Commodity Report Outlook|24 carat financial services | 04 Oct 2017

commodity tips:-

MCX REPORT:- 

Mcx tips

Special News:-

Gold Prices Dip In Asia On Stronger Dollar And Weak China Demand

• Gold prices dipped in Asia as overnight dollar gains extended into the region, making the greenback denominated commodity more expensive and with demand weak as China markets are shut for a week-long holiday.

• Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,273.15 a troy ounce. The dollar index rose 0.22% to 93.69 in Asia.

• Overnight, gold prices fell to seven week lows amid a dip in safe-haven demand after manufacturing data topped expectations pushing yields and the dollar to session highs.

• Gold futures made a weak start to the month added to losses from the previous week as investors continued unwind their bullish bets on gold after upbeat manufacturing data pointed to underlying strength in the U.S. economy.

Commodity Buzz :-

Analyst reiterates outperform rating for Canadian Gold miner operating in Ghana

• Raymond James analyst Chris Thompson reported on Asanko Gold Inc.'s (AKG:NYSE.MKT AKG ,TSX) progress at its Asanko gold mine in Ghana."AKG is on track to meet its revised production guidance for the year (revised lower in August due to lower than expected ore volumes in the near-surface portion of the Akwasiso satellite deposit).

• Grade reconciliation at the main Nkran pit has been improving," wrote  Thompson. He noted that "AKG confirmed it is on track to meet its revised 2017 production guidance of 205-225 koz Au (revised down from 230-240 koz on Aug. 3), which compares with our full-year 2017 production estimate of 214 koz."

• Thompson detailed that "reconciliation of the grade control model [Nkran pit] has been positive relative to the reserve model, showing 9% fewer tonnes and 18% higher grades (net 7% more ounces) for the last three months of mining.

Natural Gas prices aren’t going anywhere fast

• With the recent crude oil rally that brought WTI to a five-month high, it’s only fitting to have a look at what’s happening with natural gas. By the looks of it, nothing much that would make producers happy.

• U.S. natural gas is selling at historically low prices, with forecasts for the near term suggesting no significant change as production continues to grow. In its latest Short-Term Energy Outlook, the EIA forecast that natural gas output this year will average 73.7 billion cubic feet daily, up by 1.4 billion cubic feet per day from last year. The Henry Hub spot benchmark price should average $3.05 per MMBtu this year and, driven by an increase in domestic consumption, rise to $3.29 per MMBtu in 2018.
   

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Commodity Report Outlook|24 carat financial services | 21 sep 2017

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MCX REPORT:- 

Mcx Tips

Special News:-

              Commodities - Crude Oil Prices Mixed As Market Looks T    U.S. Rig Count

      Gold prices rose in Asia on Friday as investors they digested an alarming report that North Korea could test a           nuclear  weapon over the Pacific Ocean with other attention onfixed on a policy speech on Brexit later in the day.

North Korean Foreign Minister Ri ong Ho said on Friday he believes the North could consider a hydrogen bomb test on the Pacific Ocean of an unprecedented scale, South Korea's  onhap news agency reported.

Ri was speaking to reporters in New York when he was asked what North Korean leader Kim Jong Un had meant when he threatened in an earlier statement the "highest level of hard-line countermeasure in history" against the United States. North Korea could consider a hydrogen bomb test, Ri said, although he did not know Kim's exact thoughts,

Yonhap reported.

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Commodity Report Outlook|24 carat financial services | 18 sep 2017

commodity tips:-

MCX REPORT:- 

Mcx Tips

•  Gold options to launch around Diwali: MCX .
•  Copper Slips As Traders See Further Correction .
•  MCX Crude Rises Well Above Rs 3200 Mark.
•  Aluminium market under long liquidation; Support seen at 131.
•  Zinc market under long liquidation; Resistance seen at 199.
•  Copper market under long liquidation; Resistance seen at 432 .
•  MCX Natural Gas expected to trade between 200-187 level.
•  Crude Oil market under short covering; Support seen at 3150.

