Commodity Market updates today, on 23-2-2016

India's overseas gold purchases are likely to fall to 25 tonnes in February.

In 2013, India imposed a record by taking high duty of 10% on gold imports. However, the duty only helped the return of smugglers.
 
India's Gold imports are likely to reduce to over 2 year low in Feb. Industry experts told that surge in prices and hopes of import tax cuts are what keep the buyers away.

According to the estimation that India's overseas gold purchases are likely to fall to 25 tonnes in February. The news is positive for the Narendra Modi government as the imports cost the country $36 billion in 2015.

Daily Market Report:

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	669	682	Sell @ 680-681, TP 660, SL 691
2	Sugar ICE	Mar-16	12.49	12.74	Sell @ 12.75-12.80, TP 12.30, SL 13.15
3	Sugar NCDEX	Mar-16	3068	3100	Sell @ 3100-3105, TP 3050, SL 3130
4	Soyabean NCDEX	Mar-16	3708	3775	Sell @ 3765-3770, TP @ 876, SL @ 885
5	Soyabean CBOT	Mar-16	882	888	Sell @ 882, TP 876, SL 885
6	Maize NCDEX	Mar-16	1356	1360	Sell @ 1363-1364, TP 1340, SL 1372
7	Cotton MCX	Feb-16	16238	16319	Sell @ 16310-16320, TP 16100, SL 16420
8	Kapas NCDEX	Apr-16	772	777	Sell @ 780-781, TP 765, SL 786

Commodity Market Updates Today on 22-2-2016

Bullions Update

Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market. Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers. Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

Read more at: http://www.moneycontrol.com/news/commodities/gold-slips-below-29000weak-global-cues-tepid-demand_5591441.html?utm_source=ref_article

Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market. Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers. Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

Read more at: http://www.moneycontrol.com/news/commodities/gold-slips-below-29000weak-global-cues-tepid-demand_5591441.html?utm_source=ref_article

Gold prices fell by Rs 280 and reached to Rs 28,970 from Rs. 29,000 per ten grams at the bullion market today, tracking a weak demand from jewellers at domestic spot market. 
Silver also followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers.

Commodity Market Recommendations:

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	677	688	Sell @ 687-688, TP 669.95, SL 694.95
2	Sugar ICE	Mar-16	12.44	12.66	Sell @ 12.65-12.70, TP 12.20, SL 13
3	Sugar NCDEX	Mar-16	3057	3106	Sell @ 3095-3100, TP 3040, SL 3130
4	Soyabean NCDEX	Mar-16	3765	3799	Trading Range 3750-3810
5	Soyabean CBOT	Mar-16	880	883	Buy @ 883, TP 890, SL 880
6	Maize NCDEX	Mar-16	1344	1354	Sell @ 1356-1357, TP 1340, SL 1362
7	Cotton MCX	Feb-16	16261	16394	Sell @ 16380-16390, TP 16200, SL 16470
8	Kapas NCDEX	Apr-16	768	789	Sell @ 780-781, TP 765, SL 786

Wholsale Price fall's in the month of January

Wholesale prices fell for a 15th straight month in January, declining an annual 0.90 percent, driven down by tumbling oil prices, government data showed on Monday.

The pace of fall, however, was slower than a 0.15 % annual decline forecast by economists in a poll. In December, the index fell a tentative 0.73 percent.

The wholesale fuel costs dropped 9.21 % from a year ago in January, while prices of manufactured goods declined 1.17 % year on year.

Food prices last month, however, gained 6.02 % year-on-year, compared with a provisional 8.17 % gain in December.

Rising Demand increases the price of Aluminium by 0.4%

Aluminum costs were up by 0.39% to Rs 103.20 per kg in futures trade as traders enlarged positions, driven by pick up in demand at the commodity exchange amid firm global trend.

At the Multi commodity exchange, aluminum for delivery in March month affected by 40 paise, or 0.39% to Rs 103.20 per kg in business turnover of 10 lots.

Likewise, the metal for delivery in February contracts edged up by 30 paise or 0.29% to Rs 102.40 per kg in 92 lots.

