Gold prices were steady on Tuesday, holding below a more than two-month peak hit in the previous session, as weakness in the dollar countered optimism about the United States and China signing an interim trade deal soon.
Showing posts with label MCX Commodity Tips. Show all posts
Showing posts with label MCX Commodity Tips. Show all posts
Tuesday, 31 December 2019
Monday, 30 December 2019
Crude oil trading range for the day is 4357-4459
Crude oil on MCX settled up 0.3% at 4416 boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories. China said it was in close touch with the United States on a trade deal signing ceremony, after U.S. President Donald Trump said a day earlier that he and Chinese President Xi Jinping will hold a ceremony to sign the Phase 1 trade deal.
Trading Ideas:
* Crude oil trading range for the day is 4357-4459.
* Crude oil gained boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories.
* The American Petroleum Institute, an oil industry group, said that U.S. crude stocks fell by 7.9 million barrels last week, much more than forecasted.
* Still, U.S. producers, not party to the OPEC+ agreement, have been pumping record amounts of oil, especially shale.
MCX Live Rates
Thursday, 26 December 2019
Cotton trading range for the day is 18720-19300
Cotton on MCX settled down by -1.04% at 18950 due to improved sowing, higher imports and weak international prices. CCI procured 13.78 lakh bales in total across India, buying the large quantity of 8 lakh bales from Telangana followed by 2.2 lakh bales from Punjab, Haryana and Rajasthan. Around 1.82 lakh bales were procured from Maharashtra, 71,500 bales from Gujarat and the minimum purchases of 23,000 bales were reported from Andhra Pradesh.
Trading Idea for the day
* Cotton trading range for the day is 18720-19300.
* Cotton prices dropped due to improved sowing, higher imports and weak international prices.
* CCI procured 13.78 lakh bales in total across India, buying the large quantity of 8 lakh bales from Telangana
* The cotton arrivals from all over India stood approximately 72.3 lakh bales this season so far.
MCX Commodity Live Tips
Wednesday, 25 December 2019
Stocks hover near record highs, gold breaches $1,500
Gold surged past $1,500 an ounce and a gauge of global equity markets hovered near record highs on Tuesday in a year-end rally spurred by hopes of a U.S.-Sino Phase 1 trade deal and as China's latest policy easing pledge added to investor optimism.
President Donald Trump said he and Chinese President Xi Jinping will sign the initial phase of the pending trade pact in a ceremony, the latest remarks by the U.S. leader to flag the deal is close to being finalized.
European stocks ground out fresh record gains as did the Nasdaq on Wall Street as equities remained on track to post their best year in a decade.
The pan-European STOXX 600 index added 0.14% as it touched an all-time high and the domestically focused mid-cap index in Britain rose 0.63% to hit a new high.
France's CAC 40 and Spain's IBEX 35 both closed little changed, while German, Italian and Swiss country indexes were closed for the day.
MCX Live Rates
Tuesday, 24 December 2019
CPO trading range for the day is 734.6-748.8
* CPO trading range for the day is 734.6-748.8.
* Crude palm oil dropped on profit booking after prices gained fuelled by concerns over lower stockpiles due to seasonal declines.
* Poor rainfall in top producers Indonesia and Malaysia earlier this year is likely to curb yields of the tropical oil in the first half of 2020.
* Exports of Malaysian palm oil products during Dec. 1-15 fell between 15.5% and 18.6% from a month earlier, data from cargo surveyors showed.
* Crude palm oil prices in the spot market gained by 3.80 rupees and settled at 742.80 rupees.
MCX Commodity Live Tips
Monday, 23 December 2019
Oil declines, but losses limited as U.S.-China near trade deal
Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed "very shortly".
Brent crude was down 15 cents, or 0.2%, at $65.99 a barrel by 0306 GMT. West Texas Intermediate was also down 15 cents at $60.29 a barrel.
A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and roiled global growth.
The United States is to agree to reduce some tariffs in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January.
"We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday.
The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand.
MCX Live Rates
Friday, 20 December 2019
Punjab heads towards record production of cotton
Punjab is expected to see a record production of cotton this year at 18.20 lakh bales against last year's 12.23 lakh bales, state agriculture officials said on Thursday.
With this, an average production per acre crossed the 10 quintals per acre mark. Last year there was an average production of 9.31 quintals per acre.
Chief Minister Amarinder Singh has congratulated the farmers, especially from the Malwa belt, for record production of cotton, while directing the Agriculture Department to ensure timely advance support for the cotton growers for the next Kharif season.
