MCX Commodity Trend

Gold Updates

Weaker greenback coupled with little support from the violence and riots in the streets of Athens supported the COMEX Gold Aug futures and they extended their prior day gains and closed yesterday at $1,510.4 per troy ounce; a 0.68 percent gain from $1,500.2 per troy ounce from 28th June, 2011. The uncertainty hovering over the U.S. Debt ceiling coupled with concerns of Greece default also supported the yellow metal while redemption was seen in the holdings at SPDR Gold ETF and it fell by 0.91 tonnes yesterday.

Crude Oil Trend

NYMEX Crude oil Aug futures rose by 2.02 percent to $94.77 per barrel yesterday from $92.89 per barrel the prior day amidweaker greenback while a larger than forecasted drawdown in the U.S. Crude Stockpiles also supported the black gold futures yesterday. Stock fell by 4.4 million barrels to 359.5 million barrels in the week ended 24th June, 2011 from 363.8 million barrels in the prior week. Analysts were expecting a 1.5 million barrels drawdown but a 3 percent decline in the Imports to 8.88 million barrels a day, the first drop in three weeks led the fall in the crude stocks.

Oil dropped for the first time in three days and was headed for a quarterly loss on speculation that market supply conditions didn’t justify recent gains. Futures in New York dropped as much as 0.7 percent, snapping their biggest two-day rally in seven weeks. Oil rose yesterday after Greece’s parliament backed a package of budget cuts and asset sales, potentially averting the euro zone’s first sovereign default, and the U.S. Energy Department said stockpiles fell more than projected by analysts.

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Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 30TH JUN	6:00pm	USD	Unemployment Claims	419K	429K
	7:15pm	USD	Chicago PMI	54.1	56.6
	8:00pm	USD	Natural Gas Storage	80B	98B

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14260	0.34
PEPPER	NCDEX	27285	1.11
TURMERIC	NCDEX	7632	1.62
GUARSEED	NCDEX	3581	1.13
GUARGUM	NCDEX	11120	0.94
CHANA	NCDEX	2765	1.47
SOYBEAN	NCDEX	2307	1.41
SOY OIL REFINED	NCDEX	639.05	1.09
MUSTARD SEED	NCDEX	2869	0.77
COTTONSEED OILCAKE	NCDEX	1160	0.17
GUR	NCDEX	985	0.36
POTATO	NCDEX	429	2.22
MENTHA OIL	MCX	882	1.8
CARDAMOM	MCX	851.7	-0.02

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MCX News

MCX Commodity Updates

Crude Oil Updates

Crude oil prices gained 0.6 percent on the Nymex today mainly on account of expected fall in US crude oil inventories and dollar weakness. Additionally, rise in risk appetite due to hopes for some solution on Greece acted as a positive factor for oil. On the MCX, crude July contract surged 1.7 percent and touched an intra-day high of `4222/bbl till 4.00 pm IST. We expect crude oil to trade on a positive note today mainly taking cues from expected fall in US crude oil inventories coupled with dollar weakness. Additionally, upbeat market sentiments will also support prices.

Gold Updates

India gold edged higher on Wednesday afternoon, recovering partially from its lowest level in three weeks, following a similar trend in overseas market, although a firm rupee kept a lid on gains. Dealers said physical buying retreated after traders booked deals at sub-$1,500 levels struck in the previous session. Premiums charged on London prices were steady at $1.5 an ounce.

Nickel Updates

The prices of tin, nickel and brass rose on the non-ferrous metal market due to heavy industrial demand coupled with stockists buying. Copper and zinc eased further owing to subdued demand from consumer industries. Tin rallied by Rs 10 per kg to Rs 1,370 and nickel firmed up by Rs 5 per kg to Rs 1,175. Brass sheets cutting inched up by Re 1 per kg to Rs 315. Copper scrap heavy moved up by rs 2 per kg to Rs 450. Copper cable scrap, copper utensils scrap, copper wire bar and zinc all softened by Re 1 per kg each to Rs 458, Rs 421, Rs 486 and Rs 122 respectively.

