6/17/2011 05:30:00 PM
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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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