Special News:-

                Gold ETFs register Rs 300 crore outflow in Apr-Aug FY18

Gold exchange traded funds (ETFs) continued losing sheen as an investment class with investors pulling out over Rs 300 crore from the instrument in April- August of this fiscal, preferring equities over them. Trading in gold EFF segment has been tepid during the last four financial years. It has witnessed outflows of Rs 775 crore in 2016-17, Rs 903 crore in 2015-16, Rs 1,475 crore in 2014-15 and Rs 2,293 crore in 2013-14. On the other hand, equity and equity-linked saving scheme (ELSS) saw an infusion of more than Rs 61,000 crore during the first five months (April-August) of the current financial year. This included an investment of over Rs 20,000 crore in last month alone. "While demand from India has traditionally buttressed gold prices globally, sound rally in the Indian equity markets has meant that gold as an asset class has not been favoured. The global rate tightening and a strong Indian equity market may mean a sober outlook for gold," 

Commodity Buzz :-

 COMEX Gold Turns Around From Critical Level :-

COMEX Gold futures recently topped out around one year high above $1360 per ounce and tested a two week low yesterday before edging up. The metal carved out sharp gains in intraday moves after rebounding from $1319 per ounce. The intraday swing from this level marked a gain of nearly 20 dollars for the metal, underlining the importance of $1319 as a critical support level. The rebound was based on a couple of decisive technical factors. The daily charts indicated that 20 day moving average for Gold was placed around $1319 mark yesterday. Area around $1318/1320 levels also played a critical role for gold last year. In September 2016, COMEX Gold tumbled heavily after breaking under this level. In November 2016, the metal failed to hold onto its intraday highs near the same level.  

 Copper Slips As Traders See Further Correction :-

Copper futures trading on the Comex market in New York suffered another sharp decline as analysts warned of a likely correction following week of speculative buying. A week ago copper hit an intra-day high just shy of $3.18 a pound on COMEX markets. Indian Copper was trading at Rs 421 per kg, unchanged on the day. The prices tested a high of Rs 422.75 per kg and a low of Rs 419.30 per kg. The prospect of a weakening renminbi also emerged as a factor behind the pullback after Chinese policymakers this week relaxed rules to curb speculation against the yuan which had been in place for nearly two years. This week, Chinese data showed slower than expected growth in investment, factory output and retail sales. For COMEX Copper, a break under the key $3 per pound level has also been a downright negative factor.

MCX Crude Rises Well Above Rs 3200 Mark:-

WTI Crude oil futures soared to a five week high near $50 on 15 September as a sharp rebound continued amid good buying support as calls of strong global oil demand boosted sentiments. WTI Crude oil futures have been rallying after the US gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, according to the Energy Information Administration (EIA). The commodity currently quotes at $49.74 per barrel, down around 0.30% on the day. MCX Crude oil futures gained by 1.68% to end at Rs 3215 per barrel after hitting highs above Rs 3140 per barrel mark.  

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Commodity Report Outlook|24 carat financial services | 08 sep 2017

commodity tips:-

MCX REPORT:- 

Mcx Tips

• India Natural Gas output up 5.69% in July. 
• MCX Crude Oil Sep17 drops 5.18% in August; Silver Sep17 gains 2.98% .
• MCX Gold Oct17 gains by 1.99% for the week; Crude Oil Sep17 down 2.22%.
• MCX reports Rs. 10,739.11 crore in daily turnover.
• MCX Copper Aug17 up by 1.24%; Cardamom Sep17 down 1.72%.
• MCX Natural Gas Aug17 down 1.01%; MCX Mentha Oil Aug17 up 1.74%.
• Global Zinc market deficit widens 3% in Jan-Jun  .

    Special News:-

                                    What happens if the OPEC deal expires?

 OPEC appears to be nervous that its production cut deal will once again fall short, and the group is already discussing the possibility of yet another extension. While the aftermath of Hurricane Harvey continues to drive  headlines in the energy sector, the attention will once again shift back to OPEC as the year wears on and we head into 2018. OPEC had hoped that a nine-month extension of its original six-month production cut deal – 1.2 million barrels per day from OPEC, plus reductions of nearly 0.6 mb/d from non-OPEC countries – would be enough to “rebalance” the market. But with seven months or so left to go on the deal, they are already coming around to the conclusion that it won’t be enough.

 Commodity Buzz :-

MCX Mentha Oil likely to trade in a range between 1162.6-1188.

 Technically now Mentha oil is getting support at 1170.5 and below same could see a test of 1162.6 levels,and resistance is now likely to be seen at 1183.4, a move above could see prices testing 1188.4. Mentha oil on MCX settled down by 0.14% at 1178.5 on subdued demand in the physical market from the consuming industries. Prices of mentha oil were down on higher supplies from oil producing regions while the demand is sluggish. Traders are ready to offload stocks available in their warehouses but the demand from mentha oil consuming industries is low against the sufficient stock which is keeping prices under pressure. As per the report “Essential Oil- Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020” the  global demand of essential oil will increase in the coming years.

