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Follow on Google News |  Commodity Research Report 14 September 2015 Ways2CapitalThe government is gearing up to launch the gold monetization scheme around Diwali with an interest rate of 1.5-2% on gold deposits.As regards the sovereign gold bond scheme,
By: ways2capital INTERNATIONAL NEWS ✍GOLD The government is gearing up to launch the gold monetization scheme around Diwali with an interest rate of 1.5-2% on gold deposits.As regards the sovereign gold bond scheme, the government aims to raise Rs 15,000 crore and the timing of the launch will be decided in consultations with the Reserve Bank. The interest rate on gold bonds, the official said, is expected to be 2-3%.The Cabinet had yesterday approved the gold monetization and the bond schemes, which were earlier announced in the Budget with an aim to curb demand for physical gold and fish out idle gold lying with temples, trusts and households.Sovereign gold bonds will be offered in tranches and the interest would be payable in the rupee.The proposal to classify gold deposits as CRR and SLR has been rejected by RBI and hence, it has been withdrawn from the final plan of the scheme. ✍ Silver Silver prices were up Rs 180 at Rs 36,580 per kg in futures trading on Wednesday as speculators widened positions amid a firming trend overseas.At the Multi Commodity Exchange, silver for delivery in far-month March next year rose by Rs 180, or 0.49%, to Rs 36,580 per kg in a business turnover of four lots.On similar lines, white metal for delivery in December was trading higher by Rs 170, or 0.48%, at Rs 35,833 per kg with a business volume of 599 lots.Speculators widened positions, tracking a firming trend overseas as the dollar fell, raising appeal of precious metals.In Singapore, silver climbed 0.5% to $14.87 an ounce today. ✍ Nickel Amid profit-booking by speculators and weak trend overseas, nickel prices were down by 0.25% to Rs 666.30 per kg in futures trade on Thursday.In addition, a weak trend in metals at the spot market owing to slack demand from consuming industries put pressure on metal prices.At Multi Commodity Exchange, nickel for delivery this month was trading down by Rs 1.70, or 0.25%, at Rs 666.30 per kg in a business volume of 304 lots.Metal for delivery in October too fell Rs 1.50, or 0.22% to Rs 673.50 per kg, in a business volume of 22 lots.Profit- ✍ Lead Taking positive cues from the global market and rising demand in the domestic spot market, lead futures prices on wednesday rose 0.75% to Rs 114.40 per kg as speculators built up positions. Lead for delivery in October contracts edged higher by 85 paise, or 0.75%, to Rs 114.40 per kg, with a turnover of six lots while delivery in current month contracts was up 80 paise, or 0.71%, to Rs 113.35 per kg in a turnover of 493 lots.Rise was mostly supported by rising demand from battery-makers in the domestic spot market and firming trend in industrial metals at the London Metal Exchange. ✍ Copper Amid subdued domestic demand, copper prices fell by 0.35% to Rs 355.900 per kg in futures trade on tuesday as traders reduced positions.Fall in copper futures to a weak trend at the domestic spot markets due to low demand and weak global cues after trade data showed export and imports contracting.China's exports fell 6.1% year-on-year to 1.20 trillion yuan (around $188 billion) in August, Customs said, the latest batch of data showing weakness in the world's second-largest economy.At the Multi Commodity Exchange, copper for delivery in far-month February next year fell Rs 1.25 or 0.35% to Rs 355.90 per kg in business turnover of eight lots.The metal for delivery in November shed Rs 1.10 or 0.31% to trade at Rs 350.25 per kg in a turnover of 428 lots.Globally, for three-month delivery on the London Metal Exchange, copper traded little changed at $5,148 per tonne. ✍ Crude Oil Oil prices eased in Asia today as dealers focused on an upcoming US energy report for clues about production and demand in the world's top crude consumer amid abundant global supplies.US benchmark West Texas Intermediate for October delivery fell 65 cents to $43.50 while Brent crude for October dropped 76 cents to $46.82 in late-morning trade.The Department of Energy (DoE) will release its weekly report , a day later than usual because of Monday's Labor Day holiday.Analysts expect commercial crude-oil inventories rose 250,000 barrels in the week to September 4. At the same time, the DoE yesterday predicted in a new report that US crude-oil production would decline through the middle of next year in response to low prices, before picking up again in late 2016 on an expected recovery in prices.US crude output fell 140,000 barrels per day in August from July. The government lowered its 2015 production estimate to 9.2 million barrels per day, 100,000 barrels lower than its month-ago forecast.Even so, total US output this year is expected to be the highest since 1972.Investors are also keeping an eye on the Federal Reserve's plans for interest rates as bank policymakers hold a meeting next week, with speculation they could announce a rise.A hike in borrowing rates would likely push up the dollar, and with crude priced in the greenback it would make the commodity more expensive for anyone holding weaker currencies, denting demand. 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