GOLD PRICE HIT BY FRESH WEAKNESS:-
COMMODITY TIPS | now pricing in a 100% chance of a hike
Wednesday 30 November 2016
Gold price hit by fresh weakness
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Tuesday 29 November 2016
TEETERS AS METALS, ORE AND OIL PLUMMET
Overnight and early trading
Weakness in commodity prices based on the current Opec imbroglio and the big fall in iron ore overnight has dragged on mining and energy stocks, offsetting gains in the banks. BHP had dropped 2%, Rio was down 1.5%, while South32 lost 1.8% and Fortescue 4%.
Overnight, crude oil dropped below $46/barrel on concern an Opec deal to stabilise prices is in jeopardy as major producers disagree on curbing output. The USD retreated, while US equities ended higher after paring gains.
US oil
fell to a two-week low after 10 hours of technical talks failed to
resolve differences between crude-producing nations, with Iran objecting
to proposed production cuts.
The S&P 500 Index rose after Monday’s retreat, with gains in healthcare and bank stocks offsetting losses among energy shares.
A rally in metals fizzled on signs China is taking steps to cool a trading frenzy in commodities. The dollar reversed early gains, while Treasuries edged higher as optimism over better-than-expected data on US economic growth faded.
The S&P 500 Index rose after Monday’s retreat, with gains in healthcare and bank stocks offsetting losses among energy shares.
A rally in metals fizzled on signs China is taking steps to cool a trading frenzy in commodities. The dollar reversed early gains, while Treasuries edged higher as optimism over better-than-expected data on US economic growth faded.
Investors are retreating from some of November’s standout trades as the month comes to a close, with the dollar pulling back from decade high reached as Trump’s election fueled bets on interest rate hikes.
The highly anticipated monthly US payrolls report is due Friday, after data Tuesday showed growth last quarter beat forecasts.
West Texas Intermediate crude futures slipped 3.9% to
$45.23/b, after rising 2.2% on Monday. Saudi Arabia has said it is ready
to reject an agreement unless all Opec members, excluding Libya and
Nigeria, take part, it was reported.
Copper fell from its highest level in more than a year as the main industrial metals tumbled in London.
The Shanghai Futures Exchange and Dalian Commodity Exchange have raised margins and fees to ease a trading frenzy that’s fueled aggressive price gains this month, and further measures are expected.
The Shanghai Futures Exchange and Dalian Commodity Exchange have raised margins and fees to ease a trading frenzy that’s fueled aggressive price gains this month, and further measures are expected.
The JPY weakened 0.4% to 112.39 per dollar, snapping a two-day rebound to be headed for its biggest monthly drop since 2009.
Speculation that President-elect Donald Trump will pursue inflationary spending and tax policies has weighed on Japan’s currency and those of emerging market nations, with odds of a Federal Reserve rate hike hitting 100% in the futures market.
The S&P 500 rose 0.1% to 2,204.66 as all but two main
industry groups climbed. The Dow Jones Industrial Average added 0.1% as
well, while the Nasdaq Composite Index climbed 0.2%.
Tiffany & Co climbed 3.2% on improving sales in China and Japan and as the jewellery company signaled that the worst of the downturn period may be over.
The VIX inched lower 1.9% to 12.90. The Stoxx Europe 600 Index gained 0.3%, after dropping 0.8% Monday.
Actelion rallied 10% after Johnson & Johnson was said to have raised its takeover offer for Europe’s largest biotech firm.
Asian index futures were split, with contracts on stock gauges in Japan, Australia and South Korea rising, while those on Chinese benchmarks declined.
Tiffany & Co climbed 3.2% on improving sales in China and Japan and as the jewellery company signaled that the worst of the downturn period may be over.
The VIX inched lower 1.9% to 12.90. The Stoxx Europe 600 Index gained 0.3%, after dropping 0.8% Monday.
Actelion rallied 10% after Johnson & Johnson was said to have raised its takeover offer for Europe’s largest biotech firm.
Asian index futures were split, with contracts on stock gauges in Japan, Australia and South Korea rising, while those on Chinese benchmarks declined.
Yields on 10-year Treasury notes
slipped one basis point, or 0.01%, to 2.30%, falling for a second day
after spiking up by four basis points earlier in the session.
Italian bonds advanced, pushing 10-year yields down 11 basis points to 1.96% as demand increased at auctions of 10 and five-year securities.
Italian bonds advanced, pushing 10-year yields down 11 basis points to 1.96% as demand increased at auctions of 10 and five-year securities.
Prime Minister Matteo Renzi’s office denied news reports that he is considering stepping down even if he wins the December 4 referendum on constitutional reform.
Local markets and commodities
- The S&P/ASX 200 Index futures +0.2%; futures relative to estimated fair value suggest an early gain of 0.2%.
- Bank of New York Australia ADR Index -0.8%, BHP Billiton ADR -2.3% to A$25.04 equivalent, 1.6% discount to last Sydney close, Rio Tinto ADR -2.6% to A$51.33 equivalent, 15% discount to last Sydney close.