He lauded the efforts of the Agriculture Department, especially the field staff, in motivating the farmers to shift to cotton cultivation, as part of the state government's crop diversification focus.
These efforts translated into increase in the area under cotton cultivation from 6.70 lakh acres last year to 9.80 lakh acres during this year, an official spokesperson told IANS.
Timely intervention by the Cotton Corporation of India, on the initiative on the Chief Minister has for far led to the purchase of 4.36 lakh quintals of cotton, which is about 20 per cent of the total arrival of the produce in the market.
Agriculture Secretary K.S. Pannu said the favourable climate had also contributed to the bumper production of the 'white gold' and the introduction of drip irrigation helped boost yield and lower cost of cultivation.
The decline in cost of production due to decreased use of pesticides had also proved beneficial for the farmers, he added.
MCX Commodity Live Tips
Thursday, 19 December 2019
Copper futures end marginally lower as dollar strengthens
Copper futures ended marginally lower on Wednesday as US dollar strengthened against a basket of major currencies due to strong economic data earlier this week, pressuring metals by making them more expensive for buyers with other currencies.
Though, some losses were capped as China’s central bank lowered the interest rate on 14-day reverse repurchase agreements, in step with a similar cut in the 7-day repo rate last month, as part of an effort to stimulate growth in the world's top metal consumer.
Copper futures for March delivery lost 0.04 percent to settle at $2.8125 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.5 percent at $6,172 a ton.
MCX Live Rates
Wednesday, 18 December 2019
Silver trading range for the day is 44208-44790
* Silver trading range for the day is 44208-44790.
* Silver gained as traders were digesting news about the U.S. and China agreeing on a trade deal and the Conservative Party's emphatic victory in the U.K. general election.
* A report released by the Commerce Department showed retail sales in the U.S. rose by far less than anticipated in the month of November.
* Under the deal, the U.S. suspended some tariffs on Chinese goods that was due to go into effect on Sunday.
* Elsewhere, investors will pay attention to remarks from several Fed officials in the coming days after the Fed decided to hold rates steady last week.
MCX Commodity Live Tips
Tuesday, 17 December 2019
Onion prices hit new high amid disrupted arrivals
Onion prices have hit a new high in Delhi and elsewhere on Tuesday amid disrupted arrivals. Wholesale onion prices were quoted at Rs 37.50-112.50 per kg, an all-time high at Azadpur mandi in the national capital.
"If arrival of onions from Afghanistan does not increase today, the price would cross Rs 200 per kg in Delhi as domestic supply of the crop has dropped significantly," an Agricultural Produce Marketing Committee (APMC) official said.
He said the rise in wholesale prices of onion will reflect in the retail market in the coming days.
In retail markets, onion was priced in Delhi and NCR at Rs 100-150 per kg on Monday. The traders anticipate a further hike in retail prices in the coming days.
The arrival of onion has decreased significantly as farmers have stopped harvesting new crop after rainfall in the several parts of the country recently which increased the moisture in soil, said trade sources.
MCX Live Rates
Saturday, 14 December 2019
Crude oil futures end higher on Friday
Extending their previous session gains, crude oil futures ended higher on Friday after the US and China said they have reached a preliminary agreement on a phase one trade agreement. Private report said that China confirmed that it reached a deal on the text of a phase one pact, but that the deal would need to first go through legal procedures before it is signed. Trump separately announced a phase one deal and scrapped tariffs on Chinese goods that were set to go into effect on Sunday.
Benchmark crude oil futures for January rose 89 cents or 1.5 percent to settle at $60.07 a barrel on the New York Mercantile Exchange. February Brent surged $1.02 or 1.6 percent to settle at $ 65.22 a barrel on London's Intercontinental Exchange.
MCX Commodity Live Tips
Friday, 13 December 2019
Gold steady as weaker dollar offsets increased risk appetite
Gold prices were steady on Friday as a weaker dollar helped offset pressures from an increased appetite for riskier assets following reports of a breakthrough in Sino-U.S. trade negotiations, while palladium scaled a fresh peak.
Spot gold fell 0.1% to $1,467.20 per ounce by 0452 GMT, but was up about 0.5% so far this week.
U.S. gold futures were down 0.1% at $1,471.60.
Sources said on Thursday U.S. negotiators were offering to cut existing tariffs on Chinese goods by as much as 50% and suspend the new tariffs scheduled to go into effect on Sunday in an attempt to secure a "Phase 1" deal first promised in October.
"The market remains cautious ... Until we see little bit more data around what has been agreed to, investors aren't going to take any aggressive positioning in the gold market," ANZ analyst Daniel Hynes said.
