions against Iran. Brent crude oil was down 30 cents at $73.32 a barrel by 0900 GMT. The benchmark contract hit a 3-1/2 year closing high of $75.17 on Monday

Source: https://economictimes.indiatimes.com

SEBI PERMITS EXTENDED TRADING HOURS AT BOURSES FOR EQUITY DERIVATIVES

May 04, 2018

The Securities and Exchange Board of India (SEBI) on Friday said that it has permitted stock exchanges to extend trading hours for the equity derivatives segment from October 1, 2018.

Source: http://www.business-standard.com

INDIA INC LINES UP TO HEDGE FOREX EXPOSURES BEFORE IT IS TOO LATE

May 04, 2018

The recent movement in the rupee is being taken in all seriousness by corporates in India, and they are queuing up to hedge their foreign exchange (forex) exposures, say currency consultants.

Source: http://www.business-standard.com

GOLD PREMIUM RISES, BUT IT’S SHORTLIVED: ANALYSTS

ET Bureau, May 03, 2018

The premium on gold rose $2 per troy ounce on Wednesday amid supply constraints because of bank holidays from Saturday to Tuesday. However, bankers and analysts said that the premium would be short-lived owing to muted demand and that gold prices would fall further in the coming weeks

Source: https://economictimes.indiatimes.com

GOLD'S FIRST QUARTER GLOBAL DEMAND WORST SINCE 2008: WGC

May 03, 2018

Gold demand had a soft start to 2018, reaching 973 tonnes (t), the lowest first quarter since 2008, according to data released by World Gold Council on Thursday.This was largely caused by a fall in investment demand for gold bars and gold-backed exchange-traded funds (ETFs), as a subdued gold price environment hampered demand.

Source: https://economictimes.indiatimes.com

RED HOT IN 2017, DOLLAR BONDS TURN COLD NOW

ET Bureau, May 03, 2018

The dollar bond market has turned cold for Indian firms after a record 2017, with rising global interest rates, geopolitical concerns and market volatility prompting would-be financiers to demand either a higher yield or invest only in short-term paper maturing in two years.

Source: https://economictimes.indiatimes.com

VEDANTA Q4 PROFIT CLIMBS 81% TO RS 48 BN ON FAVOURABLE COMMODITY PRICES

Reuters, May 03, 2018

Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources Plc, posted an 81 per cent surge in quarterly profit on Thursday, helped by higher volumes and favourable commodity prices.

Source: http://www.business-standard.com

BASE METALS: COPPER, NICKEL DOWN ON LOW DEMANDY

PTI, May 03, 2018

Nickel futures traded 0.60 per cent lower at Rs 932 per kg today as participants reduced exposure amid weak global cues and profit-booking.

Source: https://economictimes.indiatimes.com

MCX-LEAD CONTINUES TO MOVE SIDEWAYS

May 03, 2018

The Lead futures contract on the Multi Commodity Exchange (MCX) continues to remain range-bound between ₹150 and ₹159 per kg. The contract has been stuck in this sideways range over the last couple of months. Within this range the contract was volatile in the past week.

Source: https://premium.thehindubusinessline.com

CASTOR SEED FUTURES UP ON SHORT-COVERING

May 03, 2018

May 3 Castor seed prices recovered by Rs 12 to Rs 4,050 per quintal in futures trade today after participants covered up their short positions at prevailing lower levels amid a firm trend at the physical markets.

Source: https://www.outlookindia.com

BHARAT BHUSHAN SHARE & COMMODITY BROKERS TO CONSIDER ACCOUNTS

May 02, 2018

Bharat Bhushan Share & Commodity Brokers will hold a meeting of the Board of Directors of the Company on 10 May 2018, inter alia, to consider and approve the Audited Standalone Financial Statements for the quarter and financial year ended on March 31, 2018, and consider proposal for recommendation of dividend, if any, on the equity shares for the financial year ended on March 31, 2018.

Source: http://www.business-standard.com

WALL STREET EDGES LOWER ON FED NERVES, APPLE LIMITS LOSS

Reuters, May 02, 2018

U.S. stocks fell on Wednesday as caution set in ahead of the Federal Reserve's regular policy statement, while strong results from Apple kept losses in check.