- Gold futures for February delivery fell 0.3% to $1,190.80/oz on Comex. The metal climbed Monday by the most since November 2. Prices fell below $1,200/oz last week for the first time since February. Investors have sold 100.6 tonnes of gold through ETFs so far this month as the outlook for higher US rates curbed the appeal of owning assets that don’t provide a yield. Holdings fell 6.3 tonnes to 1,887 tonnes as of Monday, data compiled by Bloomberg show. Gold miners fell 0.2% overnight. Gold stocks: GOR, NCM, NST, AQG, EVN, KCN, RMS, RRL, SAR, SLR.
- Oil fell to a two-week low as an Opec deal to curb output appeared in jeopardy after Iran and Saudi Arabia failed to bridge differences. West Texas Intermediate for January delivery dropped $1.85 to $45.23/b on the New York Mercantile Exchange which was it’s the lowest settlement since November 14 after Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna his nation won’t reduce production. Total volume traded was about 17% above the 100-day average.
- Iron ore was smashed, down 4.4% to $77.30/t as prices dropped from the highest in more than two years as steel prices in China fell on perceptions that ore supplies are still ample. Iron is still on trach to head clocking its first annual increase in four years. Iron ore stocks: FMG, BHP, GBG, GRR, MGX, RIO, BCI, SDL.
- Industrial metals slumped, paring the biggest monthly rally in four years, on signs that China is taking steps to cool a trading frenzy in commodities. Copper fell from the highest in more than a year as all the main industrial metals on the London Metal Exchange tumbled. Copper for delivery in three months slid 3% to settle at $5,705 a metric ton in London, the first drop in seven days. Lead plunged 6.7% and zinc dropped 6.6%. Copper stocks: PNA, OZL, SFR; Nickel stocks: IGO, WSA; Aluminium stock: AWC
Monday 28 November 2016
RUPEE CLOSES WEAKER AGAINST US DOLLAR
COMMODITY TIPS RUPEE CLOSES WEAKER AGAINST US DOLLAR
India’s foreign exchange reserves dipped for the second consecutive by $1.542 billion to $365.5 billion in the week ended November 18, the Reserve Bank of India said. The country’s forex reserves had gone down by $1.19 billion to $367.04 billion in the previous week.
In a surprise move, RBI ordered banks to maintain incremental CRR (cash reserve ratio) of 100% on the increase in NDTL (net demand and time liabilities) between September 16, 2016 and November 11, 2016 from the fortnight beginning November 26, 2016. This action is estimated to suck out around Rs 3-3.5tn of surplus liquidity from the banking system.
US dollar index witnessed sharp retracement, with values retreating from the high of 102 and now trading slightly above 100.5. We sense that the recent softness in the greenback will be short-lived, as market focus is clearly accentuated on the forthcoming US FOMC policy meeting on December 14, wherein the expectations call for a certain rate hike.
The Indian Rupee closed lower by 30 paise at 68.76/$ on Monday. The local unit hit a high of 68.42/$ and a low of 68.71/$ today.
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.72 while for the Euro it was 72.17. The RBI’s reference rate for the Yen stood at 61.32; reference rate for the Great Britain Pound (GBP) stood at 85.8494.
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Friday 25 November 2016
HIGH CRUDE SUPPLIES, LOWER CHINESE IMPORTS
SINGAPORE:
Oil prices fell over 1 per cent on Friday, dragged by a strong dollar,
rising Saudi supplies to Asian clients, and a fall in Chinese imports.
SINGAPORE: Oil prices fell over 1 per cent on Friday, dragged by a strong dollar, rising Saudi supplies to Asian clients, and a fall in Chinese imports.
Brent crude futures were trading at $48.42 at 0753 GMT, down 58 cents, or 1.2 per cent, from their last close, although overall activity was thin after the US Thanksgiving holiday and ahead of the weekend.
US West Texas Intermediate (WTI) crude futures were at $47.41 per barrel, down 55 cents, or 1.2 per cent, from their last settlement.
Traders said the main drag on prices on Friday was the strong dollar, which this week hit levels last seen in 2003 against a basket of other leading currencies, as it could crimp fuel demand due to higher dollar costs.
Reports that Saudi Aramco would in January increase oil supplies to some Asian customers also weighed on markets, traders said.
A Saudi-led plan to agree on crude output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and other producers next week would only impact supplies from February 2017 as most exporters sell their supplies two months ahead.
Saudi's late push for more exports to Asia comes as Russia has stolen its place as top supplier to China, the world's biggest crude importer and growth market despite a monthly drop in imports in October. This is a strong indicator that Riyadh's policy to let prices slide in order to defend market share has not had the desired effect.
Now, led by Saudi Arabia, OPEC is due to meet on Nov. 30 to coordinate a cut, potentially with non-OPEC members like Russia, the world's largest producer, but there is disagreement within the producer cartel as to which member states should cut and by how much.
Most analysts expect some form of a production cut, though it is uncertain whether this will be enough to prop up a market that has been dogged by oversupply since 2014.
"We do expect some form of agreement, but oil market reaction will hinge on the credibility of the proposed action," said US investment bank Jefferies on Friday, adding that recent output increases to record levels in many countries now required a deep cut for it to significantly lift oil prices.
"The surge in OPEC output since August has shifted the market back into oversupply and re-balancing will be deferred until the second half of 2017 without a cut of at least 700,000 barrels per day," Jefferies said.
