Commodity Research Report Ways2Capital 05 October 2015

INDORE, India - Oct. 5, 2015 - PRLog -- MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

PRECIOUS METAL

✍INTERNATIONAL EVENT

• The U.S. private employers added 200,000 jobs in September, payrolls processor ADP said on Wednesday, the strongest reading since June. It beat a forecast 194,000 increase among economists polled by Reuters. 
•  Russia launched air strikes in Syria on Wednesday in its biggest Middle East intervention in decades, plunging the four-year-old civil war into a volatile new phase as President Vladimir Putin moved forcefully to stake out influence in the unstable region.  Joaquin, formerly a tropical storm, has strengthened into the third hurricane of the 2015 Atlantic season, the U.S. National Hurricane Center said on Wednesday. 
•  U.S. crude stocks surged last week, outstripping expectations of a small increase, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 4 million barrels in the last week, compared with analysts' expectations for an increase of 102,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.068 million barrels, EIA said. Gasoline stocks rose by 3.3 million barrels, compared with analysts' expectations in a Reuters poll for a 40,000 barrel decrease. Distillate stockpiles, which include diesel and heating oil, fell by 267,000 barrels, versus expectations for a 471,000 barrels drop, the EIA data showed. 
• China's factory activity fell to a more than 6-year low in September while growth in the once-resilient services sector came close to stalling, private surveys showed, fueling fears that the economy may be slowing more sharply than expected. Factory activity shrank to 47.2 in September, the lowest reading since March 2009 and slightly weaker than 47.3 in August, the final Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) showed on Thursday

✍ GOLD

Gold hit its lowest level in two weeks and recorded its biggest quarterly loss in a year on Wednesday as U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise. That capped off gold's worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997. The metal has come under pressure from expectations that the U.S. Federal Reserve is set to hike interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. Bullion fell as low as $1,111.60 on Wednesday, its lowest level since Sept. 16, after a report showed that U.S. private employers added 200,000 jobs in September, b

Precious metals had its worst session in 2-1/2 weeks on Monday, extending Friday's losses ahead of a key U.S. jobs report later in the week that could boost bets the U.S. Federal Reserve will raise interest rates this yearIN FOCUSSPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 684.14 tonnes, remain unchanged from previous business day. Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 9871.77 down 26.71 tonnes from previous business day

Ghana central bank's recent decision to restrict gold exports has brought the issue of conflict gold into the limelight. Industry observers say that some of the conflict gold is being routed through Ghana to various refiners including some in India. Last mile traceability has always been an issue in this case due to ease of making documents.
While it is necessary to declare the mine of origin at the importing country's customs books, but such details are rarely declared. Only LBMA-accredited refiners or those professionally managed declare such details. But even if such details are declared, it is difficult to confirm them as dore is bought from aggregators.The issue is significant for two reasons - one because good manufacturing practices are not followed in case of gold imported from Ghana and second because restriction of Ghana exports will reduce India's dore imports.Ghana, a nation on West Africa’s Gulf of Guinea, produced 108 tonne of gold in 2014, according to GFMS Gold Survey 2015. Early this month, Ghana Central Bank canalised gold exports only through state agency Precious Metals Marketing Company (PMMC) with stringent norms. Ghana central bank had also clarified that it was forced to introduce new rules for gold exports due to the consistent under declaration of gold exports from Ghana. Managing Director (MD) of PMMC, George Abradu-Otoo, in an interview with Business Guide said that the country exported gold worth $1.925 billion in 2014, that is about 55 tonne of gold. These volumes have surprised many, given that large part of the mined gold is part of long term contracts with refiners. Thus many believe that conflict or exploited gold is being routed through Ghana and other countries. Conflict or exploited gold is mined illegally or by employing child labour or using illicit means of mining. Such practice was prevalent in diamond mining but that was largely addressed by making Kimberly certificate a must.


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