Copper futures end higher on hopes for trade deal

Copper futures ended higher on Wednesday, buoyed by hopes for a US-China trade deal and stronger economic growth in world’s top metals consumer China. The White House said that top US officials will travel to Beijing for trade talks beginning on April 30, with one leading official expressing optimism about striking a deal. However, some gains were capped by the US dollar, which was steady on Wednesday after rising to a 22-month high.

Copper futures for May delivery rose 0.6 percent to settle at $2.91 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange ended up 0.6 percent at $6,448 a tonne.

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Gold steadies as strong equities counter support from U.S.-Iran jitters

Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil.

Spot gold was nearly unchanged at $1,275.10 per ounce as of 0319 GMT. U.S. gold futures were also steady at $1,277.20 an ounce.

"Gold is currently trying to find a short-term bottom around $1,274-1,275 an ounce level, especially as equity markets continue to rally," said Margaret Yang, an analyst with CMC Markets in Singapore.

Asian shares hover near a nine-month peak touched last week while stocks on Wall Street were near break-even on Monday as the benchmark S&P 500 index was about 1 percent away from the record high hit in September.

Strong equities of late have wiped off much of gold's appeal, with the metal now more than 5 percent below its 2019 peak touched in February.

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Palm oil in line for weekly gain on stronger U.S. soyoil

Malaysian palm oil futures rose during the first half of trade on Friday, in line for a third day of gains in four, tracking strength in U.S. soyoil on the Chicago Board of Trade.

Palm is also in line for a weekly gain, up 1.6 percent so far, supported by declines in the ringgit earlier this week.

A weaker ringgit, palm's currency of trade, usually makes the edible oil cheaper for foreign buyers. The ringgit declined 0.4 percent so far this week against the dollar after a global index provider said it could drop Malaysia from the FTSE World Government Bond Index due to market accessibility and liquidity concerns.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent to 2,196 ringgit ($531.72) a tonne at the midday break.

"Palm is up tracking U.S. soyoil," said a Kuala Lumpur-based futures trader. "Moving forward, the market is looking at the export pace also, which are likely to be good."

Malaysia palm oil shipments had gained between 1.5-6.7 percent for the 1-15 April period versus the corresponding duration in March, according to cargo surveyor data.

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Gold near four-month low as stocks, dollar weigh

Gold steadied around a 4-month trough on Wednesday, after falling nearly 1 percent in the previous session due to a surge in global equities, while a stronger dollar piled pressure on the metal.

FUNDAMENTALS

- Spot gold was down 0.1 percent at $1,286.38 per ounce, as of 0104 GMT. In the previous session, the metal sank to $1,272.70, its lowest since Dec. 27.

- U.S. gold futures edged up 0.1 percent to $1,278.10 an ounce.

- Stocks around the globe rose on Tuesday to six-month highs as positive economic data in China and Germany boosted investor sentiment.

- Japan's Economy Minister Toshimitsu Motegi said on Tuesday that no agreement had been reached on individual trade issues with the United States after two days of talks with U.S. Trade Representative Robert Lighthizer.

- Standard Chartered on Tuesday forecast the palladium market deficit widening in 2019 and 2020.

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India`s March exports pick up, help contain trade deficit

India's goods exports picked up in March, boosted by the weaker rupee despite a slowdown in global trade growth, helping the country to contain its trade deficit despite a surge in oil imports.

Merchandise exports rose 11.02 percent to $32.55 billion in March from a year earlier, while imports were up 1.44 percent to $43.44 billion during the same period, a statement by the trade ministry said on Monday.

Oil imports, the biggest item in the import bill, rose 5.55 percent to $11.75 billion, driven by a rise in Indian demand and increases in global crude prices.

India meets nearly 80 percent of its fuel demand through imports.

The ministry does not issue separate data for trade in services. That is issued in about a month's time by the Reserve Bank of India.

However, the ministry did issue estimates for goods and services trade in the year to March 31, based on the full-year merchandise trade figures and the first 11 months of services trade.

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Zinc trading range for the day is 222.1-234.1

Zinc trading range for the day is 222.1-234.1.

Zinc prices gained as support seen after upbeat social financing data in China and a robust LME zinc.

China’s exports for the month of March came in much higher than expected, while its imports came in much lower than expected, according to customs data.

Stocks of refined zinc across Shanghai-bonded warehouses rebounded this week, and stood at 90,700 mt as of Friday April 12, up 3,500 mt from Thursday April 4.

Warehouse stock for Zinc at LME was at 52200mt that is down by -150mt.

MCX CALL: BUY ZINC ABOVE 229.00 TARGETS 229.50 / 230.20 / 231.00 STOPLOSS 228.20

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Gold prices inch lower as strong equities weigh

Gold inched lower on Friday, having posted its biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street.

The metal had broken below the key psychological level of $1,300 on Thursday to hit a one-week low due to sharp gains in the dollar.

"The dollar strength really hurt precious metals and we're seeing some of that reverse with most currencies running a little higher versus the dollar," said Chris Gaffney, president of world markets at TIAA Bank.

"We've got tame inflation, the trade situation is getting resolved and Brexit looks like it's going to be pushed down the road. So right now investors don't have any incentive to buy gold," Gaffney added.

U.S. stocks climbed back to near record highs on Friday after the largest U.S. bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street's big rally back from last year's slump

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India rice prices dip; drought fears spur domestic buying in Thailand

Rice export prices in top exporter India edged lower this week due to sluggish demand, while fears of a drought this year supported up domestic buying in Thailand.

