Mon Dec 28, 2009 10:59am IST
MUMBAI, Dec 28 (Reuters) - India's gold futures opened slightly higher in early trade on Monday tracking international cues, analysts said.
The benchmark February gold MAUG0 on the MCX was at 16,894 rupees per 10 grams, up 0.42 percent at 10:57 a.m.
International gold inched higher on Monday in light trading as many investors stayed on the sidelines after U.S. and European markets were closed late last week for Christmas. See [ID:nSGE5BM005]
"Gold prices look attractive at these levels," said Kapil Gandhi of New Futures Advisors.
Analysts said technically February contract has breached 18,600 resistance levels and is likely to test 16,920-16,970 levels during the session.
Financial planner, Mutual fund, Investment advisory
Sunday, December 27, 2009
Thursday, December 24, 2009
India gold futures up 1% on strong global cues
Published on 2009-12-24 16:46:11
Singapore - India MCX February gold futures up 1% at INR16,795/10 grams on strong overseas cues, says Kapil Gandhi, investment advisor at New Future Advisors. International spot gold up USD15.62 at USD1,103.62/oz. "I see gold trading on the higher side later in the session as the dollar is weakening," says Gandhi; expects contract in INR16,640-INR16,880 range.
Singapore - India MCX February gold futures up 1% at INR16,795/10 grams on strong overseas cues, says Kapil Gandhi, investment advisor at New Future Advisors. International spot gold up USD15.62 at USD1,103.62/oz. "I see gold trading on the higher side later in the session as the dollar is weakening," says Gandhi; expects contract in INR16,640-INR16,880 range.
Wednesday, December 23, 2009
India gold futures down 0.5% on weak global cues
Published on 2009-12-23 16:57:32
Singapore - India February MCX gold futures down 0.5% at INR16,525/10 grams, tracking weak international cues, says Kapil Gandhi, investment advisor at New Future Advisors. February Comex gold futures down USD4.70 at USD1,082/oz. Gandhi says strengthening overseas dollar also seems to be impacting sentiment; expects contract to trade in INR16,400-INR16,680 range.
Singapore - India February MCX gold futures down 0.5% at INR16,525/10 grams, tracking weak international cues, says Kapil Gandhi, investment advisor at New Future Advisors. February Comex gold futures down USD4.70 at USD1,082/oz. Gandhi says strengthening overseas dollar also seems to be impacting sentiment; expects contract to trade in INR16,400-INR16,680 range.
Tuesday, December 22, 2009
India gold slightly lower on dollar, profit-taking
Wed Dec 23, 2009 11:04am
MUMBAI, Dec 23 (Reuters) - India's gold futures were slightly lower in early trade on Wednesday as traders were cautious tracking a firm dollar and on profit booking ahead of Christmas holidays, analysts said.
At 10:56 a.m, the benchmark February gold MAUG0 on the MCX was 0.30 percent lower at 16,550 rupees per 10 grams.
"Traders and investors are booking profits before going to long weekends...dollar strength is also weighing," said Kapil Gandhi an analyst with Mumbai-based New Future Advisors.
A firm dollar takes shine from gold as an investment asset, analysts said.
International gold edged higher on Wednesday as bargain hunters resurfaced after the price dropped to its weakest in seven weeks the previous day, but a firmer U.S. dollar was likely to cap gains.
MUMBAI, Dec 23 (Reuters) - India's gold futures were slightly lower in early trade on Wednesday as traders were cautious tracking a firm dollar and on profit booking ahead of Christmas holidays, analysts said.
At 10:56 a.m, the benchmark February gold MAUG0 on the MCX was 0.30 percent lower at 16,550 rupees per 10 grams.
"Traders and investors are booking profits before going to long weekends...dollar strength is also weighing," said Kapil Gandhi an analyst with Mumbai-based New Future Advisors.
A firm dollar takes shine from gold as an investment asset, analysts said.
International gold edged higher on Wednesday as bargain hunters resurfaced after the price dropped to its weakest in seven weeks the previous day, but a firmer U.S. dollar was likely to cap gains.
India gold futures little changed
Published on 2009-12-22 17:15:08
Singapore - India February MCX gold futures little changed at INR16,690/10 grams; in INR16,653-INR16,714 range. Trading lackluster due to holiday season, say analysts. February Comex gold futures flat at USD1,095.80/oz. "Investors and traders have booked profits and are now closely watching for any new trends to catch," says Kapil Gandhi, investment advisor at New Future Advisors; expects contract in INR16,580-INR16,800 range.
Singapore - India February MCX gold futures little changed at INR16,690/10 grams; in INR16,653-INR16,714 range. Trading lackluster due to holiday season, say analysts. February Comex gold futures flat at USD1,095.80/oz. "Investors and traders have booked profits and are now closely watching for any new trends to catch," says Kapil Gandhi, investment advisor at New Future Advisors; expects contract in INR16,580-INR16,800 range.
Monday, December 21, 2009
India gold futures flat, may gain later
Published on 2009-12-21 17:16:58
Singapore - India February MCX gold futures little changed at INR16,964/10 grams, but may gain later, says Kapil Gandhi, investment advisor at New Future Advisors. Contract earlier hit INR16,980 high. "The dollar's weakness could give some support," says Gandhi; adds, slight correction has given good buying opportunity.
Singapore - India February MCX gold futures little changed at INR16,964/10 grams, but may gain later, says Kapil Gandhi, investment advisor at New Future Advisors. Contract earlier hit INR16,980 high. "The dollar's weakness could give some support," says Gandhi; adds, slight correction has given good buying opportunity.
Friday, December 18, 2009
India Gold Futures Down 0.2% On Profit-Taking
0753 GMT [Dow Jones] India February MCX gold futures down 0.2% at INR17,138/10 grams on profit-taking after rising nearly 1% yesterday. Weakness in overseas gold markets also spilling onto domestic markets. "I don't see that much fall in near term. Dollar weakness will help gold prices to move ahead," says
Kapil Gandhi of New Future Advisors;tips contract in INR17,060-INR17,240 range for day. (SWA)
Tuesday, September 29, 2009
ETF investors make up for missing gold buyers
Record prices have forced many of India's traditional gold buyers out of the market in recent months with jewellery demand remaining largely lethargic, but the recent rally in prices is creating a new source of demand--investors who are looking for the safety, convenience and steady returns of exchange traded funds, or ETFs, backed by gold.
Even among investment products, ETFs are gaining an upper hand over gold bars and coins because of the easy liquidity and lower costs associated with ETFs, analysts say.
India has for long been the biggest market for gold, but much of that demand has traditionally been from rural households which buy gold in the form of jewellery.
While India continues to be a price-sensitive market with every rally hitting demand for gold, the rising popularity of ETFs indicate that going forward, the Indian market could see less of an impact from rising prices at a time when gold is again in the limelight because of a falling dollar and increasing fears about the return of high inflation.
"In the last 10 days, our daily volumes have more than doubled to 70-80kg. This is despite it being an inauspicious period to buy gold in the country," said Sanjiv Shah, executive director of Benchmark Mutual Fund, which has the largest volumes and assets under gold ETFs in India.
Domestic spot gold prices rose above Rs16,000 ($332.6) for 10g for the first time on Wednesday after international prices convincingly moved above the key $1,000per-troy-ounce level earlier this week.
The rally has come at a time when Indian consumer demand has already been at multiyear lows since the start of the year.
According to the World Gold Council, India's gold consumption fell 38% on year in the April-June quarter to just 109 tonnes. During the previous quarter, gold sales were only 17.7 tonnes, down 83% on year.
Those numbers, however, are not deterring fund houses from launching even more instruments for investors looking at gold as an option.
According to market participants, a number of Indian fund houses are planning to launch gold ETFs in the next few months.
Religare Mutual Fund and HDFC Mutual Fund have submitted proposals to the Securities and Exchange Board of India--the industry regulator--to launch new ETFs.
Six fund houses--Benchmark Asset Management Co. Pvt. Ltd, Kotak Mahindra Mutual Fund, UTI Asset Management Co., Reliance Capital Asset Management Ltd, Quantum Mutual Fund and SBI Mutual Fund--already offer gold ETFs in India.
Separately, UTI Mutual Fund, Reliance Mutual Fund, and IDFC Mutual Fund have submitted proposals to launch funds that invest in gold ETFs.
"In the last one year, Indian gold ETFs have given excellent returns, prompting major fund players to plan more launches to tap this market,"
said Kapil Gandhi, a trader with STCI Commodities.
According to data from exchanges and the Association of Mutual Funds in India, gold ETFs have given returns of around 35% in the year ended 15 September, while gains from gold futures were around 25% for the same period.
The stock market, as measured by the benchmark Bombay Stock Exchange's Sensitive Index, or Sensex, returned an even lower 23%, making gold ETFs one of the best investment choices last year.
With some analysts expecting domestic gold prices to hit Rs18,000/10g soon, more investors are expected to go in for asset reallocation and increase their investment in gold ETFs.
"Investors who had been waiting on the sidelines are now coming in and volumes have been above average in the last few days," said Arvind Chary, fund manager for Quantum Mutual Fund's gold ETF.
"Out of the total consumption of 800 tonnes of gold (annually), anecdotal evidence suggests that 200 tonnes were in coins and bars. Over a period of time, this demand will shift to gold ETFs," said Shah of Benchmark Mutual Fund.
This is expected to result in more gold buying by these fund houses. Currently, gold holdings by the six listed ETFs in India are estimated around 6 tonnes.
But some industry officials warn fund houses may be getting overly excited about the scope of the market.
"Indians still prefer to hold gold in their hands, (and that is) proving to be a deterrent to the growth of ETFs in India,"
said Ashok Minawala, former chairman of the All India Gems and Jewellery Trade Federation.
"People have started accepting the current high (prices)" as expectations are for prices to rise further. That is helping revive consumer demand, he said
http://www.livemint.com/2009/09/20204157/ETF-investors-make-up-for-miss.html?atype=tp
Even among investment products, ETFs are gaining an upper hand over gold bars and coins because of the easy liquidity and lower costs associated with ETFs, analysts say.
India has for long been the biggest market for gold, but much of that demand has traditionally been from rural households which buy gold in the form of jewellery.
While India continues to be a price-sensitive market with every rally hitting demand for gold, the rising popularity of ETFs indicate that going forward, the Indian market could see less of an impact from rising prices at a time when gold is again in the limelight because of a falling dollar and increasing fears about the return of high inflation.
"In the last 10 days, our daily volumes have more than doubled to 70-80kg. This is despite it being an inauspicious period to buy gold in the country," said Sanjiv Shah, executive director of Benchmark Mutual Fund, which has the largest volumes and assets under gold ETFs in India.
Domestic spot gold prices rose above Rs16,000 ($332.6) for 10g for the first time on Wednesday after international prices convincingly moved above the key $1,000per-troy-ounce level earlier this week.
The rally has come at a time when Indian consumer demand has already been at multiyear lows since the start of the year.
According to the World Gold Council, India's gold consumption fell 38% on year in the April-June quarter to just 109 tonnes. During the previous quarter, gold sales were only 17.7 tonnes, down 83% on year.
Those numbers, however, are not deterring fund houses from launching even more instruments for investors looking at gold as an option.
According to market participants, a number of Indian fund houses are planning to launch gold ETFs in the next few months.
Religare Mutual Fund and HDFC Mutual Fund have submitted proposals to the Securities and Exchange Board of India--the industry regulator--to launch new ETFs.
Six fund houses--Benchmark Asset Management Co. Pvt. Ltd, Kotak Mahindra Mutual Fund, UTI Asset Management Co., Reliance Capital Asset Management Ltd, Quantum Mutual Fund and SBI Mutual Fund--already offer gold ETFs in India.
Separately, UTI Mutual Fund, Reliance Mutual Fund, and IDFC Mutual Fund have submitted proposals to launch funds that invest in gold ETFs.
"In the last one year, Indian gold ETFs have given excellent returns, prompting major fund players to plan more launches to tap this market,"
said Kapil Gandhi, a trader with STCI Commodities.
According to data from exchanges and the Association of Mutual Funds in India, gold ETFs have given returns of around 35% in the year ended 15 September, while gains from gold futures were around 25% for the same period.
The stock market, as measured by the benchmark Bombay Stock Exchange's Sensitive Index, or Sensex, returned an even lower 23%, making gold ETFs one of the best investment choices last year.
With some analysts expecting domestic gold prices to hit Rs18,000/10g soon, more investors are expected to go in for asset reallocation and increase their investment in gold ETFs.
"Investors who had been waiting on the sidelines are now coming in and volumes have been above average in the last few days," said Arvind Chary, fund manager for Quantum Mutual Fund's gold ETF.
"Out of the total consumption of 800 tonnes of gold (annually), anecdotal evidence suggests that 200 tonnes were in coins and bars. Over a period of time, this demand will shift to gold ETFs," said Shah of Benchmark Mutual Fund.
This is expected to result in more gold buying by these fund houses. Currently, gold holdings by the six listed ETFs in India are estimated around 6 tonnes.
But some industry officials warn fund houses may be getting overly excited about the scope of the market.
"Indians still prefer to hold gold in their hands, (and that is) proving to be a deterrent to the growth of ETFs in India,"
said Ashok Minawala, former chairman of the All India Gems and Jewellery Trade Federation.
"People have started accepting the current high (prices)" as expectations are for prices to rise further. That is helping revive consumer demand, he said
http://www.livemint.com/2009/09/20204157/ETF-investors-make-up-for-miss.html?atype=tp
Monday, September 14, 2009
India lead futures likely down on firm INR
Published on 2009-09-15 09:40:29
Singapore - India September MCX lead futures likely down on firm INR, 0.8% fall in LME three-month futures. "Also, concerns that China's lead industry will be in surplus despite local government orders to shut many smelters will also weigh on prices," says STCI Commodities trader Kapil Gandhi. Other metals likely to open in range, tracking steady London markets. Lead last settled at INR102.20/kg, zinc at INR89.35/kg, aluminum at INR88.35/kg, nickel at INR811.10/kg.
Singapore - India September MCX lead futures likely down on firm INR, 0.8% fall in LME three-month futures. "Also, concerns that China's lead industry will be in surplus despite local government orders to shut many smelters will also weigh on prices," says STCI Commodities trader Kapil Gandhi. Other metals likely to open in range, tracking steady London markets. Lead last settled at INR102.20/kg, zinc at INR89.35/kg, aluminum at INR88.35/kg, nickel at INR811.10/kg.
Thursday, September 10, 2009
India gold futures rise on global cues
Fri Sep 11, 2009 11:43am IST
MUMBAI (Reuters) - India gold futures rose on Friday as international gold bounced back above $1,000 an ounce, analysts said.
International gold rose above $1,000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to strong oil prices.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
Indian gold futures are not delivery-based commodities and mirror international trends.
MUMBAI (Reuters) - India gold futures rose on Friday as international gold bounced back above $1,000 an ounce, analysts said.
International gold rose above $1,000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to strong oil prices.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
Indian gold futures are not delivery-based commodities and mirror international trends.
"Potential investors see gold as hedge against weakening dollar and concern of inflation, which could take gold prices above 16K level in the short term," said Kapil Gandhi of STCI Commodities
Wednesday, September 9, 2009
Gold market to remain rangebound..........
With the strong bullish and positive sentiment, Gold started its day on the strong note. While everyone was eyeing the 1000 mark in the Dollar, we saw sudden selling emerging in the evening session. This led to the wiping of most of its gains and created huge volatility. In the market terms it came out as a profit taking at the higher levels. A look at the chart tells us that Gold prices are near the resistance region around 15820-16000. A decisive move above it will only push in prices into newer horizon. With the momentum indicators in the overbought zones, we may see some round of consolidations before moving higher. Hence avoid chasing the trends and look into buying into declines.
India gold futures tad down on profit booking
Published on 2009-09-09 17:11:04
Singapore - India October MCX gold contract tad down at INR15,719/10 grams, off earlier highs of INR15,814 on profit booking after recent run up in prices. However, outlook still strong as fears of inflation and weakening dollar could give momentum to rally, says Kapil Gandhi of STCI Commodities; tips contract in INR15,640-INR15,940 range for day.
Singapore - India October MCX gold contract tad down at INR15,719/10 grams, off earlier highs of INR15,814 on profit booking after recent run up in prices. However, outlook still strong as fears of inflation and weakening dollar could give momentum to rally, says Kapil Gandhi of STCI Commodities; tips contract in INR15,640-INR15,940 range for day.
Tuesday, September 8, 2009
India gold futures higher on overseas cues
Wed Sep 9, 2009 11:06am IST
MUMBAI (Reuters) - India gold futures were higher on Wednesday taking cues from overseas gold, which stayed above $1,000 an ounce for the second consecutive session, analysts said.
International gold prices rose on Wednesday, hovering just above $1,000 per ounce, but below the highs marked the previous day, as investors sold the dollar to buy riskier assets such as stocks and commodities.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
"U.S. Inflationary concern will also support the gold prices as the yellow metal is used as a hedge against the rising inflation," said Tarun Satsangi, an analyst with Bonanza Commodity Brokers Pvt Ltd.
Indian gold futures are not delivery-based commodities and mirror international trends.
"In today's session, on higher side note, we think it shall move in the range of 15,640 -15,940 level for the day," said Kapil Gandhi of STCI Commodities.
MUMBAI (Reuters) - India gold futures were higher on Wednesday taking cues from overseas gold, which stayed above $1,000 an ounce for the second consecutive session, analysts said.
International gold prices rose on Wednesday, hovering just above $1,000 per ounce, but below the highs marked the previous day, as investors sold the dollar to buy riskier assets such as stocks and commodities.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
"U.S. Inflationary concern will also support the gold prices as the yellow metal is used as a hedge against the rising inflation," said Tarun Satsangi, an analyst with Bonanza Commodity Brokers Pvt Ltd.
Indian gold futures are not delivery-based commodities and mirror international trends.
