Commodity News

South Korea to open gold trading market

South Korea to open gold trading marketSeoul, March 23 - South Korea's financial regulator said Sunday that market will start trading gold on spot next week to disclose gold transactions, which were blamed for tax evasion and illegal trading.

The South Korean government unveiled a plan July 2013 to let gold be traded in an open arena as part of efforts to bring the underground economy to the open and help prevent tax evasion and illegal transactions, reported Xinhua.

Reliance Jio to ride on 42,000 Viom Networks' towers

Reliance Jio to ride on 42,000 Viom Networks' towersMumbai, Mar 17 : Reliance Jio Infocomm Limited ('Reliance Jio') will be launching its services across India using telecom-tower infrastructure provided by Viom Networks. Under a Master Services Agreement, Reliance Jio will use Viom Networks' Pan India Passive telecom infrastructure having a footprint of over 42,000 telecom towers.

"This agreement is in line with our mission of a Pan India launch spanning next-generation voice and data services and leveraging existing telecom infrastructure," said Sanjay Mashruwala, Managing Director, Reliance Jio.

China surpasses India in gold demand in 2013: WGC

goldLast year China surpassed India to become the world's largest gold consumer, according to the latest World Gold Council (WGC) report.

According to figures published in the WGC's newly published 'Gold Demand Trend 2013' report, China's demand for gold hit 1,065.8 tonnes in 2013, while India's demand for the precious yellow metal slipped to 974.8 tonnes.

Base Metal Commodity Update by CapitalVia

CopperCopper prices rose on Friday as a weaker dollar pushed prices higher and inventories at LME warehouses fell by 2,700 tonnes to 429,200 tonnes, the lowest level since February. However expectations of market surplus on growing mine supplies and lower volumes limited the upside in copper. Base metal are expected to move down as weak dollar and fear of Fed trapping the bond buying program are likely to weight on prices.

Energy Commodity Update by CapitalVia

Crude-oilCrude oil prices fell on Friday and are on track to decline for the third consecutive month as rising crude stockpiles in US and optimism over the nuclear deal between Iran and the western nations has kept oil prices under pressure. The OPEC members are likely to keep crude production quota unchanged at the meeting on February 4, while OPEC oil exports are expected to increase by 3% from current levels in February. Crude oil prices are expected to move down as all time high crude inventories in US and increased exports from OPEC is likely to put pressure on prices.

Precious Metal Commodity Update by CapitalVia

GoldGold prices in February contract rose on Friday after two days of decline as a weaker dollar and a pickup in physical demand from China on bargain hunting supported prices. However, volumes were very thin due to holiday in US markets. However, gold is likely to post its biggest monthly drop since June as optimism over global economic recovery and fears of an end to cheap availability of money has pushed prices down by more than 5% in November. We expect Gold prices to continue the down trend on optimism over improving global economic conditions.

China becomes world's largest gold consumer

China becomes world's largest gold consumerWashington, Nov. 17 : China has bet India and become world's top gold consumer.

China has purchased 798 tonnes of the precious metal so far this year, compared to 715 tonnes that India bought, the latest World Gold Council report has revealed.

According to CNN, the group recently lowered its 2013 forecast for India's gold consumption by 10 percent to 900 tonnes.

It estimated that China will buy 1,000 tonnes by the end of the year.

Gold futures dip below Rs 33k level as FMC hikes margin

Gold futures dip below Rs 33k level as FMC hikes marginGold futures prices on Friday dropped below nearly 3 per cent to below Rs 33,000-level per 10 grams after the Forward Markets Commission (FMC) drastically increased margins on trading in gold futures in a bid to curb volatility in the prices of the precious metal.

Commodity market regulator FMC increased initial margin on gold futures from 4 per cent to 5 per cent, and also imposed an extra margin of 5 percent on gold, silver as well as crude oil. The increased rate of margin is scheduled to take effect on Monday, September 2.

Gold prices will likely bounce back to Rs 31K/10 grams by end of 2013

Gold prices will likely bounce back to Rs 31K/10 grams by end of 2013Gold prices in India will bounce back to around Rs 31,000 per 10 grams by the end of 2013 as demand will remain strong despite the government's strict measures to arrest gold imports, experts believe.

Indian is the world's biggest buyer of gold. Increasing imports of this precious yellow metal is one of the main reasons behind the country's widening current account deficit (CAD). The government increased import duty on gold many times since the start of this year, but demand for the yellow metal is still strong.

Gold futures settle at $1,223.70 an ounce on Comex on June quarter’s final day

Gold futures settle at $1,223.70 an ounce on Comex on June quarter’s final dayAfter falling to as low as $1,179.40 an ounce on early Friday, Gold futures rebounded to settle at slightly more than $1,223 a troy ounce on the New York Mercantile Exchange's (NYME's) Comex division on the last trading day of the week, month as well as quarter.

Gold for August delivery regained $12.10, or 1 per cent, to settle at $1,223.70 per troy ounce on the Comex division, after investors who had bet on lower prices closed out those bets on the June quarter's final trading day.

