30 November 2015 Ways2Capital Commodity Research Report

INDORE, India - Nov. 30, 2015 - PRLog -- MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
✍ PRECIOUS METAL
✍ Gold
Gold futures were down by Rs 37 to Rs 25,244 per 10 gram today as participants trimmed their positions. In futures trading, gold for delivery in December traded Rs 37, or 0.15% lower at Rs 25,244 per 10 gram in a business turnover of 350 lots at the Multi Commodity Exchange.On similar lines, the metal for delivery in far-month February next year shed Rs 33, or 0.13%, to Rs 25,390 per 10 gram in 32 lots. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as expectations for an increase in US borrowing costs by the end of the year buoyed the dollar, curbing the metal's appeal. Meanwhile, gold prices in global market retreated as much as 0.4% to $1,068.36 an ounce in Singapore today.
Gold traded near its lowest in nearly six years on Thursday as the dollar held at multi-month highs after US economic data reinforced expectations of an interest rate rise this year. The US currency was also supported against the euro, weighing on dollar-denominated gold, as European Central Bank officials said they were considering options such as whether to stagger charges on banks hoarding cash or to buy more debt. The ECB meets next week. Spot gold was unchanged on the day at $1,070.76 an ounce by 1505 GMT, not far off the $1,064.95 hit last week, its lowest since February 2010. Liquidity was thin, with US markets are shut for the Thanksgiving holiday. "The sense in the market is that the dollar will continue to rally due to the prospect for QE (quantitative easing) in Europe and the hike in the US," Saxo Bank's head of commodity strategy Ole Hansen said. "The focus is back to the negative correlation to a stronger dollar and that's keeping gold under pressure." The dollar was up 0.1% against a basket of major currencies, trading close to an eight-month high reached in the previous session. "The dollar index is within reach of the multi-year high of 100.39. A break of this level would put downside pressure on gold," ScotiaMocatta said in a note. Data on Wednesday showed US manufacturing output in October rose well above economists' expectations while business spending plans surged. Gold had seen some safe-haven bids earlier this week after Turkey downed a Russian fighter jet, stoking tensions between the countries, but interest has faded as investors' focus returned to a US rate rise. "People are preparing for the rate hike ... if you look at strategists' recommendations of the top 20 trades, gold is not in there," MKS SA senior vice president Bernard Sin said.

✍ Silver
Taking weak cues from overseas markets, silver prices dropped by Rs 202 to Rs 34,511 per kg in futures trade today as participants cut down their bets. At the Multi Commodity Exchange, silver for delivery in far-month March 2016 was trading lower by Rs 202, or 0.58%, to Rs 34,511 per kg in a business turnover of 202 lots. Similarly, the white metal for delivery in December declined by Rs 141, or 0.41%, to Rs 33,940 per kg in a business volume of 624 lots. In the international market, silver fell 1.09% to $14.12 an ounce in Singapore today. Traders said the fall in silver prices at futures trade was largely in step with a weak trend in precious metals in global markets as expectations for a hike in US borrowing costs by the end of the year boosted the dollar, curbing the metal's appeal.

✍ Crude oil
Crude oil futures prices rose 0.98% to Rs 2,888 per barrel today as speculators built bets amid a firm trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in December was trading Rs 28, or 0.98%, higher at Rs 2,888 per barrel, with a business turnover of 14,010 lots. The oil for January next year delivery contracts moved up by Rs 26, or 0.88%, to Rs 2,994 per barrel, with a business volume of 302 lots. Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia where it held above$43 a barrel after US commercial crude supplies rose at a slower pace while concerns over the shooting down by Turkey of a Russian warplane lingered. Data from the US Department of Energy released yesterday showed that the country's commercial crude supplies rose by 1.0 million barrels for the week ended November 20. Meanwhile, West Texas Intermediate crude for delivery in January was up eight cents at$43.12 while Brent crude for January gained seven cents to$46.24 on the New York Mercantile Exchange.

✍ Nickel
Nickel futures traded lower by 0.49% to Rs 611.40 per kg largely in tune with weak overseas trend amid subdued demand from alloy-makers at domestic spot markets. In futures trading at the Multi Commodity Exchange, nickel for delivery in December weakened by Rs 3, or 0.49%, to Rs 611.40 per kg in a business turnover of 165 lots.Similarly, the metal for delivery in November was down by Rs 2.80, or 0.46%, at Rs 605.20 per kg in 664 lots. Globally, nickel dropped as much as 1.8% at the London Metal Exchange (LME). Analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend in the base metals pack in global markets weighed on nickel prices at futures trade here.


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