"In today's session, on higher side note, we think it shall move in the range of 15,640 -15,940 level for the day," said Kapil Gandhi of STCI Commodities.
Monday, September 7, 2009
Gold up as international gold touches $1,000
Tue Sep 8, 2009 11:49am IST
(Reuters) - India gold futures were higher on Tuesday tracking overseas cues, analysts said.
U.S. gold futures hit a six-month high of $1,000 and spot gold also rose to six-month high on Tuesday as the dollar's weakness, concerns about the sustainability of the global economic recovery and worries about inflation underpinned sentiment.
Gold is considered as a safe hedge investment against economic uncertainties for investors who are averse to risk.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
Some market players were cautious about prices sustaining at $1,000, saying the rally had been driven by speculators and gold was an expensive buy in historical terms.
"In today's session we could see highly volatile trading in gold... expect gold to trade on higher side in range of 15,640- 15,900," said Kapil Gandhi of STCI Commodities.
Futures have topped $1,000 nine times -- three times this year and six last year, including a record $1,033.90. Spot prices have risen above $1,000 just four times - once in February and three times in March 2008, when they hit a record $1,030.80.
Indian gold futures are not delivery-based commodities and mirror international trends.
http://in.reuters.com/article/topNews/idINIndia-42294320090908?sp=true
(Reuters) - India gold futures were higher on Tuesday tracking overseas cues, analysts said.
U.S. gold futures hit a six-month high of $1,000 and spot gold also rose to six-month high on Tuesday as the dollar's weakness, concerns about the sustainability of the global economic recovery and worries about inflation underpinned sentiment.
Gold is considered as a safe hedge investment against economic uncertainties for investors who are averse to risk.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
Some market players were cautious about prices sustaining at $1,000, saying the rally had been driven by speculators and gold was an expensive buy in historical terms.
"In today's session we could see highly volatile trading in gold... expect gold to trade on higher side in range of 15,640- 15,900," said Kapil Gandhi of STCI Commodities.
Futures have topped $1,000 nine times -- three times this year and six last year, including a record $1,033.90. Spot prices have risen above $1,000 just four times - once in February and three times in March 2008, when they hit a record $1,030.80.
Indian gold futures are not delivery-based commodities and mirror international trends.
http://in.reuters.com/article/topNews/idINIndia-42294320090908?sp=true
India gold futures tad up on overseas gains
Published on 2009-09-07 13:46:15
Singapore - India October MCX gold contract tad up at INR15,742/10 grams, recovering from earlier low of INR15,690, as overseas spot gold turns positive on weak dollar. "We suggest that investors be on the buy side in gold as the upcoming festive season could improve demand slightly, and because of positive international cues," says Kapil Gandhi of STCI Commodities; tips contract in INR15,640-INR15,780 range.
Singapore - India October MCX gold contract tad up at INR15,742/10 grams, recovering from earlier low of INR15,690, as overseas spot gold turns positive on weak dollar. "We suggest that investors be on the buy side in gold as the upcoming festive season could improve demand slightly, and because of positive international cues," says Kapil Gandhi of STCI Commodities; tips contract in INR15,640-INR15,780 range.
Sunday, September 6, 2009
India gold futures tad lower on global cues
Mon Sep 7, 2009 12:06pm IST
MUMBAI, Sept 7 (Reuters) - India gold futures were slightly lower on Monday tracking overseas cues, but analysts said worries about the global economy limited the downside.
International gold futures dipped a touch but still hovered just below $1,000 on Monday in buying linked to a weaker dollar and fears about inflation. See [ID: nT36558]
Gold is considered as a safe hedge investment against economic uncertainties for investors who are averse to risk.
The precious metal rallied last week amid prospects for falls in stock markets and worries about inflation, with central banks pumping money into their economies to help fight the global recession.
The US unemployment rate jumped to a 26-year high of 9.7 percent.
"Gold prices would be in range tracking US dollar...We expect gold to trade in range of 15,640-15,780 level for the day," said Kapil Gandhi of STCI Commodities.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.The dollar and the yen were subdued in early trade on Monday
http://in.reuters.com/article/domesticNews/idINBOM19549620090907?pageNumber=1&virtualBrandChannel=0&sp=true
http://economictimes.indiatimes.com/Market-News/Gold-futures-tad-lower-on-global-cues/articleshow/4981137.cms
MUMBAI, Sept 7 (Reuters) - India gold futures were slightly lower on Monday tracking overseas cues, but analysts said worries about the global economy limited the downside.
International gold futures dipped a touch but still hovered just below $1,000 on Monday in buying linked to a weaker dollar and fears about inflation. See [ID: nT36558]
Gold is considered as a safe hedge investment against economic uncertainties for investors who are averse to risk.
The precious metal rallied last week amid prospects for falls in stock markets and worries about inflation, with central banks pumping money into their economies to help fight the global recession.
The US unemployment rate jumped to a 26-year high of 9.7 percent.
"Gold prices would be in range tracking US dollar...We expect gold to trade in range of 15,640-15,780 level for the day," said Kapil Gandhi of STCI Commodities.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.The dollar and the yen were subdued in early trade on Monday
http://in.reuters.com/article/domesticNews/idINBOM19549620090907?pageNumber=1&virtualBrandChannel=0&sp=true
http://economictimes.indiatimes.com/Market-News/Gold-futures-tad-lower-on-global-cues/articleshow/4981137.cms
Friday, September 4, 2009
India lead futures up 3.3% at 16-month high
Published on 2009-09-04 12:54:48
Singapore - India September MCX lead futures up 3.3% at 16-month high of INR114.75/kg on supply concerns after shutdown of some Chinese lead smelters; contract earlier hit 4% upper limit. "The potential supply shortage is fueling the price rise in lead," says STCI Commodities trader Kapil Gandhi; lead prices up around 15% in past three sessions. In other metals, aluminum up 0.7% at INR90.50/kg, zinc up 2.3% at INR94.05/kg, nickel trading 0.8% higher at INR901.60/kg.
Singapore - India September MCX lead futures up 3.3% at 16-month high of INR114.75/kg on supply concerns after shutdown of some Chinese lead smelters; contract earlier hit 4% upper limit. "The potential supply shortage is fueling the price rise in lead," says STCI Commodities trader Kapil Gandhi; lead prices up around 15% in past three sessions. In other metals, aluminum up 0.7% at INR90.50/kg, zinc up 2.3% at INR94.05/kg, nickel trading 0.8% higher at INR901.60/kg.
India gold futures down 0.5% on profit-taking
Published on 2009-09-04 13:24:27
Singapore - India October MCX gold contract down 0.5% at INR15,688/10 grams on profit-taking; contract up around 5% in past three sessions. "This is a good buying opportunity for new investors who haven't yet enjoyed the rally," says STCI Commodities trader Kapil Gandhi; expects contract in INR15,550-INR15,780.
Singapore - India October MCX gold contract down 0.5% at INR15,688/10 grams on profit-taking; contract up around 5% in past three sessions. "This is a good buying opportunity for new investors who haven't yet enjoyed the rally," says STCI Commodities trader Kapil Gandhi; expects contract in INR15,550-INR15,780.
Thursday, September 3, 2009
India copper futures edge higher; U.S. data eyed
Thu Sep 3, 2009 4:27pm IST
MUMBAI, Sept 3 (Reuters) - India copper futures edged higher on Thursday afternoon, buoyed by a weak dollar, with traders awaiting U.S. jobs data for direction in the base metals complex, analysts said.
The most-traded November contract MCCX9 was 0.88 percent higher at 308.00 rupees per kg at 4:22 p.m., after hitting a high of 309.3 rupees earlier. The contract has shed 3.9 percent in the previous three sessions.
The euro edged higher against the dollar and yen ahead of a European Central Bank policy meeting widely expected to leave rates unchanged. [USD/]
The U.S. non-farm payrolls data, due on Friday, is expected to give leads on health of the world's largest economy. [ID:nLV55839]
"The euro has bounced back and that is supporting (copper) prices," said Priyank Upadhyay, head of research with Commtrendz Research. "It is just a corrective pull-back after days of sell-off."
"We expect copper to trade in the range of 304-312 (rupees)," said Kapil Gandhi of STCI.
The base metals complex may see further declines in the near-term as prices have far exceeded fundamentals, they added.
"We could see more bearishness in copper on weak fundamentals. If copper stays below 315/317 rupees, we expect prices to decline to 292/290 rupees," said Upadhyay.
Domestic copper, used in power and construction, has seen prices double this year on a combination of Chinese stockpiling, speculative buying and improving macro data.
In other base metals, zinc for September delivery MZIU9 was 1.46 percent higher at 90.25 rupees per kg, while September nickel MNKU9 was 1.59 percent higher at 898.40 rupees per kg
MUMBAI, Sept 3 (Reuters) - India copper futures edged higher on Thursday afternoon, buoyed by a weak dollar, with traders awaiting U.S. jobs data for direction in the base metals complex, analysts said.
The most-traded November contract MCCX9 was 0.88 percent higher at 308.00 rupees per kg at 4:22 p.m., after hitting a high of 309.3 rupees earlier. The contract has shed 3.9 percent in the previous three sessions.
The euro edged higher against the dollar and yen ahead of a European Central Bank policy meeting widely expected to leave rates unchanged. [USD/]
The U.S. non-farm payrolls data, due on Friday, is expected to give leads on health of the world's largest economy. [ID:nLV55839]
"The euro has bounced back and that is supporting (copper) prices," said Priyank Upadhyay, head of research with Commtrendz Research. "It is just a corrective pull-back after days of sell-off."
"We expect copper to trade in the range of 304-312 (rupees)," said Kapil Gandhi of STCI.
The base metals complex may see further declines in the near-term as prices have far exceeded fundamentals, they added.
"We could see more bearishness in copper on weak fundamentals. If copper stays below 315/317 rupees, we expect prices to decline to 292/290 rupees," said Upadhyay.
Domestic copper, used in power and construction, has seen prices double this year on a combination of Chinese stockpiling, speculative buying and improving macro data.
In other base metals, zinc for September delivery MZIU9 was 1.46 percent higher at 90.25 rupees per kg, while September nickel MNKU9 was 1.59 percent higher at 898.40 rupees per kg
Wednesday, September 2, 2009
India copper futures likely up on technical buying
Published on 2009-09-03 09:39:06
Singapore - India November MCX copper futures likely higher on technical buying after last closing at INR305.30/kg, above key INR300 support. "Yesterday's late rebound is likely to keep the prices firm in the opening session. Equity and currency markets will guide the trading later in the day," says STCI Commodities trader Kapil Gandhi; tips INR304-INR312 band.
Singapore - India November MCX copper futures likely higher on technical buying after last closing at INR305.30/kg, above key INR300 support. "Yesterday's late rebound is likely to keep the prices firm in the opening session. Equity and currency markets will guide the trading later in the day," says STCI Commodities trader Kapil Gandhi; tips INR304-INR312 band.
India copper futures extend losses for third day
Wed Sep 2, 2009 4:10pm IST
MUMBAI, Sept 2 (Reuters) - India copper futures fell further for a third day in a row on Wednesday, weighed by weak equity markets, which renewed doubts of an early economic recovery and demand for the industrial metal, analysts said.
The most-traded copper November contract MCCX9 was 1.62 percent lower at 300.50 rupees per kg at 4:01 p.m., after hitting a low of 298.3 rupees earlier.
The contract had shed 3.9 percent in the previous two sessions.
World stocks fell close to 1 percent after an overnight sell off on Wall Street, with both Asia and Europe rattled by concerns over the sustainability of this year's equity rally. [MKTS/GLOB]
"Copper may witness continous weakness on equity markets, we could see level 296 (rupees) during session," said Kapil Gandhi of STCI Commodities.
"A top has been posted and copper might see further downside on rising inventory and choppy stock markets. Copper might deline to 292/287/270 rupees in days to come," said Praveen Singh, an analyst with Sharekhan Commodities.
Copper stocks in the warehouses monitored by the London Metal Exchange rose by 3,000 tonnes to 302,950 tonnes on Wednesday.
Investors would be awaiting U.S. non-farm payrolls, one of the most closely watched indicators, due later this week, for signs the improving macro-economic picture.
Copper, used in power and construction, has seen prices double this year, as a combination of Chinese stockpiling, speculative buying and improving macro data boosted prices.
In other base metals, zinc for September delivery MZIU9 was 1.01 percent lower at 88.50 rupees per kg, while lead for September delivery MLDU9 was 0.64 percent lower at 101.05 rupees per kg
MUMBAI, Sept 2 (Reuters) - India copper futures fell further for a third day in a row on Wednesday, weighed by weak equity markets, which renewed doubts of an early economic recovery and demand for the industrial metal, analysts said.
The most-traded copper November contract MCCX9 was 1.62 percent lower at 300.50 rupees per kg at 4:01 p.m., after hitting a low of 298.3 rupees earlier.
The contract had shed 3.9 percent in the previous two sessions.
World stocks fell close to 1 percent after an overnight sell off on Wall Street, with both Asia and Europe rattled by concerns over the sustainability of this year's equity rally. [MKTS/GLOB]
"Copper may witness continous weakness on equity markets, we could see level 296 (rupees) during session," said Kapil Gandhi of STCI Commodities.
"A top has been posted and copper might see further downside on rising inventory and choppy stock markets. Copper might deline to 292/287/270 rupees in days to come," said Praveen Singh, an analyst with Sharekhan Commodities.
Copper stocks in the warehouses monitored by the London Metal Exchange rose by 3,000 tonnes to 302,950 tonnes on Wednesday.
Investors would be awaiting U.S. non-farm payrolls, one of the most closely watched indicators, due later this week, for signs the improving macro-economic picture.
Copper, used in power and construction, has seen prices double this year, as a combination of Chinese stockpiling, speculative buying and improving macro data boosted prices.
In other base metals, zinc for September delivery MZIU9 was 1.01 percent lower at 88.50 rupees per kg, while lead for September delivery MLDU9 was 0.64 percent lower at 101.05 rupees per kg
Monday, August 31, 2009
India zinc futures likely down on LME decline
Published on 2009-09-01 09:41:08
Singapore - India September MCX zinc futures likely to open lower tracking 1.3% fall in LME three-month futures, but may pick up later in day on positive global equity markets. "LME was closed yesterday, so the quotes are reflecting the past day's decline in the global markets," says STCI Commodities trader Kapil Gandhi. Other metals also likely down on weak LME. Zinc last settled at INR90/kg, nickel at INR929.20/kg, aluminum at INR90.95/kg while lead closed at INR102.50/kg.
Singapore - India September MCX zinc futures likely to open lower tracking 1.3% fall in LME three-month futures, but may pick up later in day on positive global equity markets. "LME was closed yesterday, so the quotes are reflecting the past day's decline in the global markets," says STCI Commodities trader Kapil Gandhi. Other metals also likely down on weak LME. Zinc last settled at INR90/kg, nickel at INR929.20/kg, aluminum at INR90.95/kg while lead closed at INR102.50/kg.
Sunday, August 30, 2009
India lead futures likely up on weak INR
Published on 2009-08-31 09:38:26
Singapore - India September MCX lead futures likely up on 0.4% decline in INR. "Also, supply concerns over closure of Chinese lead smelters will support the prices. Most of the other metals will be range-bound as LME is closed today," says STCI Commodities trader Kapil Gandhi. Lead last settled INR103/kg, aluminum INR91.90/kg, zinc INR90.90/kg and nickel INR940.10/kg.
Singapore - India September MCX lead futures likely up on 0.4% decline in INR. "Also, supply concerns over closure of Chinese lead smelters will support the prices. Most of the other metals will be range-bound as LME is closed today," says STCI Commodities trader Kapil Gandhi. Lead last settled INR103/kg, aluminum INR91.90/kg, zinc INR90.90/kg and nickel INR940.10/kg.
Thursday, August 27, 2009
Gold futures up 0.2% on firm overseas mkts
Published on 2009-08-28 11:43:08
Singapore - India October MCX gold contract up 0.2% at INR15,053/10 grams tracking rise in international gold prices. "Gold prices will continue to trade high on dollar weakness," says Kapil Gandhi of STCI Commodities; adds, firm crude also supporting. Contract likely in INR14,980-INR15,080 range today.
Singapore - India October MCX gold contract up 0.2% at INR15,053/10 grams tracking rise in international gold prices. "Gold prices will continue to trade high on dollar weakness," says Kapil Gandhi of STCI Commodities; adds, firm crude also supporting. Contract likely in INR14,980-INR15,080 range today.
India copper futures in tight range
Published on 2009-08-27 12:39:58
Singapore - India August MCX copper futures flat at INR308.30/kg after trading in tight INR307.10-INR308.65 range. "Prices are consolidating after the recent rally. Equity and currency markets are also steady, giving no cues," says STCI Commodities trader Kapil Gandhi. Contract up 6% in past five sessions. Gandhi says LME inventory data - due 0800 GMT - to provide fresh cues.
Singapore - India August MCX copper futures flat at INR308.30/kg after trading in tight INR307.10-INR308.65 range. "Prices are consolidating after the recent rally. Equity and currency markets are also steady, giving no cues," says STCI Commodities trader Kapil Gandhi. Contract up 6% in past five sessions. Gandhi says LME inventory data - due 0800 GMT - to provide fresh cues.
Wednesday, August 26, 2009
India gold futures up 0.3% on firm global markets
Published on 2009-08-26 12:39:30
Singapore - India October MCX gold contract up 0.3% at INR15,007/10 grams, tracking gains in overseas spot gold. "The contract is likely to move toward the INR15,125 level, with INR14,900 providing a good support," says Kapil Gandhi of STCI Commodities; adds, investors' interest in gold waning due to firm crude, equity markets.
Singapore - India October MCX gold contract up 0.3% at INR15,007/10 grams, tracking gains in overseas spot gold. "The contract is likely to move toward the INR15,125 level, with INR14,900 providing a good support," says Kapil Gandhi of STCI Commodities; adds, investors' interest in gold waning due to firm crude, equity markets.