Analysts said increasing of positions by participants due to pick up in demand from consuming industries at domestic spot markets and a firm global trend mainly led to rise in aluminum prices at futures trade.

Meanwhile, aluminum gained 0.3% at the London Metal Exchange.

Bullion Market today on 10 February 2016

Gold prices on Tuesday traded at a one-and-a-half-year high in Mumbai’s spot market following a sharp recovery in international markets. However, buyers were absent within the market and costs were to be quoted at a huge discount to the cost of imports.

In Zaveri Bazar, gold price for 995 purity opened on Tuesday at Rs 28,205 for 10 gram, that is the highest after june 2014, against Monday’s closing price of Rs 27,775. On Tuesday, it closed at Rs 27,995, that is additionally highest once Jan 31, 2015. In international markets, gold touched $1,200 an ounce on Monday, which corrected to $1,188 on Tuesday.

At a level of Rs 28,000, “buyers aren't seen within the market despite price is quoted at $18-20 (per ounce) discount to cost of import,” said Ketan Shroff, director, Penta Gold. This interprets into a discount of Rs 400 for 10 gram. He added that supply of scrap gold increased in the market.

According to traders, those holding gold, which was imported earlier, are selling it at whatever value available. In January, 70 tonnes of gold was imported, compared to 100 tonnes every in November and December 2015. 

Commodity Market report

 Gold: Gold  hit 3 month  highs  on Wednesday,  buoyed  by  a  slower  U.S. services sector and sinking dollar, prompting investors to seek shelter in assets perceived as safer as future Fed rate hikes appeared less possible.
U.S.  services  sector  activity  slowed  to  a close to 2 year  low  in January,  suggesting  that  economic  growth  weakened additional  at  the begin  of  the first quarter.

Silver: Silver was up 2.3 percent at $14.62 an ounce. 

Activity within the huge U.S. services sector slowed to a close to 2 year low in January, suggesting  that  economic  growth  weakened further  at  the  start of the first quarter even as the market place remains resilient.

Crude Oil: Oil costs jumped 8 percent higher on Wednesday, snapping a 2-day rout, after investors took advantage of a weaker U.S. dollar and shrugged off information showing an sudden massive surge in U.S. crude inventories to record highs.

Natural Gas: U.S. natural gas futures listed among a few cents of unchanged on Wednesday because the market took a possibility when collapsing twelve percent over the prior two days on mostly steady weather forecasts.

Oil prospects drop for third session on rising rough stocks, oversupply

Oil futures extended losses into a third session in Asian trade on Wednesday, as U.S. crude stocks last week surged to more than half a billion barrels and as Iran plans to boost exports from March.

Milder weather forecast for the last eight weeks of the U.S. November-March winter heating season has also dampened demand hopes.

Brent for April delivery (LCOc1) had dropped 25 cents to $32.47 a barrel as of 0204 GMT (9:04 AM EDT), after settling down $1.52, or 4.4 percent.

U.S. crude, also known as West Texas Intermediate (WTI) (CLc1), fell 27 cents to $29.61, after ending the previous session down $1.74, or 5.5 percent.

"Oil prices are coming off again. Prices are going to zig-zag for a while," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

U.S. crude stocks rose by 3.8 million barrels to 500.4 million in the week to Jan. 29, data from industry group, the American Petroleum Institute showed on Tuesday.

Weekly inventory data from the U.S. Department of Energy's Energy Information Agency is due later on Wednesday.

"The (global) inventory situation is going to get worse in the second quarter as we hit the peak refining rate at the end of this quarter," Nunan said.

"(But) this has been so well documented that its been built into prices. I do think we're close to the bottom and the bottom in prices will be this quarter."

Nunan forecast Brent would trade in a $25-$35 a barrel range in the first quarter and then slowly recover over the rest of the year.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 141,000 barrels, the API said.

The increase led to renewed fears of overflowing oil tanks at the key U.S. storage hub, causing the spread between prompt and forward U.S. crude oil futures to slump to an 11-month low.

"The U.S. crude inventory is already at the highest levels since (the) 1930s," ANZ analysts said in a note on Wednesday.

