By:    Mcxkey Group    2017-11-07

Saudi purge takes oil to 2 year high

Oil reached levels last seen more than two years ago as Saudi Arabian Crown Prince Mohammed bin Salman's anti-corruption drive shook the world's biggest crude exporter just weeks before major producers gather to discuss prolonging historic production caps. Futures advanced as much as 1.2 per cent in New York. The purge eliminated potential rivals to Crown Prince Mohammed bin Salman and included a member of the royal council overseeing state oil producer Saudi Aramco and one of its directors. The arrests of princes, government ministers and billionaires may cast a shadow over the November 30 Opec meeting.

By:    Mcxkey Group    2017-10-23

Oil prices rise on tightening supply, strong demand

Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.
Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.90 at 0131 GMT, up 15 cents, or 0.26 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.13 per barrel, up 29 cents, or 0.56 percent.
“Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices,” said William O‘Loughlin, investment analyst at Rivkin Securities.

By:    Mcxkey Group    2017-01-05

NCDEX, MCX to launch castor seed futures on Thursday

After a year, castor seed futures are back for trading on an exchange platform. With permission from the Securities and Exchange Board of India (Sebi), the National Commodity and Derivatives Exchange (NCDEX) and the Multi Commodity Exchange (MCX) are launching these from Thursday, with the first contract expiring in February, followed by March, April and May 2017.
When NCDEX suspended the trade last January, it was the only major one in the segment. This time, MCX is doing so, too, with with much lower transaction charges. NCDEX has fixed a flat Rs 2 per Rs 1 lakh of trade; most contract specifications are as these earlier were. MCX's transaction charge will be 50p per Rs 1 lakh of trade value.

By:    Mcxkey Group    2017-01-03

Oil dives two percent, strong dollar knocks crude off 18-month high

Oil prices slid more than 2 percent on the first trading day of 2017, knocked off 18-month highs hit in early trade as the U.S. dollar rallied to its highest level since 2002 and traders took profits.
Brent futures fell $1.35, or 2.4 percent, to settle at $55.47 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.39, or 2.6 percent, to settle at $52.33, its lowest close in two weeks.
Before the slide began, both contracts hit their highest levels since July 2015 on hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut. Brent reached as high as $58.37 and WTI $55.24.

By:    Mcxkey Group    2016-12-12

तेल उत्पादन में कटौती को लेकर गैर-ओपेक

रूस और गैर-ओपेक देशों के उत्पादन में कटौती के निर्णय में शामिल होने से तेल के दाम में आज उछाल आया. तेल निर्यातक देशों के संगठन (ओपेक) ने वैश्विक स्तर पर तेल की अधिक उपलब्धता को कम करने के लिये उत्पादन में कटौती का फैसला किया है.
उनका कहना है तेल की अधिक आपूर्ति से कीमतें प्रभावित हो रही हैं जिसके कारण उन्होंने उत्पादन में कटौती का निर्णय किया. ओपेक ने कहा कि आय में उल्लेखनीय गिरावट को थामने के लिये रूस और 10 अन्य गैर-ओपेक देशों ने शनिवार को कहा कि वे तेल उत्पादन में प्रति दिन 5.0 लाख बैरल से अधिक की कमी लाएंगे.

By:    Mcxkey Group    2016-10-04

RBI cuts repo rate by 25 bps in fourth bi-monthly policy

The Reserve Bank of India (RBI) on Tuesday cut repo rate by 25 bps to 6.25 percent. Reverse repo rate under the LAF stands adjusted to 5.75 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 percent. All six members of the monetary policy committee voted in favour of cutting repo rate.
In its policy statement, the central back said that the decision of the monetary policy committee was consistent with the accommodative stance of the monetary policy. Retail inflation is expected to be 5 per cent by March 2017 with upside risk.

By:    Mcxkey Group    2016-09-22

FOMC leaves rates unchanged in September meeting !!

Federal Reserve officials lowered their expectations for rate hikes in the years ahead Wednesday but teed up a likely move before the end of 2016.
In a statement from the Federal Open Market Committee after this week's meeting, the central bank expressed confidence in economic growth, but not enough to make a move this month.
"The committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives," the statement said.

By:    Mcxkey Group    2016-09-16

Gold slides to two-week low after U.S. inflation data

Gold hit a two-week low on Friday after data showing faster-than-expected growth in U.S. consumer inflation last month helped support the case for the Federal Reserve to raise interest rates later this year. Inflation is a key factor the U.S. central bank considers when deciding monetary policy. While the prospect of a hike at the Fed's policy meeting next week remains remote, a new Reuters poll of 100 economists indicated a 70 percent chance of a December rise. Spot gold slid to its lowest since Sept. 1 in the wake of the data at $1,306.38, and was at $1,307.36 an ounce at 1350 GMT, down 0.5 percent. U.S. gold futures for December delivery were down $7.30 at $1,310.70. The precious metal is also on track for its first weekly loss in three weeks, down 1.5 percent.

