Commodity MCX/NCDEX Daily Updates

MCX Commodity Updates

The base metals complex traded in the red on the LME today mainly due to expectations of rate hike in July from the ECB and choppy sentiments in the global equity markets. Additionally, demand concerns on account of global economic slowdown also exerted pressure on the metal.

Copper, the leader of the base metals declined 0.7 percent on the LME and around 0.6 percent in the MCX today as Codelco, the world’s largest copper producer, has increased the workforce in its EI Teniente copper mine in Chile. This has boosted production by 60 to70 percent and has eased supply concerns.

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NCDEX Commodity Updates

The government's food grain stocks swelled to a record high of 65.59 mln tn at the start of this month, up from 60.88 mln a year ago and 59.27 mln a month ago, according to data on the Food Corp of India website.

MMTC Ltd bought 12,000 refined, bleached and deodorised palmolein against its latest tender that expired Monday.

The commodity futures turnover of five national exchanges and 16 regional exchanges rose 49.47% on year to 6.02 trln rupees in the fortnight to May 31.

MMTC Ltd today invited bids to sell 1,000 tn lemon tur and 650 tn moong, both imported from the 2010 crop in Myanmar, the company said in a website notice.

Cotton arrivals in India's wholesale markets rose 3.4% on year to 29.82 mln bales (1 bale = 170 kg) during Oct 1-Jun 5, data on the Cotton Corp of India website showed yesterday.

Rubber prices may decline in the spot markets of Kochi and Kottayam over the next few days if the monsoon remains weak in Kerala as it will increase tapping and raise supply.

The government yesterday hiked the minimum export price of common varieties of onion to $200 per tn from $170 earlier with immediate effect. In a Directorate General of Foreign Trade notification, the government also kept the export floor price for Bangalore Rose and Krishnapuram varieties of onion

unchanged at $350 a tn.

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MCX Commodity News

Gold NEWS

Today’s Gold session covered a $15.60 range as FOMC Chairman Ben Bernanke’s outlook on the U.S economy boosted the U.S Dollar and made the precious metals less appealing .Despite higher Crude Oil prices (July Futures Traded $$101.89 Today) the stronger Dollar versus a basket of currencies led the way for the technically overbought Gold market to sell-off. During yesterday’s speech Chairman Bernanke stated That there would not be Quantitative Easing 3… This certainly was “bearish” for the precious metals. Less money printed means more value for the Dollar.

OIL Updates

Oil rose to a one-week high after OPEC failed to reach an agreement on production targets for the first time in at least 20 years at its meeting in Vienna today.

Futures gained 1.7 percent after Mohammad Aliabadi, the acting Iranian oil minister and current OPEC president, said the group will maintain current output for now. A Gulf delegate said yesterday that the Organization of Petroleum Exporting Countries was going to increase quotas. A U.S. government report showed a bigger-than-forecast supply drop.

Crude oil for July delivery rose $1.65 to $100.74 a barrel on the New York Mercantile Exchange, the highest settlement since May 31. Prices are up 40 percent in the past year. Brent crude oil for July delivery climbed $1.29, or 1.1 percent, to $118.07 a barrel on the London-based ICE Futures Europe exchange. Saudi Arabian Oil Minister Ali Al-Naimi, representing OPEC’s biggest producer, said his country is ready to supply whatever the market needs.

Global oil demand will climb to 89.18 million barrels a day during the third quarter, the highest level of 2011, the U.S. Energy Department said yesterday. OPEC’s failure to agree to increase quotas shows that some of the group’s members have limited spare capacity, JPMorgan Chase & Co. said.

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Live Commodity News

Gold News

India gold fell a tad on Wednesday following weak overseas markets, with traders waiting for bigger falls in a seasonally lean demand period, dealers said.

At 5:17 pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.39% lower at Rs 22,533 per 10 grams.

Zinc News

Zinc prices at LME climbed towards the highest in over a month during this week, after touching the extensive fall in prices during the recent commodity sell off. The recovery in zinc prices is second to none, recording gains over an 11 percent as compared to the gains in lead and copper of over 9 and 8 percentages respectively.

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MCX, NCDEX Commodity Updates

MCX Commodity News

Spot gold gained marginally by 0.1 percent on account of mixed sentiments in the global financial markets. Dollar weakness cushioned downside in the metal as investors remain cautioned ahead of the European Central Bank (ECB) rate decision on Thursday. It touched an intra-day high of $1550/oz and closed at $1543/oz yesterday.

