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DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
31-SEP-2015
113
112
111
110
100
109
108
107
106
COPPER
31-SEP-2015
319
316
312
310
308
306
305
303
301
CRUDE OIL
19-SEP-2015
3475
3383
3291
3243
3199
3151
3107
3015
2923
GOLD
05-OCT-2015
32354
31925
31496
21243
31067
30814
30638
30209
29780
LEAD
31-AUG-2015
130
125
127
126
125
124
123
122
120
219
211
203
201
196
193
188
180
172
NICKEL
31-AUG-2015
687
677
667
662
657
652
647
637
627
SILVER
04-SEP-2015
47317
46251
45185
44581
44119
43515
53053
41987
40921
ZINC
31-AUG-2015
160
158
157
156
156
155
154
153
151
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
31-AUG-2015
119
116
113
111
110
108
107
104
101
COPPER
31-AUG-2015
356
341
326
317
311
302
296
281
266
CRUDE OIL
19-AUG-2015
3717
3546
3375
3285
3204
3114
3033
2862
2691
GOLD
05-OCT-2015
32777
32213
31649
31320
31085
30756
30521
29957
29393
LEAD
31-AUG-2015
134
131
128
126
125
124
122
119
116
250
230
211
204
192
185
172
153
134
NICKEL
31-AUG-2015
783
745
706
681
667
642
628
589
551
SILVER
04-SEP-2015
49463
47726
45989
44983
44252
43246
42515
40778
39041
ZINC
31-AUG-2015
166
162
158
157
154
153
150
146
142
EXPIRY
DATE
R4
663
R3
R2
R1
PP
S1
S2
S3
S4
658
653
650
648
645
643
638
633
SYOREFIDR
20-AUG-2015
SYBEANIDR
20-AUG-2015
3481
3445
3409
3388
3373
3352
3337
3301
3265
RMSEED
18-SEP-2015
4795
4742
4689
4660
4636
4607
4583
4530
4477
JEERAUNJHA
18-SEP-2015
18590 18360
18130
17995
17210
GUARSEED10
20-OCT-2015
3660
3617
3574
3547
3531
3504
3488
3445
3402
TMC
20-SEP-2015
8113
7903
7693
7601
7483
7391
7273
7063
6853
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR
20-AUG-2015
709
690
671
659
652
640
633
614
595
SYBEANIDR
20-AUG-2015
3831
3690
3549
3458
3408
3317
3267
3126
2985
RMSEED
18-SEP-2015
5355
5134
4913
4772
4692
4551
4471
4250
4029
JEERAUNJHA
18-SEP-2015
20727 19847
18967
18413
15447
GUARSEED10
20-OCT-2015
4070
3904
3738
3629
3572
3463
3406
3240
3074
TMC
20-SEP-2015
8839
8403
7967
7737
7531
7301
7095
6659
6223
DATE
turnover of 252 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in
far-month December was trading down Rs 73, or 0.23%, at Rs 31,578 per 10 grams in 7 lots. Market
analysts said the fall in gold futures was mostly in step with a weak trend overseas after a Federal
Reserve official signalled that an increase in US interest rates is still possible this year, hurting demand
for the precious metal as a safe-haven investment. Meanwhile, gold prices fell 0.16% to USD 1,336.50
an ounce in Singapore today.
India's gold demand fell significantly in the first half of 2016. World Gold Council data show the
combined demand for jewellery and investment at only 247 tonnes. Import during January-June was
248 tonnes, 42 per cent lower than the corresponding period last year and lowest since 2009. Even in
calendar years 2013 and 2014, when the trade was under severe regulatory stress in India, demand and
imports were higher than seen in 2016 so far. Estimates peg imports in 2016 at 650 tonnes, after taking
into account some recovery expected in rural demand, led by a good monsoon. However, this will be
the lowest after 2009, when imports were 559 tonnes. Notably, the trend has continued after June.
Sudheesh Nambiath, lead analyst for precious metals at GFMS Thomson Reuters, said: "In July,
imports fell 78 per cent year-on-year to 20.8 tonnes, the lowest since September 2013. Has the cycle of
Indian gold imports hit the trough? Possibly, yes. experts, is similar in August. The domestic price
continues to trade $25 an ounce lower than the landed cost of imported gold, making imports unviable.