By:    Mcxkey Group    2016-09-01

MCX Q1 net profit up 55% at Rs 33 cr

Commodity exchange MCX reported 55 percent increase in net profit to Rs 32.81 crore for the quarter ended June 30. It had reported net profit of Rs 21.22 crore in the April- June period of the last fiscal. Income from operations increased to Rs 62.98 crore in the first quarter of 2016-17 from Rs 56.21 crore in the year-ago period. Its total income increased by 23 percent to Rs 93.79 crore during April-June quarter of this fiscal from Rs 76.17 crore in the corresponding period of previous year. During the first quarter, MCX said its market share in commodity derivative space has increased to 88.20 percent from 80.55 percent in the corresponding quarter of last fiscal.

By:    Mcxkey Group    2016-08-16

Indian Steel production may reach 127.1 million tons by 2020

India steel production during 2016-2020 is expected to grow annually at an average of 7.3 percent to touch 127.1 million tons(MT). Besides, government has been spearheading the push towards the boost in steel production capacity, with upgrades being made to existing steel mills and state-owned companies stepping in to build new steel plants.

By:    Mcxkey Group    2016-08-12

Gold continues its record levels of demand

In a world of uncertainties and political turmoil, demand for Gold continues unabated as if there is no tomorrow. According to World Gold Council’s latest Gold Demand Trends report, global gold demand reached 2,335 tonnes (t) in the first half of 2016 with investment reaching record H1 levels, 16% higher than the previous record in H1 2009.

By:    Mcxkey    2016-04-26

Gold demand in India, China falls in Q1 2016: GFMS

Jewellery consumption in India declined by 56% year-on-year to 65 tonnes in Q1 2016, the lowest since the first quarter of 2008, partly due to higher prices but crucially hindered by the budget and jewellers’ strike.

By:    Mcxkey    2016-01-05

Crude gains in Asia with Middle East tensions eyed

Today our analyst believe that Crude Oil price might make new high due to crises in Middle East and Africa. On the New York Mercantile Exchange, WTI crude for February delivery traded up 0.31% to $36.88 a barrel.

Overnight, U.S. crude futures closed slightly lower on Monday, following a choppy, volatile day of trading as a trio of nations joined Saudi Arabia in severing diplomatic ties with Iran, escalating Islamic sectarian conflict in the Middle East and Africa.

By:    Mcxkey    2015-12-16

Gold may trade sideways to bearish on stronger dollar ahead of Fed

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the US dollar showed strength ahead of the Wednesday meeting of the US Federal Reserve.

Investors awaited the statement after the conclusion of Federal Reserve’s two-day meeting on Wednesday. Many believed an interest rake hike will occur, putting gold under pressure.At Multi Commodity Exchange (MCX), Gold futures may trade on a sideways to bearish note today.

By:    Mcxkey    2015-12-11

The Effect of a Fed Rate Hike on Precious Metals

The markets have for the most part already priced in a Fed rate hike which is expected next week. Yesterday fed funds futures indicated an 80% chance of a rate hike. It would be the first hike in roughly 9 years. The Fed last began a new hiking cycle in 2004. We consult history to decipher the potential impact (of a rate hike) on the embattled precious metals sector.

The chart below plots the US$ index, the Fed Funds rate and Gold. We marked the points at which the Fed Funds rate began to increase. The red marks show the two points which are most comparable to today with respect to the US$ index. At those points (1983-1984 and 1999) an increase in the Fed Funds rate was preceded by a strong uptrend in the US$ index.

By:    Mcxkey    2015-12-01

Crude oil prices remain weak ahead of OPEC meeting

* OPEC meets Friday in Vienna, expected to keep output high
* Hedge funds cut U.S. crude longs to 5-year lows
* China manufacturing at 3-year trough
* Dubai crude falls to lowest since Dec 2008

Crude oil prices were barely changed on Tuesday as traders bet on continued high production from the Organization of the Petroleum Exporting Countries (OPEC) ahead of its meeting later this week.
U.S. crude CLc1 was trading at $41.93 a barrel at 0427 GMT on Tuesday, up 28 cents, but still down more than 10 percent since the start of November. Internationally traded Brent futures LCOc1 were at $44.77 a barrel, up 16 cents.