Source: http://www.business-standard.com

MCX-NICKEL REVERSES UP FROM A KEY SUPPORT

May 02, 2018

The MCX-Nickel futures contract on the Multi Commodity Exchange (MCX) fell in the past week as expected. The contract made a high of ₹955 per kg on Thursday and reversed sharply lower.

Source: https://premium.thehindubusinessline.com

CHANA FUTURES UP 0.92% ON STRONG DEMAND

PTI, May 02, 2018

Chana prices rose further by 0.92 per cent to Rs 3,587 per quintal in futures trade today as participants engaged in building up positions, taking positive cues from spot market on rising demand from dal mills.

Source: http://www.business-standard.com

FADING AURA: GOLD SET FOR FURTHER CORRECTION

May 02, 2018

All the known supports for gold are weakening. While fading geopolitical risks are seen calming the commodity markets, especially crude oil and gold, the dollar has begun to appreciate and the 10-year US treasury yield has jumped to above 3 per cent.

Source: https://www.thehindubusinessline.com

'GLOBAL MARKETS TURMOIL FAILS TO CRIPPLE RBI'S POLICY INDEPENDENCE

May 02, 2018

Strong foreign exchange reserves and active liquidity management by the Reserve Bank of India has helped Indian financial system face the turmoil in global markets, but the local markets will be tested for endurance in the period ahead as the US Federal Reserve is set to raise rates, said a research paper from RBI.

Source: https://economictimes.indiatimes.com

GOLD EXTENDS GAINS AS DOLLAR WEAKENS AFTER DOVISH FED REMARKS

Reuters, May 02, 2018

NEW YORK/LONDON, May 2 (Reuters) - Gold prices extended gains on Wednesday after the U.S. Federal Reserve's dovish remarks weakened the dollar against a basket of currencies, yet bullion remained vulnerable to a possible rising greenback and weak investment demand.

Source: https://economictimes.indiatimes.com

GOLDEN TIME TO BUY SILVER, IMPORTS TO RISE

May 01, 2018

Silver imports may rise by 10% in the current fiscal as rural India is leaning towards the metal – known as the poor man’s gold – as its price has dropped by 3.29% from a year ago. Traders and analysts believe that there’s room for silver prices to move up in tandem with base metals which are showing an upward trend, which is also attracting rural buyers towards silver.

Source:https://economictimes.indiatimes.com

VOLATILE RUPEE HASN’T SCARED IMPORTERS YET

May 01, 2018

The rupee’s 2.5% loss in April has pushed Indian importers to seek cover against their unhedged payables, but people tracking the foreign exchange market estimate that about 60-65% of offshore liabilities would still remain uncovered.

Source: https://economictimes.indiatimes.com

CRUDE PALM OIL FUTURES FALL 0.80% ON PROFIT-BOOKING

PTI, April 30, 2018

Crude palm oil prices fell 0.80 per cent to Rs 643 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at spot market. Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend.

Source: http://www.business-standard.com

WHAT TO WATCH IN COMMODITIES: ALUMINUM, SHALE, AG GIANTS, CHINA

April 30, 2018

Commodities will wrap up a monthly gain this week, but it’s been a bumpy ride and more turbulence is likely as investors track trade tensions and companies’ earnings. Aluminum remains in focus almost a month after the U.S. introduced sanctions against United Co. Rusal, then eased off.

Source: https://www.bloombergquint.com

IN A VOLATILE YEAR, THESE THREE THEMES COULD HOLD SWAY: ATUL SURI, MARATHON TRENDS

ET Now, April 30, 2018

In an interview with Atul Suri, Marathon Trends – PMS, says consumption, commodities and real estate are the three mega themes to focus on this year.

Source: https://economictimes.indiatimes.com

CRUDE'S TOP HEDGE FUND MANAGER SAYS OIL AT $300 NOT IMPOSSIBLE

Bloomberg, April 30, 2018

Pierre Andurand, one of oil’s most prominent hedge fund managers, said the current reluctance of energy companies to invest in new production meant $300 a barrel was "not impossible" within a few years.

