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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 15/12/2014 Commodities Buzz: China Crude Steel Output Totals 63.3 Million Tons In November 2014 According to data released by the National Bureau of Statistics (NBS), Chinas crude steel output totaled 63.3 million tons in November. In November, the countrys daily crude steel production averaged at 2.1 million tons, falling by 3.2% from a month ago and decreasing by 0.2% year on year. In January-November period, the countrys crude steel output amounted to 748.7 million tons, up by 1.9% year on year.
SHRINAM GLOBE COMMODITIES 15/12/2014 Economic Buzz: Japans Tankan Index Eases Slightly In Sept-Dec Outlook Japanese business sentiment showed some relative weakness among the top manufacturers, though other segments indicated some improvement, according to the Bank of Japans closely watched quarterly tankan survey. The sentiment index for the large manufacturers edged down to plus 12, the plus 13 level recorded in September. Among other manufacturers, the medium-sized category sentiment index rose to plus 7 from plus 5, and small-sized firms swung to optimistic territory at plus 1 from minus 1 in the previous survey. Non-manufacturers posted a more mixed picture: large firms at plus 16 vs. plus 13; mid-size steady at plus 7; small firms falling to minus 1 from zero.
SHRINAM GLOBE COMMODITIES 15/12/2014 Indian Rupee: Depreciates Further The Indian rupee depreciated against the US dollar in early hours on Monday, 15 December 2014, extending losses to trade at over a 10-month low. The domestic currency opened down 22 paise at Rs 62.51 against the greenback in early trade today due to increased demand for the US currency from importers and a weak opening in domestic equity markets after industrial output contracted by 4.2 per cent in October, the sharpest decline in at least two years added pressure on the rupee. Rupee registered an intraday high and low of 62.46 and 62.56 so far during the day. In the spit currency market, the Indian unit was last seen trading at 62.51, down 22 paise or 0.36% as compared to previous close at 62.29. On Friday, the Indian rupee after falling to over ten-month low of 62.50 against the greenback, bounced back to end 4 paise higher at 62.29 on selling of dollars by state-run banks on behalf of the RBI. Domestic benchmark indices edged lower amid initial volatility as weakness in Asian stocks and industrial production (IIP) data that fell at a sharpest pace in three-years in October 2014 may weigh on investor sentiment. In overseas markets, Asian stocks edged lower today, 15 December 2014 on slump in oil prices as concern that the global economic outlook is worsening pushed credit risk higher. US stocks sank on Friday, 12 December 2014, as oil prices continued to slide. Oil prices sank more than 2 percent to 5-1/2-year lows early on Monday on concerns about a supply glut and slower global growth, feeding fears for energy and commodities producers and exporters. Foreign portfolio investors sold Indian shares worth a net Rs 864.96 crore on Friday, 12 December 2014, as per provisional data. At the time of writing, the S&P BSE Sensex was down 124.36 points or 0.45% at 27,226.32 while the CNX Nifty was down 25.35 points or 0.31% at 8,198.75. In the global currency market, the dollar quivered in choppy trading against the yen on Monday as oil prices continued to sink on a weak outlook for global demand, while risk version pressured U.S. Treasury yields.
SHRINAM GLOBE COMMODITIES 09/12/2014 Agri Buzz : Statistics Canada Revises Canola and Wheat Production For 2014-15 As per latest crop production report from Statistics Canada, published last week, pegged Canadian canola (rapeseed) production for harvest 2014 at 15.6Mt. While this is 13.4 per cent lower compared with the previous year, it is the second largest Canadian canola crop on record. Furthermore, the canola production estimate is 1.5Mt higher than Statistics Canadas last forecast in September and around 1Mt above trade expectations according to a Reuters poll. The higher production figure is explained by better than predicted yields. Canadian wheat production for harvest 2014 was also revised considerably higher compared with Statistics Canadas previous estimates. At 29.3Mt, Canadian wheat output is seen 1.8Mt higher than in September. Revised estimates in the latest report showed a yield decline of only 13.9 per cent year on year, in comparison with 18.2 per cent which was estimated in the previous report. However, compared with 2013s production, this years harvest is seen 22 per cent lower. The current USDA estimate for Canadian wheat production in 2014/15 is 27.5Mt, and it will be interesting to see if this figure is revised lower when the next USDA estimates are released this Wednesday
SHRINAM GLOBE COMMODITIES 09/12/2014 Economic Buzz: India CLI Points To Clear Pick Up In Growth Momentum, Says OECD The Organization for Economic Cooperation and Development leading index held steady at 100.4 in October. The index continues to point stable expansion in the United States, Canada, China and Brazil, while tentative signs of a positive change in momentum are emerging in Japan, the OECD said. It said the composite leading indicators signaled stable growth momentum in most major economies and in the OECD area as a whole. India is the only major economy where the CLI points to a clear pick-up in growth momentum, it said. The Paris-based OECD said growth is likely to lose momentum in Europe, particularly in Germany and Italy. However, stable growth momentum is expected for France. The indicator for the U.K. points to growth easing, albeit from relatively high levels.