Tuesday, August 25, 2009
India gold futures up 0.6% on weak INR
Published on 2009-08-25 17:39:09
Singapore - India October MCX gold contract up 0.6% at INR14,994/10 grams, extending gains on INR weakness, firm overseas gold markets. "Gold prices are consolidating in a range ahead of U.S. consumer confidence data," says Kapil Gandhi of STCI Commodities; adds dollar movement to provide further cues; tips contract in INR14,900-INR15,080 range for day.
Singapore - India October MCX gold contract up 0.6% at INR14,994/10 grams, extending gains on INR weakness, firm overseas gold markets. "Gold prices are consolidating in a range ahead of U.S. consumer confidence data," says Kapil Gandhi of STCI Commodities; adds dollar movement to provide further cues; tips contract in INR14,900-INR15,080 range for day.
India copper futures turn steady on rupee, equities
Tue Aug 25, 2009 3:39pm IST
MUMBAI, Aug 25 (Reuters) - India copper futures were steady on Tuesday as support from a weak rupee was offset by retreating equities overseas, analysts said.
The most-traded copper August contract MCCQ9 was 0.08 percent lower at 306.60 rupees per kg at 3:29 p.m.
The Indian rupee traded weak, after trimming early losses, as month-end dollar demand from refiners continued to weigh. A weak rupee makes the dollar-quoted asset expensive.
World stocks fell back after five days of gains as investors waited for more clues on whether the global economic recovery was truly picking up steam.
Performance in the equity markets is considered as a barometer for economic performance and thereby demand for the industrial metal. "Copper might come down due to lack of fresh positive triggers. It might come down to 300/302 (rupees)," said Tejas Seth, senior research analyst, SMC Global.
"Copper may trade in the range of 302-312 for the day," said Kapil Gandhi of STCI Commodities.Investors would also await consumer confidence data, due later in the session, for direction in the base metals complex. In other base metals,
August zinc MZIQ9 was 0.74 percent lower at 87.40 rupees, while lead for August delivery MLDQ9 was 7.02 percent higher at 96.15 rupees per kg.
MUMBAI, Aug 25 (Reuters) - India copper futures were steady on Tuesday as support from a weak rupee was offset by retreating equities overseas, analysts said.
The most-traded copper August contract MCCQ9 was 0.08 percent lower at 306.60 rupees per kg at 3:29 p.m.
The Indian rupee traded weak, after trimming early losses, as month-end dollar demand from refiners continued to weigh. A weak rupee makes the dollar-quoted asset expensive.
World stocks fell back after five days of gains as investors waited for more clues on whether the global economic recovery was truly picking up steam.
Performance in the equity markets is considered as a barometer for economic performance and thereby demand for the industrial metal. "Copper might come down due to lack of fresh positive triggers. It might come down to 300/302 (rupees)," said Tejas Seth, senior research analyst, SMC Global.
"Copper may trade in the range of 302-312 for the day," said Kapil Gandhi of STCI Commodities.Investors would also await consumer confidence data, due later in the session, for direction in the base metals complex. In other base metals,
August zinc MZIQ9 was 0.74 percent lower at 87.40 rupees, while lead for August delivery MLDQ9 was 7.02 percent higher at 96.15 rupees per kg.
Monday, August 24, 2009
India copper extends gains on rising equities
Mon Aug 24, 2009 6:04pm IST
MUMBAI, Aug 24 (Reuters) - India copper futures extended gains for a third day on Monday on the back of rising global equity markets, which raised hopes for an economic recovery and demand for the industrial metal, analysts said.
The most-active August contract MCCQ9 was 0.46 percent higher 307.70 rupees per kg at 5:43 p.m., after gaining 5.2 percent in the previous two sessions.
World stocks powered to a 10-month high and oil rallied after last week's upbeat U.S. housing data and optimistic comments from the world's key central bankers prompted investors to buy risky assets. [MKTS/GLOB]
Friday's survey showed sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years. [ID:nN21378170]
Bernanke and other central bankers said at the annual gathering in Jackson Hole on Friday the worst global recession in 70 years was nearing a close, although they warned it would be a long, slow climb back to normal growth. [ID:nN23121486]
"Stronger equities and good numbers from the U.S. is pushing base metals complex higher. Copper could test 314.5 (rupees) level on the higher side," said Kapil Gandhi of STCI in Mumbai.
Copper may trade in the range of 305-312 rupees, said Tejas Seth, senior research analyst with SMC Global.
Data out in China earlier showed refined copper imports fell 23 percent to 292,266 tonnes in July from June, but still rose 170 percent year on year in the first seven months. [ID: nHKG332312]
In other base metals, zinc for August delivery MZIQ9 was 0.96 percent higher at 89.20 rupees per kg, while lead for August delivery MLDQ9 was 4.73 percent higher at 94.10 rupees per kg
MUMBAI, Aug 24 (Reuters) - India copper futures extended gains for a third day on Monday on the back of rising global equity markets, which raised hopes for an economic recovery and demand for the industrial metal, analysts said.
The most-active August contract MCCQ9 was 0.46 percent higher 307.70 rupees per kg at 5:43 p.m., after gaining 5.2 percent in the previous two sessions.
World stocks powered to a 10-month high and oil rallied after last week's upbeat U.S. housing data and optimistic comments from the world's key central bankers prompted investors to buy risky assets. [MKTS/GLOB]
Friday's survey showed sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years. [ID:nN21378170]
Bernanke and other central bankers said at the annual gathering in Jackson Hole on Friday the worst global recession in 70 years was nearing a close, although they warned it would be a long, slow climb back to normal growth. [ID:nN23121486]
"Stronger equities and good numbers from the U.S. is pushing base metals complex higher. Copper could test 314.5 (rupees) level on the higher side," said Kapil Gandhi of STCI in Mumbai.
Copper may trade in the range of 305-312 rupees, said Tejas Seth, senior research analyst with SMC Global.
Data out in China earlier showed refined copper imports fell 23 percent to 292,266 tonnes in July from June, but still rose 170 percent year on year in the first seven months. [ID: nHKG332312]
In other base metals, zinc for August delivery MZIQ9 was 0.96 percent higher at 89.20 rupees per kg, while lead for August delivery MLDQ9 was 4.73 percent higher at 94.10 rupees per kg
Copper futures up 0.4%; at 11-month high
Published on 2009-08-24 13:16:22
Singapore - India August MCX copper futures up 0.4% at 11-month high INR311.10/kg, helped by technical buying after breaching key INR310 level. "Copper market is buoyed by impressive U.S. home sales figures and firm global equity markets," says STCI Commodities trader Kapil Gandhi; expects contract to test INR315 resistance today.
Singapore - India August MCX copper futures up 0.4% at 11-month high INR311.10/kg, helped by technical buying after breaching key INR310 level. "Copper market is buoyed by impressive U.S. home sales figures and firm global equity markets," says STCI Commodities trader Kapil Gandhi; expects contract to test INR315 resistance today.
Friday, August 21, 2009
India copper reverses early losses on dollar support
Fri Aug 21, 2009 3:52pm IST
MUMBAI, Aug 21 (Reuters) - India copper futures reversed early losses to trade slightly higher on Friday afternoon, as a weak dollar supported the base metals complex, analysts said. The most-active August copper contract MCCQ9 was 1.10 percent higher at 297.90 rupees per kg at 3:49 p.m., after hitting a low of 291.3 rupees earlier.
The euro rose to a one-week high against the dollar after stronger-than-forecast surveys on the euro zone manufacturing and services sectors strengthened the view the region is on the path to recovery. "The strength in Euro (against the dollar) is supporting copper," said Praveen Singh, an analyst with Sharekhan Commodities. Copper's support is placed at 287, while resistance is placed at 310 rupees.
"Prices may consolidate for a while, but they are way ahead of fundamentals," Singh said.
The red metal has gained over 100 percent, on growing optimism about the economic recovery overseas leading to demand for the industrial metal.
Copper may trade in the range of 287-297 rupees for the day, said Kapil Gandhi of STCI Commodities.
Meanwhile, copper stocks in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH rose by 5,543 tonnes, or 7 percent from a week earlier, to a two-year peak of 81,650 tonnes, according to data released by the exchange.
While stocks in the warehouses monitored by the London Metal Exchange rose 125 tonnes to 293,125 tonnes on Friday
MUMBAI, Aug 21 (Reuters) - India copper futures reversed early losses to trade slightly higher on Friday afternoon, as a weak dollar supported the base metals complex, analysts said. The most-active August copper contract MCCQ9 was 1.10 percent higher at 297.90 rupees per kg at 3:49 p.m., after hitting a low of 291.3 rupees earlier.
The euro rose to a one-week high against the dollar after stronger-than-forecast surveys on the euro zone manufacturing and services sectors strengthened the view the region is on the path to recovery. "The strength in Euro (against the dollar) is supporting copper," said Praveen Singh, an analyst with Sharekhan Commodities. Copper's support is placed at 287, while resistance is placed at 310 rupees.
"Prices may consolidate for a while, but they are way ahead of fundamentals," Singh said.
The red metal has gained over 100 percent, on growing optimism about the economic recovery overseas leading to demand for the industrial metal.
Copper may trade in the range of 287-297 rupees for the day, said Kapil Gandhi of STCI Commodities.
Meanwhile, copper stocks in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH rose by 5,543 tonnes, or 7 percent from a week earlier, to a two-year peak of 81,650 tonnes, according to data released by the exchange.
While stocks in the warehouses monitored by the London Metal Exchange rose 125 tonnes to 293,125 tonnes on Friday
India copper reverses early losses on dollar support
Fri Aug 21, 2009 3:52pm IST
MUMBAI, Aug 21 (Reuters) - India copper futures reversed early losses to trade slightly higher on Friday afternoon, as a weak dollar supported the base metals complex, analysts said. The most-active August copper contract MCCQ9 was 1.10 percent higher at 297.90 rupees per kg at 3:49 p.m., after hitting a low of 291.3 rupees earlier.
The euro rose to a one-week high against the dollar after stronger-than-forecast surveys on the euro zone manufacturing and services sectors strengthened the view the region is on the path to recovery. "The strength in Euro (against the dollar) is supporting copper," said Praveen Singh, an analyst with Sharekhan Commodities. Copper's support is placed at 287, while resistance is placed at 310 rupees.
"Prices may consolidate for a while, but they are way ahead of fundamentals," Singh said.
The red metal has gained over 100 percent, on growing optimism about the economic recovery overseas leading to demand for the industrial metal.
Copper may trade in the range of 287-297 rupees for the day, said Kapil Gandhi of STCI Commodities.
Meanwhile, copper stocks in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH rose by 5,543 tonnes, or 7 percent from a week earlier, to a two-year peak of 81,650 tonnes, according to data released by the exchange.
While stocks in the warehouses monitored by the London Metal Exchange rose 125 tonnes to 293,125 tonnes on Friday
MUMBAI, Aug 21 (Reuters) - India copper futures reversed early losses to trade slightly higher on Friday afternoon, as a weak dollar supported the base metals complex, analysts said. The most-active August copper contract MCCQ9 was 1.10 percent higher at 297.90 rupees per kg at 3:49 p.m., after hitting a low of 291.3 rupees earlier.
The euro rose to a one-week high against the dollar after stronger-than-forecast surveys on the euro zone manufacturing and services sectors strengthened the view the region is on the path to recovery. "The strength in Euro (against the dollar) is supporting copper," said Praveen Singh, an analyst with Sharekhan Commodities. Copper's support is placed at 287, while resistance is placed at 310 rupees.
"Prices may consolidate for a while, but they are way ahead of fundamentals," Singh said.
The red metal has gained over 100 percent, on growing optimism about the economic recovery overseas leading to demand for the industrial metal.
Copper may trade in the range of 287-297 rupees for the day, said Kapil Gandhi of STCI Commodities.
Meanwhile, copper stocks in warehouses monitored by the Shanghai Futures Exchange CU-STX-SGH rose by 5,543 tonnes, or 7 percent from a week earlier, to a two-year peak of 81,650 tonnes, according to data released by the exchange.
While stocks in the warehouses monitored by the London Metal Exchange rose 125 tonnes to 293,125 tonnes on Friday
India nickel futures dn 1%;US home sales data eyed
Published on 2009-08-21 13:42:21
Singapore - India August MCX nickel futures trading down 1% at INR911/kg ahead of key U.S. home sales data at 1400 GMT. "Metal prices are consolidating after yesterday's fall on weaker-than expected data on U.S. jobless claims. Hopes are pinned on the home sales data and a weak figure will trigger a fresh selloff in the metal basket," says STCI Commodities trader Kapil Gandhi. In other metals, lead trading down 0.2% at INR87.05/kg, zinc down 0.3% at INR86.05, while aluminum lower 0.9% at INR90.80/kg.
Singapore - India August MCX nickel futures trading down 1% at INR911/kg ahead of key U.S. home sales data at 1400 GMT. "Metal prices are consolidating after yesterday's fall on weaker-than expected data on U.S. jobless claims. Hopes are pinned on the home sales data and a weak figure will trigger a fresh selloff in the metal basket," says STCI Commodities trader Kapil Gandhi. In other metals, lead trading down 0.2% at INR87.05/kg, zinc down 0.3% at INR86.05, while aluminum lower 0.9% at INR90.80/kg.
Thursday, August 20, 2009
India copper futures likely to trade in range
Published on 2009-08-20 09:38:03
Singapore - India August MCX copper futures likely in range after prices consolidating around INR295; looking to global equity markets for fresh cues. "Yesterday's late rebound on a sharp rise in crude oil prices may extend further if supported by equity markets and the overseas U.S. dollar," says STCI commodities trader Kapil Gandhi; expects contract to test INR300 resistance. It last ended flat at INR296.90, off intraday low of INR287.
Singapore - India August MCX copper futures likely in range after prices consolidating around INR295; looking to global equity markets for fresh cues. "Yesterday's late rebound on a sharp rise in crude oil prices may extend further if supported by equity markets and the overseas U.S. dollar," says STCI commodities trader Kapil Gandhi; expects contract to test INR300 resistance. It last ended flat at INR296.90, off intraday low of INR287.
Wednesday, August 19, 2009
India zinc futures likely up on 1% LME rise
Published on 2009-08-19 09:35:58
Singapore - India August MCX zinc futures likely up, tracking 1% rise in LME three-month futures. "Metals are picking up on hopes that demand will pick up after rise in global equity markets. But any correction in equity markets may trigger a sharp sell off in the metal basket," says STCI Commodities trader, Kapil Gandhi. Other metals also likely up on LME gains. Zinc last closed at INR86.30, nickel at INR923.30/kg, aluminum at INR96.35 while lead settled at INR87.60/kg.
Singapore - India August MCX zinc futures likely up, tracking 1% rise in LME three-month futures. "Metals are picking up on hopes that demand will pick up after rise in global equity markets. But any correction in equity markets may trigger a sharp sell off in the metal basket," says STCI Commodities trader, Kapil Gandhi. Other metals also likely up on LME gains. Zinc last closed at INR86.30, nickel at INR923.30/kg, aluminum at INR96.35 while lead settled at INR87.60/kg.
Monday, August 17, 2009
India gold futures down 0.3% on weak overseas
Published on 2009-08-17 17:00:15
Singapore - India October MCX gold contract down 0.3% at INR14,853/10 grams tracking declines in overseas gold prices, weak crude. "Gold prices may fall further on weaker euro and optimistic outlook for the dollar," says Kapil Gandhi of STCI Commodities; expects contract to trade in INR14,740-INR14,900/10 grams range today.
Singapore - India October MCX gold contract down 0.3% at INR14,853/10 grams tracking declines in overseas gold prices, weak crude. "Gold prices may fall further on weaker euro and optimistic outlook for the dollar," says Kapil Gandhi of STCI Commodities; expects contract to trade in INR14,740-INR14,900/10 grams range today.
India copper down 2 pct as profit-taking continues
Mon Aug 17, 2009 3:36pm IST
MUMBAI, Aug 17 (Reuters) - India copper futures extended losses for a second day on continued profit-taking, triggered by soft U.S. consumer confidence data that renewed demand concerns, analysts said.
U.S. consumer confidence fell in early August as worries about scarce jobs and falling incomes outweighed expectations that the broader economy will improve, a survey showed. See [ID:nN14304812]. At 3:10 p.m. the most-traded August contract MCCQ9 was 2.15 percent lower at 295.20 rupees per kg, extending Friday's fall of 2.4 percent. The contract had gained 9.2 percent since the start of August.
"The outlook for copper is weak on profit-taking and growing risk aversion," said Gnanasekar Thiagarajan, director, Commtrendz Research.
"If copper breaches 287 (rupees), then copper might fall to 278," he added.
Meanwhile, copper stocks in the warehouses monitored by the London Metal Exchange rose by 1,175 tonnes to 294,050 tonnes.
"Copper prices may correct further, we suggest sell on rise," said Kapil Gandhi of STCI Commodities. "Selling is recommended on rise to 297 (rupees) level with the target of 285 level."
In other base metals, August zinc MZIQ9 was 2.80 percent lower at 85.00 rupees per kg, while lead for August delivery MLDQ9 was 2.10 percent lower at 86.25 rupees per kg.
MUMBAI, Aug 17 (Reuters) - India copper futures extended losses for a second day on continued profit-taking, triggered by soft U.S. consumer confidence data that renewed demand concerns, analysts said.
U.S. consumer confidence fell in early August as worries about scarce jobs and falling incomes outweighed expectations that the broader economy will improve, a survey showed. See [ID:nN14304812]. At 3:10 p.m. the most-traded August contract MCCQ9 was 2.15 percent lower at 295.20 rupees per kg, extending Friday's fall of 2.4 percent. The contract had gained 9.2 percent since the start of August.