We expect the DX to weaken today as latest comments by Fed Chairman indicate further monetary stimulus measures. Also, expectations of rate hike by the ECB in the near future have also deteriorated the appeal of the dollar. A weaker dollar coupled with concerns with respect to the growth in the US will help bullion to trade higher today.

BASE Metal Trend

We expect base metals to trade lower today as latest comments by US Fed Chairman Ben Bernanke has affected global market sentiments. This coiuld lead to reduced demand for riskier investments. However, in the case of Copper and Lead we expect an upside bias to prevail. Copper prices will be supported on the back of supply disruptions, and dollar weakness will add fuel to the fire. Lead on the other hand is expected to gain on account of demand expectations in China.

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NCDEX Commodity News

Guar futures might recover slightly during the intraday as the commerce ministry withdraws its notification on permissible chemical contents. However, prices may decline in the short term owing to forecast of normal and timely arrival of monsoon over Rajasthan on one hand and reports of fresh export enquires are likely to support prices. Prices are expected to trade in the range of Rs. 3150-3400 per qtl levels in the short term. Robust export demand for Indian Guargum 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.

Jeera News

Jeera prices in the intraday will trade sideways due to weak trades at the domestic market. However, any reports of crop damage in Syria might support prices in the short term. In medium to long term (July onwards), Jeera prices will depend on the demand from the overseas and domestic buyers. Prices will also take cues from the production of this spice in Syria and Turkey the other major producers.

Turmeric News

Turmeric spot prices at Nizamabad and Erode were quoted at lower rates due to dull demand from the local stockists. Futures settled 1.29% down due to selling 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 articularly cotton. (Source: Reuters) Turmeric stocks in the NCDEX warehouse are at 1354 MT as on 20th May 2011.

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MCX Data

MCX Commodity Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 8TH JUN	All Day	USD	OPEC Meetings
	8:00pm	USD	Crude Oil Inventories		2.9M
	11:30pm	USD	Beige Book

NCDEX Commodity Data

COMMODITY	EXCHANGE	CLOSING PRICE	% CHANGE
JEERA	NCDEX	13870	-0.12
PEPPER	NCDEX	29499	-0.21
TURMERIC	NCDEX	7200	-1.29
GUARSEED	NCDEX	3262	0.65
GUARGUM	NCDEX	10410	-0.84
CHANA	NCDEX	2627	0.46
SOYBEAN	NCDEX	2367.5	-1.04
SOY OIL REFINED	NCDEX	654.9	-0.14
MUSTARD SEED	NCDEX	2945	0
COTTONSEED OILCAKE	NCDEX	1190	0.25
GUR	NCDEX	976	-0.05
POTATO	NCDEX	411.5	-0.44
MENTHA OIL	MCX	890	0.93
CARDAMOM	MCX	747.2	-0.08

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MCX Commodity Trend

Commodity Live

- COMEX Copper July futures rose yesterday on supply disruption at Chile’s fourth biggest mine

- Greece bailout concerns resurfaced yesterday thereby pressurizing on Euro

Gold Trend

COMEX Gold Aug futures extended their gains and rose by 0.31 percent to close at $1,547.2 per troy ounce yesterday from $1,542.4 on 3rd June, 2011. Investment demand continued to remain weak as holdings at SPDR Gold ETF remained unchanged yesterday.

Today no major economic data is scheduled to release hence Precious Metals complex will take cues from the events in the Euro Zone regarding the Greece bailout uncertainty which will provide them support.

Silver Trend

COMEX Silver July futures also rose yesterday paring their prior day gains and ended at $36.782 per troy ounce, a 1.63 percent gain from $36.191 per troy ounce made on 3rd June, 2011.

Investment demand for the white metal also remained unchanged at iShares Silver Trust yesterday while Gold/Silver ratio edged slightly above to 42.52 yesterday from 42.5 made on 3rd June, 2011.

Copper Trend

COMEX Copper July futures extended their gains yesterday on supply side disruptions in Chile’s El Teniente the world’s fifth largest copper mine as strike continued for the third day yesterday. Futures ended at $4.1420 per pound yesterday from $4.1345 per pound on 3rd June, 2011.

LME Copper three month futures also rose slightly an ended at 0.36 percent gain to $9,132.5 per ton from $9,100 per ton made on 3rd June, 2011. The Red Metal ignored the strengthening of the U.S. Dollar which ended at 0.26 percent gain. Today in the afternoon session of the trade we have two economic data from U.K. and Euro Zone scheduled to release and a reading above the analyst’s expectation would support the Base Metals complex.

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