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Thursday 24 November 2016
DOLLAR SURGE SINKS RUPEE, OTHER EMERGING CURRENCIES
LONDON • The Indian rupee, offshore Chinese yuan, Vietnam dong and Turkish lira all crashed to fresh record lows yesterday against the rallying American dollar, while other Asian currencies dropped to levels last seen in the wake of the global financial crisis.
State banks or foreign exchange authorities in China, India, Indonesia and the Philippines were suspected of intervening to slow the slide in their currencies, traders said.
Besides the impact of Mr Trump's policies, there were a number of political events looming in Europe, making investors wary of deploying funds into riskier assets.
The US dollar surged to a near 14-year high yesterday, clocking up a string of milestones against other top currencies and clobbering the more vulnerable emerging currencies to fresh record lows.
The dollar pushed its way past more of last year's peaks against the euro to hit US$1.0550 (S$1.5101) in early European action, with only last March's high of US$1.0457 standing in the way of a drive towards parity.
The yen skidded 0.4 per cent to an eight-month low.
Worries about India's demonetisation drive and rising odds for a US interest rate increase pushed the Indian rupee to a record low of 68.86 per dollar, at which level the central bank was suspected of intervening.
The rupee has weakened around 3 per cent so far this month on expectations of a hit to economic growth in the wake of the government's demonetisation moves.
The Hong Kong-traded offshore yuan, used frequently by foreigners, weakened past the 6.96 level for the first time since it started trading overseas in late 2010. The Chinese yuan also hit an 81/2-year low after the People's Bank of China set its daily guidance rate at its weakest since June 2008.
The Philippine peso hit levels not seen since November 2008 and other Asian currencies hit multi-month troughs. The Malaysian ringgit was at a near 14-month low and the Indonesian rupiah hit a near six-month low.
Turkey unexpectedly raised lending rates for the first time in almost three years yesterday after the lira's plunge to a record low and its impact on inflation trumped political demands for lower borrowing costs.
Commodity-related currencies fared a little better, helped by robust commodity prices on expectations of higher demand.
The Bloomberg-JPMorgan Asia Dollar Index reached 103.29, the lowest level since March 2009, as futures traders see a 100 per cent chance that the Fed will raise rates at its final meeting of the year from Dec 13 to 14.
That is up from about 70 per cent at the end of last month.
The Fed saw a strengthening case to raise interest rates as the labour market tightened, with some saying a hike should happen next month, according to minutes of their gathering this month released on Wednesday.
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Wednesday 23 November 2016
COMMODITY TIPS | MATTER FOR MARKET TODAY
COMMODITY TIPS MATTER FOR MARKET TODAY
Six macro triggers that may matter for market today
As political outcry over demonetisation contibues, the government on Wednesday announced more steps to help farmers to meet their cash needs during the ongoing rabi season and directed banks to waive debit card transaction charges to encourage digital payment.
To ensure quick and unhindered flow of credit and cash to farmers during the current rabi season to deal with ban of Rs 500/1,000 notes, the government has allowed Nabard to disburse Rs 21,000 crore through cooperative banks to farmers.
Here's a look at six macro triggers that are likely to impact the market today
Misuse of Jan Dhan accounts for black money: One of Prime Minister Narendra Modi's key financial reforms is likely being misused to get around another key policy, and the government may take penal action. The Jan Dhan bank accounts, which were opened for the poor, have seen huge deposits to the tune of Rs 21,000 crore in the fortnight since demonetisation. Trinamool Congress-ruled West Bengal leads in this sudden spurt in deposits, followed by Congress-ruled Karnataka.
Coal secy shifted in bureaucratic reshuffle : Coal secretary Anil Swarup was appointed school education secretary as part of a top-level bureaucratic reshuffle on Wednesday. As many as 19 new secretaries have been appointed in various central government departments. Susheel Kumar has been appointed as coal secretary. He was secretary, department of border management, ministry of home affairs. Sanjeevanee Kutty, special secretary and financial advisor in home ministry, has been appointed as secretary, department of border management, in place of Kumar. National Highways Authority of India (NHAI) chairman Raghav Chandra has been named secretary, national commission for scheduled tribes. Yudhvir Singh Malik, special secretary in Niti Aayog, will be new NHAI chairman.
GST Council meet postponed: The crucial meeting of the GST Council on November 25 to finalise the legislation for the new tax regime has been put off to December 2-3 after some states sought changes to the draft circulated by the Centre. The meeting was to discuss the draft laws and also the contentious issue of administration of the regime. The committee of officials from the Centre and states will, however, meet on November 25 to finalise the three draft legislations for Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation law.
Telecom cos seek to accept defunct notes : Hit hard by a drop in prepaid recharges, telecom operators — both GSM and CDMA players — have approached telecom secretary JS Deepak to relax the demonetisation rule for their retailers and distributors. In a joint letter, dated November 23, the Cellular Operators Association of India (COAI) and Association of Unified Telecom Service Providers of India (Auspi) have suggested that telecom retailers and distributors be allowed to accept defunct series of Rs 500 and Rs 1,000 currency notes just like petrol pumps and utilities under the current demonetisation exercise, especially since telecom is an essential service.