Source: https://economictimes.indiatimes.com

RISE OF COMMODITY: AS OIL RISES, GUAR GUM EXPORTERS HOPE TO RIDE SHALE BOOM, AGAIN

April 29, 2018

Guar gum, an extract of guar seeds, was used primarily as just a stabilising agent in ice creams and personal care products a decade ago. Then the shale boom took place and giant US corporations like Halliburton and Schlumberger gobbled it up in massive volumes to exploit its value as a thickening agent, to be used in the hydraulic fracturing process for extracting oil and gas from oil shale.

Source: https://www.financialexpress.com

COMMODITY PICKS: 30 APRIL 2018

April 29, 2018

Sugar is trading at Rs 2,700 per quintal at the Rajkot market. In the coming days, prices are expected to fall to Rs 2,650 per quintal. Distress sales by mills due to higher sugar output, and poor off-take from stockists and bulk consumer are keeping prices under pressure. Storage problems due to record output will further weigh on prices.

Source: http://www.business-standard.com

BUY MULTI COMMODITY EXCHANGE OF INDIA, TARGET RS 805: DR CK NARAYAN

ET Markets, April 29, 2018

Dr CK Narayan of Chart Advise has a buy call on Multi Commodity Exchange of India Ltd.NSE -1.96 % with a target price of Rs 805. The current market price of Multi Commodity Exchange of India Ltd. is Rs 793.45 Time period given by analyst is Intra Day when Multi Commodity Exchange of India Ltd.

Source: https://economictimes.indiatimes.com

MCX NET UP 55% IN Q4

April 29, 2018

Multi Commodity Exchange of India, the country’s largest commodity exchange, registered 55 per cent increase in its March quarter net profit at ₹34 crore against ₹22 crore logged in same period last year, on back of higher trading volume.

Source: https://www.thehindubusinessline.com

GOLD, SILVER FUTURES FALL ON WEAK GLOBAL CUES

April 29, 2018

Gold prices fell 0.37 per cent to Rs 31,095 per 10 grams in futures trade today as participants cut bets, tracking a weak movement overseas. At the Multi Commodity Exchange, gold for delivery in June was down Rs 116, or 0.37 per cent, to Rs 31,095 per 10 grams in a business turnover of 347 lots.

Source: https://www.thehindubusinessline.com

TO BOOST FARM INCOME, INDIA PLANS TO REDUCE RESTRICTIONS ON EXPORT

April 29, 2018

Bhupinder Pal Singh, a farmer from Babain, a village in Haryana’s Kurukshetra district, was unable to sell a third of his 4,400 quintals (1 quintal is a 100 kilogrammes) of potato harvest in May 2017. The unsold produce soon turned into heaps of rotten slush.

Source: https://www.hindustantimes.com

GOLD INCHES UP AS DOLLAR STEADIES AFTER RECENT GAINS

April 29, 2018

Gold prices inched up early Monday as the US dollar steadied after a recent run of gains, weighed down by a decline in the benchmark US 10-year Treasury yield.

Source: https://economictimes.indiatimes.com

MULTI-COMMODITY EXCHANGE OF INDIA NET JUMPS 56.4 TO RS 34 CRORE

PTI, April 28, 2018

MUMBAI: Multi-Commodity Exchange of India (MCX) today reported 56.39 per cent growth in net profit for the March quarter at Rs 34.14 crore. Total income grew 11 per cent to Rs 96.58 crore during the quarter under review, the exchange said in a statement.

Source: https://economictimes.indiatimes.com

IRON ORE CARGO THROUGH MAJOR PORTS DROPPED 2.75% IN 2017-18

April 28, 2018

Iron ore cargo carried by major ports in the country saw a decline of 2.75 per cent in 2017-18, as flagging demand for exports of lower grade ore weighed.

Source: http://www.business-standard.com

INDIA SIGNS DEALS WITH 8 COUNTRIES FOR FARM EXPORTS, LOOKS FOR MORE MARKETS

April 28, 2018

India has signed deals with eight countries, the United States, Canada, Chile, Ecuador, South Korea, Malaysia, Taiwan and Iran for agricultural exports and is scouting for more markets, as it seeks to liberalize trade in farm products, and grow its farm exports.

Source: https://www.hindustantimes.com