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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 20/10/2014 Soaring Arrivals Curb Chana Futures On NCDEX The NCDEX Chana futures dropped today following a massive rise in the arrivals at Delhimandi and thin demand ahead of Diwali. The overall undertone in Pulses remained steadywith a bearish bias. Chana arrivals surged in Delhi ahead of the Diwali holidays. However,not much of demand is emerging. Chana is about to enter in its lean supplies period. Thebenchmark NCDEX November futures closed at Rs 2873 per quintal, down Rs 13 per quintal onthe day as rallies towards Rs 2900 mark were met with increasing selling pressure inintraday trades. Maharashtra Urad crop is seen in good shape and traders are expecting the arrivals tostart flooding the mandies soon. The standing pulses crop in the country is capping theupside for the commodity. Market players are talking about supplies of moong increasing inMaharashtra. Good increase has been noted in overall pulses acreage after a poor start andthe combined area now stands at 99.21 lakh hectares, down 6.40% over last year. The yieldsare likely to turn in a good performance on supportive climate in Maharashtra and otherkey states though. The total Chana arrivals surged to 60 trucks at Delhi market today, much more that thenormal seasonal average of 30-35 trucks. Major movements in the prices would be seen onlyfrom next week. The commodity trades at Rs 2900 per quintal in Delhi, down Rs 20 perquintal on the day. The commodity has recovered from its three year lows but had droppedto two month lows of Rs 2868 per quintal at the start of October 2014.
SHRINAM GLOBE COMMODITIES 20/10/2014 Crude Off Highs As Fed Worries Haunt European Stocks MCX Crude oil futures moved in a thin range today. The global prices came off theirhighs though as selling pressure in European trades capped the upside for the commodity.WTI futures had recovered from a two year low last week but are finding it difficult tohold onto highs. The benchmark WTI crude oil futures are trading at $82.37 per barrel, up31 cents per barrel on the day. Prices had rallied above $82.70 per barrel in intradaymoves. The MCX Crude oil futures for November are trading at Rs 5082 per barrel, down Rs 3per barrel on the day. Worries over a hawkish Fed monetary policy stance came back to haunt the markets today.Dallas Fed President Richard Fisher said today that he will support ending the centralbanks bond-buying program on schedule next week. This hurt the stocks in Europe with DAXand CAC falling more than a percent each. The global stocks had gotten off to a good startfor the week in in Asia today as the Nikkei led the regional indices with a 4% jump. Demand worries hit crude oil in recent weeks as prices slipped to their multi yearlows. A massive sell off in US stocks kept oil under check last week amid continuedworries over global economic outlook. WTI futures fell near its fresh two year low,testing levels under $80 per barrel briefly. MCX Crude oil futures for October fell underRs 5000 per barrel but managed to recover a bit afterwards. US crude oil stocks rose far more than expected last week as refineries cut output,while gasoline and distillate inventories declined data from industry group the AmericanPetroleum Institute had showed on Wednesday. Crude inventories rose 10 million barrels inthe week to October 10 to 370.7 million. Crude stocks at the Cushing, Oklahoma, deliveryhub for WTI crude edged up by 73,000 barrels. The International Energy Agency (IEA) has cut its 2014 demand growth forecast from900,000 barrels a day to 700,000 barrels, or a total of 92.4 million barrels a day. InAugust the IEA had pegged demand growth at a million barrels a day. The IEA said globalsupply rose 910,000 barrels a day in September and is currently 2.8 million barrels a day.The agency said non-OPEC supply growth is up 2.1 million barrels a day in 2014 andestimates that 2015 non-OPEC supply growth will reach 1.3 million barrels a day. In its monthly oil market report, the Organization of the Petroleum Exporting Countriessaid its oil production rose by 402,000 barrels a day last month to total 30.47 millionbarrels a day. This is the highest level of output since the summer of 2013, as bigproducers continued to lift production despite global economic uncertainties.