Traders fear that filling tanks to the brim could cause the next leg of a rout on distressed selling.

Meanwhile, Iran is aiming for crude exports of 2.3 million barrels per day in the fiscal year beginning on March 21, the managing director of the National Iranian Oil Company was quoted as saying on Tuesday.

That is higher than the 1.44 million bpd Iran is expected to export in February and 1.5 million bpd in January, according to data on Iran's preliminary tanker loading schedules.

Russia is ready to implement further cooperation in the oil market with OPEC and non-OPEC countries, Russian Foreign Minister Sergei Lavrov said on Tuesday.

Oil falls on China monetary troubles, rising OPEC supply

Oil costs fell for a brief moment session in Asian exchange on Tuesday as stresses over top vitality purchaser China and rising oil supply weighed on business sectors, albeit conceivable talks in the middle of OPEC and Russia on generation cuts offered some backing.

Brent for April conveyance (LCOc1) dropped 46 pennies to $33.78 a barrel starting 0146 GMT (8.46 p.m. ET) in the wake of settling down $1.75, or 4.9 percent, in the past session.

The front month contract for West Texas Intermediate (WTI) (CLc1) was down 49 pennies at $31.13 as in the wake of falling $2.00, or 5.9 percent, in the past session.

In spite of the decays, U.S. unrefined is still almost 19 percent over the over 12-year low of $26.19 hit in mid-January.

"(Costs) have recently returned to reality a bit, in spite of the fact that they are holding water above $30 a barrel," said Ben Le Brun, market examiner at Sydney's OptionsXpress, indicating worry over rising oil supplies and weaker monetary information.

Oil costs could push underneath $30 a barrel again if financial specialists saw trusts blurring of an arrangement between individuals from oil makers cartel OPEC and Russia on generation cuts, he said.

Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino talked about the likelihood of holding joint counsels in the middle of OPEC and non-OPEC nations soon, the Russian Energy Ministry said on Monday.

Be that as it may, Goldman Sachs (N:GS) said it was "very far-fetched" OPEC makers would co-work with Russia to cut oil yield, while additionally acting naturally vanquishing as more grounded costs would bring beforehand racked creation back onto the business sector.

Rough costs fell after China's acquiring supervisors file dropped to a three-year low in January, combined with rising oil supplies, ANZ said in a note on Tuesday.

"Rising supply likewise proposes further drawback danger to fleeting costs. Yield from OPEC rose to 33.1 million barrels for every day a month ago as Indonesia's participation to the gathering was reactivated," the note included.

Financial specialists are tending to a huge number of monetary information, including U.S. non-ranch finance and unemployment figures and maker costs from the Eurozone, to give oil advertises further heading, Le Brun included.

Gold costs pick up in Asia after China PMIs point to powerless economy

Gold costs ascended after blended assembling and administrations information out of China reinforced desires for proceeded with simple worldwide financial strategies.

In China the semi-official assembling PMI for January achieved 49.4, missing the 49.6 level seen and staying in withdrawal and the Caixin Manufacturing PMI list came in at 48.4, somewhat over the normal 48.0. Too, Japan reports its assembling PMI, with a 52.4 level seen. The non-fabricating PMI in China hit 53.5, down from 54.4 the earlier month.

Figures above 50 propose development and those beneath compression.

"The upshot is that monetary energy might have disintegrated a month ago. So, we can't be sure yet," Capital Economics said in a note to customers after the information. "The PMIs give and early clue of how the economy is performing however we don't prescribe putting a lot of weight on them. The official assembling PMI, specifically, seems to have been a poor gage of monetary action over the previous year."

Prior the AIG Manufacturing list in Australia for January came in at 51.5 with a month ago's perusing at 51.9. Also, the MI Inflation Gage is expected for a month-on-month gauge.

Gold for February conveyance on the Comex division of the New York Mercantile Exchange rose 0.43% to $1,121.20 a troy ounce after the information.

Additionally on the Comex, silver fates for March conveyance increased 0.29% to $14.285 a troy ounce, while copper for March was down 0.90% to $2.043 a pound.