 

Nickel market under fresh buying; Support seen at 769.5.

Technically Nickel market is under fresh buying as market has witnessed gain in open interest by 11.79% to settled at 9332 while prices up 14.2 rupees. Now MCX Nickel is getting support at 769.5 and below same could see a test of 756.6 level, And resistance is now likely to be seen at 789.6, a move above could see prices testing 796.8. Nickel on MCX settled up 1.85% at 782.4 as support seen after news that protesters stormed a mining event in the Philippines, demanding that mineral extraction be halted. China’s refined nickel output grew in August on a monthly basis. In August, China produced 14,100 tonnes of refined nickel, up 304 tonnes or 2.2 per cent on a monthly basis. The output from January to August totaled 104,000 tonnes, down 11.6 percent on a yearly basis.

 

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Commodity Report Outlook|24 carat financial services | 07 sep 2017

commodity tips:-

MCX REPORT:- 

Mcx Tips

NEWS:-

• India's Multi Commodity Exchange has recorded a daily turnover of Rs. 7755.71 crore in session 1 on Monday, September 04, 2017. MCX Comdex, the composite index of metals, energy and agri-commodities was up by 18.28 point to 3332.00 point.

• MCX Metal index was reached at 5100.50 and MCX Energy index was reached at 2289.88 while MCX Agri index reached at 2545.62 point. MCX COMDEX is India's maiden real-time Composite Commodity Index based on commodity futures prices of an exchange.

Bullion->

• GOLD Oct17 contract was up by 1.08% to Rs. 30144.00 per 10 gram. GOLD Dec17 contract was up by 1.03% to Rs. 30298.00 per 10 gram. GOLDM Sep17 contract was up by 1.16% to Rs. 30135.00 per 10 gram.

• GOLDM Oct17 contract was up by 1.11% to Rs. 30158.00 per 10 gram. GOLDGUINEA Sep17 contract was up by 1.19% to Rs. 24209.00 per 8 gram. GOLDPETAL Sep17 contract was up by 1.03% to Rs. 3027.00 per gram.

• SILVER Sep17 contract was up by 1.38% to Rs. 40573.00 per kg. SILVER Dec17 contract was up by 1.02% to Rs. 41342.00 per kg. SILVERM Nov17 contract was up by 1.01% to Rs. 41361.00 per kg. SILVERM Feb18 contract was up by 1.01% to Rs. 41970.00 per kg. SILVERMIC Nov17 contract was up by 1.02% to Rs. 41364.00 per kg.
   

Metals->

• COPPER Nov17 contract was up by 1.10% to Rs. 446.80 per kg. COPPERM Nov17 contract was up by 1.05% to Rs. 446.65 per kg. NICKEL Sep17 contract was up by 0.98% to Rs. 781.40 per kg. NICKELM Sep17 contract was up by 0.98% to Rs. 781.30 per kg. ALUMINIUM Sep17 contract was down by 0.26% to Rs. 135.70 per kg.

• ALUMINI Sep17 contract was down by 0.26% to Rs. 135.70 per kg. LEAD Sep17 contract was down by 0.10% to Rs. 152.50 per kg. LEADMINI Sep17 contract was down by 0.07% to Rs. 152.55 per kg. ZINC Sep17 contract was down by 0.20% to Rs. 204.4 per kg. ZINCMINI Sep17 contract was down by 0.20% to Rs. 204.4 per kg.

  

Energy->

• CRUDEOIL Sep17 contract was up by 0.63% to Rs. 3040.00 per BBL. CRUDEOILM Sep17 contract was up by 0.66% to Rs. 3040.00 per BBL. NATURALGAS Sep17 contract was down by 0.86% to Rs. 195.20 per MMBTU.

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Commodity Report Outlook|24 carat financial services | 07 sep 2017

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MCX REPORT:- 

Mcx Tips

Mcx Tips

NEWS:-

• India's Multi Commodity Exchange has recorded a daily turnover of Rs. 9891.86 crore in session 1 on Wednesday, September 06, 2017. MCX Comdex, the composite index of metals, energy and agri-commodities was up by 6.21 point to 3347.41 point.
• MCX Metal index was reached at 5068.64 and MCX Energy index was reached at 2353.10 while MCX Agri index reached at 2563.03 point. MCX COMDEX is India's maiden real-time Composite Commodity Index based on commodity futures prices of an exchange.