USFDA issues warning letter to WockhardtBSE -0.29 %'s UK facility: The US FDA issued a warning letter to Wockhardt’s stepdown (indirect) subsidiary CP Pharmaceuticals in UK, marking a prolonged phase of adverse news related to the drug maker’s global manufacturing facilities. In a note to BSE, Wockhardt said no business is being conducted from CP Pharmaceuticals in the US market Over the past few years, Wockhardt has been pummelled by the US FDA for deviations at its manufacturing sites.
SBI cuts rates on bulk deposits: State Bank of India has lowered rates on bulk deposits between 125 and 190 basis points or bps (one bps is 0.01%) across various maturities, paving the way for lower interest rates in the system. In many baskets, the revised interest rates from India's largest bank by market share of deposits and loans are lower than returns on savings bank accounts, which are currently set at a minimum 4%. Bulk deposits refer to those between Rs 1 crore and Rs 10 crore.
..and in financial markets yesterday
Rupee plunges: Importers may now rush to cover their overseas liabilities as the rupee turned volatile inching closer to its all-time low against the dollar amid increased overseas investment outflows from the country. The rupee on Wednesday lost nearly half a pecent or 31 paisa to greenback closing at 68.56 a dollar, lowest since February 26 this year.
Bonds gain: Government bonds (G-Secs) gained on good buying support from banks and corporates. The 7.61% G-Secs maturing in 2030 surged to Rs 110.40 from Rs 109.8250 previously, while its yield edged down to 6.44% from 6.50%.The 7.59% G-Secs maturing in 2026 firmed up to Rs 108.2850 from Rs 108.0375, while its yield moved down to 6.38% from 6.41%. The 6.97% G-Secs maturing in 2026 rose to 104.99 from Rs 104.77, while its yield softened to 6.28% from 6.31%. The 7.59% G-Secs maturing in 2029, the 7.88% G-Secs maturing in 2030 and the 7.68% G-Secs maturing in 2023 were also quoted higher at Rs 109.44, Rs 112.02 and Rs 107.7075, respectively.
Call rates up: The overnight call money rates ended higher at 6.25% from Tuesday's closing level 6.10%. It resumed higher at 6.20% and moved in a range of 6.25% and 5.80%.
Liquidity: The Reserve Bank of India, under the Liquidity Adjustment Facility, purchased securities worth Rs 2200 crore in a 4-bids at the overnight repo auction at a fixed rate of 6.25% as on Wednesday, while its sold securities worth Rs 7213 crore from 38-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on November 22.
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Tuesday 22 November 2016
OPEC - LED PRODUCTION CUT FOR OIL
SINGAPORE: Oil prices edged up on Wednesday in anticipation of an OPEC-led crude production cut that is planned to be finalised by the end of the month, through trading was thin ahead of the US Thanksgiving holiday on Thursday.
US West Texas Intermediate (WTI) crude oil futures were trading at $46.13 at 0128 GMT, up 10 cents from their last settlement.
International Brent crude oil futures were at $49.22 a barrel, up 10 cents. Reuters commodities analyst Wang Tao ..said that Brent could rise to $49.85 per barrel, a level marked by several technical resistance factors.
Despite Wednesday's slight increases, analysts said that the market was currently unwilling to push crude prices to $50 a barrel or higher.
"The market seems unwilling to push oil towards $50 a barrel ahead of the Thanksgiving holiday tomorrow," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. "Their reticence is understandable given that longs (long positions) put on above that level have not ended well in recent times."
"Tonight's (US) EIA Crude Inventory numbers should provide a welcome, albeit temporary sideshow to the OPEC main event. Otherwise, we expect Asia to continue the sideways trading ranges," Halley said.
The Energy Information Administration (EIA) is due to publish official US crude oil and refined product inventory data later on Wednesday.
Wednesday's lethargy came after oil prices rallied earlier this week. Traders anticipated the Organization of the Petroleum Exporting Countries (OPEC) would successfully implement a planned, coordinated production cut - to be discussed at a Nov. 30 meeting - in order to prop up prices.
However, by late Tuesday analysts had become wary of the prospects for such a deal, as it remained unclear whether major OPEC-producers Iraq and Iran were willing to participate in a meaningful way.
"Cracks in the OPEC production cut agreement could see oil prices weaker in trading today," ANZ bank said in a note on Wednesday.
"A preliminary meeting ahead of next week's OPEC gathering failed to resolve the issues around Iran and Iraq's involvement in the production cut agreement," it said. "Despite this hiccup, we still expect the group to reach an agreement next week."
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Monday 21 November 2016
COMMODITY TIPS US DOLLAR STRANGLES GOLD
COMMODITY TIPS US DOLLAR STRANGLES GOLD
Indian gold spot premiums have jumped to a two year high as jewelers and investors have flocked to the yellow metal in order to park higher denomination currency notes (Rs 500 & Rs 1,000) before it completely goes out of circulation.
Gold treaded water around US $ 1,200/oz, as intensified strength in US dollar made the gold bugs gasp for breath. The outcome of US elections has simply changed the equation, where market participants are now simply pricing an inflationary scenario in the US and a hawkish Fed due to potential massive tax cuts and US $1 trillion government spending on infrastructure by newly elected President Donald Trump.
