RM seed NCDEX Sep 4070 4030- 4140 4175 Sideways opening, may fall later

Soybean up dates

Soybean NCDEX Oct 3076 3040 3020 3100 3125 Sideways opening, may fall later 

REC surges after Q1 net profit rises 15% on higher income

  Rural Electrification Corporation Ltd., a state-run lender to rural power projects, surged Monday after fiscal first quarter net profit rose 15% on higher interest income.

  Net profit rose to Rs 14.78 billion for the three months ended Jun 30 compared to Rs 12.82 billion in the corresponding period year ago, Rural Electrification Corp said in a statement to the stock exchanges on Friday after market hours.

  The rise in profits was despite a one time RBI mandated allowance against restructured loans of Rs 1.39 billion and an increase in the provisioning against standard loans to 0.30% in a phased manner.

  This means that contingent allowance against standard loan assets rose to Rs 327.1 million compared to Rs 143.7 million in the same period a year ago.

  Operating income rose 21.3% to Rs 56.62 billion for the quarter ended June 30, while operating expenses went up 22% to Rs 35.85 billion for the same period.

  Other income of the company rose 18% to Rs 467.4 million in the Apr-Jun quarter.

  At 10AM, REC rose 3.15% to Rs 275.20 on the Mumbai stock exchange. The 30-share Sensex index rose 0.44% to 28,359.04

Gold Outlook: Seen flat Mon on weak dollar, Fed rate hike fear

 

  Gold may open flat Monday after the dollar weakened against other currencies and as United States nonfarm payrolls data suggested that Federal Reserve could hike interest rates as early as next month, said analysts.

  "Gold prices will be up on weak dollar while solid US  jobs data suggesting Fed rate hike fear which will cap the prices at higher level," said Ajay Kumar Kedia an analyst with Kedia Commodities.

  Prices of the yellow metal will be supported by weak dollar against other currencies which boosts inventors' appetite for dollar denominated commodities, said analysts.

  At 9:30AM dollar index, which measures the strength of greenback against its six major trading partners, slipped 0.20% to 97.62.   

   Prices of the bullion will also be supported by hope of improvement in physical demand in China and India, the world's top yellow metal consumers, said analysts.

  The value of China's gold reserves dropped to $59.24 billion from $62.4 billion.

  Premiums in India hovered in range of $1.30-$2.10 an ounce over the global spot benchmark up from $1.50-$2 last week, with ample supply offsetting an improvement in demand.

   India's gold imports in fiscal 2015/16 are likely to be between 900 and 1,000 tonnes as lower prices will boost demand during the festive season.

  However, sharp gain in the yellow metal prices will be capped as a government data showed there is continued progress in United States jobs scenario increasing the bets of interest rate hike by the Federal Reserve in September.

  US nonfarm payroll data came at 215,000 in July lower than analysts' estimates of 223,000. However, the earlier month's figures were revised upward to 231,000 from 223,000 earlier.

  Meanwhile, the unemployment claims held at seven-year low of 5.3% in July.

  Prices of the yellow metal will also be down on subdued investment demand following sharp drop in SPDR Gold Trust holding, said analysts.

  Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 667.69 tons on Friday compared to 667.93 tons on Thursday, its lowest level since September 2008.

  On Friday, gold for October delivery at the close of trades rose 0.43% to Rs 24,895 per 10 grams on the MCX.

  Gold prices rose 0.02% to $ 1,094 per ounce on the Comex exchange.

  On Friday, at the closing of trades Comex gold for October delivery rose 0.32% to $1,094 per ounce on weak dollar.

  MCX gold prices are likely to find support at Rs 24,588 per 10 grams while resistance is seen at Rs 25,138 per 10 grams today.

  Comex gold prices are likely to find support at $1,085.60 per ounce while resistance is seen at $ 1,102.10 per ounce today.

Crude may extend fall to over 4-mo low Mon on oversupply woes, weak demand

 

   Crude oil prices are likely to slump to over four-month low in opening session Monday on increasing supplies in global markets and a disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy, analysts said.

  "Weak demand and rising supplies in global markets are likely to pressurise the prices of crude," said Ajay Kumar Kedia, research analyst with Kedia Commodities.

  Oil-field services firm Baker Hughes Inc. said Friday that the number of rigs drilling for oil in the U.S. rose for the third straight week. Though there are still 58% fewer rigs operating compared with October 2014, the recent rise in rigs sparked concerns that a glut will continue to weigh on the market.

  US production rose to near the highest level since the 1970s in the last week, edging up to 9.5 million barrels per day, according to government data.

   Crude oil may also be under pressure after a government data indicated a slowdown in the Chinese economy, analysts said.

  China imports fell 8.1% in July compared to analysts' estimate of 8.1% fall and 6.1% de-growth for the same period a year earlier, data by the National Bureau Statistics of China showed.

  Exports in China also declined to 8.3% for the same period compared to 2.8% growth a year ago.

  West Texas Intermediate, the US benchmark, for September delivery fell 1.77% to $43.87 a barrel on the New York Mercantile Exchange Friday.

  Brent, European benchmark for September contract plunged 1.70% to $49.21 per barrel, on the London-based ICE Futures Europe Exchange Friday.

  Crude oil for August delivery fell 0.80% to Rs 2,824 per barrel, at the closing of trades Friday, its lowest level since Mar 19, on Multi-Commodity Exchange (MCX).

  Crude oil prices for August delivery are likely to find support at Rs 2,770 per barrel and resistance at Rs 2,914 per barrel today on Multi-Commodity Exchange (MCX).