Commodity Market Tips -Gold Rate Today: Gold, silver edge up in morning trade

Gold and silver were trading higher in morning trade on Tuesday ahead of the release of minutes of the US Federal Reserve’s previous meeting that could give hint on the pace of the central bank’s interest rate hikes.

-silver-futures-surge-rs-97-on-firm-global-cues

Demand of precious metals from jewellers, industries and retailers further lifted gold and silver in the domestic markets.

MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,415 per 10 gram around 10.30 am (IST), while MCX Silver futures were up 0.37 per cent, or Rs 144, at Rs 39,405 per 1 kg at around the same time.

According to SMC Investments and Advisors, gold can move in range of Rs 29,300-29,600 per 10 gram, while silver can move in range of Rs 39,000-39,800 in near term.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.04 per cent to 843.39 tonnes on Monday.

Meanwhile, domestic equity markets were trading higher in morning trade following firm Asian cues and buying by institutional investors.

BSE Sensex was up 150 points, or 0.45 per cent, at 33,510 at around 10.40 am (IST), while NSE Nifty index was up 44 points, or 0.43 per cent, at 10,342 at around the same time.

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STARINDIA Research NCDEX PREMIUM UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT IN TURMERIC BUY CALL 1ST TGT 7130 HAS ACHIEVED. PROFIT RS. 3000/- IN 2 LOTS

 turmeric

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कच्चे तेल में सपाट कारोबार, बढ़त पर सोना

डॉलर में दबाव से अंतर्राष्ट्रीय बाजार में सोना बढ़त पर कारोबार करता दिख रहा है। वहीं, कच्चे तेल में सपाट कारोबार हो रहा है और अंतर्राष्ट्रीय बाजार में ब्रेंट 63मडॉलर प्रति बैरल के आसपास नजर आ रहा है।

crude gold

कार्वी कॉमट्रेड के रवि शंकर पांडे की निवेश सलाह

सोना एमसीएक्स: खरीदें – 29600, स्टॉपलॉस – 29530 और लक्ष्य – 29800

कच्चा तेल एमसीएक्स: खरीदें – 3660, स्टॉपलॉस – 3630 और लक्ष्य – 3720

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Edible oils costly, but no benefit for farmers

Consumers will have to pay 5-6 per cent more for edible oils following the increase in import duty with effect from Friday last week. However, domestic farmers may still not get even the minimum support price (MSP) for oilseeds because farm-gate prices are ruling 15-25 per cent lower than the MSP.

edible-oils-costly-but-no-benefit-for-farmers

The Centre has increased the import duty on almost all edible oils with effect from November 2017. The import duty on crude soyabean oil has been increased to 30 per cent (from 17.5 per cent), soya bean refined oil 30 per cent (20 per cent), palm crude oil 30 per cent (15 per cent), RBD palm oil 40 per cent (25 per cent), sunflower crude oil 25 per cent (12.5 per cent), sunflower refined oil 35 per cent (20 per cent), canola/rapeseed/mustard oil crude 25 per cent (12.5 per cent) and canola/rapeseed/ mustard oil refined 35 per cent (20 per cent).

Davish Jain, chairman of the Soyabean Processors Association of India said: “As prices of all oilseeds fell below MSP and a sense of deep distress and despondency was setting in the minds of farmers, the government, at the highest level, finally saw the logic in our requests and the result is the increase in duty announced.”

The government has increased import duty to support farmers. However, the increase in oilseed prices is expected to be marginal as prices of soyabean, groundnut, etc are ruling 15-25 per cent below MSP.

In the early 1990s India used to meet more than 90 per cent of its edible oil requirement through domestic production. With progressively declining import duty, India’s self-sufficiency declined to 30 per cent, hitting oilseed farmers and crushers.

According to government data, India was the largest importer of soyabean oil in 2015-16, accounting for 30 per cent of the global shipments. Industry executives said the prevailing oilseed prices, coupled with indirect incentives given by the Madhya Pradesh government to traders by agreeing to pay the gap between market price and MSP, are unlikely to take the seed prices to MSP levels in the near future.

Even after the hike in import duty, there was no change in groundnut prices on Saturday in Gujarat. “Groundnut is a premium oil consumed by a few people. India is expected to reap a bumper crop of groundnut this year,” said Govindbhai Patel, managing partner, GG Patel and Nikhil Research Company. Some industry executives, however, said farmers will get better returns.