Nevertheless, in the physical markets, Indian gold spot premiums have jumped to a two year high as jewelers and investors have flocked to the yellow metal in order to park higher denomination currency notes (Rs 500 & Rs 1,000) before it completely goes out of circulation from the informal economy as well after December 30th.
Moreover, speculation is rife that Indian government may impose stringent restrictions on gold imports. On the price front, the near term outlook for gold prices seems to be uninspiring, with strong US dollar posing as a substantial headwind. US $ 1,190/oz is considered to be a support, the level from which gold prices witnessed a breakout during February this year.
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Sunday 20 November 2016
GOLD BOUNCE DUE STOCK MARKET WARNING SIGNS
All year, I have been looking for an important bottom in the stock market around the end of November. The 40 week cycle low is due to give us at least an 11% shellacking and we have not seen one yet. I believe November 29th to December 5th may be the dates that will give us that drop.
Short term we are also due for a pullback, probably into November 21-22 of about 1 ½ to 2% off the top on Friday. Friday posted an evening star reversal sign.
Gold made an irregular bottom on Friday, with huge positive divergences. GDX did not make a new bottom, also, creating an inter market bullish divergence. We may see a huge spike up Monday and Tuesday, in the precious metals and GDX, as the stock market falls.
On the astro front, we are running into a plethora of reversal signatures coming up all together forming a cardinal T-square on the 29th. I discussed some of these aspects a few posts ago (I hope it is not an internal power coup, but a money play, like perhaps the Chinese devaluing the yuan that causes the expected downdraft: Venus square Uranus on the 29th gives us some hint of that).
Heliocentric Mercury in Sagittarius (November 5-16) dropped the PM’s down hard; now we have Geocentric Mercury in Sagittarius (November 12-December 2) and the Sun (rules gold) joining in Sagittarius on November 21 (with the moon in Leo), which means a strong move up initially and should generally remain strong into December 2 for GDX and into December 5 for gold, itself.
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Friday 18 November 2016
GOLD SLIDES AS DOLLAR EXTENDS SURGE
The US currency is on track for its best fortnight since 1988 versus the yen, having hit its highest since early 2003 versus a currency basket as Donald Trump's presidential win stoked talk of higher fiscal spending and tax cuts to jump-start the US economy.
That weighed on gold, which is priced in dollars.
Spot gold slid to its lowest since May 30 at $1,203.52 an ounce, and was down 0.8 per cent at $1,205.76 an ounce.
US gold futures for December ..
delivery were down $11.90 an ounce at $1,205.00, off a low of $1,201.30, its weakest since mid February.
"It's all about expectations, and what markets expect is a large fiscal stimulus, mostly infrastructure spending, and for the Federal Reserve to be much more aggressive in hiking rates," Capital Economics analyst Simona Gambarini said.
"That's what's being reflected in the (gold) price."
Spot prices have fallen nearly 2 per cent this week and are more than $130 an ounce down from their post-election peak, hurt by the jump in the dollar and a surge in US Treasury yields.
US bond yields were set for the biggest fortnightly rise in 15 years on Friday on bets US inflation and interest rates are headed higher. That increased the opportunity cost of holding non-yielding bullion.
Fed ch ..
Fed chair Janet Yellen said on Thursday in congressional testimony that Trump's election has done nothing to change the Fed's plans for a rate increase "relatively soon".
Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, fell another 5.6 tonnes on Thursday to their lowest since June. Holdings have fallen nearly 30 tonnes since the US election.
"With the pressure that has been seen in gold prices since early November, total ETF hol ..
holdings in gold have fallen to their lowest level since early July 2016," ING said in a note. "Further outflows could put further pressure on gold prices."
Silver was down 1.1 per cent at $16.47 an ounce, having earlier touched its lowest since June 8 at $16.44, while platinum was 0.5 per cent lower at $925.80. Both metals were set for a second consecutive weekly decline.
Palladium was down 1.9 per cent at $713 an ounce, but was set to post a third weekly rise, of more than 6 per cent. The metal has benefited from strength in industrial metals, on hopes that higher US infrastructure spending could boost demand.
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Gold hit its lowest level since late May on Friday as the dollar surged
to a near 14-year high on expectations for a US rate hike next month
and more infrastructire spending from the new Trump administration.
Thursday 17 November 2016
INCOME TAX MEN MAY COME CALLING ON GOLD BUYERS
The taxman may knock on your door if you bought gold immediately before or after high denomination currency notes were withdrawn - even if you paid for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Surendra Mehta, chartered accountant & secretary of IBJA, has said that the tax notice to 600 jewellers on November 11 asks them to furnish not just the quantity and value of gold they've purchased but also quantity and price details of sales to customers. Where the value and quantity of sales are high, excise authorities could simply ask jewellers to furnish customer details, irrespective of whether they (customers) purchased bullion or jewellery by cash or through online payment.The dates ..
