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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 27/10/2014 Indian Rupee: Edges Higher The Indian rupee climbed higher at commencement on Monday, 27 October 2014, for the fifth consecutive session tracking gains in local equity markets and Asian currencies. The domestic currency opened up by 9 paise at Rs 61.19 against the US dollar but slipped to a low of 61.25 so far during the day. In the spot currency market, the Indian unit was last seen trading at 61.22, stronger by 6 paise or 0.10% as compared to previous close at 61.28. Rupee ended flat on Wednesday, as gains in shares amid hopes for more economic reforms from the Narendra Modi government were offset by caution ahead of a long weekend. The rupee rose around 0.27 percent for the week against the dollar. Recent measures by the government, including deregulation of diesel prices and plans to open up the coal industry to private players, have raised expectations for a bigger reform push. Indian markets were shut on Thursday and Friday for public holidays. A range bound movement was witnessed as key benchmark indices retained positive terrain in morning trade. The gains for benchmark indices were small. Asian equities rose on Monday, taking heart from upbeat earnings and U.S. economic data that eased recent global growth fears and sharpened risk appetite. Meanwhile, the provisional data released by the stock exchanges after trading hours on Thursday, 23 October 2014, showed that foreign portfolio investors (FPIs) sold Indian shares worth a net Rs 12.38 crore on that day. At the time of writing, the S&P BSE Sensex was up 53.25 points or 0.2% at 26,904.30 while the CNX Nifty was up 15.95 points or 0.2% at 8,030.25. In the global currency market, the euro held firm in early Monday trade after the European Central Banks stress tests found smaller capital shortfalls among European banks than expected. The dollar index, which measures the US currencys strength against major currencies, was trading at 85.496, down 0.28% from its previous close of 85.732.
SHRINAM GLOBE COMMODITIES 27/10/2014 Commodities Buzz: Rio Tinto Completes Sales of Coal Mozambique Rio Tinto has completed the sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Limited following the fulfilment of all conditions precedent and receipt of the necessary regulatory approvals. The sale, announced on 30 July 2014, comprises the Benga mine and other coal projects in the Tete province of Mozambique. Rio Tintos other assets in the country remain unaffected by the transaction.
SHRINAM GLOBE COMMODITIES 27/10/2014 Agri Buzz : Rabi Oiseeds Sowing Rises So Far On Better Sowing Conditions The agriculture ministry data showed that the total sowing area under oilseeds at 0.46 million hectares (ha) by October 24 this year, as compared to a negligible 0.16 million ha by the same period last year. The sowing area under maize also shot up to 0.07 million ha as of Saturday compared with 0.05 million ha in the previous year. The area under jowar declined to 1.03 million ha by October 24 from 1.28 million ha by the same period last year. The area under pulses also reported a marginal decline to 0.33 million ha in the rabi season 2014-15 compared to 0.38 million ha in the previous season.
SHRINAM GLOBE COMMODITIES 27/10/2014 Technical Comment For The Day: Crude Oil Crude Oil has continued to move sharply lower and even as the prices are oversold there has been hardly any respite from the selling pressure. The decline has come with high open interest even though the volumes have remained on the lower side. Crude Oil futures settled the Friday session at Rs 4968 per barrel. The prices tested a high of Rs 5011 per barrel and a low of Rs 4945 per barrel. On the lower side, further declines can take Crude Oil to Rs 4950 per barrel. On the higher side, prices are capped at Rs 5050 per barrel. RSI at 23 is pointing towards oversold position in Crude Oil.
SHRINAM GLOBE COMMODITIES 27/10/2014 Technical Comment For The Day: Gold After a rally taking prices beyond Rs 27600 per 10 grams levels, Gold has again started moving down and is now eyeing to move lower and below Rs 27000. The session on Friday ended with Gold at Rs 27176 per 10 grams. Further declines in Gold are expected to take the metal close to Rs 26800 per 10 grams. The metal moved below 10 day EMA at Rs 27240 per 10 grams on Friday. Two consecutive days of correction in the prices of the metal are expected to take the metal towards Rs 27055 per 10 grams. RSI is at 50 indicating probability to move lower.
SHRINAM GLOBE COMMODITIES 27/10/2014 Technical Comment For The Day: Copper Copper prices have shown volatility and a resilience to move below Rs 410 per kg. The prices closed the last session of the week at Rs 412.3 per kg. Although on the lower side, prices of Copper have been showing resilience to move higher. The next set of moves can take Copper towards Rs 420 per kg. Supports for Copper are at Rs 410 per kg. The metal is expected to face resistance at Rs 415 per kg on the higher side. However to take a call for long run is getting tricky. A fall below Rs 410 can bring considerable pain in the metal.
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