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Commodity Report By Ways2Capital 19 June 2014

· Europe Industrial production increased by 0.8 percent in April from -0.4 percent in March. · US Retail sales rose by 0.3 percent in May from 0.5 percent in April.

 
PRLog - Jun. 19, 2014 - 1.WORLD NEWS

· Europe Industrial production increased by 0.8 percent in April from -0.4 percent in March.

· US Retail sales rose by 0.3 percent in May from 0.5 percent in April.

· US Core Retail Sales increased by 0.1 percent in May from 0.4 percent in April.

· US Unemployment Claims increased to 317,000 for the week ending 6th May 2014 from  313,000 in preceding week.

· US Business Inventories accelerated by 0.6 percent in April from 0.4 percent in March.

· India’s Industrial Output up 3.4 pct in April compared with 0.5 pct drop in March.

· India’s inflation eased to 8.28 percent in May from 8.59 percent in previous month.

· President Barack Obama on Thursday threatened U.S. military strikes in Iraq against Sunni Islamist militants who have surged out of the north to menace Baghdad and want to establish their own state in Iraq and Syria. (Source : Reuters)

2. Precious Metals

A spot gold price increased by 1.0 percent in yesterday’s trading session as the rise in Geopolitical tension in Iraq upsurge the demand for safe haven. Further, weakness in DX and rise in risk aversion in the global markets boosted yellow metal safe-haven appeal. Additionally, weak retail sales data supported prices to trade in green.

In the Indian Markets, gold prices increased by 0.99 percent in yesterday’s trading session taking cues from Intl Spot Gold Prices. However, appreciation in the Indian Rupee prevented sharp upside in the prices. Gold prices touched an intraday high of 26360/10gms and closed at 26330/10gms.  We expect spot gold prices to trade on the positive note as the Rise in Geopolitical tension in Iraq may upsurge the demand for safe haven. Further, weakness in DX and unsatisfactory data from US may support prices to trade in green. Additionally, expectation of strong economic data from US and China may cap sharp upside in the prices. In the Indian Markets depreciation in the Indian Rupee may support prices

3. Base Metals

Base Metals on LME traded on negative note on the back weak economic data from US added downside pressure on the prices. However, positive industrial production data from Europe, weakness in DX and decline in LME inventory cushioned sharp fall in the prices. LME Copper decreased by 0.84 percent on the back of uncertainty about the impact of an investigation into metal financing at China’s third-largest port.

In the Indian Markets copper prices fell by 0.96 percent in yesterday’s trading session taking cues from LME prices. Further, appreciation in the Indian Rupee added downside pressure on the prices. MCX Copper touched an intraday low of 394.6/kg and closed at 395.8/kg

4. Energy

Crude oil prices rose by 2.04 percent in yesterday’s trading session on the back of weakness in DX and decline in EIA crude oil inventories. Further, rise in worries over oil disruption from Iraq due to geopolitical tension supported prices to trade in green.  weak retail sales data from US and rise in oil production caped sharp rise in the prices.

In the Indian Markets, crude oil price increased by 1.55 percent taking cues from NYMEX crude oil prices. However, appreciation in the Indian Rupee capped sharp upside in the prices. Crude oil prices touched an intraday high of 6309/bbl and closed at 6290/bbl.

We expect NYMEX crude oil prices to trade on positive note on the back of rise in worries over oil disruption from Iraq due to geopolitical tension. Weakness in DX and decline in EIA crude oil inventories may provide support to the prices. In the Indian Markets depreciation in the Indian Rupee may support prices.

5.Natural Gas

Natural Gas prices increased by 5.63 percent in yesterday’s trading session on the back of weakness in DX and lesser than expected storage build. However, forecast of moderate weather and estimated rise in supply from EIA capped sharp upside in the prices.

In the Indian Markets, a Natural gas price increased by 4.68 percent in yesterday’s trading session taking cues from NYMEX prices. However, appreciation in the Indian Rupee capped sharp upside in the prices. Natural Gas prices touched an intraday high of 282.1/mmbtu and closed at 281.9/ mmbtu.

NCDEX - WEEKLY NEWS LETTERS

1.CHANA

• Chana Futures on NCDEX moved higher on talks that buying interest from millers and stockists could be seen at lower levels.

• Volumes improved by 2.3% compared to previous trading day. However, OI declined from previous trading day.

• According to Directorate General of Commercial Intelligence and Statistics (DGCIS), Indian  imports of Pulses was seen at 2,882,374 MT    April 2013-February 2014 period compared to  3,531,962 MT seen during the same time last year. Data also showed that total Pulses imports in  February 2014 were 243,306 MT vs. 164,718 seen in February 2013.

2.SOYABEAN AND RM SEED

• Indian oil seed complex closed in positive territory yesterday on gains in overseas edible oil prices.

• According to 3rd Advance estimates released by GoI, India’s output for the following crops in  2013-14 year are:- Soybean- 11.95 million MT, RM Seed – 7.83 million MT.

• Soy meal exports from India, fell sharply to 8,226 MT in May from 96,492 MT a year earlier.  India's oil meal exports dropped 9.8% from a year earlier to 4.3 million MT in the 2013/14 fiscal year that ended in March.

• According to SEA, India imported 819K MT of edible oils in April 2014 vs. 832K MT in March 2014 and 641K MT in April 2013.

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