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
Financial planner, Mutual fund, Investment advisory
Friday, July 31, 2009
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
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