"The outlook for copper is weak on profit-taking and growing risk aversion," said Gnanasekar Thiagarajan, director, Commtrendz Research.
"If copper breaches 287 (rupees), then copper might fall to 278," he added.
Meanwhile, copper stocks in the warehouses monitored by the London Metal Exchange rose by 1,175 tonnes to 294,050 tonnes.
"Copper prices may correct further, we suggest sell on rise," said Kapil Gandhi of STCI Commodities. "Selling is recommended on rise to 297 (rupees) level with the target of 285 level."
In other base metals, August zinc MZIQ9 was 2.80 percent lower at 85.00 rupees per kg, while lead for August delivery MLDQ9 was 2.10 percent lower at 86.25 rupees per kg.
Friday, August 14, 2009
India copper hits 11-month high on demand outlook
Fri Aug 14, 2009 3:23pm IST
MUMBAI, Aug 14 (Reuters) - India copper futures hit its highest level in 11 months on Friday, supported by brightening economic scenario and demand outlook, along with a weak rupee, analysts said.
MCX copper on the continuous chart MCCc1 was 0.40 percent higher at 310.25 rupees per kg at 3:12 p.m., after hitting a high of 311.7 rupees, the loftiest level since October.
The Federal Reserve said the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and it moved to phase out one emergency measure. See [ID:nN1272730]
The Indian rupee eased as a choppy start to domestic share market failed to provide clarity on direction of foreign fund flows. A weak rupee makes the dollar-quoted asset expensive.
"The rally is due to Fed's endorsement of the market view about the economic recovery," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai.
"315-320 rupees would be a difficult area to breach for copper," added Thiagarajan.
"We expect copper to trade higher on economic recovery. We expect copper to breach 314 rupees level during the session," said Kapil Gandhi of STCI Commodities.
In other base metals, August zinc MZIQ9 was 0.72 percent higher at 91.20 rupees per kg, while lead for August delivery MLDQ9 was 0.55 percent higher at 92.10 rupees per kg.
MUMBAI, Aug 14 (Reuters) - India copper futures hit its highest level in 11 months on Friday, supported by brightening economic scenario and demand outlook, along with a weak rupee, analysts said.
MCX copper on the continuous chart MCCc1 was 0.40 percent higher at 310.25 rupees per kg at 3:12 p.m., after hitting a high of 311.7 rupees, the loftiest level since October.
The Federal Reserve said the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and it moved to phase out one emergency measure. See [ID:nN1272730]
The Indian rupee eased as a choppy start to domestic share market failed to provide clarity on direction of foreign fund flows. A weak rupee makes the dollar-quoted asset expensive.
"The rally is due to Fed's endorsement of the market view about the economic recovery," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai.
"315-320 rupees would be a difficult area to breach for copper," added Thiagarajan.
"We expect copper to trade higher on economic recovery. We expect copper to breach 314 rupees level during the session," said Kapil Gandhi of STCI Commodities.
In other base metals, August zinc MZIQ9 was 0.72 percent higher at 91.20 rupees per kg, while lead for August delivery MLDQ9 was 0.55 percent higher at 92.10 rupees per kg.
Thursday, August 13, 2009
India gold futures tad higher on firm overseas
Published on 2009-08-13 12:44:48
Singapore - India October MCX gold contract tad up at INR14,877/10 grams tracking gains in international spot gold prices, but uptrend limited on firm INR, says Kapil Gandhi of STCI Commodities; adds domestic prices to take further cues from INR movements today and move in range of INR14,800-INR14,980/10 grams. Physical demand in India may see some improvement ahead of festivals but prices need to be stable in coming days to attract customers, says Mumbai-based jeweler.
Singapore - India October MCX gold contract tad up at INR14,877/10 grams tracking gains in international spot gold prices, but uptrend limited on firm INR, says Kapil Gandhi of STCI Commodities; adds domestic prices to take further cues from INR movements today and move in range of INR14,800-INR14,980/10 grams. Physical demand in India may see some improvement ahead of festivals but prices need to be stable in coming days to attract customers, says Mumbai-based jeweler.
Wednesday, August 12, 2009
India aluminum futures likely up on Fed optimism
Published on 2009-08-13 09:50:29
Singapore India August MCX aluminum futures likely up on Fed's statement that U.S. economy more stable now, says STCI Commodities trader Kapil Gandhi; adds, "the global commodity markets are on a buying spree on economic optimism after the Fed's statement." Other metals also likely to open higher tracking handsome gains in LME three-month metal futures. Aluminum last settled at INR94.20/kg, zinc at INR88.65/kg, lead at INR89.20/kg and nickel at INR956.30/kg.
Singapore India August MCX aluminum futures likely up on Fed's statement that U.S. economy more stable now, says STCI Commodities trader Kapil Gandhi; adds, "the global commodity markets are on a buying spree on economic optimism after the Fed's statement." Other metals also likely to open higher tracking handsome gains in LME three-month metal futures. Aluminum last settled at INR94.20/kg, zinc at INR88.65/kg, lead at INR89.20/kg and nickel at INR956.30/kg.
Tuesday, August 11, 2009
India nickel futures up 2.5% on technical buying
Published on 2009-08-11 13:29:00
Singapore - India August MCX nickel futures trading up 2.5% at INR971.60/kg on fresh buying after breach of key INR960 resistance; open interest up around 18%. "Also, weak INR (down 0.3%) and firm global equity markets are supporting the local prices," says STCI Commodities trader Kapil Gandhi. In other metals, aluminum up 1.5% at INR94/kg, lead up 1.3% at INR89/kg while zinc up 1.4% at INR88.10/kg
Singapore - India August MCX nickel futures trading up 2.5% at INR971.60/kg on fresh buying after breach of key INR960 resistance; open interest up around 18%. "Also, weak INR (down 0.3%) and firm global equity markets are supporting the local prices," says STCI Commodities trader Kapil Gandhi. In other metals, aluminum up 1.5% at INR94/kg, lead up 1.3% at INR89/kg while zinc up 1.4% at INR88.10/kg
Monday, August 10, 2009
India copper futures up 1.1% on fresh buying
Published on 2009-08-10 13:07:46
Singapore - India August MCX copper futures up 1.1% at INR296.60/kg on fresh technical buying from crucial 14-day moving average support of INR292.50; open interest up 6%. "Prices are firm on hopes that recovery in global economy will bolster the red-metal demand," says STCI Commodities trader Kapil Gandhi; expects contract to test INR300 psychological resistance.
Singapore - India August MCX copper futures up 1.1% at INR296.60/kg on fresh technical buying from crucial 14-day moving average support of INR292.50; open interest up 6%. "Prices are firm on hopes that recovery in global economy will bolster the red-metal demand," says STCI Commodities trader Kapil Gandhi; expects contract to test INR300 psychological resistance.
Thursday, August 6, 2009
Gold investment plans to boost your money
MUMBAI (Commodity Online): Demand for gold is widely spread around the world. And people are buying gold like never before following the recession. East Asia, the Indian sub-continent and the Middle East account for almost 70% of world demand.
Around 55% of demand is attributable to just five countries — India, Italy, Turkey, USA and China — each market driven by a different set of socio-economic and cultural factors.
So, people who want to invest their money in gold now are scurrying for proper advice on how to put their money in the yellow metal.
Here are a few steps for you to invest your money in gold. Gold investment can take many forms, and some investors may choose to combine two or more of these for flexibility. The distinction between buying physical gold and gaining exposure to movements in the gold price is not always clear, especially since it has always been possible to invest in bullion without actually taking physical delivery.
If you are thinking about investing gold, it is worth giving the same consideration to your purchase as you would to any other investment.
COINS AND SMALL BARS
The first gold coins were struck by King Croesus, ruler of Lydia in western Asia Minor from 560 to 546BC, whose wealth came from the gold from the mines and sands of the River Pactolus. Gold coins have been legal tender ever since. Bullion coins and small bars offer private investors an attractive way of investing in relatively small amounts of gold. In many countries, including the whole of the European Union, gold purchased for investment purposes is exempt from Value Added Tax.
Investors can choose from a wide range of gold bullion coins issued by governments across the world. These coins are legal tender in their country of issue for their face value, rather than for their gold content. For investment purposes, the market value of bullion coins is determined by the value of their fine gold content, plus a premium or mark-up that varies between coins and dealers. The premium tends to be higher for smaller denominations. Bullion coins range in size from 1/20 ounce to 1000 gm, although the most common weights (in troy ounces of fine gold content) are 1/20, 1/10, 1/4, 1/2 and 1 ounce. It is important not to confuse bullion coins with commemorative or numismatic coins, whose value depends on their rarity, design and finish rather than on their fine gold content. Many dealers sell both.
Gold bars can be bought in a variety of weights and sizes, ranging from as little as one gram to 400 troy ounces (the size of the internationally traded London Good Delivery bar). Small bars are defined as those weighing 1000g or less. According to industry specialists Gold Bars Worldwide, there are 94 accredited bar manufacturers and brands in 26 countries, producing a total of more than 400 types of standard gold bars between them. They normally contain a minimum of 99.5% fine gold. The Gold Bars Worldwide website provides a wealth of additional information regarding the international gold bar market.
EXCHANGE-TRADED GOLD
Gold is traded in the form of securities on stock exchanges in Australia, France, Hong Kong, Japan, Mexico, Singapore, South Africa, Switzerland, Turkey, the United Kingdom and the United States. By design, these forms of securitised gold investment, all regulated financial products, are generally referred to as Exchange Traded Commodities or Exchange Traded Funds (ETFs), and are expected to track the gold price almost perfectly. Unlike derivative products, the securities are 100% backed by physical gold held mainly in allocated form. These securities have had a major impact on the gold market, representing 38% of identifiable investment and 7.5% of total demand in 2007. Financial advisors and other investment professionals can provide further details about these products.
GOLD FUTURES
Gold futures contracts are firm commitments to make or take delivery of a specified quantity and purity of gold on a prescribed date at an agreed price. The initial margin - or cash deposit paid to the broker - is only a fraction of the price of the gold underlying the contract. That means investors can achieve notional ownership of a value of gold considerably greater than their initial cash outlay. While this leverage can be the key to significant trading profits, it can also give rise to equally significant losses in the event of an adverse movement in the gold price. Futures prices are determined by the market's perception of what the carrying costs - including the interest cost of borrowing gold plus insurance and storage charges - ought to be at any one time. The futures price is usually higher than the spot price for gold. Futures contracts are traded on regulated commodity exchanges. The largest are the New York Mercantile Exchange Comex Division (recently rebranded CME Globex, after a merger between Chicago Mercantile Exchange and NYMEX), the Chicago Board of Trade (part of CME) and the Tokyo Commodity Exchange. Gold futures are also traded in India and Dubai.
The Commodity Futures Trading Commission provides extensive reports on derivatives trading in the United States. Tradable commodity indices are based on fully collateralised baskets of long-only commodity futures, all of which include a small allocation to gold.
These give the holder the right, but not the obligation, to buy ('call' option) or sell ('put' option) a specified quantity of gold at a predetermined price by an agreed date. The cost of such an option depends on the current spot price of gold, the level of the pre-agreed price (the 'strike price'), interest rates, the anticipated volatility of the gold price and the period remaining until the agreed date. The higher the strike price, the less expensive a call option and the more expensive a put option. Like futures contracts, buying gold options can give the holder substantial leverage. Where the strike price is not achieved, there is no point in exercising the option and the holder's loss is limited to the premium initially paid for the option. Like shares, both futures and options can be traded through brokers.
In the past, gold warrants were mostly related to the shares of gold mining companies. Nowadays commonly used by leading investment banks, they give the buyer the right to buy gold at a specific price on a specific day in the future. For this right, the buyer pays a premium. Like futures, warrants are generally leveraged to the price of the underlying asset (in this case, gold), but gearing can also be on a one-for-one basis.
GOLD ACCOUNTS
Gold bullion banks offer two types of gold accounts - allocated and unallocated:
Effectively like keeping gold in a safety deposit box, allocated account is the most secure form of investment in physical gold. The gold is stored in a vault owned and managed by a recognised bullion dealer or depository. Specific bars (or coins, where appropriate), which are numbered and identified by hallmark, weight and fineness, are allocated to each particular investor, who pays the custodian for storage and insurance. The holder of gold in an allocated account has full ownership of the gold in the account, and the bullion dealer or depository that owns the vault where the gold is stored may not trade, lease or lend the bars except on the specific instructions of the account holder.
In unallocated accounts, investors do not have specific bars allotted to them (unless they take delivery of their gold, which they can usually do within two working days). Traditionally, one advantage of unallocated accounts has been the lack of any storage and insurance charges, because the bank reserves the right to lease the gold out. Now that the gold lease rate is negative in real terms, some banks have begun to introduce charges even on unallocated accounts. Investors are exposed to the creditworthiness of the bank or dealer providing the service in the same way as they would be with any other kind of account. As a general rule, bullion banks do not deal in quantities under 1000 ounces - their customers are institutional investors, private banks acting on behalf of their clients, central banks and gold market participants wishing to buy or borrow large quantities of gold.
GOLD POOL ACCOUNTS
There are alternatives for investors wishing to open gold accounts holding less than 1000 ounces. For instance, in Gold Pool Accounts - where you have a defined, unsegmented interest in a Gold accounts pool of gold - you can invest as little as one ounce.
ELECTRONIC CURRENCIES
There are also electronic 'currencies' available - linked to gold bullion in allocated storage - which offer a simple and cost-effective way of buying and selling gold, and using it as money. Any amount of gold can be purchased, and these currencies allow gold to be used to send online payments worldwide.
GOLD ACCUMULATION PLANS
Gold Accumulation Plans (GAPs) are similar to conventional savings plans in that they are based on the principle of putting aside a fixed sum of money every month. What makes GAPs different from ordinary savings plans is that the fixed sum is invested in gold. A fixed sum of money is- withdrawn automatically from an investor's bank account every month and is used to buy gold every trading day in that month. The fixed monthly sums can be small, and purchases are not subject to the premium normally charged on small bars or coins. Because small amounts of gold are bought over a long period of time, there is less risk of investing a large sum of money at the wrong time. At any time during the contract term (usually a minimum of a year), or when the account is closed, investors can get their gold in the form of bullion bars or coins, and sometimes even in the form of jewellery. Should they choose to sell their gold they can also get cash.
GOLD CERTIFICATES
Historically, gold certificates were issued by the U.S. Treasury from the civil war until 1933. Denominated in dollars, these certificates were used as part of the gold standard and could be exchanged for an equal value of gold. These U.S. Treasury gold certificates have been out of circulation for many years, and they have become collectibles. They were initially replaced by silver certificates, and later by Federal Reserve notes.
Nowadays, gold certificates offer investors a method of holding gold without taking physical delivery. Issued by individual banks, particularly in countries like Germany and Switzerland, they confirm an individual's ownership while the bank holds the metal on the client's behalf. The client thus saves on storage and personal security issues, and gains liquidity in terms of being able to sell portions of the holdings (if need be) by simply telephoning the custodian.
The Perth Mint also runs a certificate programme that is guaranteed by the government of Western Australia and is distributed in a number of countries.
Around 55% of demand is attributable to just five countries — India, Italy, Turkey, USA and China — each market driven by a different set of socio-economic and cultural factors.
So, people who want to invest their money in gold now are scurrying for proper advice on how to put their money in the yellow metal.
Here are a few steps for you to invest your money in gold. Gold investment can take many forms, and some investors may choose to combine two or more of these for flexibility. The distinction between buying physical gold and gaining exposure to movements in the gold price is not always clear, especially since it has always been possible to invest in bullion without actually taking physical delivery.
If you are thinking about investing gold, it is worth giving the same consideration to your purchase as you would to any other investment.
COINS AND SMALL BARS
The first gold coins were struck by King Croesus, ruler of Lydia in western Asia Minor from 560 to 546BC, whose wealth came from the gold from the mines and sands of the River Pactolus. Gold coins have been legal tender ever since. Bullion coins and small bars offer private investors an attractive way of investing in relatively small amounts of gold. In many countries, including the whole of the European Union, gold purchased for investment purposes is exempt from Value Added Tax.
Investors can choose from a wide range of gold bullion coins issued by governments across the world. These coins are legal tender in their country of issue for their face value, rather than for their gold content. For investment purposes, the market value of bullion coins is determined by the value of their fine gold content, plus a premium or mark-up that varies between coins and dealers. The premium tends to be higher for smaller denominations. Bullion coins range in size from 1/20 ounce to 1000 gm, although the most common weights (in troy ounces of fine gold content) are 1/20, 1/10, 1/4, 1/2 and 1 ounce. It is important not to confuse bullion coins with commemorative or numismatic coins, whose value depends on their rarity, design and finish rather than on their fine gold content. Many dealers sell both.
Gold bars can be bought in a variety of weights and sizes, ranging from as little as one gram to 400 troy ounces (the size of the internationally traded London Good Delivery bar). Small bars are defined as those weighing 1000g or less. According to industry specialists Gold Bars Worldwide, there are 94 accredited bar manufacturers and brands in 26 countries, producing a total of more than 400 types of standard gold bars between them. They normally contain a minimum of 99.5% fine gold. The Gold Bars Worldwide website provides a wealth of additional information regarding the international gold bar market.
EXCHANGE-TRADED GOLD
Gold is traded in the form of securities on stock exchanges in Australia, France, Hong Kong, Japan, Mexico, Singapore, South Africa, Switzerland, Turkey, the United Kingdom and the United States. By design, these forms of securitised gold investment, all regulated financial products, are generally referred to as Exchange Traded Commodities or Exchange Traded Funds (ETFs), and are expected to track the gold price almost perfectly. Unlike derivative products, the securities are 100% backed by physical gold held mainly in allocated form. These securities have had a major impact on the gold market, representing 38% of identifiable investment and 7.5% of total demand in 2007. Financial advisors and other investment professionals can provide further details about these products.