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Commodity Live Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 29TH JUN	7:30pm	USD	Pending Home Sales m/m	2.4%	-11.6%
	8:00pm	USD	Crude Oil Inventories		-1.7M
	7:30pm	USD	FOMC Member Raskin Speaks

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14155	-1.37
PEPPER	NCDEX	26952	-0.87
TURMERIC	NCDEX	7514	-2.64
GUARSEED	NCDEX	3540	1.61
GUARGUM	NCDEX	10994	1.89
CHANA	NCDEX	2725	-0.62
SOYBEAN	NCDEX	2276	0.42
SOY OIL REFINED	NCDEX	632.55	0.48
MUSTARD SEED	NCDEX	2846	-0.52
COTTONSEED OILCAKE	NCDEX	1160	2.93
GUR	NCDEX	981.5	-0.25
POTATO	NCDEX	421	1.1
MENTHA OIL	MCX	866	0.44
CARDAMOM	MCX	850.9	2.03

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Commodity Market News

MCX News

Spot Silver also remained under pressure, taking cues from fall in gold prices and downside pressure in the base metals pack. Demand concerns for base metals emerged as economic recovery in the US and Euro Zone witnesses slowdown while China follows a tight monetary policy. Silver being an industrial metal takes cues from movement in industrial metals.

From an intra-day perspective we expect gold prices to witness downside pressure as markets become optimistic over a solution to Greece. However, any negative news over Greece could boost demand for gold. The short-term view on gold continues to remain bullish on global economic concerns. Inflation-led demand could take a hit as crude oil prices trade below $100/bbl, thereby easing concerns over sharp rise in inflation in the near-term.

Crude oil is expected to trade on a positive note today, mainly taking cues from expected fall in US crude oil inventories and upbeat global market sentiments. Dollar weakness will also provide support. However, in the short-term prices are expected to trade lower on easing supply from the IEA and Saudi Arabia.

Gold and silver prices fell Monday after investors gained the confidence to shift their money back into the stock market. Gold and silver prices had been boosted by investors who want to park their money in relatively safe, hard assets. Precious metals become more valuable when markets worry about inflation, political turmoil or bad economic news.

NCDEX News

Soyabean

In range-bound trading, refined soya oil prices traded higher by Rs 3.50 to Rs 633 per 10 kg in futures trade today on firming trend at spot market. At the Multi Commodity Exchange, refined soya oil for delivery in July traded higher by Rs 3.50, or 0.56 per cent, to Rs 633 per 10 kg, with a business turnover of three lots.Analysts said a firming trend in the spot market following rise in demand mainly helped refined soya oil prices to trade higher at futures trade.

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MCX, NCDEX Commodity Data

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 28TH JUN	6:30pm	USD	S&P/CS Composite-20 HPI y/y	-3.9%	-3.6%
	7:30pm	USD	CB Consumer Confidence	60.8	60.8
	7:30pm	USD	Richmond Manufacturing Index	2	-6
	9:30pm	USD	FOMC Member Fisher Speaks

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	14378	0.86
PEPPER	NCDEX	27350	-0.28
TURMERIC	NCDEX	7718	-2.38
GUARSEED	NCDEX	3486	-1.41
GUARGUM	NCDEX	10780	-2.16
CHANA	NCDEX	2747	0.18
SOYBEAN	NCDEX	2269	-1.11
SOY OIL REFINED	NCDEX	629.85	-1.3
MUSTARD SEED	NCDEX	2862	-0.9
COTTONSEED OILCAKE	NCDEX	1127	-0.53
GUR	NCDEX	985	0.25
POTATO	NCDEX	416.3	-0.98
MENTHA OIL	MCX	860.1	0.1
CARDAMOM	MCX	833.6	-4

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MCX Commodity Updates

Crude Oil Updates

Nymex crude oil prices slipped 2 percent in the last week mainly after International Energy Agency (IEA) decision to supply more oil in orders to cover the production lost from Libya. Additionally, dollar strength also acted as a negative factor for oil prices. However, on Friday oil prices bounced back on expectations that if International Energy Agency (IEA) increases its output then Saudi Arabia may decrease output in order to avoid supply tightness in the future. On the MCX, crude decline 0.5 percent, as Rupee depreciation resisted further fall in oil prices last week.

