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People who have made an entry into the commodity market would definitely at one point in time or other bump into commodity trading. Or at least, they will surely develop an interest when they see the prices of the commodities fluctuate because of the influence of the commodity prices. ShriNam Globe Commodities is a financial services group offering a wide range of services to a diversified client base, an outcome of its expertise in guiding its clients through the financial market.                                 Read more...
 
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SHRINAM GLOBE COMMODITIES 17/09/2014 Indian Rupee: Bounces Back The Indian rupee rebounded on Wednesday, 17 September 2014 tracking gains in the Asian currencies market. Moreover, dollar weakness against other currencies overseas and a higher opening in the domestic equity market supported the rupee. The domestic currency commenced stronger by 11 paise at 60.95 against the US dollar and inched up to a high of 60.945 before dipping back to a low of 61.0250. In the spot currency market, the Indian unit came off intraday lows and was last seen trading at 60.99, up 7 paise or 0.11% as compared to previous close at 61.06. Rupee recovered on Tuesday from a one-month low hit in the previous session on bargain-hunting, but sentiment was broadly cautious a day before the outcome of the Federal Reserves meeting. Meanwhile, the outcome of US Federal Reserve two-day meeting will be known on Wednesday. However, the market expects Fed will not hike its interest rates Domestic benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. Asian shares crept cautiously higher on Wednesday after Wall Street rebounded on speculation the Federal Reserve would maintain a pledge on low rates when a two-day policy meeting ends later in the session. The provisional data released by the stock exchanges after trading hours on Tuesday, 16 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 828.95 crore on that day. At the time of writing, the S&P BSE Sensex was up 142.28 points or 0.54% at 26,634.79 while the CNX Nifty was up 42.25 points or 0.53% at 7,975.15 In the global currency market, the U.S. dollar nursed modest losses early on Wednesday, having suffered an unexpected setback as jitters mounted hours before the Federal Reserve offers its latest guidance on interest rates. The dollar index, which measures the US currencys strength against major currencies, was trading at 84.113, up 0.05% from the previous close of 84.074.
SHRINAM GLOBE COMMODITIES 17/09/2014 Commodities Buzz: Brazil Sees Higher Robusta Output, Arabica Output To Drop To Five Year Low Brazilian crop bureau Conab has raised its estimate for country’s robusta coffeeproduction while cautioning over arabica prospects. The official Brazilian crop bureauupgraded by 570,000 bags to 45.14 million (m) bags its estimate for the countrys coffeeproduction, the worlds biggest. The upgrade has defied worries over the drought-hit crop.However, the estimate remains 4.0m bags below the 2013 harvest. However, for the arabicacoffee, Conab has cut further its production forecast by 127,000 bags to a five-year lowof 32.11m bags.
SHRINAM GLOBE COMMODITIES 15/09/2014 Economic Buzz: No Room Seen For A Rate Cut In FY15 As per a research report by Crisil, retail inflation fell to 7.8% in August from 8.0% in July as a sharp decline in core inflation offset a marginal uptick in inflation of food articles. Over the next 4 months, headline CPI inflation could ease further as a strong base effect from last fiscal kicks-in, lower crude oil prices create downward pressure on transport & communication inflation, and proactive measures taken by the government help check any spike in food prices. Moreover, the monthly hike of 50 paise in diesel prices has also come to an end. Beyond January however, once the favourable base effect wears off there is a possibility of headline CPI inflation rising slightly above 8% toward the end of the fiscal year. This means that there is no room for a rate cut in FY15. While inflation headed down, industrial growth tumbled to 0.5% in July compared to an upwardly revised 3.9% growth in June. Slower growth was led by a fall in capital goods output and a continued decline in consumer goods output (y-o-y). However, higher growth in capital goods output is likely to resume next month due to a low base from last year. Going forward, domestic demand is expected to strengthen as suggested by recent surveys on industrial outlook and consumer confidence. For FY15, GDP is expected to grow by 5.5%, with industrial growth expected to rise to 3.6% from 0.4% in FY14.
SHRINAM GLOBE COMMODITIES 15/09/2014 Economic Buzz: Chinese industrial Production Growth Falls under 7% Chinas industrial production growth weakened sharply in August, extending a series ofpoor economic data pointers for the world’s second largest economy. The value-addedindustrial output in China rose 6.9% in August from a year earlier, slowing from a 9.0%on-year increase in July, data from the National Bureau of Statistics showed. Industrialproduction increased 0.2% in August from July. In other data, the fixed-asset investmentin nonrural areas of China rose 16.5% in the January-August period compared with the sameperiod a year earlier.