By:    Mcxkey    2015-11-16

Global risks bolster gold, oil after Paris attacks

Gold and oil edged up in nervous trading on Monday following the deadly attacks on Paris and large-scale French airstrikes in Syria, although broader commodities markets remain weak on poor fundamentals.
Gold, typically seen as a safe haven in times of heightened risk, jumped about 1 percent as Asian shares and U.S. stock futures fell, while the euro skidded to a 6-1/2 month low. Oil prices edged higher, but copper slipped to a six-year low.
Multiple attacks in Paris on Friday killed more than 130 people, prompting France to launch air strikes in Syria against Islamic State, which claimed responsibility for the attacks.

By:    Mcxkey    2015-11-03

U.S. crude oil edges up after drops, but market remains oversupplied

U.S. crude futures edged up early on Tuesday, but the market outlook remains bearish as supply still exceeds demand and due to worries the dollar will strengthen when the U.S. Federal Reserve eventually raises interest rates.

Benchmark U.S. crude futures CLc1 were trading at $46.27 per barrel at 7.28 p.m. ET, up 13 cents from their last settlement. The slight rise followed falls in the previous session as Russian production hit a post-Soviet peak while China's demand outlook weakened.

By:    Mcxkey    2015-10-28

India trumps China to become biggest gold consumer

India regained its top position from China as the biggest overall consumer of gold in the first nine months this year with a total consumption of 642 tonnes, a survey said.
China is trailing by just 63 tonnes though, with total consumption of 579 tonnes in the first nine months, according to GFMS Gold Survey Q3 2015 Review and Outlook.
In India, jewellery consumption increased by 5% year-on-year to an estimated 193 tonnes in Q3 2015, the highest quarterly consumption since Q1 2011, and the highest third quarter demand since 2008. Retail investment rose 30% year-on-year to 55 tonnes, the highest since Q4 2013.

By:    Mcxkey    2015-10-21

Oil falls after industry report shows surge in U.S. crude stocks

Oil prices fell on Wednesday after data from an industry group showed a larger-than-expected build in U.S. crude inventories last week, fanning worries over global oversupply, even as a slightly weaker dollar provided some support.
Brent crude for December delivery had fallen 9 cents to $48.62 a barrel by 0313 GMT after settling up 10 cents in the previous session.
U.S. crude for December delivery dropped 24 cents at $46.05 a barrel after settling up one cent at $46.29. The November contract, which expired on Tuesday, finished down 34 cents at $45.55 per barrel.

By:    Mcxkey    2015-10-19

Gold dips as U.S. data boosts rate hike prospects

Gold extended loses to a third straight session on Monday, as strong data on U.S. consumer sentiment prompted investors to pare bets the Federal Reserve will wait until next year to raise interest rates.
Other precious metals also tracked gold lower. Bullion has come under pressure after strong U.S. economic reports towards the end of last week. Data on Friday showed U.S. consumer sentiment rebounded strongly in early October, while Thursday data showed a pick up in core inflation. The upbeat data helped the dollar move away from seven-week lows as it kept alive prospects that the Fed could hike interest rates before year-end.

By:    Mcxkey    2015-10-15

Gold near 3-1/2-month high on bets Federal Reserve to delay rate hike

Gold held near a 3-1/2-month high on Thursday as sluggish economic data from China and the United States stoked speculation the Federal Reserve will not raise rates this year.
Spot gold steadied at $1,183.21 an ounce by 9:10 pm IST following a four-day rally. The metal climbed to $1,190 on Tuesday, its highest since June 22.
Data on Wednesday showed US retail sales barely rose in September and producer prices recorded their biggest decline in eight months. Consumer inflation in China cooled more than expected in September, while producer prices extended their slide to a 43rd straight month.

By:    Mcxkey    2015-10-14

Zinc prices may rebound in Oct post Glencore cut

Zinc prices are likely to rebound in Oct’15 following Glencore's announcement about output cut, according to Mcxkey.
Glencore announced that it will cut 500,000 tonnes of annual zinc production, equivalent to around four per cent of global supply, in its latest response to weak commodities prices.
“The move is significant enough to swing the zinc market into a deficit for 2016 from surplus estimated earlier,” Mcxkey says.

By:    Mcxkey    2015-10-14

Indian agri markets to trade volatile for the week

Profit booking at the higher levels brought some dips to the rising rates for Agri commodities on Wednesday even as overall Fundamentals remained Bullish. With rates having risen significantly over last few days, intermittent corrections were also seen at the higher levels. Oil complex remained firm on firmness in International markets as some profit booking seen for Spices after the recent surge in prices. Chana too showed some fall in price from these very high levels but good Festive season domestic demand amidst falling stocks are likely to support prices.