Tracking a weak trend in global markets and subdued domestic demand, crude palm oil prices declined by Rs 5.70 to Rs 479 per 10 kg in futures trade today. The trading sentiment remained bearish as palm oil dropped to the lowest level in almost eight months overseas after a decline in crude oil prices cut the appeal of vegetable oils as feedstock for biofuels. At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 5.70, or 1.18%, to Rs 479 per 10 kg, with a business turnover of 82 lots.

Gold Updates

India gold fell on Monday afternon, hitting its lowest level in more than three weeks, following overseas trends, although a weaker rupee kept the downside in prices limited, analysts said. The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.50 percent lower at 22,089 rupees per 10 grams, after hitting a low of 22,035 rupees, a level last seen on June 2.

Silver Updates

Silver coins followed suit and plunged by Rs. 3,000 to Rs. 55,000 for buying and Rs. 56,000 for selling of 100 pieces. Market analysts said absence of physical buying at prevailing high levels led to the decline in precious metals’ prices. On the domestic front, silver ready plunged by Rs. 950 to Rs. 51,600 per kg and weekly-based delivery declined by Rs. 1,145 to Rs. 50,700 per kg.

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MCX, NCDEX Commodity Trend

MCX Commodity News

Weak economic data dissipated from U.S. showing a rise in Jobless claims and New Homes Sales falling for the first time in 3 months dented the Red Metal demand and COMEX Copper July futures ended in red and fell by 1.20 percent to close at $4.0390 per pound from $4.0880 per pound on 22 nd June, 2011.

Copper three month futures on LME were pressurized by the rise in the Dollar Index which surged 0.41 percent to close at 75.25 from 74.94 the prior day leading a 1.0 percent fall in Copper prices to $8,975 per ton from $9,065.3 per ton the prior day.

Gold Prices

COMEX Gold Aug futures saw sharp selling yesterday amid sell off in commodities due to fall in crude oil prices and stronger greenback which eased inflationary concerns. Futures slid sharply by 2.12 percent to close at $1,520.5 per troy ounce from $1,553.4 per troy ounce on 22 nd June, 2011, however investment demand remained unchanged at SPDR Gold ETF pointing that the yellow metal has still some shine left in it.

NCDEX Trend

Guar futures are expected to extend earlier gains on account of forecast of below normal monsoon in India as well as in the Northwest India. Also, slow progress of monsoon may delay sowing and may support prices further. Prices are expected to trade in the range of Rs. 3350-3600 per qtl levels in the short term. Robust export demand for Indian Guar gum from Oil companies may support Guar prices in the long term (September). However, in the next 2 months (July – August), rainfall distribution over Northwest India would be an important factor to be watched for as the price movement during this period mainly depends on monsoon.

Sugar prices are expected to recover further on predictions of below normal monsoon in Central India and allowance of sugar exports from India. In the medium term prices would depend on the planting progress of Sugarcane across country and thereby the output prediction for 2011- 12 Prices are expected to trade in the range of Rs. 2450-2650 per qtl levels. From long term perspective, prices are expected to take cues from the supplies from Brazil and demand from China as the country is expected to increase its sugar imports in the second half of the year.

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MCX Commodity Trend Today

MCX Commodity Trend

COMEX Gold Aug futures extended their prior day gains and ended 0.45 percent up to $1,553.4 per troy ounce from $1,546.6 per troy ounce on 21st June, 2011 as safe haven demand continued to lured investors to park their funds amid the growing uncertainty regarding the Greece crisis while the expectation of bearish tone about the U.S. economy to be heard in the FOMC meeting also supported the yellow metal. Investment demand has still not picked up and holdings at SPDR Gold ETF remained unchanged yesterday.

Gold Price

Gold prices closed in the positive territory on Wednesday despite dollar strength as global economic concerns supported the yellow metal. Concerns with respect to US economic recovery will remain a major supportive factor along with Euro Zone debt worries. Gold touched a high of $1558 /oz yesterday as latest comments by US Fed Chairman indicate that the economic scenario in the US continues to remain grim.We expect Gold and silver prices to trade higher on the back of concerns with respect to the US economy and the Euro Zone debt situation. European leaders begin a two-day summit in Brussels today in order to discuss Greece’s financing needs as the country struggles to avoid a default.