Gold prices touch lowest level in two weeks

Gold prices touch lowest level in two weeksAccording to the latest estimates, the prices of gold have touched its lowest level in two weeks as investors expect the Federal Reserve to cut stimulus measures.

Global rating agency, Standard & Poor's has boosted outlook for the world's largest economy and many believe that Federal Reserve might look to cut back on some stimulus measures in the country. Data showed that the bullion for immediate delivery recorded a fall of 0.2 per cent to $1,383.97 an ounce this morning in Singapore.

Down trend in commodities helps Indian economy

commodities-1The down trend in commodities is being seen as a good sign for the Indian economy as it reduces deficits on gold and crude oil trades to some extent.

India's trade deficit from $13.5 billion in March 2012 to $10.3 billion in March this year; while the benchmark index BSE SENSEX crossed the psychological mark of 19,000, and Nifty jumped to its highest in the month to
5783.10 last week.

Decline in gold and crude oil prices added to market optimism, as lowers prices in the international prices slashed the country's current account and fiscal deficits.

Sahara to launch Q shops in Maharashtra

Sahara-Q-Shop-LogoMumbai, March 16 : Sahara India Pariwar will soon launch a chain of retail neighbourhood stores across Maharashtra with 3,780 stores in various cities of the state, the company said Saturday.

"After successfully launching quality products in the states of Uttar Pradesh, Rajasthan, Bihar, Jharkhand, Uttarakhand and Delhi NCR, Sahara Q Shop is set to launch its operations with 3,780 exclusive stores in the state of Maharashtra," it said.

Commodities Technical Analysis by Pinc Research

commoditiesAluminium: Aluminium took support near our projected level of $2545 last week. In the coming week, the trend in Aluminium may remain sideways with a positive bias as long as the level of $2500 holds.

Zinc: Zinc declined considerably for the major part of last week. $2200 remains a good support on the downside which is also a 200DMA. Acceleration of this downtrend will only occur below $2200. A pull back rally in the coming week may take it closer to $2400.

Crude palm oil futures up on fresh buying

Crude-palm-oilCrude palm oil prices futures have surged up by Rs. 5.50 in today’s trading session. The futures price was recorded at Rs. 537.90 per 10 kg in futures trade today. The reason behind this hike is the fresh buying position made today.

Onion Rates Decline On Bettered Arrivals

Onion Rates Decline On Bettered ArrivalsRates of onion across major markets in India witnessed a decline, a month after onion rates touched all-time peaks.

At the Lasalgaon market in the state of Maharashtra, the largest for the commodity in India, rates dropped around 45% as against the last week.

Wholesale rates of red onion remained at Rs 1,352 per 100 kg, whereas the prices stood at Rs 2,553 per 100 kg during the last week.

Mr. Kiran Zodge, an onion trader from Navi Mumbai, stated that because of fresh arrivals in the market, the rates of onion declined.

Aluminium, Zinc, Copper Commodities Outlook : PINC Research

Aluminium, Zinc, Copper Commodities Outlook : PINC ResearchAluminium prices moved up last week and its strength is likely to continue. The move is in line with our view of a steady rise in prices of the metal. Important support to watch out is 2440 and 2400.

Zinc prices moved sideways last week. In the short term, a breach of $2500 can see it reach $2600 or further. A negative development for the uptrend will only occur below $2360 level.

Gold, Silver, Crude Oil Commodities Outlook : PINC Research

Gold, Silver, Crude Oil Commodities Outlook : PINC ResearchAluminium prices moved up and are consolidating again. The move is in line with our view of a steady rise in prices of the metal, with choppy interludes along the way.

Zinc prices have begun advancing as per our expectation. In the short term, this move can extend to $2500. Over the medium term we expect broad two way moves.

Copper prices continue to advance firmly and have made a new high. The trend is positive at present and is likely to continue in the same vein. A move below $9200 would be a negative development.

Gold, Silver, Crude oil Commodities Outlook : PINC Research

silver gold Gold The trend in Gold remains choppy after a strong medium term rally. We continue to expect such trends over the next few weeks. No clear directional thrust is expected in the immediate future. Silver The price of Silver has moved sideways during last week. The overall trend is positive and the steady advance can continue. However, a move below $28 can weaken the trend. Crude oil The trend of crude has moved above $90 as expected. The trend has positive strength and can inch further up. A move below $89 can cause weakness in the trend.

Aluminium, Zinc, Copper Commodities Outlook : PINC Research

Aluminium, Zinc,CopperAluminium prices have moved up. However, we expect them to become choppy again. The move is in line with our view of a steady rise in prices of the metal, with choppy interludes along the way. Zinc prices remain sideways. A steady advance can result from this trend. A move below $2200 can generate weakness in the trend. Over the medium term we expect broad two way moves. Copper prices continue to advance firmly and have made a new high. The trend is positive at present and is likely to continue in the same vein. A move below $9000 would be a negative development.




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