SHRINAM GLOBE COMMODITIES 15/09/2014 Nickel Remains Resilient In Intraday Moves Even As Other Metals Fall The prices of MCX Nickel showed resilience on the back of supply fears of ores in the markets. The prices are underpinning from the fact that China which is a major producer of Nickel Pig Iron will now find tough to seek ore access from Philippines. Philippines are now following the footsteps of Indonesia and are banning the unprocessed minerals that can raise the prices of Nickel ores in the markets. The Philippines has emerged as the main supplier of nickel ore to Chinas massive nickel pig iron (NPI) sector after the cessation of exports from Indonesia. The ban on minerals ores from Indonesia had caused a sharp panic reaction on the prices of Nickel in the markets at the start of this year. Similar reaction in the metal is expected if the ban of Philippines becomes reality. Nickel in the domestic markets were showing ill reaction to the news of possible Philippines ban and were last checked at Rs 1123 per kg unchanged from last week. The prices are also defying the weakness that is seen in some of the other metals like Copper. On the lower side, prices tested Rs 1121 per kg while the intraday high has been hit at Rs 1125.8 per kg.
SHRINAM GLOBE COMMODITIES 15/09/2014 Gold Slips Under $1230, Short Bets Increase Gold dropped to a fresh eight month low under $1230 per ounce in early Asian tradestoday as a constant sell off continued for the yellow metal as strong dollar and demandworries continue to hit the sentiments. The Russian-brokered ceasefire in eastern Ukraineis holding and traders are questioning the demand factor even as prices have dropped bymore than $100 in last two months. A weak undertone in global stocks following poorChinese housing and industrial growth data is also keeping a tab on gold today. COMEX Goldis quoting at $1234 per ounce, up $3 per ounce on the day. MCX Gold futures for Octoberare trading at Rs 26980 per 10 grams, up Rs 80 per 10 grams on the day thought the upsidelooks fragile. The counter has dropped under Rs 27k now and spot prices are hoveringaround Rs 27000. Demand is still not that forceful as investors are waiting for a furthercorrection in spot markets. Gold market traders and speculators continued to cut back on their overall bullish betslast week for a fourth straight week and to a new low level since June, according to thelatest Commitment of Traders (COT) data released by the Commodity Futures TradingCommission (CFTC) on Friday. The non-commercial futures contracts of Comex gold futures,traded by large speculators and hedge funds, totaled a net position of +95,141 contractsin the data reported through September 9th. This was a weekly change of -1,738 contractsfrom the previous week’s total of +96,879 net contracts that was registered onSeptember 2nd. Gold futures have not been able to hold this month, normally considered as a positivemonth for the yellow metal per ounce as strong dollar, broad demand worries and fallingglobal commodity prices undermined the sentiments for the yellow metal. Fed hike fearshave kept the US dollar index at 14-month high and kept gold under constant check overlast few days. Demand worries continue to dominate sentiments for gold. Chinas goldimports from Hong Kong in July fell by 42% from a month earlier, according to the HongKong Census and Statistics Department, media reports quoted. Falling global commodity prices have been ensuring that the rout in gold extends further.The Food and Agriculture Organization’s (FAO) monthly food price index registeredanother drop in August, continuing a 5-month downward run and reaching its lowest levelsince September 2010.The indexs August average of 196.6 points represents a drop of 7.3points (3.6%) from July. With the exception of meat, prices for all of the commoditiesmeasured by the index dipped markedly. Falling global commodity prices are downplaying theinflationary threat, in turn taking out the support from gold even as prices trade at athree month low. India is unlikely to cut the Gold import duty anytime soon, according to union tradeMinister Nirmala Sitharaman. The minister noted that the government is not considering animmediate gold import duty cut despite the current account deficit coming down. CAD hascome down, but there is no thought to lower the import duty immediately, she said.Government had raised the import duty on the yellow metal last year to 10% to limitoverseas purchases by the second-biggest bullion consumer and help trim the bloatedcurrent account deficit last year. The US dollar is quoting near 1.2950 mark against the Euro as Scotland goes into areferendum on independence this week week. Dollar has been supported off late amid signsof a continued recovery in the US According to a latest update from the OECD said that thelatest data continued to signal stable growth momentum in most major economies. Thefigures for the United States, Canada and United Kingdom continue to point to stablegrowth momentum, it said. However, the organization noted that the signs for Germany, withthe biggest economy in the eurozone, continued to point to slowing momentum.
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