Copper Updates

COMEX Copper July futures ended slightly down by 0.01 percent to close at $4.0880 per pound from $4.0885 per pound on 21st June, 2011 on stronger dollar which capped the gains made by the red metal yesterday. Copper was trading in a choppy manner ahead of the FED statement which came in line with the expectation and gave no further signs of another quantitative easing round dubbed as QE3 followed by U.S. Economic recovery slower than expected and leaving the interest rate unchanged at 0.00 – 0.25 percent.

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MCX Gold, Silver, Aluminum Updates

Comex gold and silver futures are seeing buying support come into the market place in mid-morning trading Wednesday. Gold futures popped to a fresh seven-week high of $1,559.20 as of this writing. The metals had been under mild selling pressure early on, due to a stronger U.S. dollar index and lower crude oil prices. However, as those two key "outside markets" saw the dollar index back down from its session high and crude oil prices move above unchanged, the precious metals were then able to move higher. August gold futures have moved above what was strong overhead technical resistance at the $1,555.00 level to produce fresh technically related buying interest from traders. August gold last traded up $10.00 an ounce at $1,556.30. July silver last traded up 22 cents at $36.60 an ounce.

Gold for August delivery GC1Q +0.74% rose $12.30, or 0.8%, to $1,558.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract has gained $30.80 over the past six sessions. July silver SI1Q +0.86% also climbed 30 cents, or 0.8%, to $36.68 an ounce. The Fed is expected to announce a decision to end its program of buying $600 billion Treasury securities and hold interest rates steady.

Higher aluminum scrap prices are expected next year, according to 67% of participants in the Harbor Aluminum outlook conference in Chicago survey Wednesday. Of those survey participants, 48% say scrap prices are strategic to their bottom line.

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MCX Commodity Trend

MCX Commodity News

Yesterday in spite of economic data showing fall in the Economic Sentiment over the Euro Zone area for the month of June, 2011 Euro rose against the dollar by 0.61 percent to close at $1.4395 from $1.4308 on 20th June, 2011. Speculation of avoiding the Greece default and expectation to win confidence vote supported the Euro while fragile housing data dissipated from U.S. pressurized the greenback and Dollar Index extended to end in red yesterday and fell by 0.53 percent to 74.62 from 75.02 on 20 th June, 2011.

COMEX Gold Aug futures continued to end in green yesterday on weaker dollar and also on ncertainty prevailing around the Greece confidence vote and they rose by 0.29 percent to close at $1,546.4 per troy ounce from $1,542.0 per troy ounce on 20th June, 2011.

Investment demand for the yellow metal continued to remain muted yesterday with holdings at SPDR GOLD ETF remained unchanged.

COMEX Silver July futures also extended their gains and rose yesterday by 0.85 percent to close at $36.379 per troy ounce from $36.071 per troy ounce on 20th June, 2011.

Copper Trend

COMEX Copper July futures pared their prior day gains and rose by 0.37 percent to close at $4.0885 per pound from $4.0735 per pound on weaker greenback even though data dissipated from the U.S. showed a weaker housing market. Optimism surrounding Greece to avert its default also supported the metal which negated the decline in the refined copper imports by the world’s largest consumer of the red metal – China in May, 2011 to a 30 month low. Copper three month futures on LME also ended in green and rose by 0.36 percent to close at $9,043 per ton from $9,011 per ton on 20th June, 2011.

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MCX Data, NCDEX Data - 22 June

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 22ND JUN	7:30pm	USD	OFHEO HPI m/m	-0.2%	-0.3%
	8:00pm	USD	Crude Oil Inventories	-0.1M	-3.4M
	10:00pm	USD	FOMC Statement
	10:00pm	USD	Federal Funds Rate	<0.25%	<0.25%
	11:45pm	USD	FOMC Press Conference

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	13830	1.42
PEPPER	NCDEX	29590	1.69
TURMERIC	NCDEX	7280	0.28
GUARSEED	NCDEX	3372	1.02
GUARGUM	NCDEX	10640	1.47
CHANA	NCDEX	2675	1.71
SOYBEAN	NCDEX	2303	1.28
SOY OIL REFINED	NCDEX	641.45	1.21
MUSTARD SEED	NCDEX	2897	1.22
COTTONSEED OILCAKE	NCDEX	1152	2.13
GUR	NCDEX	986	-0.25
POTATO	NCDEX	424.2	2.86
MENTHA OIL	MCX	870	0
CARDAMOM	MCX	871	2.8

