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.
Financial planner, Mutual fund, Investment advisory
Monday, August 31, 2009
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.
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