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Commodity Market Trends

Commodity  Trends

  R1 S1
GOLD 30100 29150
SILVER 40500 39100
NATURAL GAS 214 199
CRUDE 3770 3470
COPPER 449 429
LEAD 165 154
ALUMINIUM 138 134
ZINC 213 204

 

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Weekly Commodity News Letter

COMMODITY OUTLOOK

 Gold:-

Gold futures fell in American trade to the lowest since November 6 even as the dollar index swooned to the lowest since October 26 following a basket of data from China the world’s largest metals consumer and the US and after speeches by major global central bank governors in Frankfort. Chinese retail sales slowed down as well to 10% from 10.3% in September missing forecasts of 10.5% as several global central bank governors participated in a panel discussion titled at the heart of policy challenges and opportunities of central bank communication at the Central Bank Communications Conference hosted by the European Central Bank in Frankfurt. Otherwise US producer prices rose 0.4% in October beating expectations of 0.1% and same as September while core prices excluding food and fuel prices also rose 0.4% same as before and passing forecasts of a 0.2% advance. Similarly US Treasury Secretary Steven Mnuchin said earlier today he’s not worries about whether the Senate tax reform bill could delay reforms noting there were but small differences on tax cuts between the bills in the Senate and the House of Representatives and asserting US president Donald Trump targets a growth rate of 3% or above for the economy.

Silver:-

Silver futures rose over one percent in American trade to the highest since October 16 heading for the second weekly profit in a row as the dollar index lost ground away from four-month highs following earlier data from the US the world’s largest economy. On Thursday the House of Representatives passed the tax reform bill by a 227-205 margin shifting the legislative final struggle to the Senate amid concerns the upper house could delay the reforms supported by President Donald Trump which would cut the corporate tax rate to 20% from 35% until 2019.  The Silver is in long- short-medium- short- term bull phase Currently Silver is in strong uptrend with good momentum and the trend is supported with good volume the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term the current position is buying. Support for the Silver is 39100.Resistance for the Silver is 40500.

Crude:-

Oil futures rose over two percent in American trade, marking the best performance in two weeks while still heading for the first weekly decline in six as the dollar lost ground, following a basket of data from the US the world’s largest energy consumer and after statements of Saudi energy minister Khalid Al Faleh ahead of OPEC’s meeting in Vienna. On Wednesday the Energy Information Administration released its report on US crude stocks showing a buildup of 1.9 million barrels in the week ending November 11 adding to the previous week’s 2.1M increase while analysts expected a 2.1M drop with total stocks now reaching 459.0 million barrels remaining within the upward range on average in this time of year. Earlier this week the International Energy Agency cut its projections for global oil demand in 2018 by 200 thousand bpd to 98.9 million bpd while cutting forecasts for global demand growth by 100 thousand bpd to 1.3 million bpd, as a more-than-usual moderate weather in the winter hurt heating fuel demand while the recent spike in prices pave the way for more US shale production and hurt the market balance efforts in 2018.

Copper:-

Copper prices tumbled nearly three percent in American trade, moving farther away from the highest since July 30 2014 for the seventh session out of ten while the dollar index muscled up to the highest since July 20 following an array of data from the US the world’s largest economy. A recent report from commodity analysts at said that many experts believe that the copper market is facing a speculative surge on a wide level that’s not properly based. The report pointed to Chilean state-owned copper mining company Codelco as an example of recent speculation while noting that the company itself said recently that copper prices are considerably above their reasonable limits and that gains in recent months were not sustainable after copper prices rose 27% before profit-taking set in.

Zinc:-

The Zinc is in long term bull phase .Currently Zinc is in strong downtrend with good momentum and the trend is supported with good volume the open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Zinc is in hold short position. Support for the Zinc is 204.Resistance for the Zinc is 213. Zinc has soared 23 per cent this year extending a 60 per cent jump in 2016, as cuts in global mine supply and China’s crackdown on pollution and mine safety created a shortage. Price swings have increased with the metal’s 60-day volatility near the highest level since June. Macquarie Group Ltd. said this month zinc may peak between $3,350 and $3,400 within six months.

Lead:-

The Lead is in long- term bull phase .Currently Lead is in strong uptrend with good momentum but volume is unsatisfactory the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term the current position is buying. Support for the Lead is 154-.Resistance for the Lead is 165. Analysts attributed the rise in lead futures to fresh positions from traders after uptick in demand from battery- makers in the spot market.

Aluminum:-

The Aluminum is in long- term bull phase .Currently Aluminum is in strong downtrend and the trend is supported with good volume the open interest is not increasing with trend. The oscillator is showing SELL signal for short term Aluminum is in sell position. Support for the Aluminum is 134.Resistance for the Aluminum is 138.

Natural Gas: –

Natural gas futures fell nearly one percent as the dollar index rebounded for the second session from the lowest since October 20 following earlier data from the US the world’s largest energy consumer including the EIA report that showed a more-than-expected inventory drawdown. The Philly Manufacturing Index slowed down sharply to 18.9 in November from 27.9 in October missing analysts ‘expectations of a smaller drop to 24.5. The Energy Information Administration released its report on US natural gas inventories, showing a drop of 18 billion cubic feet in the week ending November 11 compared to a 15B buildup in the previous reading while analysts expected a 15B drawdown. Total stocks have now fallen to 3.772 trillion cubic feet from 3.790 trillion in the week ending November 3 which is below the total of the same period of 2016 at 4.043 trillion and also below the five-year average at 3.873 trillion.

 

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STARINDIA Research MCX Base Metal UPDATE

UPDATE:-

KINDLY BOOK PARTIAL PROFIT COPPER BUY CALL , AT CMP 451.70

 copper

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