GOLD FUTURES
Gold futures contracts are firm commitments to make or take delivery of a specified quantity and purity of gold on a prescribed date at an agreed price. The initial margin - or cash deposit paid to the broker - is only a fraction of the price of the gold underlying the contract. That means investors can achieve notional ownership of a value of gold considerably greater than their initial cash outlay. While this leverage can be the key to significant trading profits, it can also give rise to equally significant losses in the event of an adverse movement in the gold price. Futures prices are determined by the market's perception of what the carrying costs - including the interest cost of borrowing gold plus insurance and storage charges - ought to be at any one time. The futures price is usually higher than the spot price for gold. Futures contracts are traded on regulated commodity exchanges. The largest are the New York Mercantile Exchange Comex Division (recently rebranded CME Globex, after a merger between Chicago Mercantile Exchange and NYMEX), the Chicago Board of Trade (part of CME) and the Tokyo Commodity Exchange. Gold futures are also traded in India and Dubai.
The Commodity Futures Trading Commission provides extensive reports on derivatives trading in the United States. Tradable commodity indices are based on fully collateralised baskets of long-only commodity futures, all of which include a small allocation to gold.
These give the holder the right, but not the obligation, to buy ('call' option) or sell ('put' option) a specified quantity of gold at a predetermined price by an agreed date. The cost of such an option depends on the current spot price of gold, the level of the pre-agreed price (the 'strike price'), interest rates, the anticipated volatility of the gold price and the period remaining until the agreed date. The higher the strike price, the less expensive a call option and the more expensive a put option. Like futures contracts, buying gold options can give the holder substantial leverage. Where the strike price is not achieved, there is no point in exercising the option and the holder's loss is limited to the premium initially paid for the option. Like shares, both futures and options can be traded through brokers.
In the past, gold warrants were mostly related to the shares of gold mining companies. Nowadays commonly used by leading investment banks, they give the buyer the right to buy gold at a specific price on a specific day in the future. For this right, the buyer pays a premium. Like futures, warrants are generally leveraged to the price of the underlying asset (in this case, gold), but gearing can also be on a one-for-one basis.
GOLD ACCOUNTS
Gold bullion banks offer two types of gold accounts - allocated and unallocated:
Effectively like keeping gold in a safety deposit box, allocated account is the most secure form of investment in physical gold. The gold is stored in a vault owned and managed by a recognised bullion dealer or depository. Specific bars (or coins, where appropriate), which are numbered and identified by hallmark, weight and fineness, are allocated to each particular investor, who pays the custodian for storage and insurance. The holder of gold in an allocated account has full ownership of the gold in the account, and the bullion dealer or depository that owns the vault where the gold is stored may not trade, lease or lend the bars except on the specific instructions of the account holder.
In unallocated accounts, investors do not have specific bars allotted to them (unless they take delivery of their gold, which they can usually do within two working days). Traditionally, one advantage of unallocated accounts has been the lack of any storage and insurance charges, because the bank reserves the right to lease the gold out. Now that the gold lease rate is negative in real terms, some banks have begun to introduce charges even on unallocated accounts. Investors are exposed to the creditworthiness of the bank or dealer providing the service in the same way as they would be with any other kind of account. As a general rule, bullion banks do not deal in quantities under 1000 ounces - their customers are institutional investors, private banks acting on behalf of their clients, central banks and gold market participants wishing to buy or borrow large quantities of gold.
GOLD POOL ACCOUNTS
There are alternatives for investors wishing to open gold accounts holding less than 1000 ounces. For instance, in Gold Pool Accounts - where you have a defined, unsegmented interest in a Gold accounts pool of gold - you can invest as little as one ounce.
ELECTRONIC CURRENCIES
There are also electronic 'currencies' available - linked to gold bullion in allocated storage - which offer a simple and cost-effective way of buying and selling gold, and using it as money. Any amount of gold can be purchased, and these currencies allow gold to be used to send online payments worldwide.
GOLD ACCUMULATION PLANS
Gold Accumulation Plans (GAPs) are similar to conventional savings plans in that they are based on the principle of putting aside a fixed sum of money every month. What makes GAPs different from ordinary savings plans is that the fixed sum is invested in gold. A fixed sum of money is- withdrawn automatically from an investor's bank account every month and is used to buy gold every trading day in that month. The fixed monthly sums can be small, and purchases are not subject to the premium normally charged on small bars or coins. Because small amounts of gold are bought over a long period of time, there is less risk of investing a large sum of money at the wrong time. At any time during the contract term (usually a minimum of a year), or when the account is closed, investors can get their gold in the form of bullion bars or coins, and sometimes even in the form of jewellery. Should they choose to sell their gold they can also get cash.
GOLD CERTIFICATES
Historically, gold certificates were issued by the U.S. Treasury from the civil war until 1933. Denominated in dollars, these certificates were used as part of the gold standard and could be exchanged for an equal value of gold. These U.S. Treasury gold certificates have been out of circulation for many years, and they have become collectibles. They were initially replaced by silver certificates, and later by Federal Reserve notes.
Nowadays, gold certificates offer investors a method of holding gold without taking physical delivery. Issued by individual banks, particularly in countries like Germany and Switzerland, they confirm an individual's ownership while the bank holds the metal on the client's behalf. The client thus saves on storage and personal security issues, and gains liquidity in terms of being able to sell portions of the holdings (if need be) by simply telephoning the custodian.
The Perth Mint also runs a certificate programme that is guaranteed by the government of Western Australia and is distributed in a number of countries.
Wednesday, August 5, 2009
India gold futures up 0.2%; physical demand weak
Published on 2009-08-05 17:06:08
Singapore - India October MCX gold contract up 0.2% at INR14,921/10 grams as traders buy on expectation of further rise in prices. "Gold futures will trade above INR14,900 on dollar weakness and strong technicals," says Kapil Gandhi of STCI Commodities; adds, prices could rise to INR15,080 today. High prices to lower demand for jewelry; traders expect India's gold imports in August to be below 7-8 tons imported in July.
http://www.moneycontrol.com/commodity/comm_news.php?autono=103708&type=MKT
Singapore - India October MCX gold contract up 0.2% at INR14,921/10 grams as traders buy on expectation of further rise in prices. "Gold futures will trade above INR14,900 on dollar weakness and strong technicals," says Kapil Gandhi of STCI Commodities; adds, prices could rise to INR15,080 today. High prices to lower demand for jewelry; traders expect India's gold imports in August to be below 7-8 tons imported in July.
http://www.moneycontrol.com/commodity/comm_news.php?autono=103708&type=MKT
Tuesday, August 4, 2009
India gold futures tad dn on weak overseas
Published on 2009-08-04 12:54:12
Singapore - India October MCX gold contract tad lower at INR14,752/10 grams, tracking losses in overseas spot gold prices, strong INR. Overseas dollar movement will play crucial role in determining gold price direction today, says Kapil Gandhi of STCI Commodities; adds, lack of physical demand weighing on sentiment; tips contract in INR14,640-INR14,800 range for day
Singapore - India October MCX gold contract tad lower at INR14,752/10 grams, tracking losses in overseas spot gold prices, strong INR. Overseas dollar movement will play crucial role in determining gold price direction today, says Kapil Gandhi of STCI Commodities; adds, lack of physical demand weighing on sentiment; tips contract in INR14,640-INR14,800 range for day
Monday, August 3, 2009
India lead futures likely down on LME decline
Published on 2009-08-04 09:44:55
Singapore - India August MCX lead futures likely to open sharply down due to 2% decline in LME three-month futures. "The whole of the metal basket is due for a correction after making fresh 2009 highs. But it may be just a pause before the next rally," says STCI Commodities trader Kapil Gandhi. Other metals also likely down tracking weak LME. Lead last settled at INR92.60/kg, aluminum at INR92.80/kg, zinc at INR87.40/kg, while nickel closed at INR895.60/kg.
Singapore - India August MCX lead futures likely to open sharply down due to 2% decline in LME three-month futures. "The whole of the metal basket is due for a correction after making fresh 2009 highs. But it may be just a pause before the next rally," says STCI Commodities trader Kapil Gandhi. Other metals also likely down tracking weak LME. Lead last settled at INR92.60/kg, aluminum at INR92.80/kg, zinc at INR87.40/kg, while nickel closed at INR895.60/kg.
India copper futures extend gains on data, dollar
MUMBAI, Aug 3 (Reuters) - India copper futures extended gains on Monday afternoon, as positive economic data bolstered hopes of an economic recovery and demand for industrial metals, sending the dollar lower, analysts said.
The most-traded copper contract MCCQ9 was 2.70 percent higher at 284.90 rupees per kg at 3:33 p.m., after gaining 10.2 percent in July.
"We expect copper to trade above 286.5 rupees. Copper may extend its rally further on good numbers from China," said Kapil Gandhi of STCI Commodities.
Brokerage CLSA's China Purchasing Manager's index rose to a one-year high of 52.8 in July, confirming official PMI data over the weekend that indicated an expansion in manufacturing.
U.S. gross domestic product numbers on Friday showed the world's largest economy shrank by less than expected in the second quarter. [ID:nPEK360544] [ID:nN30365410] The dollar fell broadly as stronger equities and oil prices boosted appetite for riskier assets. "Prices are running ahead of fundamentals and the rally seems to be overstretched, raising the probability of a correction," said Tejas Seth, a senior research analyst with SMC Global. "Copper may trade in the range of 277-287 (rupees) on Monday." Meanwhile, copper stocks in the warehouses monitored by the London Metal Exchange rose 1,250 tonnes to 282,125 tonnes on Monday. In other base metals, zinc for August delivery MZIQ9 was 3.18 percent higher at 86.05 rupees per kg, while lead for August delivery MLDQ9 was 2.07 percent higher at 91.25 rupees per kg at 3:33 p.m..
http://in.reuters.com/article/domesticNews/idINBOM49425620090803
The most-traded copper contract MCCQ9 was 2.70 percent higher at 284.90 rupees per kg at 3:33 p.m., after gaining 10.2 percent in July.
"We expect copper to trade above 286.5 rupees. Copper may extend its rally further on good numbers from China," said Kapil Gandhi of STCI Commodities.
Brokerage CLSA's China Purchasing Manager's index rose to a one-year high of 52.8 in July, confirming official PMI data over the weekend that indicated an expansion in manufacturing.
U.S. gross domestic product numbers on Friday showed the world's largest economy shrank by less than expected in the second quarter. [ID:nPEK360544] [ID:nN30365410] The dollar fell broadly as stronger equities and oil prices boosted appetite for riskier assets. "Prices are running ahead of fundamentals and the rally seems to be overstretched, raising the probability of a correction," said Tejas Seth, a senior research analyst with SMC Global. "Copper may trade in the range of 277-287 (rupees) on Monday." Meanwhile, copper stocks in the warehouses monitored by the London Metal Exchange rose 1,250 tonnes to 282,125 tonnes on Monday. In other base metals, zinc for August delivery MZIQ9 was 3.18 percent higher at 86.05 rupees per kg, while lead for August delivery MLDQ9 was 2.07 percent higher at 91.25 rupees per kg at 3:33 p.m..
http://in.reuters.com/article/domesticNews/idINBOM49425620090803
India Zinc Futures Likely Up On LME Gains
Published on 2009-08-03 09:40:09
Singapore - India August MCX zinc futures likely up on 2.3% gain in LME three-month zinc futures. "Firm Asian equity markets will also support buying in metal futures," says STCI Commodities trader Kapil Gandhi. Other metals also likely up on firm LME. Zinc last closed at INR83.40/kg, aluminum at INR90.85/kg, lead at INR89.40/kg, while nickel last settled at INR854.10/kg.
Singapore - India August MCX zinc futures likely up on 2.3% gain in LME three-month zinc futures. "Firm Asian equity markets will also support buying in metal futures," says STCI Commodities trader Kapil Gandhi. Other metals also likely up on firm LME. Zinc last closed at INR83.40/kg, aluminum at INR90.85/kg, lead at INR89.40/kg, while nickel last settled at INR854.10/kg.
Friday, July 31, 2009
India zinc futures up 1.7% on LME rise
Published on 2009-07-31 13:58:48
Singapore - India July MCX Zinc futures trading up 1.7% at new contract high of INR82.60/kg, tracking firm LME three-month futures. "The whole of the metal basket is on a buying spree after making fresh year's high in LME. Also, a weak U.S. dollar is supporting the rally," says STCI Commodities trader Kapil Gandhi. In other metals, aluminum up 0.3% at INR89.70/kg, lead up 1.6% at INR88.20/kg, nickel trading 0.8% higher at INR834.70/kg
http://www.moneycontrol.com/commodity/comm_news.php?autono=103351&type=MKT
Singapore - India July MCX Zinc futures trading up 1.7% at new contract high of INR82.60/kg, tracking firm LME three-month futures. "The whole of the metal basket is on a buying spree after making fresh year's high in LME. Also, a weak U.S. dollar is supporting the rally," says STCI Commodities trader Kapil Gandhi. In other metals, aluminum up 0.3% at INR89.70/kg, lead up 1.6% at INR88.20/kg, nickel trading 0.8% higher at INR834.70/kg
http://www.moneycontrol.com/commodity/comm_news.php?autono=103351&type=MKT
India gold futures up 0.1% on firm global cues
Published on 2009-07-30 17:17:10
Singapore - India MCX August gold contract tad up at INR14,684, tracking firm international spot gold, but weak local demand limits gains. "We can see some sort of buying only around INR14,500," says Kapil Gandhi of STCI Commodities; expects contract to trade in INR14,550-INR14,780 band today
http://www.moneycontrol.com/commodity/comm_news.php?autono=103287&type=MKT
Singapore - India MCX August gold contract tad up at INR14,684, tracking firm international spot gold, but weak local demand limits gains. "We can see some sort of buying only around INR14,500," says Kapil Gandhi of STCI Commodities; expects contract to trade in INR14,550-INR14,780 band today
http://www.moneycontrol.com/commodity/comm_news.php?autono=103287&type=MKT
Tuesday, July 28, 2009
India nickel futures likely up on technical buying
Published on 2009-07-28 09:32:32
Singapore - India MCX July nickel futures likely up on technical buying after contract settled at new high of INR808.80/kg yesterday, says STCI Commodities trader Kapil Gandhi. Adds, "prices look firm on the weekly chart after a close above the crucial resistance of INR800, and the rally could extend further on buying." Other metals also likely up tracking firm LME; zinc last closed at INR81.20/kg, aluminum at INR87.05/kg, while lead settled at INR85.20/kg.
http://www.moneycontrol.com/commodity/comm_news.php?autono=103011&type=MKT
Singapore - India MCX July nickel futures likely up on technical buying after contract settled at new high of INR808.80/kg yesterday, says STCI Commodities trader Kapil Gandhi. Adds, "prices look firm on the weekly chart after a close above the crucial resistance of INR800, and the rally could extend further on buying." Other metals also likely up tracking firm LME; zinc last closed at INR81.20/kg, aluminum at INR87.05/kg, while lead settled at INR85.20/kg.
http://www.moneycontrol.com/commodity/comm_news.php?autono=103011&type=MKT
Thursday, July 16, 2009
Average prices of Base metals for the 2009 - 2010 calendar year.
Outlook poll of Reuters: Analyst Downgrade aluminum View, warm to copper for 2010 forecast
We STCI Commodities contributed our view on Average prices of Base metals for the 2009 – 2010 calendar year.
SINGAPORE, July 14 (Reuters) - A surge in aluminum stocks to unprecedented levels has led analysts to cut forecasts for 2010 aluminium prices by an average of 13 percent versus a survey in January, according to the latest Reuters base metals
poll.But a quorum of the over 60 analysts polled warmed to Copper, lifting expectations by around a quarter for 2009 and Almost 20 percent in 2010 from the January survey
For the result of Poll find attached excel file base metals forecast 2009 and 2010
http://in.reuters.com/article/domesticNews/idINSP52410620090716
Wednesday, July 15, 2009
India copper futures at one-month high on buying
Published on 2009-07-15 13:23:37
Singapore - India August MCX copper futures trading up 1.2% at one-month high of INR250.50/kg on fresh buying tracking London metal market; open interest up 8.5% at 22,825 lots. "Most of the Asian equity markets are firm today, lending support to the metal prices," says Kapil Gandhi, trader with STCI Commodities; expects contract to test INR254 technical resistance later today
Singapore - India August MCX copper futures trading up 1.2% at one-month high of INR250.50/kg on fresh buying tracking London metal market; open interest up 8.5% at 22,825 lots. "Most of the Asian equity markets are firm today, lending support to the metal prices," says Kapil Gandhi, trader with STCI Commodities; expects contract to test INR254 technical resistance later today
Tuesday, July 14, 2009
India zinc, lead futures likely to track LME higher
Published on 2009-07-14 09:38:43
Singapore - India July MCX zinc, lead futures likely up on higher LME futures; LME 3-month zinc up 2%, lead 1.1% higher. "Also, most Asian equity markets are trading firm today, which is also likely to support metals," says Kapil Gandhi, trader with STCI Commodities. Zinc last closed at INR71.20/kg, lead at INR75.80/kg, nickel at INR724.30/kg, aluminum at INR75.75/kg.
Singapore - India July MCX zinc, lead futures likely up on higher LME futures; LME 3-month zinc up 2%, lead 1.1% higher. "Also, most Asian equity markets are trading firm today, which is also likely to support metals," says Kapil Gandhi, trader with STCI Commodities. Zinc last closed at INR71.20/kg, lead at INR75.80/kg, nickel at INR724.30/kg, aluminum at INR75.75/kg.
Monday, July 13, 2009
India gold futures up 0.3%; low buying interest
Published on 2009-07-13 17:20:53
Singapore - India August MCX gold contract up 0.3% at INR14,545/10 grams, off intra-day high of INR14,592 as INR erases some losses. "Gold's upside is capped due to slack investor buying interest," says Kapil Gandhi, trader with STCI Commodities; tips contract in INR14,450-INR14,600/10 grams range today.