"It's spooking demand," said Mehta. "Even those willing to furnish PAN details to buy gold are desisting from buying for now or are simply buying on credit from jewellers they know for fears of receiving `queries' from tax authorities." Tax authorities suspect a significant number of buyers from many of the jewellers on those dates used scrapped Rs 500 and Rs 1,000 notes to buy gold. They could do this by paying inflated amounts for gold- up to Rs 50,000 per 10 gm against market rate of Rs 31,00 ..
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The
taxman may knock on your door if you bought gold immediately before or
after high denomination currency notes were withdrawn - even if you paid
for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Read more at:
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The
taxman may knock on your door if you bought gold immediately before or
after high denomination currency notes were withdrawn - even if you paid
for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Read more at:
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The
taxman may knock on your door if you bought gold immediately before or
after high denomination currency notes were withdrawn - even if you paid
for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Read more at:
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55488275.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The
taxman may knock on your door if you bought gold immediately before or
after high denomination currency notes were withdrawn - even if you paid
for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
The
taxman may knock on your door if you bought gold immediately before or
after high denomination currency notes were withdrawn - even if you paid
for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion dem ..
Tuesday 15 November 2016
RUPEE GAINES 6 PAISE AND FALTERED METALS
Today it is the beginning of a strong rupee. The rupee today strengthened by 6 paise at 67.68 is open. Yesterday in the rupee against the dollar and rupee weakness increased fell to 4.5-month low. Yesterday a price of $ 67.70 went across. Yesterday the rupee had closed 49 paise at 67.74 FALTERED.
Base metals rallied last week and all the air has been a sharp decline in metal. Copper fell 2.5 per cent on MCX is trading below Rs 368.5, while nickel fell 2 per cent to Rs 753 looks around. Aluminum declined 1.5 percent and the price has fallen to Rs 116.25. Lead of 1.7 per cent is trading at Rs 146.4, with weakness. Zinc dropped 2.5 per cent to Rs 172.65 arrived.
Is seeing a strong rally in crude oil. The global crude oil is trading up about 2.5 per cent, which is looking increasingly in domestic markets. 3.5 per cent on MCX crude oil is trading at Rs 3020 with the boom. Natural gas is 0.75 per cent, to trade at Rs 190.4.
Gold prices in the domestic market has fallen. Despite strength in global markets and a weak rupee is trading with a fall in the domestic market gold. MCX gold at Rs 29260 with a sharp decline of 1.2 per cent has come. Silver with a marginal gain of 0.15 per cent is trading at Rs 41 070.
Agri commodities have fallen sharply in Guar. Since the beginning of the businesses selling in soybeans and mustard dominates. Soybeans on NCDEX declined by 1.25 per cent to Rs 2995 has arrived. About 1 per cent to Rs 4515's mustard.
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Monday 14 November 2016
GOLD CRAWLS AWAY FROM LOWEST IN OVER 5 MTHS ON BARGAIN-HUNTING
FUNDAMENTALS
FUNDAMENTALS * Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It marked its weakest since June 3 at $1,211.08 an ounce in the previous session.
* US gold futures rose 0.44 per cent to $1,227.10 per ounce.
* The case for US interest rate increases at the Federal Reserve will grow if the federal government uses tax cuts or increased spending to stimulate the economy, Richmond Federal Reserve President
* Markets are betting heavily that the man Americans last week elected as their next president will enact fiscal and other policies that will boost
, but Dallas Fed President Robert Kaplan is pushing back.
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Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It
marked its weakest since June 3 at $1,211.08 an ounce in the previous
session
Read more at:
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It
marked its weakest since June 3 at $1,211.08 an ounce in the previous
session
Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It
marked its weakest since June 3 at $1,211.08 an ounce in the previous
session
Read more at:
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It
marked its weakest since June 3 at $1,211.08 an ounce in the previous
session
Read more at:
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/55428354.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Spot gold was up 0.6 per cent at $1,227.16 an ounce at 0033 GMT. It
marked its weakest since June 3 at $1,211.08 an ounce in the previous
session
FUNDAMENTALS
FUNDAMENTALS
FUNDAMENTALS
FUNDAMENTALS
FUNDAMENTALS
FUNDAMENTALS
Sunday 13 November 2016
ALUMINUM PRODUCTION INCREASED 19%
COMMODITY TIPS | ALUMINUM PRODUCTION INCREASED 19%
Aluminium production increased 19% to 321 KT(Kilo Tonne), significant
cost efficiencies achieved across the plants.Inputs costs were largely
supportive thoughcrude derivative prices hardened sequentially.Aluminium Value Added Products (FRP and Extrusions) - up 8%, Wire Rod Production increased 36% reflecting the Company’s focus on power and other growth sectors.
Delivered highest ever quarterly Copper production at 106 KT,after successful planned annual maintenance shutdown. Improved efficiencies helped offset sharp decline in sulphuric acid prices.
Revenues for the quarter were broadly stable, as the impact of higher aluminium revenues was largely negated by a sharp decline in copper realisation. YOY, aluminium revenues were higher by almost 10% (excluding Utkal and Y-O-Y and if we include Utkal it is 9%)on the back of strong volume growth, however a9% drop in copper revenues negated this increase. The copper revenues declined due to decline in copper LME, along with lower premium and lower co-product prices (sulphuric acid and DAP).