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MCX Commodity Updates

MCX Gold Updates

Spot Gold prices closed in the positive territory on Monday but sharp gains in the yellow metal were capped on account of dollar strength. Spot Gold touched its two-week high of $1545/oz yesterday, much below its lifetime high of $1575/oz it touched in early May. Safe-haven demand continues to be the supportive factor for bullion as concerns over Greece persist. Factors that have been supportive for rise in gold prices include – 1) debt concerns in the Euro Zone, 2) rising inflation in China and 3) worries over slowdown in US economic recovery. There are fears that Greece could end up defaulting on its debt and this will provide upside to gold prices.

Gold prices are expected to trade higher on account of Greece concerns. There is no clarity over the decision over the Greece bailout and this coupled with worries over US economy will be supportive for the yellow metal. But sharp gains in gold could be capped on account of dollar strength. Gains in silver prices are expected to be capped on account of dollar strength and if base metals come under pressure due to Greece concerns.

Crude Oil Updates

Nymex Crude oil prices gained on Monday after falling to a four-month low below $92/bbl in the last week. But sharp gains were capped due to mixed global market sentiments coupled with strength in the US dollar in yersterday’s trading session. It touched an intra-day high of $93.49/bbl and closed at $93.21/bbl. MCX crude oil July contract rose almost 1 percent mainly on account of Rupee ep[recitation and touched an intra-day high of `4194/bbl.

Crude oil is expected to trade with sideways bias mainly taking mixed cues from dollar strength and mixed global market sentiments.

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Commodity NEWS Daily

Commodity Updates

Commodities declined to the lowest level in six weeks led by losses in crude oil and copper after European governments failed to agree on a loan payment to spare Greece from default, increasing concern over economic growth.

The Standard & Poor’s GSCI Index of 24 raw materials dropped as much as 1.2 percent to 661.35 and was at 663.64 at 1:10 p.m. in London. The gauge slumped 4.7 percent last week, the first loss since the period ended May 6.

Crude Oil News

Crude oil for July delivery fell as much as 2 percent to $91.14 a barrel on the New York Mercantile Exchange and last traded at $91.40. Oil may drop this week on signs that economic growth will slow in the U.S. and China, curbing fuel use in the biggest crude-consuming countries, a Bloomberg News survey showed. Eighteen of 38 analysts, or 47 percent, forecast prices will decline through June 24.

Crude oil for July delivery fell as much as 2 percent to $91.14 a barrel on the New York Mercantile Exchange and last traded at $91.40. Oil may drop this week on signs that economic growth will slow in the U.S. and China, curbing fuel use in the biggest crude-consuming countries, a Bloomberg News survey showed. Eighteen of 38 analysts, or 47 percent, forecast prices will decline through June 24.

Futures reached a 2011 settlement high of $113.93 on April 29. A 20 percent decline is typically considered to be an indicator of a bear market. The July contract expires tomorrow. August futures are down $1.11, or 1.2 percent, at $92.29.

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MCX, NCDEX Commodity Updates - 20 June

MCX Commodity NEWS

Gold Updates

COMEX Gold Aug futures continued to end in green on Friday when they rose by 0.60 percent to close at $1,539.1 per troy ounce from $1,529.9 per troy ounce on 16th June, 2011 as lingering worries over the spread of the Greece contagion to other boundaries prompted investors to park funds in the safe haven assets while a 0.54 percent decline in the Dollar Index also supported the Yellow Metal. Gold is expected to trade higher today mainly taking cues from Greece debt concerns which will increase safe-haven demand for gold. But dollar strength will cap sharp gains.

Silver Updates

COMEX Silver Aug futures also took cues from the Gold rally and rose by 0.53 percent to close at $35.748 per troy ounce on Friday from $35.559 per troy ounce on 16th June, 2011 while investment demand continued to remain weak and investors reduced their holdings at iShares Silver trust which saw redemption of 13.64 tonnes on Friday.