India's 5 percent broken parboiled variety was quoted around $387-$390 per tonne this week, down from last week's $390-$393.

"Demand is very poor at current price level. The appreciation in the rupee has limited scope to cut prices," said an exporter based at Kakinada in the southern state of Andhra Pradesh.

A strong rupee dents exporters' returns from overseas sales.

India's rice exports for April-February fell 9.4 percent from a year earlier to 10.57 million tonnes, as major buyer Bangladesh trimmed its purchases due to a bumper local harvest, a government body said.

Farmers in Bangladesh have planted the summer rice variety on 4.9 million hectares of land, exceeding the target of 4.8 million hectors, Mir Nurul Alam, head of the country's Department of Agriculture Extension, told Reuters on Thursday.

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Polls may have forced oil cos to bear losses

In contrast with highest international crude oil prices so far this year, the domestic fuel prices have seen fewer revisions, indicating that the policy of market-determined retail pricing of petroleum products has been put on hold till the elections.

Energy experts have said the price of transport fuels, petrol and diesel may shoot up post polls if the international prices remain high. The state-run oil marketing companies will also jump to balance their books. Indications are that these companies might be keeping the prices artificially low at the behest of the government so as to prevent consumer outrage.

Since January, the benchmark, Brent crude has surged nearly 30 per cent while the price of petrol in the national capital has witnessed an uptick of merely 6 per cent. While the prices remained unchanged for several days at a stretch, these were reduced twice last week when the Brent hit a 5-month high.

An India Oil Corporation spokesperson said the domestic prices don't entirely depend on the international crude prices. Domestic prices are usually affected in a fortnight after the global swing.

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Copper trading range for the day is 445.8-457.4

Copper trading range for the day is 445.8-457.4.

Copper prices dropped after the International Monetary Fund cut its global growth forecast.

China said it would relax residency curbs in many of its smaller cities and increase infrastructure spending to boost economic growth.

China also announced measures to encourage financing for small and medium-sized businesses. Warehouse stock for Copper at LME was at 198275mt that is up by 725mt.

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Gold holds near one-week high on subdued dollar, equities

Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data.

FUNDAMENTALS

Spot gold was up 0.2 percent at $1,299.34 per ounce as of 0101 GMT, after touching its highest since March 28 at $1,303.61 in the previous session.

U.S. gold futures gained 0.1 percent to $1,302.80 an ounce.

The dollar sagged on Tuesday after weak U.S. economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices.

British shoppers cut back spending for the first time in almost a year last month, reflecting a mix of seasonal pressures and Brexit worries, the British Retail Consortium said on Tuesday.

Turkey raised its gold holdings by 17.11 tonnes to 495.86 tonnes in March, while Ecuador revised its January figures by 10.58 tonnes to 16.95 tonnes, according to a data from International Monetary Fund.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell about 0.2 percent to 760.49 tonnes on Monday from 761.67 tonnes on Friday.

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Turmeric trading range for the day is 6344-6732

Turmeric on NCDEX settled up 0.93% at 6530 on anticipation of government procurement and expectation of further improvement in upcountry and export demand. Buyers and traders have purchased all the good quality turmeric to fulfil demand and some traders have decided to store few bags of best quality turmeric. In 2018/19, production is forecast at 11.5 lt in the 1st advance estimates by the government.

Trading Ideas:

* Turmeric trading range for the day is 6344-6732.

* Turmeric prices gained on anticipation of government procurement and expectation of further improvement in upcountry and export demand.

* There were also concerns that drought conditions and cold weather will affect the crop production.

* In 2018/19, production is forecast at 11.5 lt in the 1st advance estimates by the government.

* In Nizamabad, a major spot market in AP, the price ended at 6291.2 Rupees dropped -20 Rupees.

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Soyabean trading range for the day is 3737-3791

Soyabean trading range for the day is 3737-3791.

Soyabean prices dropped on profit booking after prices seen supported in recent sessions amid fears of the emergence of El-Nino this year.

India's 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.

China may import higher soybean in 2019/20-USDA At the Indore spot market in top producer MP, soybean dropped -5 Rupees to 3908 Rupees per 100 kgs.

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Oil prices edge lower after U.S. inventories build

Oil prices dipped on Thursday, with Brent edging away from the psychologically important $70 level after easing in the previous session on data showing a surprise build in U.S. inventories.

Brent futures eased 2 cents to $69.29 by 0100 GMT. On Wednesday, Brent dipped 6 cents, after touching $69.96, the highest since Nov. 12, when it last traded above $70.

U.S. West Texas Intermediate (WTI) crude was down 14 cents, or 0.2 percent, at $62.34 a barrel. The contract fell 12 cents in the previous session after briefly hitting $62.99, also the highest since November.

Crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration said on Wednesday. Analysts had forecast a decrease of 425,000 barrels.

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Gold trading range for the day is 31604-31916

Gold on MCX settled down -0.27% at 31756 as waning global economic slowdown concerns lifted the dollar and equity markets. Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market, which in-turn lifted Asian equities to seven month highs.

Trading Ideas:

* Gold trading range for the day is 31604-31916.

* Gold prices slipped as waning global economic slowdown concerns lifted the dollar and equity markets.

* Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market.

* China’s private business survey showed that the economy’s manufacturing sector unexpectedly returned to growth for the first time in four months in March.

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