The average LME (USD) for aluminium was mildly supportive (up by 2% YoY) along with a weaker Rupee; the local market premium was sharply lower (down 34%). The copper LME was lower by 10% vs. Q2FY16. Continued surge in imports of aluminium in the country also adversely affected the results.
The cost of most inputs continued to remain benign, though prices of crude derivatives increased marginally with a rise in crude prices. Coal cost increased marginally due toa decline in quality during the monsoon season. Alumina costs were also higher for standalone Hindalco as the transfer price is linked to alumina index prices, which rose sequentially. However, this price increase benefitted Utkal Alumina International Limited, the wholly owned unlisted subsidiary of the Company.
Y-O-Y, quarterly PBITDA at Rs 1,493crore was higher by 39%. This reflects a robust operational performance, not with standing the macro- economic headwinds. Depreciation and finance charges at Rs 946crore against Rs 926crorein Q2FY16 were marginally higher. Profit before tax for the quarter at Rs 547crore (before exceptional items) was much higher than that in the corresponding quarter of the previous year driven by strong operational gains.Net profit for Q2FY17at Rs 440crore, was significantly better than that in Q2FY16.
Compared to Q1FY17, Revenues from Operations were up by 17% mainly on account of higher volumes in both aluminium and copper segments. PBITDA rose11% led by the copper segment’s enhanced performance. Sequentially, Net Profit rose 50%.
Following a notification issued by the Ministry of Coal making applicability of contribution to District Mineral Foundation effective retrospectively from 12th January, 2015, a one-time provision of Rs 60 crore has been made during the current quarter and is included in exceptional items.
Hindalco has adopted Indian Accounting Standards (Ind –AS wef. April 1, 2016 as mandated by the Ministry of Corporate Affairs. Figures for comparable period have been revised to comply with Ind-AS.
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Thursday 10 November 2016
GOLD PRICES WEAKER IN ASIA
Gold reversed course in Asia on Friday with investors awaiting further details on U.S. spending priorities to be set by president-elect Donald Trump that could drive demand for precious and industrial metals.
Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.41% to $1,261.25 a troy ounce and silver futures for December delivery dropped 1.09% to $18.532 a troy ounce.
Elsewhere in metals trading, copper dropped 0.16% to $2.541 a pound after recent sharp gains. The metal is regarded as a leading indicator of the global economy. It is used in the construction of buildings, power generation and transmission and the manufacture of consumer electronics.
A day earlier, gold futures surged by as much as 4.7% to a six-week peak of $1,338.30, before falling back to end at $1,273.50, as financial markets recovered to show surprise gains in the wake of Republican Trump's shock presidential victory.
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Wednesday 9 November 2016
COMMODITY TIPS | DOLLAR REBOUND AFTER TRUMP WIN, GOLD STEADY
DOLLAR REBOUND AFTER TRUMP WIN
Nov 10 Gold held steady early on Thursday after briefly surging to a six-week high in the previous session, as global markets and the U.S. dollar showed surprise gains in the wake of Republican Donald Trump's presidential victory.
Spot gold was little changed at $1,278.25 an ounce at 0051 GMT. The metal rose nearly 5 percent to $1,337.40 in the previous session, its highest since Sep. 27, before tumbling back down as U.S. markets reacted positively to the Trump win. U.S. gold futures were up 0.41 percent to $1,278.70 per ounce. Asian shares rebounded on Thursday and the dollar firmed after global markets made a remarkable comeback from the shock of Republican Donald Trump's presidential victory, dumping safe-havens for the tempting returns of risk assets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.81 percent. The dollar index, which measures the greenback against a basket of major currencies, was steady at 98.499. Donald Trump's victory in the U.S. presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon
and follow with further gradual hikes over coming years.Trading volumes in COMEX gold futures soared on Wednesday to reach the highest on record as investors fled to safe-have bullion in the aftermath of Donald Trump's surprise victory in the U.S. presidential election. CME said trading will commence in COMEX's London spot gold and London Spot Silver Futures on Jan. 8, 2017 for trade date Jan. 9, 2017
Spot gold prices surged nearly 5 percent with Donald Trump's surprise U.S. presidential election win spurring purchases of physical gold. The European Central Bank is prepared to respond to any economic shock from Trump's victory but it is too early to draw any conclusion, ratesetters said on Wednesday. Spot gold is expected to fall to $1,249 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis. If you want to more information regarding the Stock cash tips, Stock tips, Nifty tips, Commodity tips, Equity tips call @ 8370098946 or fill form http://equityresearchlab.com/Freetrial.php please drop your number for profit calls...?
Tuesday 8 November 2016
MCX TIPS | GOLD ASIAN TRADE
Nov 9 Gold steadied in Asian trade on
Wednesday as early state exit polls in the U.S. presidential
election showed wins for both Republican Donald Trump and
Democrat Hillary Clinton.
Elsewhere, equities were generally firmer, but the dollar
slipped on the yen and euro as investors hedged against the risk
of a shock win by Trump.
Clinton led Trump, 44 percent to 39 percent, in the last Reuters/Ipsos national tracking poll before election day. A Reuters/Ipsos States of the Nation poll gave her a 90 percent chance of defeating Trump and becoming the first woman elected U.S. president. A potential Clinton victory would sharpen investor appetite for risky assets and reduce the draw of safe-havens such as Gold. Spot gold was flat at $1,274.90 an ounce by 0027 GMT. Bullion has lost nearly 3 percent since touching a one-month
high above $1,300 on Nov. 2.