SHRINAM GLOBE COMMODITIES 21/10/2014 Guarseed To Gather Some More Buying In The Near Term Guarseed prices are likely to be supportive at lower levels due to weak production estimates in the current year along with delayed arrivals in local mandies. The NCDEX futures to test 5530-5545 levels in the near term. As per market sources, the total guarseed production in the current year is reported around 12.5 million tonnes, down almost 43 percent from the last year. This is mainly on the account of weak rainfall in major producing states such as Haryana and Rajasthan. The prices were also increased by weak new arrivals in local mandies. The market sources stated that fresh arrivals of around 0.90-1 lakh bags have been reported in local mandies, down almost 0.40-0.60 lakh tonnes from the last year in the same period. The NCDEX November Guarseed futures settled at Rs 5502 per quintal , added 0.16 percent in the last day. The NCDEX futures declined by 2.40 percent in open interest indicating short covering by traders. Technically, buying is likely to emerge from 5480-5490 levels, while resistances at 5530-5545 levels in th
SHRINAM GLOBE COMMODITIES 21/10/2014 Technical Comment For The Day: Gold Gold has resumed its journey towards gains, as the prices inched closer to the 100 day EMA set at Rs 27542 per 10 grams on Monday. Further gains in Gold cannot be ruled out as the first wave of rally that started on 6 October is still very much active. The prices of MCX Gold closed the session at Rs 27415 per 10 grams, down 0.59 percent. On the higher side, the gains are slowly targeting 100 day EMA as stated earlier. Breaching this level will prove vital for Gold, although reaching 200 day EMA of Rs 28023 per 10 grams is still tricky. The supports for Gold is at Rs 27200 per 10 grams.
SHRINAM GLOBE COMMODITIES 20/10/2014 Indian Rupee: Tracks Local Equities Higher Indian rupee added gains at commencement on Monday, 20 October 2014 tracking gains in local equities and Asian currency markets. The domestic currency opened stronger by 26 paise at Rs 61.18 against the US dollar but dipped down to a low of 61.30 so far during the day. In the spot currency market, the Indian unit was last seen trading at 61.27, higher by 17 paise or 0.28% as compared to previous close at 61.44. Rupee gained on Friday as a rise in local shares along with positive U.S. unemployment and industrial output data helped sentiment, but traders remain cautious given the uncertainties about global economic growth. Last week, the rupee fell, declining in five of the last six weeks. The governments decision to deregulate diesel prices and raise gas prices triggered a firm opening on the domestic bourses. Investors also cheered a strong showing of the Bharatiya Janata Party (BJP) in assembly election in Maharashtra and Haryana. Gains in Asian stocks also boosted sentiment on the domestic bourses. Asian stocks started the week on a brighter note on Monday, after solid U.S. data and earnings calmed tumult in global financial markets and reassured investors worried about the health of the world economy. Meanwhile, provisional data released by the stock exchanges after trading hours on Friday, 17 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1430.03 crore on that day. At the time of writing, the S&P BSE Sensex was up 357.91 points or 1.37% at 26,466.44 while the CNX Nifty was up 104.80 points or 1.35% at 7,883.80. In the global currency market, the dollar gained on Monday after upbeat data restored some calm to the financial markets, prompting equities to rally back from deep losses and triggering a rise in Treasury yields.
SHRINAM GLOBE COMMODITIES 20/10/2014 Technical Comment For The Day: Gold Gold is in a consolidation mode and is expected to show some moves that will be towards profit booking. The prices of Gold are now at Rs 27240 per 10 grams. The metal settled at Rs 27256 per 10 grams. The metal moved above 50 day EMA at Rs 27249 per 10 grams during the day. The higher highs and lower lows in Gold are indicating further appreciation in the metal prices over the coming sessions. Till the prices are above Rs 27100 per 10 grams that is the psychological barrier it has nothing to worry. The next moves can take the yellow metal close to Rs 27400 and 27450 per 10 grams.
SHRINAM GLOBE COMMODITIES 20/10/2014 Technical Comment For The Day: Copper Copper recovered on a marginal basis on the last trading day of the week. The prices declined sharply below Rs 410 per kg and ended the week at Rs 409.25 per kg. The prices are now eyeing to move further lower towards Rs 404 per kg. The metal is expected to face resistance at Rs 414 per kg on the higher side. However to take a call for long run is getting tricky. A fall below Rs 400 can bring considerable pain in the metal. However a rise above Rs 415 can consolidate the strength.