Crude Oil Review

NYMEX Crude Oil Jul futures ended in red on Friday and fell by 2.04 percent to close at $93.01 per barrel from $94.95 per barrel on 16th June, 2011. Weak U.S. economic data also weighed down on the prices.

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NCDEX Commodity News

Guar Updates

Guar Complex in the last week settled lower w-w owing to no clear fundamentals to drive the prices. There were some reports of demand from guargum millers. This is seen supporting prices. However, the progress of SW monsoon over Northwest India would decide the further trend in Guar complex.

Commerce ministry withdraws its notification on permissible chemical content. This will spur the movement of guar gum from India to the EU nations, where demand is rising in a wide range of industrial applications.

Guar futures may trade range bound with no clear fundamentals to drive the prices. However, forecast of normal and timely arrival of monsoon over Rajasthan will limit major upside in the prices.

Sugar Updates

Sugar prices may trade sideways to down with reports of non approval of extra 1.5 metric tonnes of sugar. In the medium term prices would depend on the planting progress of Sugarcane across country and thereby the output prediction for 2011-12 Prices are expected to trade in the range of Rs. 2450-2650 per qtl levels. From long term perspective, prices are expected to take cues from the supplies from Brazil and demand from China as the country is expected to increase its sugar imports in the second half of the year.
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Commodity NEWS Daily

MCX Commodity Trend

Gold Updtaes

COMEX Gold Aug futures extended to end in green yesterday despite a U.S. jobless report showing a decline in claims and futures rose by 0.24 percent to close at $1,529.9 per troy ounce from $1,526.2 per troy ounce on 15th June, 2011. Gold prices also got support from the World Gold Council’s Managing Director comments that Central Bank will be net buyers of Gold this year and next year. They have already bought 129 metric tonnes this year through Apr, 2011 exceeding last year’s total of 90 tons.

We expect gold and silver prices to trade on a range bound note today despite concerns over Greece as strength in the dollar is expected to cap gains. Although Greek concerns are a supportive factor for bullion, prices may not react positively as it has been seen in the last two weeks.

Natural gas Updates

Natural Gas Inventories increased Report released by the US Energy Department yesterday showed that natural gas stocks increased more than expected by 69 billion rd cubic feet (bcf) for the week ending 10 June. Gas prices declined almost 3 percent on the Nymex mainly due to a stronger dollar and more than expected rise in US natural gas inventories. Prices touched an intra-day low of $4.408/mmBtu and close at $4.448/mmBtu. On the MCX, natural gas slipped around 2.8 percent and closed at `199.2 on Thursday.

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NCDEX Commodity Trend

Sugar Updates

Sugar prices may recover further on expectations of further exports of 1.5 million tonnes. In the medium term prices would depend on the planting progress of Sugarcane across country and thereby the output prediction for 2011-12 Prices are expected to trade in the range of Rs. 2450-2650 per qtl levels. From long term perspective, prices are expected to take cues from the supplies from Brazil and demand from China as the country is expected to increase its sugar imports in the second half of the year.

Soybean Updates

NCDEX July soy bean futures traded fell sharply on Thursday on account of weak soybean futures at e-CBOT and huge losses in CPO futures at Bursa Malaysian Derivative Exchange (BMD) in anticipation of higher inventory of crude oil in this month, it is expected to touch 2 million tonnes added bearish market sentiments. Sowing pick up of soybean in Maharashtra and some parts of Madhya Pradesh amid favorable weather (good rain in major producing region) are also in favour of bears. As per Soybean Processors Association of India, India’s soy meal exports in May nearly tripled to 176,816 metric tons from 60,228 tons a year earlier. Exports during the first eight months of the marketing year that started Oct. 1 jumped to 3.48 million tons from 1.62 million tons a year earlier. India exports soy meal mainly to Japan, China, Vietnam and Indonesia.

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Commodity MCX/NCDEX Daily Updates

MCX Commodity News

- Euro tasted a three week low yesterday on concerns of Greece on the verge of default.

- Copper futures on COMEX and LME slumped yesterday on weak U.S. Economic data and on stronger U.S. dollar.