"Gold has been driven by other issues, including central bank easing and low inflation, and that is helping support underlying investors appetite despite headwinds in the shorter term," he said.
U.S. stocks surged to record highs, while Asian equities rose to an eight-month peak, making safe-haven risk-off assets such as gold less appealing.
MCX Live Rates
Thursday, 12 December 2019
Natural gas trading range for the day is 157.8-164.8
* Natural gas trading range for the day is 157.8-164.8.
* Natural gas dropped on late profit booking after prices gained on forecasts for colder weather and higher heating demand
* Meteorologists projected temperatures in the U.S. Lower 48 states will remain colder than normal from Dec. 15-22
* Utilities likely pulled 82 billion cubic feet (bcf) of gas from storage during the week ended Dec. 6.
* Stocks would likely return to a surplus over the five-year average during the next month or so as rising production enables utilities to leave more gas in storage.
MCX Commodity Live Tips
Wednesday, 11 December 2019
CPO trading range for the day is 714.9-735.7
* CPO trading range for the day is 714.9-735.7.
* Crude palm oil dropped on profit booking after prices gained tracking firmness in Malaysian palm oil prices on fears that supply is set to fall sharply.
* According to reports, Malaysian palm oil production would show a 10% monthly fall in November.
* According to Indonesia trade ministry, Indonesia kept Dec crude palm oil export duty unchanged at zero.
* Crude palm oil prices in the spot market gained by 13.30 rupees and settled at 717.30 rupees.
MCX Live Rates
Tuesday, 10 December 2019
Crude oil futures end marginally lower on Monday
Crude oil futures ended marginally lower on Monday on concerns over the outlook for energy demand after data showed another drop in Chinese exports and on uncertainty about the US and China signing a phase one deal before the commencement of the next round of tariff hikes.
Besides, traders remained on sidelines ahead of the Federal Reserve's monetary policy statement, due on Wednesday. Traders were also looking ahead to the first policy meeting of new ECB President Christine Lagarde.
Benchmark crude oil futures for January declined 18 cents or 0.3 percent to settle at $59.02 a barrel on the New York Mercantile Exchange. January Brent dropped 14 cents or 0.2 percent to settle at $64.25 a barrel on London's Intercontinental Exchange.
MCX Commodity Live Tips
Monday, 9 December 2019
Gold rises as prospects of U.S. tariffs lift safe-haven demand
Gold prices crept higher on Monday after Washington reiterated its stance on a deadline for a new round of U.S. tariffs on Chinese goods this weekend, supporting demand for safe havens.
FUNDAMENTALS
Spot gold was up 0.1% at $1,460.40 per ounce, as of 0158 GMT, after having slid 1% in the previous session, its biggest one-day drop in a month.
U.S. gold futures were flat at $1,464.90.
White House economic adviser Larry Kudlow said on Friday that the Dec. 15 deadline is still in place for a new round of U.S. tariffs on Chinese goods set to kick-in, but U.S. President Donald Trump likes where trade talks with China are going.
Cautious sentiment supported bullion, often seen as an alternative investment during times of political and financial uncertainty.
Completion of a "phase-one" deal between the world's two biggest economies had been initially expected in November, ahead of the new round of U.S. tariffs in mid-December, covering about $156 billion of Chinese imports.
Palladium shed 0.2% to $1,873.74 per ounce, having hit a record peak at $1,880.65 in the previous session.
Silver was up 0.1% at $16.58 per ounce, after touching its lowest since early August in the last session, while platinum eased 0.4% to $892.30.
MCX Live Rates
Friday, 6 December 2019
Rice rates in India slide to multi-year lows as supply mounts
Prices of rice in top exporter India slid to a three-year low this week as demand waned on ample supply from the recent summer harvest, while demand from Philippines picked up for the Vietnamese variety.
Rates for India's 5% broken parboiled variety were quoted around $356-$361 per tonne this week, the lowest since January 2017 and down from last week's $358-$362.
"The supplies from new crop are rising, but demand is not picking up," said an exporter based at Kakinada in the Indian state of Andhra Pradesh.
India's rice exports in October fell 42% year-on-year to 485,898 tonnes, government data showed on Thursday, due to weak demand from African countries for non-basmati varieties.
In Vietnam, rates for 5% broken rice were quoted at $345 a tonne on Thursday, compared with a range of $345-$350 a week earlier.
"Demand from the Philippines has been picking up, with more orders coming in," a Ho Chi Minh City-based trader said, adding that exporters, meanwhile, are focusing on fulfilling orders signed earlier with clients from Iraq and Cuba.
MCX Commodity Live Tips
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