Singapore - India August MCX gold contract up 0.3% at INR14,545/10 grams, off intra-day high of INR14,592 as INR erases some losses. "Gold's upside is capped due to slack investor buying interest," says Kapil Gandhi, trader with STCI Commodities; tips contract in INR14,450-INR14,600/10 grams range today.
India copper futures likely dn on weak equity mkts
Published on 2009-07-13 09:45:44
Singapore - India August MCX copper futures likely to open down, tracking weak Asian equity markets, marginal decline in LME 3-month copper futures; weak economy likely to hamper copper demand. "Besides, the strong overseas U.S. dollar will also weigh on prices," says STCI Commodities trader Kapil Gandhi; expects contract in INR236-INR244/kg band. It last closed at INR240.25.
http://www.moneycontrol.com/commodity/comm_news.php?autono=101839&type=MKT
Singapore - India August MCX copper futures likely to open down, tracking weak Asian equity markets, marginal decline in LME 3-month copper futures; weak economy likely to hamper copper demand. "Besides, the strong overseas U.S. dollar will also weigh on prices," says STCI Commodities trader Kapil Gandhi; expects contract in INR236-INR244/kg band. It last closed at INR240.25.
http://www.moneycontrol.com/commodity/comm_news.php?autono=101839&type=MKT
Friday, July 10, 2009
India copper reverses gains as strong dollar weighs
Fri Jul 10, 2009 3:30pm
MUMBAI, July 10 (Reuters) - India copper futures reversed early gains on Friday as dollar gained overseas, analysts said.
The most active August contract MCCQ9 was 0.81 percent lower at 238.60 rupees per kg at 3:00 p.m. It had hit an intra-day high of 242 rupees earlier.
Prices of the metal used in power and construction rallied sharply the day before on a weaker dollar, comments from the International Monetary Fund that the global economy was improving [ID:nN08376464], and as Germany said it may have already emerged from recession [ID:nL9586626].
The dollar rose broadly and the yen hovered near the week's peaks against other major currencies on investor caution as U.S. corporate earnings season got rolling and as share prices fell.[USD/] "A strong dollar is pressuring prices," said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad. "It would continue to watch equity markets for direction."
"Copper may trade in the range of 237-243 rupees and it has to breach 243 convincingly for an uptrend to resume," said Prasad.
"We expect copper prices to trade in the range of 234-244 level," said Kapil Gandhi of STCI Commodities.
"Slowing demand and falling equities market is a major concern for base metals complex," said Gandhi.
In other base metals, the July zinc MZIN9 was 0.88 percent lower at 73.30 rupees per kg, while lead for July delivery MLDN9 was 0.95 percent lower at 78.15 rupees per kg.
MUMBAI, July 10 (Reuters) - India copper futures reversed early gains on Friday as dollar gained overseas, analysts said.
The most active August contract MCCQ9 was 0.81 percent lower at 238.60 rupees per kg at 3:00 p.m. It had hit an intra-day high of 242 rupees earlier.
Prices of the metal used in power and construction rallied sharply the day before on a weaker dollar, comments from the International Monetary Fund that the global economy was improving [ID:nN08376464], and as Germany said it may have already emerged from recession [ID:nL9586626].
The dollar rose broadly and the yen hovered near the week's peaks against other major currencies on investor caution as U.S. corporate earnings season got rolling and as share prices fell.[USD/] "A strong dollar is pressuring prices," said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad. "It would continue to watch equity markets for direction."
"Copper may trade in the range of 237-243 rupees and it has to breach 243 convincingly for an uptrend to resume," said Prasad.
"We expect copper prices to trade in the range of 234-244 level," said Kapil Gandhi of STCI Commodities.
"Slowing demand and falling equities market is a major concern for base metals complex," said Gandhi.
In other base metals, the July zinc MZIN9 was 0.88 percent lower at 73.30 rupees per kg, while lead for July delivery MLDN9 was 0.95 percent lower at 78.15 rupees per kg.
Friday, July 3, 2009
India copper edges lower as dismal U.S. data weighs
Fri Jul 3, 2009 3:20pm IST
MUMBAI, July 3 (Reuters) - India copper futures edged lower on Friday afternoon on renewed concerns of a speedy economic recovery after weaker-than-expected U.S. jobs data, analysts said.
Rising inventories in Shanghai and London also pressured the red metal, they added.
The most active August copper contract MCCQ9 was 1.5 percent lower at 241.20 rupees per kg at 3:12 p.m., after hitting a low of 240.7 rupees earlier.
The U.S. lost more jobs in June than expected, while the unemployment rate hit 9.5 percent, the highest in nearly 26 years, dimming hopes for a rapid economic recovery. [ID:nN02549309]
Copper stocks in London Metal Exchange rose by 4,050 tonnes to 268,275 tonnes, while copper stocks in Shanghai stocks also rose by 7 percent to 59,980 tonnes. See [ID:nBJD000933]
Traders were disappointed after the U.S. jobs report, which raised concerns about demand, said Kapil Gandhi of STCI Commodities.
"We expect copper to trade with negative bias for trading day in range of 236-246," added Gandhi.
"We are expecting the level of 232 rupees in the next 4-5 trading sessions," said Amrut Deshmukh, senior technical analyst with Way 2 Wealth Securities.
In other base metals, July zinc MZIN9 was 0.93 percent lower 74.60 rupees per kg, while lead for July delivery MLDN9 was 1.16 percent lower at 80.60 rupees per kg.
MUMBAI, July 3 (Reuters) - India copper futures edged lower on Friday afternoon on renewed concerns of a speedy economic recovery after weaker-than-expected U.S. jobs data, analysts said.
Rising inventories in Shanghai and London also pressured the red metal, they added.
The most active August copper contract MCCQ9 was 1.5 percent lower at 241.20 rupees per kg at 3:12 p.m., after hitting a low of 240.7 rupees earlier.
The U.S. lost more jobs in June than expected, while the unemployment rate hit 9.5 percent, the highest in nearly 26 years, dimming hopes for a rapid economic recovery. [ID:nN02549309]
Copper stocks in London Metal Exchange rose by 4,050 tonnes to 268,275 tonnes, while copper stocks in Shanghai stocks also rose by 7 percent to 59,980 tonnes. See [ID:nBJD000933]
Traders were disappointed after the U.S. jobs report, which raised concerns about demand, said Kapil Gandhi of STCI Commodities.
"We expect copper to trade with negative bias for trading day in range of 236-246," added Gandhi.
"We are expecting the level of 232 rupees in the next 4-5 trading sessions," said Amrut Deshmukh, senior technical analyst with Way 2 Wealth Securities.
In other base metals, July zinc MZIN9 was 0.93 percent lower 74.60 rupees per kg, while lead for July delivery MLDN9 was 1.16 percent lower at 80.60 rupees per kg.
India copper futures dn on China demand concerns
Published on 2009-07-03 13:13:37
Singapore - India August MCX copper futures down 0.8% at INR243.65/kg on concerns China, world's largest consumer of metal, could go slow on buying. "Weak Asian markets are also weighing on the prices after a disappointing U.S. jobs report, raising doubt on a near-term economic recovery," says STCI Commodities trader Kapil Gandhi; expects contract to find support at INR242.
http://www.moneycontrol.com/commodity/comm_news.php?autono=101184&type=MKT
Singapore - India August MCX copper futures down 0.8% at INR243.65/kg on concerns China, world's largest consumer of metal, could go slow on buying. "Weak Asian markets are also weighing on the prices after a disappointing U.S. jobs report, raising doubt on a near-term economic recovery," says STCI Commodities trader Kapil Gandhi; expects contract to find support at INR242.
http://www.moneycontrol.com/commodity/comm_news.php?autono=101184&type=MKT
Thursday, July 2, 2009
India copper surrenders previous day's gains on dollar
Thu Jul 2, 2009 3:01pm IST
MUMBAI, July 2 (Reuters) - India copper futures gave away part of their previous days gains on Thursday afternoon as dollar recovered overseas, with investors awaiting the release of U.S. job data for direction, analysts said. The most-active August contract MCCQ9 was 1.09 percent lower 244.15 rupees per kg at 2:42 p.m., after hitting a low of 243.2 in early deals.
The contract had gained 1.8 percent in the previous session, when strong Chinese PMI and U.S. ISM data supported the red metal. The dollar rose, recovering after a Chinese Foreign Ministry official quelled some speculation about currency reserves diversification, while traders awaited an European Central Bank policy announcement and key U.S. jobs data later in the day. [USD/]
According to a Reuters poll, U.S. non-farm payrolls are expected to drop to 363,000 in June compared to 345,000 in May. See [ID:nLT651939]
The U.S. unemployment rate is projected to rise to 9.6 percent in June from 9.4 percent in May.
"Investors are cautious ahead of US job data," said Kapil Gandhi of STCI. "We expect to trade copper sideways in the range of 242-250 (rupees)."
In other base metals, July zinc MZIN9 was 1.06 percent lower at 75 rupees per kg, while lead for July delivery MLDN9 was 0.91 percent lower at 82.10 rupees per kg.
MUMBAI, July 2 (Reuters) - India copper futures gave away part of their previous days gains on Thursday afternoon as dollar recovered overseas, with investors awaiting the release of U.S. job data for direction, analysts said. The most-active August contract MCCQ9 was 1.09 percent lower 244.15 rupees per kg at 2:42 p.m., after hitting a low of 243.2 in early deals.
The contract had gained 1.8 percent in the previous session, when strong Chinese PMI and U.S. ISM data supported the red metal. The dollar rose, recovering after a Chinese Foreign Ministry official quelled some speculation about currency reserves diversification, while traders awaited an European Central Bank policy announcement and key U.S. jobs data later in the day. [USD/]
According to a Reuters poll, U.S. non-farm payrolls are expected to drop to 363,000 in June compared to 345,000 in May. See [ID:nLT651939]
The U.S. unemployment rate is projected to rise to 9.6 percent in June from 9.4 percent in May.
"Investors are cautious ahead of US job data," said Kapil Gandhi of STCI. "We expect to trade copper sideways in the range of 242-250 (rupees)."
In other base metals, July zinc MZIN9 was 1.06 percent lower at 75 rupees per kg, while lead for July delivery MLDN9 was 0.91 percent lower at 82.10 rupees per kg.
Wednesday, July 1, 2009
India copper futures likely to open tad lower
Published on 2009-07-02 09:36:36
Singapore - India August MCX copper futures likely to open slightly lower, tracking LME as three-month LME copper trading 0.8% lower. However, "prices may pick up later on support from the rising Asian equity markets," says Kapil Gandhi, trader with STCI Commodities; improving economy likely to push up demand for copper, especially for infrastructure construction. Gandhi tips contract to trade in INR244-INR250/kg range; last close at INR246.85.
Singapore - India August MCX copper futures likely to open slightly lower, tracking LME as three-month LME copper trading 0.8% lower. However, "prices may pick up later on support from the rising Asian equity markets," says Kapil Gandhi, trader with STCI Commodities; improving economy likely to push up demand for copper, especially for infrastructure construction. Gandhi tips contract to trade in INR244-INR250/kg range; last close at INR246.85.
India copper futures up 1.2% tracking LME gains
Published on 2009-07-01 13:26:27
Singapore - India August MCX copper futures up 1.2% at INR245.30/kg, tracking 1.4% rise in LME. "Weak dollar and positive China purchase data have been supporting" prices, says Kapil Gandhi, trader with STCI Commodities; China purchasing managers' index improved to 53.2 in June vs 53.1 in May, suggesting recovery in economy. Traders eyeing U.S. pending home, auto sales data, to be released later today. Gandhi expects contract to test INR 248 resistance later today.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100989&type=MKT
Singapore - India August MCX copper futures up 1.2% at INR245.30/kg, tracking 1.4% rise in LME. "Weak dollar and positive China purchase data have been supporting" prices, says Kapil Gandhi, trader with STCI Commodities; China purchasing managers' index improved to 53.2 in June vs 53.1 in May, suggesting recovery in economy. Traders eyeing U.S. pending home, auto sales data, to be released later today. Gandhi expects contract to test INR 248 resistance later today.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100989&type=MKT
Tuesday, June 30, 2009
India guar futures lower on Rajasthan rains
Tue Jun 30, 2009 6:35pm IST
MUMBAI, June 30 (Reuters) - India guar seed futures ended lower on Tuesday as the monsoon entered Rajasthan, a key producer, analysts said.
"South-west monsoon has further advanced into.. some more parts of east Rajasthan," India Meteorological Department said on its website on Tuesday.
However, estimates of a 10 percent fall in acreage limited losses, analysts said.
Guar is primarily a rain-dependent crop and good monsoon will increase output and supplies, depressing prices, analysts said.
"Monsoon will be a crucial factor for guar," said Kapil Gandhi of STCI Commodities.
Combined open interest of guar seed futures rose to 239,430 tonnes on Tuesday from 234,940 tonnes on Monday, while volume rose to 197,380 tonnes from 181,010 tonnes.
Following are the closing prices of guar seed <0#NGU:> in rupees per 100 kg, and guar gum futures <0#NGG:> in rupees per 100 kg, on the NCDEX:
Contract Reuters code Closing price Change in %
http://in.reuters.com/article/domesticNews/idINBOM30912620090630?pageNumber=1&virtualBrandChannel=0&sp=true
MUMBAI, June 30 (Reuters) - India guar seed futures ended lower on Tuesday as the monsoon entered Rajasthan, a key producer, analysts said.
"South-west monsoon has further advanced into.. some more parts of east Rajasthan," India Meteorological Department said on its website on Tuesday.
However, estimates of a 10 percent fall in acreage limited losses, analysts said.
Guar is primarily a rain-dependent crop and good monsoon will increase output and supplies, depressing prices, analysts said.
"Monsoon will be a crucial factor for guar," said Kapil Gandhi of STCI Commodities.
Combined open interest of guar seed futures rose to 239,430 tonnes on Tuesday from 234,940 tonnes on Monday, while volume rose to 197,380 tonnes from 181,010 tonnes.
Following are the closing prices of guar seed <0#NGU:> in rupees per 100 kg, and guar gum futures <0#NGG:> in rupees per 100 kg, on the NCDEX:
Contract Reuters code Closing price Change in %
http://in.reuters.com/article/domesticNews/idINBOM30912620090630?pageNumber=1&virtualBrandChannel=0&sp=true
India chana falls on profit-taking; guar on rains
MUMBAI, June 30 (Reuters) - India chana futures erased early gains on Tuesday afternoon on profit-taking, but a sharp rise in kharif pulses due to a delay in sowing limited the downside, analysts said.
At 2:42 p.m., the July futures contract NCHN9 was down 0.28 percent at 2,172 rupees per 100 kg, after gaining more than 2 percent in past two sessions.
"Though monsoon has covered main kharif pulses growing states, they are not getting sufficient rains. Sowing activity is still subdued," said Chowda Reddy, an analyst with Karvy Comtrade Ltd. "Profit-booking is emerging at higher levels."
Chana, a winter sown pulse, is priced lower than summer sown pulses like tur, urad and moong, whose prices have risen in the past few weeks on a delay in progress of monsoon.
Last week, the weather office said this year's monsoon rains would deliver only 93 percent of the long-term average, coming in below normal for the first time in four years.
Demand for chana dal and flour usually goes up during monsoon months as supply of vegetables drops in wet weather.
In Delhi spot market price rose by 21 rupees to 2,210 rupees.
GUAR:
India guar seed futures were lower as monsoon entered Rajasthan, a key producer, analysts said.
"South west monsoon has further advanced into.. some more parts of east Rajasthan," India Meteorological Department said on its Web site on Tuesday.
However, estimates of a 10 percent fall in acreage limited losses, analysts said.
Guar is primarily a rain-dependent crop and good monsoon will increase output and supplies, depressing prices, analysts said.
"Monsoon will be a crucial factor for guar," said Kapil Gandhi of STCI Commodities.
At 2:41 p.m., the August futures contract NGUQ9 was down 0.7 percent at 1,841 rupees per 100 kg.
At 2:42 p.m., the July futures contract NCHN9 was down 0.28 percent at 2,172 rupees per 100 kg, after gaining more than 2 percent in past two sessions.
"Though monsoon has covered main kharif pulses growing states, they are not getting sufficient rains. Sowing activity is still subdued," said Chowda Reddy, an analyst with Karvy Comtrade Ltd. "Profit-booking is emerging at higher levels."
Chana, a winter sown pulse, is priced lower than summer sown pulses like tur, urad and moong, whose prices have risen in the past few weeks on a delay in progress of monsoon.
Last week, the weather office said this year's monsoon rains would deliver only 93 percent of the long-term average, coming in below normal for the first time in four years.
Demand for chana dal and flour usually goes up during monsoon months as supply of vegetables drops in wet weather.
In Delhi spot market price rose by 21 rupees to 2,210 rupees.
GUAR:
India guar seed futures were lower as monsoon entered Rajasthan, a key producer, analysts said.
"South west monsoon has further advanced into.. some more parts of east Rajasthan," India Meteorological Department said on its Web site on Tuesday.
However, estimates of a 10 percent fall in acreage limited losses, analysts said.
Guar is primarily a rain-dependent crop and good monsoon will increase output and supplies, depressing prices, analysts said.
"Monsoon will be a crucial factor for guar," said Kapil Gandhi of STCI Commodities.
At 2:41 p.m., the August futures contract NGUQ9 was down 0.7 percent at 1,841 rupees per 100 kg.
