MCX TIPS | BULLION TIPS | BASE METAL TIPS | COMMODITY MARKET TIPS: The Indian rupee opened lower at 67.76 per dollar

MCX TIPS | BULLION TIPS | BASE METAL TIPS | COMMODITY MARKET TIPS: The Indian rupee opened lower at 67.76 per dollar: COMMODITY TIPS | THE INDIAN RUPEE OPENED LOWER:- The Indian rupee opened lower at 67.76 per dollar versus previous close of 67.43. ...

The Indian rupee opened lower at 67.76 per dollar

COMMODITY TIPS | THE INDIAN RUPEE OPENED LOWER:-

The Indian rupee opened lower at 67.76 per dollar versus previous close of 67.43. Indian Rupee opened down 33 paise after the hawkish US Federal Reserve hiked interest rate.

US dollar index regained lost ground after Janet Yellen news conference. The greenback ascended primarily against Yen and Euro, with values now hovering around 117 and 1.05 respectively. Nonetheless, Sterling is holding ground.

In the emerging market space, the pain is expected to intensify, with Yuan, Mexican Peso and Indonesian Rupiah being vulnerable.

The Reserve Bank of India’s (RBI) reference rate as on December 14, 2016, for the dollar stood at 67.56 while for the Euro it was 71.91. The RBI’s reference rate for the Yen stood at 58.66; reference rate for the Great Britain Pound (GBP) stood at 85.54.

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Share ERL 14-12-2016 DERIVATIVE REPORT.pdf - 676 KB

Share ERL 14-12-2016 DERIVATIVE REPORT.pdf - 676 KB

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Commodities: Crude oil futures fall

COMMODITY TIPS | CRUDE OIL FUTURES FALL:-

 NEW DELHI: Crude oil futures fell 0.98 per cent to Rs 3,553 per barrel, in line with a weak trend in Asian trade, as speculators cut down their bets.

Crude oil for delivery in current month was trading lower by Rs 35, or 0.98 per cent, at Rs 3,553 per barrel, with a business volume of 2,704 lots at Multi Commodity Exchange (MCX)

Also, oil prices for January shed Rs 31, or 0.85 per cent, at Rs 3,627 per barrel, with a business volume of 166 lots.

Traders said the fall in crude oil futures is mostly in tandem with a weak trend in Asian trade today as investors locked in profits after two days of strong gains following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output.

Meanwhile, West Texas Intermediate fell 0.23 per cent, to USD 52.71 and Brent was trading 0.05 per cent down at USD 55.66 a barrel.

Lead
Taking weak cues from the global market and sluggish domestic demand, lead fell 0.44 per cent to Rs 157.30 per kg in futures trade as speculators cut down bets.

At the Multi Commodity exchange, lead for delivery in January 2017 contracts was trading 70 paise down, or 0.44 per cent, at Rs 157.30 per kg in a business turnover of three lots.

Metal prices for delivery in December also fell by 65 paise, or 0.41 per cent, to Rs 156.60 per kg in 218 lots.

Market analysts said apart from slackened demand from battery-makers in the domestic spot market, a weak trend in base metals overseas led to the fall in lead futures prices here.

Zinc
Zinc futures fell 0.73 per cent as participants cut down bets and booked profits at current levels amid a weak trend in select base metals in the global market.

At the Multi Commodity Exchange, zinc for delivery in current month contracts was trading lower by Rs 1.35, or 0.73 per cent, to Rs 182.60 per kg, with a business turnover of 535 lots.

The metal for delivery in January next year fell Rs 1.20, or 0.65 per cent, to Rs 183.10 per kg in  ..

Nickel
Amid pick-up in demand from alloy-makers at domestic spot markets, nickel prices edged higher by 0.34 per cent to Rs 765.30 per kg in futures trade as speculators raised their bets.

At the Multi Commodity Exchange, nickel for delivery in current month was trading higher by Rs 2.60, or 0.34 per cent, to Rs 765.300 per kg in a business turnover of 302 lots.

Analysts attributed the rise in nickel prices in futures trade to fresh buying by par ..

Copper
Copper futures traded 0.49 per cent lower at Rs 389.40 per kg as speculators trimmed their positions amid a weak trend in global markets.

Moreover, muted demand in domestic spot markets also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.90, or 0.49 per cent, to Rs 389.40 per kg in a business turnover of 1,179 lots.

The metal for delivery in far-month April too fell by Rs 1.80, or 0.46 per cent, to Rs 393.10 per kg in a business volume of 12 lots.
Analysts said a weak trend in most industrial metals at the London Metal Exchange (LME) as investors took profits from gains made last week on renewed signs of economic recovery in world's top consumer China and muted demand at the domestic spot markets, mainly weighed on copper futures here.
Globally, copper for three-month delivery closed down 1 per cent at USD 5,768 per tonne at the LME.

 
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Indian rupee opened marginally lower

COMMODITY TIPS |  INDIAN RUPEE OPENED MARGINALLY LOWER AT 67.47 PER DOLLAR:-

The Indian rupee opened marginally lower at 67.47 per dollar on Tuesday versus 67.42 on Friday.
Yuan remains under pressure, failing to capitalise from moderate softness in US dollar. Investors remain apprehensive regarding Donald Trump’s aggressive stance on China. Moreover, the President-elect has re-ignited controversy by directly interacting with Taiwanese authorities and giving birth to speculation regarding the end to US’s “One-China” policy. Meanwhile, Turkish Lira tumbled as the country’s economy contracted for the first time since 2009.

The Reserve Bank of India’s (RBI) reference rate as on December 09, 2016, for the dollar stood at 67.58 while for the Euro it was 71.76. The RBI’s reference rate for the Yen stood at 59.06; reference rate for the Great Britain Pound (GBP) stood at 85.12.

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COMMODITY TIPS - Weekly Outlook: December 12 - 16

COMMODITY TIPS - Weekly Outlook: December 12 - 16:-

Investing.com - Oil prices climbed on Friday ahead of a weekend meeting of the Organization of the Petroleum Exporting Countries and non-OPEC producers to finalize the details of a planned output cut.

U.S. crude oil settled up 65 cents or 1.28% at $51.49 a barrel from its previous close on the New York Mercantile Exchange.

Global benchmark Brent futures were at $54.36 a barrel, up 47 cents or 0.87% on London’s ICE Futures Exchange.

Oil prices have climbed above $50 a barrel since OPEC agreed on its first production cut since 2008, aimed at reining in massive oversupply that has seen prices more than halve since mid-2014.

The deal will see the group slash output by 1.2 million barrels per day from January 1.

On Saturday, major oil producers reached agreement on a deal which will see non-OPEC members cut output by an additional 558,000 bpd. Of that, Russia will cut 300,000 bpd.

This is short of the initial target of 600,000 bpd, but it is still the largest output cut by non-OPEC nations ever.

While the output cut agreement has boosted oil prices, some remain skeptical on the ability of major producers to adhere to output limits.

Meanwhile, Reuters reported Sunday that oil production by Saudi Arabia rose to a new record high in November.

OPEC and Russia have already reported that output hit record highs since the deal was announced, adding to fears that the global supply overhang could persist well into 2017.

Some analysts have also warned that the cuts are likely to cause other producers, particularly U.S. shale drillers, to quickly ramp up output as prices rise.

In the week ahead, markets will focus their attention on the implementation and impact of the OPEC agreement. Traders will also be watching U.S. stockpile data on Tuesday and Wednesday for fresh supply-and-demand signals.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Tuesday, December 13

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, December 14

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Friday, December 16

Baker Hughes will release weekly data on the U.S. oil rig count.

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