Gold Updates

COMEX Gold Aug futures touched a low of $1,514.5 per troy ounce yesterday as stronger greenback reduced the appeal of the yellow metal as a safe haven demand. However rise in the concerns of in the Euro Zone region and happenings in the Greece worried investors which saw shelter in Gold and Futures ended the day with a 0.12 percent gain to close at $1,526.2 per troy ounce from $1,524.4 per troy ounce on 14th June, 2011.

Silver Updates

COMEX Silver July futures however remained unchanged yesterday at $35.41 per troy ounce and investment demand still remained to be seen in the white metal as holdings at iShares Silver trust remained unchanged yesterday.

Gold/Silver ratio edged downwards to 42.93 on 15th June, 2011 from 43.1 on 14th June, 2011 which showed that the investment demand for the white metal has still some strength left.

Copper Updates

COMEX Copper July futures got pressurized on weaker than expected U.S. economic data and on stronger U.S. Dollar and they fell by 0.79 percent to close at $4.122 per pound from $4.155 per pound on 14th June, 2011. Copper three month futures on LME were also pressurized and they fell by 0.9 percent to close at $9,097 per ton from $9,180 per ton on 14th June, 2011. Today we have a range of economic data to be dissipated from U.S. which will give the direction and magnitude of the housing market and the manufacturing activity in the Philadelphia region. A lower than expected Jobless claims would also provide support to the red metal.

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NCDEX Commodity News

Guar Updates

Guar futures may trade range bound with negative bias owing to forecast of normal and timely arrival of monsoon over Rajasthan which has raised hopes of sowing this season. Prices are expected to trade in the range of Rs. 3150-3400 per qtl levels in the short term.

Robust export demand for Indian Guar gum from Oil companies may support Guar prices in the long term (September). However, in the next 2 months (July – August), rainfall distribution over Northwest India would be an important factor to be watched for as the price movement during this period mainly depends on monsoon.

Turmeric Updates

Turmeric spot prices at Nizamabad and Erode were quoted at steady to slightly lower rates due to lower offtakes at the domestic mandi. However, Futures settled 0.47% higher due to short coverings by the market participants. According to the trade sources area under Turmeric in the chief growing areas of Nizamabad and Erode is likely to decline owing to steep fall in the prices and remunerative prices in other cash crops particularly cotton.

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MCX Commodity Data - 16 June

MCX Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 16TH JUN	6:00pm	USD	Building Permits	0.55M	0.56M
	6:00pm	USD	Unemployment Claims	421K	427K
	6:00pm	USD	Current Account	-126B	-113B
	6:00pm	USD	Housing Starts	0.54M	0.52M
	7:30pm	USD	Philly Fed Manufacturing Index	7.1	3.9
	8:00pm	USD	Natural Gas Storage	65B	80B
	10:40pm	USD	FOMC Member Fisher Speaks

NCDEX Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	13930	-1.71
PEPPER	NCDEX	29300	0.27
TURMERIC	NCDEX	7334	0.96
GUARSEED	NCDEX	3316	-0.06
GUARGUM	NCDEX	10378	0.17
CHANA	NCDEX	2617	0.35
SOYBEAN	NCDEX	2320	-0.79
SOY OIL REFINED	NCDEX	642.35	0.19
MUSTARD SEED	NCDEX	2876	0.28
COTTONSEED OILCAKE	NCDEX	1142	-1.13
GUR	NCDEX	978	-0.91
POTATO	NCDEX	413	4
MENTHA OIL	MCX	828.9	0.46
CARDAMOM	MCX	793.9	-0.71

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MCX Commodity Trend

Spot gold prices traded higher by 0.2 percent today mainly on the back of increasing concerns over Euro zone debt crisis coupled with rising inflationary pressure boosted demand for gold. But sharp gains were capped due to dollar strength. The yellow metal touched an intra-day high of $1526.99/oz and was hovering around $1524/oz till 4.00 pm IST. On account of Rupee appreciation gold declined around 0.1 percent on the MCX and touched an intra-day low of `22,296/10 gms today.

Base metal and crude oil prices are expected to trade lower today mainly tracking mixed sentiments in the global equity markets and dollar strength.

We expect gold to trade slightly higher today as Greece debt issues will provide support. Additionally, rising inflationary will also help gold to rise. But a stronger dollar will cap sharp gains in the yellow metal prices.