Bullion->

• GOLD Oct17 contract was down by 0.03% to Rs. 30213.00 per 10 gram. GOLD Dec17 contract was up by 0.04% to Rs. 30400.00 per 10 gram. GOLDM Oct17 contract was down by 0.02% to Rs. 30224.00 per 10 gram.
• GOLDM Nov17 contract was up by 0.05% to Rs. 30288.00 per 10 gram. GOLDGUINEA Sep17 contract was up by 0.31% to Rs. 24233.00 per 8 gram. GOLDPETAL Sep17 contract was up by 0.17% to Rs. 3022.00 per gram.
• SILVER Dec17 contract was up by 0.23% to Rs. 41515.00 per kg. SILVER Mar18 contract was up by 0.25% to Rs. 42129.00 per kg. SILVERM Nov17 contract was up by 0.20% to Rs. 41528.00 per kg. SILVERM Feb18 contract was up by 0.22% to Rs. 42132.00 per kg. SILVERMIC Nov17 contract was up by 0.22% to Rs. 41534.00 per kg.

Metals->

• COPPER Nov17 contract was up by 0.30% to Rs. 446.35 per kg. COPPERM Nov17 contract was up by 0.33% to Rs. 446.30 per kg. NICKEL Sep17 contract was down by 0.13% to Rs. 767.20 per kg. NICKELM Sep17 contract was down by 0.14% to Rs. 767.10 per kg. ALUMINIUM Sep17 contract was down by 0.34% to Rs. 132.90 per kg.
• ALUMINI Sep17 contract was down by 0.34% to Rs. 132.90 per kg. LEAD Sep17 contract was up by 0.47% to Rs. 149.40 per kg. LEADMINI Sep17 contract was up by 0.47% to Rs. 149.4 per kg. ZINC Sep17 contract was down by 0.83% to Rs. 197.4 per kg. ZINCMINI Sep17 contract was down by 0.83% to Rs. 197.4 per kg.

  

Energy->

• CRUDEOIL Sep17 contract was up by 0.86% to Rs. 3149.00 per BBL. CRUDEOILM Sep17 contract was up by 0.83% to Rs. 3148.00 per BBL. NATURALGAS Sep17 contract was down by 0.16% to Rs. 191.10 per MMBTU.

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Commodity Report Outlook|24 carat financial services | 31 august 2017

commodity tips:-

MCX REPORT:- 

Mcx Tips

NEWS:--

 ENERGY :- 

• The American Petroleum Institute (API) reported a major draw in commercial crude storage, forecasting a drop of 5.78 mmb for the week ending August 25. Gasoline inventories are expected to rise by 0.47 mmb and Distillates may fall by 0.48 mmb for the reporting week.

• Crude Oil has been struggling over the past few sessions as Hurricane Harvey wreaked havoc along the Gulf Coast shutting down refineries and processing units which in turn push oil prices lower as closures would mean lesser demand for oil in the immediate term. 

• Refining demand has been one of the key drivers for Crude Oil along with past few months despite rising US production and OPEC's lack of compliance to output cuts. EIA is scheduled to release its official report at 8 pm with analysts forecasting a 1.9 mmb draw in oil stocks along with minor withdrawals for gasoline and distillates.

• The short term trend should continue to remain weak but we may see some short covering in intraday if oil inventories are in line or better than forecasts.

BULLION:- 

• Precious Metals are expected to come under pressure today as nonfarm payrolls and revised second quarter GDP strengthened suggesting that the FED may be able to push for another rate hike this year. An increase in rates is typically negative for non-yielding assets like Gold and Silver.

• Non-Farm Payrolls rose 237,000 in August beating forecasts of 183,000 and even stronger than the revised figure of 201,000 in the previous month whereas revised Q2 GDP rose 3.0% compared to analyst expectations of 2.7%.  

• The strength in the recent data has seen the dollar recover higher as it raises possibilities of a rate hike from the central bank this December which could be negative for precious metals as a whole. We are expecting limited downsides in prices as geopolitical tensions and safe haven factors continue to underpin demand for such assets.

• We are slightly negative on precious metals for the day and expect further declines towards the closing.

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