SHRINAM GLOBE COMMODITIES 20/10/2014 Commodities Buzz: China MCC Signs 45.7 Percent More Contracts In Jan-Sep 2014 Metallurgical Corp of China Ltd, or MCC, China leading mining and smelting operator, signed RMB 243.45 billion worth of contracts in the first nine months of this year, 45.7% more than it realized in the same period of 2013. Of the total contract value, RMB 11.92 billion was inked in the overseas market, says the company in a statement filed with the Shanghai Stock Exchange. Last month, the mining and smelting operator inked 8 major contracts with total value of RMB 7.53 billion, accounting for 3.7% of its 2013s operating revenue. Metallurgical Corp of China had earlier announced that its net profit for the first half of this year reach RMB 1.81 billion, up 22.22% from a year earlier.
SHRINAM GLOBE COMMODITIES 20/10/2014 Commodities Buzz: China Guangdong Province Imports 97000 Tonnes Of Alumina In August Chinas Guangdong Province imported 97000 tonnes of alumina in August, up 1.6 folds yea-on-year. Year-to-date imports through August totaled 623000 tonnes, also up 26.4% from a year ago, China Customs data showed. The average import price was 2,231 yuan ($ 363) per tonne in August, down 8.2% from a year ago, versus 2265 yuan per tonne for the January-August period, also down 3.2% on the year. In August, arrivals from Australia, Chinas top supplier, spiked 91.9% year-on-year to 71000 tonnes, and inbound shipments from the EU soared 80.3% on the year to 558 tonnes. Imports from Japan, by contrast, tumbled 44.5% from a year ago to 152 tonnes.
SHRINAM GLOBE COMMODITIES 20/10/2014 MCX Crude Hovers Just Under Rs 5100 MCX Crude oil futures are trading just around Rs 5100 per barrel, finding support froma positive momentum in global prices though gains in the Indian Rupee curbed the upsidefor the local counter. Asian stocks are in an exuberant mood, ensuring that oil staysafloat after carving out a recovery from its two year low last week. The WTI crude futuresare trading at $83.22 per barrel, up 45 cents per barrel on the day. MCX Crude oil futuresfor November are trading at Rs 5086 per barrel, almost unchanged on the day. Asian stocks soared today, led by Japanese equities, as strong cues from US marketsboosted sentiments. The Thomson Reuters/University of Michigan index of consumer sentimentwas surprisingly strong in early October, rising to more than a seven-year high. Thehousing starts also edged up and major US stock indexes surged more than 1 percent onFriday, wrapping up a whirlwind week on a positive note. Indian markets have also jumpedwith the SENSEX soaring more than 1.5%. This benefitted the Rupee which fell to near 62per US dollar mark last week. The INR is quoting around 61.30 against the dollar rightnow. Demand worries hit crude oil in recent weeks as prices slipped to their multi yearlows. A massive sell off in US stocks kept oil under check last week amid continuedworries over global economic outlook. WTI futures fell near its fresh two year low,testing levels under $80 per barrel briefly. MCX Crude oil futures for October fell underRs 5000 per barrel but managed to recover a bit afterwards. US crude oil stocks rose far more than expected last week as refineries cut output,while gasoline and distillate inventories declined data from industry group the AmericanPetroleum Institute had showed on Wednesday. Crude inventories rose 10 million barrels inthe week to October 10 to 370.7 million. Crude stocks at the Cushing, Oklahoma, deliveryhub for WTI crude edged up by 73,000 barrels. The International Energy Agency (IEA) has cut its 2014 demand growth forecast from900,000 barrels a day to 700,000 barrels, or a total of 92.4 million barrels a day. InAugust the IEA had pegged demand growth at a million barrels a day. The IEA said globalsupply rose 910,000 barrels a day in September and is currently 2.8 million barrels a day.The agency said non-OPEC supply growth is up 2.1 million barrels a day in 2014 andestimates that 2015 non-OPEC supply growth will reach 1.3 million barrels a day. In its monthly oil market report, the Organization of the Petroleum Exporting Countriessaid its oil production rose by 402,000 barrels a day last month to total 30.47 millionbarrels a day. This is the highest level of output since the summer of 2013, as bigproducers continued to lift production despite global economic uncertainties.
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