Thursday, 30 March 2017
Gold lower in Asia but support from India, China eyed
Gold prices edged lower in Asia on Thursday with demand prospects in the world's top two importers, China and India, in focus with physical and exchange traded fund demand on hopes tax reform by New Delhi could cut the cost of bullion imports and as Chinese buyers seek a hedge for a weaker currency.
Gold for April delivery on the Comex division of the New York Mercantile Exchange eased 0.14% to $1,251.90 a troy ounce. Copper futures on the Comex were last quoted at $2.676 a pound.
Overnight, gold prices traded modestly lower on Wednesday, weighed by a rise in the dollar, which continued to recover from multi-month lows, after the release of upbeat economic data.
Gold prices dipped to a session low of $1,246.50, as stronger than expected U.S. home sales data supported the narrative of a stronger U.S. economy, which pushed the dollar to session highs. The U.S. National Association of Realtors said its pending home sales increased by 5.5% last month, which was far above economists’ forecast of a 2.4% increase.
Meanwhile, British Prime Minister Theresa May triggered Article 50 on Wednesday, the legal process by which Britain will leave the EU. Article 50 gives the leaving country two years to negotiate an exit deal and once it's triggered, it can't be stopped except by unanimous consent of all member states.
Elsewhere, investors mulled over comments from Federal Reserve officials, as Fed member Charles Evans said Wednesday, he has confidence that two total rate increases in 2017 seems “very safe”.
Federal Reserve Bank of Boston President Eric Rosengren took a somewhat bullish outlook on possible rate hikes, after he said the U.S. central bank should be prepared to raise interest rates a total of four times in 2017 to prevent the U.S. economy from overheating.
Gold is sensitive to moves in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as gold, while boosting the dollar in which it is priced.
Oil edges up on Libya disruptions, but bloated U.S. market still weighs
Oil prices edged up on Thursday, extending two days of increases as supply disruptions in Libya lifted the market, although bloated U.S. crude inventories curbed gains.
Prices for front-month Brent crude futures (LCOc1), the international benchmark for oil, were at $52.53 per barrel at 0445 GMT, up 11 cents from their last close.
In the United States, West Texas Intermediate (WTI) crude futures (CLc1) rose 19 cents to $49.70 a barrel.
The increases extended two days of gains which supported Brent well above $50 a barrel and lifted WTI within sight of that level.
Traders said supply disruptions in Libya were lifting the market and that falling U.S. gasoline inventories pointed to a tightening market there despite record crude stocks.
"Production issues ... deepened, with Libyan oil output falling to about 500,000 barrels per day due to the shutdown of pipelines from its biggest field," ANZ bank said on Thursday.
And while a rise in U.S. crude inventories weighed, ANZ said that "big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining".
U.S. gasoline stocks fell 3.7 million barrels in the week ending March 24, compared with expectations for a 1.9-million barrel drop, the Energy Information Administration (EIA) said on Wednesday.
U.S. crude inventories , however, rose 867,000 barrels to a record of nearly 534 million barrels.
Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be.
OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year.
OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys.
However, compliance could be lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts.
"Russia's 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report.
"While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added.
As markets remain bloated halfway into the curbs, there is a broad expectation that the supply cuts will be extended into the second half of the year.
Saturday, 25 March 2017
Sangli: Turmeric in Physical MarketAt Sangli market
Turmeric Rajapuri/Selam Finger is trading at Rs. 5700-6900 per quintal, steady as against previous close. Turmeric Medium is offered at Rs. 6600-7200 per quintal, steady against previous close. Turmeric Desi Kadappa at Sangli market is quoted at Rs. 5400-5500 per quintal, unchanged as compared to previous close. Turmeric in Sangli Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Sangli Turmeric Rajapuri/Selam Finger 5700-6900 0 Sangli Turmeric Medium 6600-7200 0 Sangli Turmeric Desi Kadappa 5400-5500 0 nnbsp;
Madhya Pradesh Coriander Seed Physical MarketAt Guna market ,
Coriander Seed Badami is trading at Rs. 5500 per quintal, unchanged as compared to previous close. Traders reported arrivals at 8000 quintals, steady as against previous dayn#39;s arrival. Coriander Seed Eagle is offered at Rs. 6000 per quintal, unchanged against previous close. Coriander Seed Scotter at Guna market is quoted at Rs. 6200 per quintal, steady as against previous close. Coriander Seed Badami at Neemuch market is offered at Rs. 4300-4700 per quintal, steady as against previous close. Todayn#39;s arrivals are at 3000 quintals, unchanged as compared to previous dayn#39;s arrival. Coriander Seed Eagle at Neemuch market is trading at Rs. 4700-5200 per quintal, unchanged from previous close. Coriander Seed Scotter at Neemuch market is quoted at Rs. 5800-6200 per quintal, steady as against previous close. Coriander Seed in Madhya Pradesh Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Guna Coriander Seed Badami 5500 0 Guna Coriander Seed Eagle 6000 0 Guna Coriander Seed Scotter 6200 0 Neemuch Coriander Seed Badami 4300-4700 0 Neemuch Coriander Seed Eagle 4700-5200 0 Neemuch Coriander Seed Scotter 5800-6200 0 nnbsp;
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