Monday, June 29, 2009
India gold futures little changed; demand weak
Published on 2009-06-29 17:11:25
Singapore - India August MCX gold contract little changed at INR14,624/10 grams, reversing losses following recovery in overseas spot gold prices. "Crude prices have been supportive for gold and contract likely to move in INR14,550-INR14,700/10 grams range today," says Kapil Gandhi, trader with STCI Commodities; adds INR gains will keep prices subdued. India's gold imports in June likely down 58% on year to around 10 tons despite fall in prices, indicating weak domestic demand, says Suresh Hundia, president of Bombay Bullion Association.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100816&type=MKT
Singapore - India August MCX gold contract little changed at INR14,624/10 grams, reversing losses following recovery in overseas spot gold prices. "Crude prices have been supportive for gold and contract likely to move in INR14,550-INR14,700/10 grams range today," says Kapil Gandhi, trader with STCI Commodities; adds INR gains will keep prices subdued. India's gold imports in June likely down 58% on year to around 10 tons despite fall in prices, indicating weak domestic demand, says Suresh Hundia, president of Bombay Bullion Association.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100816&type=MKT
India copper slightly higher on overseas markets
MUMBAI, June 29 (Reuters) - India copper futures traded slightly higher on Monday, following similar trends overseas, where investors are eyeing a slew of economic data for direction, analysts said.
The most active June contract MCCM9 was 0.53 percent higher at 244.40 rupees per kg at 4:21 p.m., off the day's high of 246.2 rupees.
The contract had gained more than 1.5 percent last week on fresh signs of an economic revival in the U.S..
London copper prices rallied echoing gains in equities as confidence seeped in that the global economy was improving, but gains were capped as market players bet recovery would be slow and painful. See [ID:nLT663092]
A fall in copper stocks also supported the metal along with improving Euro zone economic sentiment. See [ID:nLT643111]
Copper stocks in the London Metal Exchange (LME) fell by 2,950 tonnes to 267,300 tonnes on Monday.
"The most important data point to watch out for is Chinese PMI data till then we expect copper to trade firm," said Tejas Seth, senior research analyst, SMC global in Delhi.
Investors are eyeing a flood of economic data this week, including China's Purchasing Managers Index on Wednesday, U.S. consumer confidence on Tuesday and U.S. June job figures and manufacturing data on Thursday to gauge if the economy is on a path to sustainable recovery. [nSP459462]
Copper may trade in the range of 238-247.5 rupees for the day, said Kapil Gandhi of STCI Commodities.
In other base metals, June zinc MZIM9 was 1.06 percent lower at 74.60 rupees per kg, while lead for June delivery MLDM9 was 0.79 percent lower at 81.35 rupees per kg at 4:22 p.m..
http://in.reuters.com/article/domesticNews/idINBOM49344920090629?sp=true
The most active June contract MCCM9 was 0.53 percent higher at 244.40 rupees per kg at 4:21 p.m., off the day's high of 246.2 rupees.
The contract had gained more than 1.5 percent last week on fresh signs of an economic revival in the U.S..
London copper prices rallied echoing gains in equities as confidence seeped in that the global economy was improving, but gains were capped as market players bet recovery would be slow and painful. See [ID:nLT663092]
A fall in copper stocks also supported the metal along with improving Euro zone economic sentiment. See [ID:nLT643111]
Copper stocks in the London Metal Exchange (LME) fell by 2,950 tonnes to 267,300 tonnes on Monday.
"The most important data point to watch out for is Chinese PMI data till then we expect copper to trade firm," said Tejas Seth, senior research analyst, SMC global in Delhi.
Investors are eyeing a flood of economic data this week, including China's Purchasing Managers Index on Wednesday, U.S. consumer confidence on Tuesday and U.S. June job figures and manufacturing data on Thursday to gauge if the economy is on a path to sustainable recovery. [nSP459462]
Copper may trade in the range of 238-247.5 rupees for the day, said Kapil Gandhi of STCI Commodities.
In other base metals, June zinc MZIM9 was 1.06 percent lower at 74.60 rupees per kg, while lead for June delivery MLDM9 was 0.79 percent lower at 81.35 rupees per kg at 4:22 p.m..
http://in.reuters.com/article/domesticNews/idINBOM49344920090629?sp=true
India wheat futures tad lower on soaring stocks
MUMBAI, June 29 (Reuters) - Indian wheat futures were a tad lower on Monday afternoon on soaring stocks, while hopes of exports of wheat products limited losses, analysts said.
Analysts said a below-average monsoon forecast may provide some support to prices of the commodity as it may reduce output of summer-sown food grains, increasing reliance on the winter-sown wheat.
"Delayed monsoon has supported wheat prices to some extent .... but it will remain subdued in the medium-term," said Kapil Gandhi of STCI Commodities.
"We can expect prices in the range of 1,075-1,125 rupees for July contract," he added.
Last week, Earth Sciences Minister Prithviraj Chavan said that the 2009 monsoon rainfall would be 93 percent of the long-term average, lower than an earlier forecast of 96 percent. See [ID:nBMB005637]
At 3:16 a.m, July futures contract NWTN9 on National Commodity and Derivatives Exchange was at 1,093 rupees per 100 kg, down 0.24 percent.
India has purchased 24.75 million tonnes of wheat in 2008/09 marketing year beginning April 1, sharply up from 22.26 million tonnes bought the year ago, as per latest data.
India is expected to buy a record 25 million tonnes of wheat from farmers in the current season, up 11 percent from a year earlier, government officials said on June 10. See [nDEL435822]
Soaring stocks may pave the way for export of the grain, analysts said.
According to local newspaper reports, the food ministry has approved a proposal for export of 0.65 million tonnes of wheat products.
India will look at lifting grain export curbs only after watching the progress of monsoon rains and the planting of summer-sown crops, its farm secretary said last week.
http://in.reuters.com/article/domesticNews/idINBOM41031120090629?sp=true
Analysts said a below-average monsoon forecast may provide some support to prices of the commodity as it may reduce output of summer-sown food grains, increasing reliance on the winter-sown wheat.
"Delayed monsoon has supported wheat prices to some extent .... but it will remain subdued in the medium-term," said Kapil Gandhi of STCI Commodities.
"We can expect prices in the range of 1,075-1,125 rupees for July contract," he added.
Last week, Earth Sciences Minister Prithviraj Chavan said that the 2009 monsoon rainfall would be 93 percent of the long-term average, lower than an earlier forecast of 96 percent. See [ID:nBMB005637]
At 3:16 a.m, July futures contract NWTN9 on National Commodity and Derivatives Exchange was at 1,093 rupees per 100 kg, down 0.24 percent.
India has purchased 24.75 million tonnes of wheat in 2008/09 marketing year beginning April 1, sharply up from 22.26 million tonnes bought the year ago, as per latest data.
India is expected to buy a record 25 million tonnes of wheat from farmers in the current season, up 11 percent from a year earlier, government officials said on June 10. See [nDEL435822]
Soaring stocks may pave the way for export of the grain, analysts said.
According to local newspaper reports, the food ministry has approved a proposal for export of 0.65 million tonnes of wheat products.
India will look at lifting grain export curbs only after watching the progress of monsoon rains and the planting of summer-sown crops, its farm secretary said last week.
http://in.reuters.com/article/domesticNews/idINBOM41031120090629?sp=true
Friday, June 26, 2009
India gold futures up 0.6% on firm global market
Published on 2009-06-26 13:23:52
Singapore - India August MCX gold contract up 0.6% at INR14,773/10 grams on rise in international spot gold price, firm crude, says Kapil Gandhi of STCI Commodities; expects contract to test INR14,850 today. Adds, close of overseas spot gold above $948/oz will lead to short-term price rally. In local physical markets, sales have fallen by 25%-30% in volume terms so far this year, says Vinod Hayagriv, chairman of All India Gems & Jewellery Trade Federation.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100621&type=MKT
Singapore - India August MCX gold contract up 0.6% at INR14,773/10 grams on rise in international spot gold price, firm crude, says Kapil Gandhi of STCI Commodities; expects contract to test INR14,850 today. Adds, close of overseas spot gold above $948/oz will lead to short-term price rally. In local physical markets, sales have fallen by 25%-30% in volume terms so far this year, says Vinod Hayagriv, chairman of All India Gems & Jewellery Trade Federation.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100621&type=MKT
Wednesday, June 24, 2009
India pepper futures likely to extend losses
Singapore - India July NCDEX pepper futures likely to extend losses; last closed down 1.1% at INR12,739/100 kg. "With monsoon progressing well, buyers remain on sidelines avoiding bulk purchases on moisture concerns," says STCI Commodities' Trader Kapil Gandhi; tips contract in INR12,650-INR12,850 band.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100384&type=MKT
http://www.moneycontrol.com/commodity/comm_news.php?autono=100384&type=MKT
Monday, June 22, 2009
India gold futures dn 0.3%; reverses early gains
Singapore - India August MCX gold contract down 0.3% at INR14,506/10 grams, erases intra-day gains on 1% fall in overseas spot gold prices due to dollar gains. "The trend is mostly negative today, with the contract expected to fall below INR14,400 level," says STCI Commodities trader Kapil Gandhi; expects contract to find strong support at INR13,500 as INR weak.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100277&type=MKT
http://www.moneycontrol.com/commodity/comm_news.php?autono=100277&type=MKT
Copper prices slips on Market demand concern
Copper was down on Friday , as concern about future demand with china has stocks peaked and those massive imports numbers have seen could come off quite drastically .
Copper has gained more than 63 percent this year, which boosted by demand from china , the top consumer of the metal and falling inventories , which currently stand at 2,80,350 tonnes the lower since November last year .
From now on “ Its going to depend on consumer , But I see the limited upside for most of the commodities, till fundamentals are not going to imrove much near term . Economic data has helped improve sentiment , but further gains will be dependent on health of economy .
We expect copper prices to trade in range of $ 4850 – 5100 , in Mcx copper futures prices can see support at 232 and resistance at 242 levels.
“ It need to break and then it will if we get closed below $4925 , were we can get quick lower move . support would be seen at 4800 level
Happy Trading !
Copper has gained more than 63 percent this year, which boosted by demand from china , the top consumer of the metal and falling inventories , which currently stand at 2,80,350 tonnes the lower since November last year .
From now on “ Its going to depend on consumer , But I see the limited upside for most of the commodities, till fundamentals are not going to imrove much near term . Economic data has helped improve sentiment , but further gains will be dependent on health of economy .
We expect copper prices to trade in range of $ 4850 – 5100 , in Mcx copper futures prices can see support at 232 and resistance at 242 levels.
“ It need to break and then it will if we get closed below $4925 , were we can get quick lower move . support would be seen at 4800 level
Happy Trading !
Friday, June 19, 2009
India wheat futures tad lower amid thin trade
India NCDEX wheat futures tad lower amid thin volume; July contract slips 0.4% to INR1,084/100 kg; volume 680 tons vs daily average 1500 tons. "The lack of any fresh cues led to the market remaining steady within a narrow range" of INR1,082-INR1,088, says Kapil Gandhi of STCI Commodities; expects contract to test INR1,078 today.
http://www.moneycontrol.com/commodity/comm_news.php?autono=100075&type=MKT
http://www.moneycontrol.com/commodity/comm_news.php?autono=100075&type=MKT
Wednesday, June 10, 2009
Gold climbs as dollar retreat, Crude rises above $71barrel,US Copper hits 8th month high
Gold
Gold slight up on Wednesday,as its appeal of hedged against dollar weakness and worries about inflation concern. Gold futures trading at $961 from $954.70 an ounce on the comex .
Gold futures rebound on Tuesday on a weaker dollar and rally in crude as signs of economic recovery which shall attract investor and trader further on inflation - hedge buying.
The world’s largest gold exchanged traded fund , SPDR gold trust said its holdings unchanged at 1,132.15 tonnes as of june 9th.Market participation are buzzing on the news of economy improved enough to justify talk of higher U.S interest rates by year end.
Crude oil
Crude oil futures breached $71bbl Wednesday,as traders bet that weekly US inventory data will show larger than expected drawdowns on signs of improving economy .
Oil prices is rallying on due to dollar weakness and more liquidity in the market place.”Sentiment is good for oil market as investor are seeing more green shoots as macro data gradually improves, and weaker dollar concerns and inflation factor will be in check list of Participation .
Basemetals
Copper futures rallied more than five percent on Tuesday as weakness in the dollar and strong technical momentum support which attmepted its highest level in eight months.
Gold slight up on Wednesday,as its appeal of hedged against dollar weakness and worries about inflation concern. Gold futures trading at $961 from $954.70 an ounce on the comex .
Gold futures rebound on Tuesday on a weaker dollar and rally in crude as signs of economic recovery which shall attract investor and trader further on inflation - hedge buying.
The world’s largest gold exchanged traded fund , SPDR gold trust said its holdings unchanged at 1,132.15 tonnes as of june 9th.Market participation are buzzing on the news of economy improved enough to justify talk of higher U.S interest rates by year end.
Crude oil
Crude oil futures breached $71bbl Wednesday,as traders bet that weekly US inventory data will show larger than expected drawdowns on signs of improving economy .
Oil prices is rallying on due to dollar weakness and more liquidity in the market place.”Sentiment is good for oil market as investor are seeing more green shoots as macro data gradually improves, and weaker dollar concerns and inflation factor will be in check list of Participation .
Basemetals
Copper futures rallied more than five percent on Tuesday as weakness in the dollar and strong technical momentum support which attmepted its highest level in eight months.
Future Trends !
Today’s precious metals could see major movement as trader will actively track on dollar turn,and supported by Oil prices,which place gold prices , from last two days we seen gold prices are in underpressure as dollar weakness, but factors keep gold prices subdued .
We expect Gold prices to trade sideways which will be in range of $ 935- 972 .
As, we posted previous that silver would out perform gold , that we have witnessed on Tuesday trading session , which gradually improve its move by good momentum rally .we still feel silver has potential to move further from current levels , traders can hold silver with SL of $14.75 and expected levels are $15.85 – 16.25
Market Talk for Crude oil which breached $71 level , as expected prices shown drastic move on Tuesday business day. As investor and traders expecting inventory will largely draw down which keep market on higher side.
Crude prices are pushing by market sentiment neither its fundamental focus.which could tick levels for sometime.but attraction are still on buyont for crude .
We expect crude oil to trade above $70 levels , could momentum rally on higher side.
As Basemetals are on upfront of commodities nowdays, Copper , nickel are back with bang.boosted as dollar weakness and chinese demand has taken V shaped which could impact further trading sessions.
Trader expect copper prices to trade above $5150 level immediate target be $5300 abv. Nickel and Lead see good momentum tick at current levels.
Happy Trading !
Tuesday, June 9, 2009
Gold futures to retest $935 on card , Crude prices trend up on signs of economic recovery.
Gold
Gold futures decline below $950 levels ,as the dollar gain amid signs of economic recovery, reducing the investment appeal of bullion as hedged againts weakening dollar. Gold fell on Euro weaker side against dollar seen lower level at $943.8 since May 26. A stronger dollar prompted commodity funds to sell across the board.
SPDR Gold trust , world largest exchange traded fund, said its bullion holdings dropped 0.35 tonnes to 1,332.15 tonnes as of june 5th.
Gold / Oil ration at 13.86 , lower than the 13.95 of the previous session .
Silver
Precious metal declined as investor reduced alternative investment , silver also fell to $14.885 as ounce after trading high as $15.0637, still silver has out perform gold this year.
Crude oil
Crude oil future rallied in asia after a moderate fall over night,extending early gains as the dollar fell againts euro,enhancing the appeal of commodities as currency hedge.
“Fundamentals are holding gas down , and crude oil is trading less on fundamentals and more on consumer sentiment and perception “
Basemetals
Copper futures track sentiment of commodity market ,as an extended rally in the dollar versus the euro helped keed a view on the brader complex. Last week surpisingly strong US unemployement data and strong chinese demand signals,show limited downside for copper as investors choosing to focus on the positives .
Gold futures decline below $950 levels ,as the dollar gain amid signs of economic recovery, reducing the investment appeal of bullion as hedged againts weakening dollar. Gold fell on Euro weaker side against dollar seen lower level at $943.8 since May 26. A stronger dollar prompted commodity funds to sell across the board.
SPDR Gold trust , world largest exchange traded fund, said its bullion holdings dropped 0.35 tonnes to 1,332.15 tonnes as of june 5th.
Gold / Oil ration at 13.86 , lower than the 13.95 of the previous session .
Silver
Precious metal declined as investor reduced alternative investment , silver also fell to $14.885 as ounce after trading high as $15.0637, still silver has out perform gold this year.
Crude oil
Crude oil future rallied in asia after a moderate fall over night,extending early gains as the dollar fell againts euro,enhancing the appeal of commodities as currency hedge.
“Fundamentals are holding gas down , and crude oil is trading less on fundamentals and more on consumer sentiment and perception “
Basemetals
Copper futures track sentiment of commodity market ,as an extended rally in the dollar versus the euro helped keed a view on the brader complex. Last week surpisingly strong US unemployement data and strong chinese demand signals,show limited downside for copper as investors choosing to focus on the positives .
Future Trend !
Today's we expect precious metals to trade sideway , as Gold trade in range of $935-965 . if it closed above $961 then it sees good momentum trading level ahead.
Silver futures seems outperforming gold as of now. shall trade in Range of $14.75 – 15. 75
Crude oil futures again on track of $70bbl Mark , it shall move further and breached $72 as sentiment of commodities market as hedged against currency .
In Basmetals corner we expect copper to trade above $4950 level keeping $5250 level target near term .Nickel sees good momentum rally in near term .
Saturday, June 6, 2009
Gold futures tumbled on Fund selling,Oil futures settled down profit taking on 7th Month High.($70BBL)
Gold
Gold futures fell $19.70 on Friday to settle ended lower at $962.60 , fund selling slump gold futures as stronger than expected payrolls data snapped their safe haven concern pressured prices.Gold futures collapsed on Friday trade after a surpise fall in US jobless claim underline the improving health of the economy which was the streamline for investors more confident in economy recovery .
Its indicated the bullish jobless data eased worries on economic uncertainity and Market turmoil, reducing gold’s appeal as safety assets .