"If Clinton does win, this is not going to be a major surprise so the magnitude of adjustment that we would see coming through in gold may not be that large," said Vishnu Varathan, senior economist at Mizuho Bank.Varathan said the reaction in the gold market to the outcome of the U.S. vote may be more limited compared to its surge when Britain voted to leave the European Union in June.
"In this case whether it's a Clinton win or a Trump win, at this point beyond just unravelling some of the very tail-risk events, there's really nothing left in the tank to aggressively
trade gold," he said.U.S. gold for December delivery was also flat at $1,275.20 an ounce."In early trades we see a bit of dip in gold prices, but it is not as big as we have seen in the previous few days, which
shows a Clinton win has been largely priced in by the markets," said Vyanne Lai, analyst at National Australia Bank. "Early signs do suggest that a Clinton win is highly likely and prices would then track lower."
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Monday 7 November 2016
COMMODITY MARKETS: THE RISE IN BASE METALS
Base metals today is witnessing a tremendous boom. Zinc on the London Metal Exchange reached a height of 5 years, 8 months, while copper is at the highest level. MCX Copper 1.4 per cent to Rs 339.15, while nickel traded at Rs 731 with a gain of 4.7 per cent is vigorous. Aluminum is trading at Rs 115, up 0.25 percent. Lead with 0.8 per cent is trading at Rs 141. Zinc is trading 1.25 percent stronger at Rs 165.
Gold- silver has been diluted by a stronger dollar. Comaks gold price has come down to $ 1300. 1 per cent on MCX gold is trading below Rs 30250. Silver also fell 0.5 per cent has come down to Rs 43150.
3-month low in crude oil purchases returned today. Crude oil is traded with good gains. 1.5 per cent surge on NYMEX WTI crude is trading at $ 44.8 with. Brent crude rose by $ 46.3 B 1.5 per cent is reached. MCX Crude oil jumped nearly 2 per cent is trading at Rs 3,000. Natural gas, with a gain of 3 per cent to Rs 191.8 is reached.
Agri commodities at NCDEX soy oil December futures rose 0.4 per cent to Rs 675.25. Jeera December futures price of Rs 18 170 with a gain of 1.3 per cent is reached.
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Sunday 6 November 2016
GOLD & COPPER LEVELS
Gold prices slipped from one-month high during European hours on Thursday, as the Federal Reserve signaled it could hike interest rates in December. Earlier this week, the uncertain U.S. election continued to cloud the market's outlook that helped Gold futures.
Gold for December delivery on the Comex division of the New York Mercantile Exchange was down $17, or 1.3%, to $1292 a troy ounce. MCX Gold was trading at Rs 30330 per 10 grams, down 1.1%. The prices tested a high of Rs 30649 and a low of Rs 30280 per 10 grams.
The Fed kept interest rates unchanged on Wednesday in its last policy decision before the U.S. election, but signaled it could hike in December as the economy gathers momentum and inflation picks up.
The US Dollar index which measures the greenback's strength against a
trade-weighted basket of six major currencies was down 0.3% at 97.12
early Thursday, after falling to 97.08 earlier, the weakest level since
October 11.Copper prices maintained the journey of gains during the session ending Friday . The metal closed above Rupees 334 per kg steppung aside levels of INR 330 per kg, which is the important psychological level a few days back. If this rally continues the prices of copper can move towards INR 338 per kg levels. Meanwhile on the lower side supports of Rupees 330 per kg level are active. The red metal closed at INR 334.25 per kg and tested high of INR 335.25 per kg while on the lower side INR 330.70 kg levels registered.
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Thursday 3 November 2016
OIL PRICES STEADY SENTIMENT BEARISH
OIL PRICES STEADY SENTIMENT BEARISH
Oil prices edged up on Friday, stabilising after five straight days of falls triggered by a surge in US crude inventories and doubts over the ability of producers to coordinate output cuts. Brent crude futures were up 16 cents, or 0.35 per cent, at $46.51 per barrel at 1220 GMT. US West Texas Intermediate (WTI) futures rose 17 cents, or 0.4 per cent, to $44.83. Despite the slight increases, traders said sentiment was bearish. Brent fell for the past five straight trading sessions and is down over 13 per cent since its recent peak in mid-October. "The persistent market dynamic of softer demand and stronger supply will become a more dominant driver of prices as the impact of OPEC 's verbal interventions begins to fade and expectations for coordinated cuts are readjusted," BMI Research said in a note to clients. "We see a trading range of $43-53 per barrel leading oil markets into the new year and we maintain our forecasts of an average 55 per barrel and $53.5 per barrel for Brent and WTI respectively for 2017," it added. Analysts said markets were also weighed down by traders pulling out money from futures ahead of the US presidential elections, which are seen as a risk to markets. If you want to more information regarding the Stock cash tips, Stock tips, Nifty tips, Commodity tips, Equity tips call @ 8370098946 or fill form http://equityresearchlab.com/Freetrial.php
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