COMEX Gold Aug futures rebounded yesterday on inflationary concerns from China and India coupled with weak Retail Sales data from U.S. and rose by 0.58 percent to close at $1,524.4 per troy ounce from $1,515.6 per troy ounce on 13th June, 2011.

Investment demand continued to remain weak as holdings at SPDR Gold ETF remained unchanged yesterday. Gold/Silver ratio edged down slightly to 43.1 from 43.44 on 13th June, 2011 however investment demand showed divergence as holdings at iShares Silver trust declined by 42.46 tonnes yesterday.

COMEX Copper July futures discontinued their weak downtrend and ended in green yesterday closing at $4.1550 per pound; a 2.99 percent gain from $4.0345 per pound from 13th June, 2011 taking cues from declining LME Stockpiles and Chinese Industrial Data showing that demand would increase from the largest consumer of the metal.

The red metal even shrugged that Chinese rate hike and got support from a weaker Dollar Index which fell by 0.08 percent to 74.43 from 74.49 on 13th June, 2011. Copper three month futures on LME showed a 3.09 percent gain and closed at $9,180 per ton from $8,905 per ton on.

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MCX Commodity News

Commodity News

Corn surged to a record approaching $8 a bushel on signs that global inventories will drop as adverse weather slashes acreage in the U.S., the world’s top producer, and demand rise for livestock feed and ethanol. Worldwide stockpiles will be 111.89 metric million tons before the 2012 harvest in the Northern Hemisphere, the U.S. Department of Agriculture said yesterday. That was down from 129.14 million forecast in May and 117.44 million that the agency says will be in storage by Oct. 1. U.S. supplies before the 2012 harvest were estimated at the lowest since 1996.

Corn futures for July delivery rose 1.5 cents, or 0.2 percent, to settle at $7.87 at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price reached a record $7.9975. The previous all-time high was $7.9925 in June 2008. This week, the price jumped 4.4 percent.

Crude Falls Most on Four Weeks

Crude oil tumbled the most in four weeks after the al-Hayat newspaper reported Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing.

Oil declined 2.6 percent as London-based al-Hayat cited unidentified senior OPEC and industry officials as the sources of the Saudi output plan. China reported a smaller-than- estimated trade surplus today. India’s industrial output growth eased in April and U.K. manufacturing dropped.

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MCX Commodity Trend

MCX Commodity News

Spot gold prices gained around 0.5 percent yesterday mainly on the back of rising concerns over Greece’s debt problems which increased safe-haven demand for gold. But sharp gains were capped due to a stronger dollar. It touched an intra-day high of $1549.30/oz and closed at $1543.60/oz yesterday. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined to 1,211.87 tonnes on 9th June from 1,212.87 tonnes on 8th June.

Gold Updates

Gold is expected to trade with a sideways bias today, as the yellow metal will take cues from dollar strength on one hand and mixed global market sentiments on the other. Although economic concerns continue and are positive for gold, we feel that dollar strength will cap sharp gains today.

Silver Updates

Silver will take cues from gold today as global markets remain cautious ahead of mixed economic news over monetary policy. Any news of tightening in China could lead to downside pressure on silver.

Crude Oil Updates

Nymex crude oil ended in the positive territory on Thursday and gained almost 2 percent. Favorable trade data from the US and OPEC’s failure to increase production quotas supported oil prices. It touched an intra-day high of $102.44/bbl and closed at $101.93/bbl yesterday. MCX crude June contract gained 0.6 percent and touched an intra-day high of `4575/bbl on Thursday.

Nickel Updates

Nickel prices gained more than 1.5 percent on the LME and around 1.2 percent on the MCX. Falling inventories supported nickel prices on Thursday as inventories declined almost 1 percent to 115,134 tonnes on the LME warehouse.

Copper Updates

Copper gained around 0.2 percent on the LME yesterday. Codelco’s production declined by 7,000 tonnes due to the strike in EI Teniente copper mine in Chile. Copper prices touched an intra-day high of $9088/tonne and closed at $9056/tonne on Thursday. MCX copper June contract traded on a flat note and touched an intra-day low of `400.80/kg yesterday.

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