Crude Oil
Crude oil futures settled down at 68.33 ,reaching seventh month high of $70bbl as profit taking that non farm payroll data fell by 3,45,000 in May.
Crude oil dropped before a report on Friday forecast to show that unemployment rose to a 25 year high in the U.S , sowing doubts about the global recovery.
Gold futures fell $19.70 on Friday to settle ended lower at $962.60 , fund selling slump gold futures as stronger than expected payrolls data snapped their safe haven concern pressured prices.Gold futures collapsed on Friday trade after a surpise fall in US jobless claim underline the improving health of the economy which was the streamline for investors more confident in economy recovery .
Its indicated the bullish jobless data eased worries on economic uncertainity and Market turmoil, reducing gold’s appeal as safety assets .
Crude Oil
Crude oil futures settled down at 68.33 ,reaching seventh month high of $70bbl as profit taking that non farm payroll data fell by 3,45,000 in May.
Crude oil dropped before a report on Friday forecast to show that unemployment rose to a 25 year high in the U.S , sowing doubts about the global recovery.
Future Trends
Precious Metals has totally driven by global cues on Friday trade ,as data shown enexpected improvement in US economy and reducing its interest in safe haven assets class. Gold and silver futures traded on market sentiment either its fundamental ,which will decide future trend for metal market.
Market Expectation are higher on Gold futures, at one side it untouched record high ,which investor has to rethink to put money at these levels. Certainity are well driven on market anticipation which follow by investor and traders.
However , at these level we see uncerntain levels for market , but still their hopes for recovery if global factors supported .Gold futures trading at $954 has strong support of $948 and resistance could be $961 above.
Crude futures traded at $68 which seen in range of 65-70 ,still it has good support of $65 were we can expect good buying opportunity coming on our way.
Happy Trading !
Friday, June 5, 2009
Gold surge to near record High, Crude prices climb $70bbl as sentiment robust .
Gold may be a great bet at these levels . But people should be aware of the risks of buying bullion – either through an exchange traded fund or directly.
Gold
Gold traded near $975 on Friday as traders eyes on the release of U.S employment data ahead , which will show it really economy is growing out of deep slump. Traders cautious on trading at these level keeping eye on Empoyment data reports , They want to see how the market will react to the data .
The world Largest Gold –backed exchange traded fund holding remained at $1,132.50 tonnes as june 4th. Changes in gold ETF are closely watched by market participant because strong inflow into them could be bullish signal that long term retail investor are entering market .
Physical buying impact out of gold after its surged above $900 . buying could expected if traders feel comfortable at these levels.
Crude oil
Crude oil prices hit almost six months high of 69.60 per barrel on Thursday after data showed a drop in jobless claim , boosting market expectation that economic recovery that revive energy demand. Crude pirces continue to expect trade above $69, recent rally seen in oil prices have been driven by investors ‘ anticipation that recession would be last call.
Trading call for the Day !
Today’s we have seen Gold trading $975 level , it could be consolidation phase which we can expect at these levels, But as major Market participation like ETF holding and other official house has been watched keenly by trader and investor , they will decide morever movement of Gold markets now .
So we keep trading range at $965 – 990 , keep eye on US employment data ahead .
As silver recent rally and it closely $16 level , we expect silver to outpeform from these level .we suggest to hold silver position for the target of $16.8
Crude oil prices we expect to trade above $70 barrel as market sentiment will remain robust which could be anticpiated by retail and investor that seen due to economic recovery news. Closely watch US employement data ahead for energy demand.
Happy Trading !
Thursday, June 4, 2009
Gold futures plunged 2%, Crude Oil Prices tumbled on profit taking .
Why oil prices have more than doubled from the bottom is that traders are using it as a hedge against U.S. dollar weakness, and a way to play the reflation trade. Supply constraints will become a bigger issue once the recession ends.
Gold
Precious metal slumped as USD rallies, Gold prices settled down $18.80 at $965.60 and ounce .their biggest one day drop we have since in almost two months as dollar rally and Oil prices tumbled on profit taking.
• Gold prices sell off due to dollar posted sharp gains after comments by Asian officials that Asia would keep buying US treasuries even if the U.S credit rating were to be cut.
• The precious metal could go parabolic to the upside as the US Investor becomes fearful of the prospects for the economy and inflation
• Gold / Oil ratio at 14.55, higher than the 14.26 of the previous session.
Silver
Silver future prices ended down 4% at $15.310 an ounce as the dollar’s strength dent investment demand. I Shares Trust SLV fell it’s holding about 3tonnes from the previous day’s record high.
Silver prices climb 43 percent in 2009 to date .for as long as investment buying continues, silver will do well. (But ) it is a very risky play.
Crude Oil
Crude oil prices retreated – 3.5% to settle at 66.12 on Wednesday a day low was 64.95 as an unexpected increase in crude inventory raised concerns about economic recovery. Eventually investors has book profit in oil futures as most appealing assets which has been soars from last six days on higher side.
Trading call for the day!
Last Trading session we have seen precious metals has ended lower side, we see Gold could weaken further, as the metal has corrected sharply after it approached the $1000 level each time in the two years.
Over all pull back in the commodities market lead by Oil, led to decline on Gold.
Gold prices trade in consolidation move, should trade in range of $ 960 – 974
Silver has completely out – paced gold, because it was gaining at the same time from gold going up , and the base metals going up .
We expect silver prices has good support at $14.75 , which it shall maintain , move further it last high .
Crude oil prices seems good momentum move further we can expect , as crude oil trading above $65 which consolidation phase at these levels. Crude to trade in range of $65 – 69 level for the day .
Happy Trading !
Wednesday, June 3, 2009
Precious metals extended Gains, Crude oil prices hovering around $68
“The crisis will continue on balance to be good for gold as long as it leads to a positive environment for investment demand,” GFMS Chairman Philip Klapwijk said. “It is the case at the moment and will continue to be the case over the rest of 2009.”
Gold advanced for the day as dollar weakness increased the alternative investment appeal as Investor bet for the Investment assets as safe haven against inflation.
Gold prices are supposed to reached the psychological $1,000 level this week .
As Gold prices remain on higher side, the Indian Bullion market is falling jewellery demand and plunging imports of the yellow metal. But scrap gold sales in India are picking up all thanks to high prices. One of the largest consumers and importers of yellow metal in the world, for the last five months of 2009 remain around 47tonnes, far below the imports of the yellow metals that the country used from past years. In 2008, India’s Gold imports had stood around 400 tonnes.
According to figures from the Bombay Bullion Association, Gold imports in India have been dropping since prices are on higher side. In May Gold imports fell to around 15 tonnes.
As spoke to Precious metal Analyst in Newyork ,He said International interest (in US and other Top economies) is rising with ETF inflows in recent days , news of some big players in ETFs, and a large US insurance company also Investing in Gold (which is first )
Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged at a record 1,134.03 metric tons yesterday. The fund’s holdings have increased 45 percent this year.
Silver climbed to highest in almost 10 months . silver rose 0.9 % to $16.115 an ounce, extending yesterday’s 2.4 % rise . The metal earlier reached $16.20, the highest since Aug,08.
Crude oil slide to 68.55 on Tuesday as investors booked profit as the prices soars from last 6 days . prices dropped to as low as 67.5 in early trading later rose to 69.5 after US ‘s home sales data before settling at 68.55
Trading call for the day !
Today’s we expect Precious Metals should trade sideways , as Indian market expecting gold prices to lift downside which will take positive factor for Imports on gold. But as we are saying international Factors are supported gold prices on higher side , which could break psychological $1,000 level this week .
We expect gold prices has major support of $965 above $990 its retreat to new high.
As expected on silver we maintain $16 level, sees good momentum upside from here on around $16.7 level.
Crude prices seems profit booking at certain level, we expect prices to trade in range of $67– 70 level .
Happy Trading !!
Tuesday, June 2, 2009
Gold failed to retest $1000oz, Market Sentiment favors Crude oil prices higher
Gold prices soars to $990.2 then fall to $978 level, Crude oil prices closed at $68.58 as driven by encouraging economic data from the US , Euro zone and china. Copper rallied as good economic figures boost Market fundamental.
Gold contract surged to as high as $990 before pull back on Monday. Inverse relationship with USD boosted the precious Metal. Silver prices failed to reach $16 level settle at 15.74 silver price has gained 39% this year .ETF demand for Gold shows signs of coming back. Major Bullion holding in SPDR Gold Trust increased to 1134.04 MT. yesterday.
Crude oil prices started month with strength , Crude futures added 3.4% to 68.58 as driven by economic data from the US , Euro zone and china. Currently trading at $68, near term bullishness remain will be intact.
While Improvement in economy drives crude oil prices further, which rally could tamper economic recovery. IEA head Nobuo Tanaka warned that 'if current oil prices move up very fast in a spike, then it could have an impact on economic recovery'.
Following strong PMI in china and Europe , US Manfacturing data rose to 42.8 In May , which is Better than Market expectation .It’s the highest level since last sept. Copper rallied by improvement in Economic data which attracted Investor and trader to stay long ahead. Nickel also followed by copper which driven by market sentiment.
Trading level for the day !
Today we see pull back in Both metals as technical indicators show they are in over bought zone after days of rises. However we expect rallied should resume after consolidation and the dollar
continue to sink deeper.
We expect Gold to trade in the range of $ 965 – 990 level , Silver would see good momentum trading level likely to achieve $16 .
We remain bullish on crude oil could follow further rally above $68.8 level breached 70.
Yesterday our call attempted that copper could see good rally , it happen fantastic move on upside which mostly driven by positive Economic numbers , we still remain on positive side for Copper and Nickel ,perfect combination for base metals to follow further good momentum rally .
Happy Trading !
Monday, June 1, 2009
Gold attract Traders Eyes on $1000oz, Crude Oil prices near $70 bbl
Commodities prices start the new Month with strengthen factors, Gold and Oil prices trading higher level a day. We remain bullish on Gold and crude oil prices in near term.
Gold prices almost up by 1% at $987, as supported by Gold and USD Negative relationship which work out further benchmark for the precious metals climbs to achieve $ 1000 oz Mark in few trading session, Technical level also giving indication of consolidation at $985 which could remain bullish factor for Gold in near term.
Silver prices is trading at $15.90 level, however last week we have seen better than expected economic Indicators, which showing Economy has capable to sustain these level and improving some extent. Confidence seen in Traders and investor by taking Net long position due to 10 month high price volatility increased. in silver futures contract.
Crude oil prices extends last week’s rally and breached $67 BBL benchmark on Monday morning .weakness in USD continue to maintain market sentiment at high level.Net speculative long positions remained on the rise. We remain bullish on crude prices with near term target of $70-72 BBL.
We have seen last week’s Major movement has been done in copper, Nickel, Lead.
Copper trading above $ 4925 ( 232INR )level which sees technical breakout, Moreover market sentiment pushing up the prices at higher level, speculative long position are bargain by short traders. Which sees good momentum rally on Monday Morning. We expect copper to trade on higher side for the day .Nickel prices could trade above last closed of Market.
Trading Views for the day !!
We expect precious metal trade on higher side, which will prove good momentum rally in few trading session. Gold prices breached $1000 Mark & 15k mark on Indian Markets , Silver prices would see Trading above $15.75 – 16.25 , As far as Crude oil prices it could be trading above $65 Mark seen speculative Traders push prices higher side on trading day.
A Trader can Take long position on Gold at these level with the SL of $965 at $985 with Target of $1015 and crude oil one can go long at $67 level with target of $70
In Basemetals side we suggest take long position of copper at 232 above with SL of 228 Target of 242 level .
Happy Trading !!
Friday, May 29, 2009
Gold Prices ends Higher on Technical Buying,Crude prices robust sentiment
Gold price rose almost 1% $ to close at $961.5,supported as the dollar fell against Euro as better than expected durable goods order and Jobless claims boosted risk appetite.Moreover inflation concerns also stirred buying into Metals , Fund buying arrive after Gold Futures rose above $ 955 ,as rally in euros and technical buying also supported Metals futures. Crude prices too supported Yellow metals as crude futures prices rose above $64 per Barrel as OPEC Kept its output Unchanged.
* Comex Gold market open interest Up 1,341 lots at 398,306 Lots as of May 27, Indicating investment buying by Funds and Official Institution House.
* Gold/Oil ratio at 14.81 , lower than the 15.02 of the previous Trading session.
Silver soars to 15.35 after adding 2% close to $15.6 yesterday. The white metal continued to be the out performer in the precious metal .
Crude oil prices advanced across the energy complex taking the leading role. Crude Oil July surged to 2.6% close at 65.08(day High 65.44) OPEC announced to keep Output unchanged its production, while these were widely expected , as Saudi Oil minister commented that Oil price is capable to achieve $75- 80 bbl Mark boost market Sentiment However, better than expected economic indicators and rally in stock Markets were the Main driver to push crude oil prices above $65
* Comex Gold market open interest Up 1,341 lots at 398,306 Lots as of May 27, Indicating investment buying by Funds and Official Institution House.
* Gold/Oil ratio at 14.81 , lower than the 15.02 of the previous Trading session.
Silver soars to 15.35 after adding 2% close to $15.6 yesterday. The white metal continued to be the out performer in the precious metal .
Crude oil prices advanced across the energy complex taking the leading role. Crude Oil July surged to 2.6% close at 65.08(day High 65.44) OPEC announced to keep Output unchanged its production, while these were widely expected , as Saudi Oil minister commented that Oil price is capable to achieve $75- 80 bbl Mark boost market Sentiment However, better than expected economic indicators and rally in stock Markets were the Main driver to push crude oil prices above $65
We expect today’s Precious Metals will be Trading higher level ,As we said On gold above $965 it can breached $980 levels easily. Silver see good rally which could be better than in Yellow Metals. We expect silver to trade at $15.35 – 15.75 levels.
As past Trading sessions we have seen crude oil prices soars to $65 Per Barrel, well crude oil prices still has momentum level were it can breached in next trading session .it could be in range of $62 – 67$ near term expect to breached $70 bbl Mark
Thursday, May 28, 2009
'Price Is Good, Market Is Good' – Crude oil surge on Saudi Arabia comments.
As expected,Y'day crude prices traded above $62.while OPEC decided to keep production unchanged again at the meeting today. The decision was made based on the organization's expectation that global oil demand will recover towards the end of the year and According to Saudi's oil minister, 'market is in good shape' and 'prices are good'.
As Saudi Arabia oil minister commented that global economy is coping with Oil price -75-80 bbl .However the comment disagreed by the IEA which said that oil price would be underpinned to economic recovery.
US' existing home sales surprisingly rose +2.85% mom to 4.68M units in April, compared with market expectation of +1.8% and -3% a month ago
Gold price trades lower at 948 in Asian morning after closing flat in the previous day while silver gained 1.8% to settle at 14.87. Marc Faber Doom boom.com Author said that he's sure the US will go into hyperinflation as 'the problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate'. He suggested buying as an inflation hedge, 'if you bought it in 1980 at the price of $850, then it hasn't been a good hedge against inflation, but if you bought it in 1999 at $251, then it has done very well'.
(Reuters) - High levels of scrap copper imports by Chinese traders are not a sign of healthy consumption and might present risks if global demand continues to be hit by the financial crisis, an industry analyst said on Wednesday
Over 80 percent of scrap copper imported by china is used to produced cables and wires according to cables and wires association 20 percent of manufacturing capacity has been idled.
This means that traders are now the ones buying the scrap copper of grades one and two as a hedge of their funds, so the copper is not really going to the manufactures,"
If economic crisis continues and demand will not pick up , the prices of copper will drop , therefore I don’t think hedging in copper now will be good at these levels.
As Saudi Arabia oil minister commented that global economy is coping with Oil price -75-80 bbl .However the comment disagreed by the IEA which said that oil price would be underpinned to economic recovery.
US' existing home sales surprisingly rose +2.85% mom to 4.68M units in April, compared with market expectation of +1.8% and -3% a month ago
Gold price trades lower at 948 in Asian morning after closing flat in the previous day while silver gained 1.8% to settle at 14.87. Marc Faber Doom boom.com Author said that he's sure the US will go into hyperinflation as 'the problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate'. He suggested buying as an inflation hedge, 'if you bought it in 1980 at the price of $850, then it hasn't been a good hedge against inflation, but if you bought it in 1999 at $251, then it has done very well'.
(Reuters) - High levels of scrap copper imports by Chinese traders are not a sign of healthy consumption and might present risks if global demand continues to be hit by the financial crisis, an industry analyst said on Wednesday
Over 80 percent of scrap copper imported by china is used to produced cables and wires according to cables and wires association 20 percent of manufacturing capacity has been idled.
This means that traders are now the ones buying the scrap copper of grades one and two as a hedge of their funds, so the copper is not really going to the manufactures,"
If economic crisis continues and demand will not pick up , the prices of copper will drop , therefore I don’t think hedging in copper now will be good at these levels.
Trading level for the day , I expect crude too trade in following range
$62.75 – 65$ as far near term crude oil prices May touch $67 level ,
As for Gold futures trading at higher level would be in range of $948- $962 above $965 we can expect gold to touch $980 level., but demand and Equities factors will be dropped prices.
India sugar futures likely down; expiry pressure
Singapore - India sugar futures likely to open down on unwinding of positions ahead of expiry, weak local demand. "Traders are likely to sell their positions in June contract as the exchange will reduce the position limits from tomorrow,"
Published on 2009-05-20 09:30:28
says Kapil Gandhi, analyst with STCI Commodities. Position limit for clients in near-month contract will be 6,000 tons vs 7,500 tons. Gandhi expects June contract on NCDEX to trade in INR2,320-INR2,360/100 kg. It last ended down 1% at INR2,349.
Published on 2009-05-20 09:30:28
http://www.moneycontrol.com/commodity/comm_news.php?autono=97779&type=MKT
Subscribe to:
Posts (Atom)