SHRINAM GLOBE COMMODITIES 09/12/2014 Technical Comment For The Day: Crude Oil For the first time in fifth straight day prices of MCX Crude Oil showed depleting moves. Monday session proved quite dreadful for the commodity and the prices ended at Rs 3933 per barrel. Commodity tested a high of Rs 4115 per barrel and a low of Rs 3913 per barrel. Long term bearishness is expected to continue as the prices have breached Rs 4000 per barrel on a closing basis. On the lower side, supports of Rs 3850 and 3800 can become a short term floor price for Crude oil. Volumes were also on the higher side and reached 124242. Meanwhile, a increase in open interest was on account of appreciation of short positions.
SHRINAM GLOBE COMMODITIES 09/12/2014 Technical Comment For The Day: Gold For the first time in four days prices of MCX Gold showed constructive moves. Monday session proved marginal beneficial for the commodity and the prices ended at Rs 26361 per 10 grams. The metal tested a high of Rs 26459 per 10 grams and a low of Rs 26280 per 10 grams. The prices are now facing active resistance of Rs 26500 and per 10 grams. On the lower side, the supports for Gold are emerging at Rs 26250 per 10 grams. The chart patterns still depict lower highs for the metal and the bearish phase does not look over. Still vulnerable for aftershocks Gold can move towards Rs 26250 and 26200. Volumes showed sharp declines and were at 10826 on Monday against 16344 a day before.
SHRINAM GLOBE COMMODITIES 09/12/2014 Technical Comment For The Day: Copper Copper declined for the second day in a row. The decline in Copper is said to be significant considering that the prices have dropped below Rs 400 per kg on the closing basis after falling to Rs 399.55 per kg during the day. The prices have been declining during the last few sessions of the week after the breach of double bottom formation. The metal tested a high of Rs 405.20 per kg before settling the day at Rs 399.75 per kg. It seems that the supports of Rs 390 per kg will come in handy for the prices even for the coming week. On the higher side there is still heavy friction near to Rs 404 per kg.
SHRINAM GLOBE COMMODITIES 09/12/2014 Indian Rupee: Weakens On Dollar Demand; Lower Shares The Indian rupee dipped lower at commencement on Tuesday, 09 December 2014 due to dollars gains against other currencies in the global markets and sustained demand for the American currency from banks and importers amid a weak opening in the equity market. Moreover, widening current account deficit added pressure on the local unit. The domestic currency opened down by 5 paise at Rs 61.89 against the US dollar and slipped further to a low of 61.91 before recovering back to a high of 61.87 so far during the day. In the spot currency market, the Indian unit was last seen trading at 61.87, down 3 paise or 0.04% as compared to previous close at 61.85. Rupee weakened on Monday after a robust monthly U.S. employment data sparked a global rally in the dollar and raised worries that any earlier-than-expected hike in U.S. interest rates could dent foreign flows to emerging markets. Indias current account deficit widened to USD 10.1 billion or 2.1 per cent of GDP in July-September quarter of this fiscal, up from 1.2 per cent a year-ago. Domestic benchmark indices drifted lower in early trade amid initial volatility tracking weakness in Asian bourses and overnight losses in US markets. Asian share markets were mostly in the red on Tuesday while the U.S. dollar began to edge higher once again aided by a media report the Federal Reserve might take a rhetorical step toward tightening at its meeting next week. Foreign portfolio investors bought Indian shares worth a massive Rs 4984.60 crore yesterday, 8 December 2014, as per provisional data. At the time of writing, the S&P BSE Sensex was down 45.60 points or 0.16% at 28,073.80 while the CNX Nifty was down 16.55 points or 0.2% at 8,421.70. In the global currency market, the yen held onto sizeable gains early on Tuesday, having staged a broad short-covering rally as a big drop in oil prices hit global risk appetite.
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