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Follow on Google News |  Commodity Research Report 11 May 2015 Ways2CapitalChina's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the
By: Ways2Capital ✍INTERNATIONAL NEWS ✍China April HSBC PMI China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh policy stimulus to halt a slowdown in the world's second-largest economy. The HSBC/Markit Purchasing Managers' Index (PMI) fell to 48.9 in April - the lowest level since April 2014 - from 49.6 in March, as demand faltered and deflationary pressures persisted. The number was weaker than a preliminary reading of 49.2, and below the 50-point level that separates growth from contraction compared with the previous month. The overall new orders sub-index dipped to 48.7 in April, the sharpest contraction in a year, although new export orders showed tentative signs of improvement. Both input and output prices declined for a ninth month in April, while manufacturing employment contracted for an 18th month, auguring poorly for an economy that grew at its weakest rate for six years in the first quarter. ✍ UK election Prime Minister David Cameron's Conservatives and the opposition Labour Party are tied at 34 percent popular support ahead of Britain's general election on Thursday, according to a YouGov opinion poll for the Sun newspaper published on Wednesday. The results showed both the Conservatives and Labour unchanged from Tuesday's poll numbers, YouGov said. The election is expected to be the tightest in decades. The two main parties have been neck and neck in most polls since the start of the year, with neither establishing a sustained lead exceeding the three-point margin of error. Opinion polls have consistently shown that neither of the two main parties is likely to win an overall majority in the 650-seat Parliament. ✍ China's imports & exports China's exports unexpectedly fell 6.4 percent in April from a year earlier, while imports tumbled by a deeper-than- April imports tumbled 16.2 percent from a year earlier, following a 12.7 percent drop in March that highlighted tepid domestic demand as the world's second-largest economy slows. That left the country with a trade surplus of USD 34.13 billion for the month, the General Administration of Customs said on Friday. Analysts polled by Reuters had expected exports to rise 2.4 percent in April from a year earlier, and predicted imports would fall 12 percent. "This is bad. I expect an interest rate cut this weekend," said economist Tim Condon at ING in Singapore. ✍ BULLION ✍ GOLD Gold imports surged 19.5 percent to reach USD 34.32 billion in 2014-15 due to declining prices and easing of restrictions by the Reserve Bank. Imports of the metal were USD 28.7 billion the previous fiscal, 2013-14. Increase in gold imports impacts the country's trade deficit, which has reached USD 137 billion in 2014-15, and the current account deficit (CAD). The imports almost doubled in March to USD 4.98 billion which pushed the trade deficit to a four-month high of USD 11.79 billion for the month, according to the Commerce Ministry data. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. The Reserve Bank and the government have maintained that the CAD level is comfortable, but the spike in gold imports may spark fresh worries. It has narrowed to 1.7 percent for the first nine months of the previous fiscal. According to the Reserve Bank data, in the April-December period of last fiscal, CAD stood at USD 31.1 billion or 2.3 percent of GDP. On November 28, RBI had scrapped the controversial 80:20 scheme. Under the programme, which was put in place in August 2013 to put a tight leash on gold inflows, at least 20 percent of the imported gold had to be exported before bringing in new lots. Taking cues from overseas markets, gold futures prices today fell 0.22 percent to Rs 27,120 per 10 grammes as speculators offloaded their positions. At the Multi Commodity Exchange, gold prices for delivery in far-month August shed Rs 59, or 0.22 percent , to Rs 27,120 per 10 gm in business turnover of seven lots. Also, metal prices for delivery in June declined by Rs 54, or 0.20 percent , to Rs 26,880 per ten gm in 292 lots. Analysts said the fall in gold futures was attributed to trimming of positions by speculators, tracking with trend overseas after data on US jobless claims showed an improving labour market ahead of the release of non-farm payroll figures for April, boosting speculation that interest rates will rise this year. Meanwhile, gold traded at USD 1,183.29 an ounce in Singapore from USD 1,184.51 yesterday. ✍ BASE METAL ✍ COPPER Copper prices swung between small gains and losses on Thursday, as traders monitored the direction of the dollar while awaiting key U.S. employment data for further clues on the timing of a Federal Reserve rate hike. On the Comex division of the New York Mercantile Exchange, copper for July delivery shed 0.2 cents, or 0.07%, to trade at $2.924 a pound during European morning hours. Futures held in a range between $2.905 and $2.934. A day earlier, copper dipped 0.9 cents, or 0.31%, to close at $2.926. On Tuesday, futures rallied to $2.956, the highest level since November 28. Futures were likely to find support at $2.892, the low from May 4, and resistance at $2.956, the high from May 5. The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was at 94.20, not far from the two-month trough of 93.96 set on Wednesday. ✍ LEAD Lead futures rose 0.78 per cent to Rs 136.45 per kg today on rising demand in spot markets and positive global cues. Besides strong demand from battery-makers, a firm trend in copper and other base metals overseas influenced lead prices at futures trade. At the MCX, Lead futures, for the April 2015 contract, is trading at Rs 136.45 per kg, up by 0.78 per cent, after opening at Rs 134.85, against a previous close of Rs 135.40. Sentiment improved further due to the decline in the lead stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME lead stocks fell by 1325 metric tonnes to 173450 metric tonnes as on May 5, 2015. For Quick Trial – 08962000225 Or mail us here: info@ways2capital.com or visit http://www.ways2capital.com/ Contact 0731-6554125 Toll Free – 1800-3010-2007 For Reports And Tracksheets - http://www.ways2capital.com/ End
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