Bachhraj Bamalva, director, All India Gems and Jewellery Trade Federation, said: "Due to high import
duty and several measures implemented by the government in the past few quarters to disincentivise
black money, gold demand saw a huge impact and our estimate is that 2016 is likely to end with 650
tonnes of imports. If demand improves significantly, in the most optimistic scenario, imports might be
700 tonnes." Apart from anti-black money measures like providing the income tax PAN for purchase
of jewellery in cash above Rs 2 lakh and excise duty on jewellery, a sharp increase in global gold
prices and better returns in other asset classes like equities has lured buyers away. However, even as
Indians are not buying as much gold as in the past, experts say one should not write off the yellow
metal. Jean-Franois Lambert, managing partner, Lambert Commodities, says: "So long as India is
India, its love affair with gold will endure."
Gold recovered by Rs. 100 to Rs31,250 per 10 grams on Saturday on fresh buying by jewellers at the
domestic spot market to meet retailers' demand even as the metal weakened overseas. Silver also
rebounded by Rs 280 to Rs 44,700 per kg due to increased off-take by industrial units and coin makers.
Traders said fresh buying by jewellers to meet festive season demand from retailers led to the recovery
in the precious metal prices. They said, however, a weak trend overseas capped the gain.
Globally, gold fell 0.08 per cent to $1,320.50 an ounce in New York on Friday after the US Federal
Reserve chairman Janet Yellen said the case for an increase in interest rate has strengthened, in an
address to central bankers in Wyoming . In the national capital, gold of 99.9 per cent and 99.5 per cent
purity went up Rs 100 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. The metal had lost
Rs 100 on Friday. Sovereign, however, remained flat at Rs 24,300 per piece of eight grams in limited
deals. Tracking gold, silver ready recovered Rs 280 to Rs 44,700 per kg and weekly-based delivery by
Rs 115 to Rs 43,975 per kg. On the other hand, silver coins continued to be traded at the previous level
of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Gold discounts in India fell to nearly three-month lows this week while fresh buying gathered some
steam elsewhere in Asia as price corrections and festive buying lifted demand for the yellow metal.
The safe-haven asset, which is highly sensitive to interest rates, has declined more than one per cent
this week as upbeat US economic data boosted expectations of an interest rate hike by the US Federal
Reserve this year. In India, the second-biggest gold consumer, dealers were offering discounts of up to
$25 an ounce over official domestic prices, the lowest since the first week of June, and down from up
to $52 last week.
CRUDE OIL
In volatile market, crude oil prices still on slippery ground Oil prices rise in thin Asian trade;
production freeze may occur Oil prices retreat from 2016 highs on OPEC output boost. Supply worries
wane, but for how long?, Oil rises as lower output tightens market, outweighs weak China data. Oil
prices fell early on Wednesday as an unexpected build in US crude stocks weighed on markets, along
with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion
in the oil industry. International Brent crude oil futures were trading at $ 49.57 a barrel at 0054 GMT,
down 39 cents, or 0.8%, from their last close. US West Texas Intermediate crude was down 46 cents,
or 1%, at $47.64 a barrel. Robust Chinese crude demand growth has been driven by independent
refiners, also know as teapots, who began to import crude last June after obtaining government crude
import quotas and licences. But Beijing's crackdown on alleged tax evasion in the oil industry,
targetting the teapots, threatens to put a lid on Chinese demand. "The question now is whether the
teapots will start cutting runs," a Singapore-based trader said, adding that falling Chinese demand
would be a double whammy for the oversupplied crude market.
Oil prices dipped in early trading on Friday after the Saudi energy minister tempered expectations of
strong market intervention by producers during talks next month. International benchmark Brent crude
oil prices were trading at $ 49.55 per barrel at 0114 GMT, down 12 cents from their previous close. US
West Texas Intermediate crude was down 7 cents at $47.26 a barrel. Saudi Arabian Energy Minister
Khalid Al-Falih told Reuters late on Thursday that "we don't believe any significant intervention in the
market is necessary other than to allow the forces of supply and demand to do the work for us," adding
that the "market is moving in the right direction" already.
Goldman Sachs warned that the recent rally in oil prices was not based on fundamentals and played
down recent hopes that an agreement between members of the Organization of Petroleum Exporting
Countries would be able to sustain current prices. "While oil prices have rebounded sharply since
August 1, we believe this move has not been driven by incrementally better oil fundamentals, but
instead by headlines around a potential output freeze as well as a sharp weakening of the dollar,"
Goldman said in a note to clients dated August 22. Hopes that OPEC may come to an agreement to
stabilize the market in informal talks to be held on the sidelines of the International Energy Forum in
Algeria on September 26-28 helped oil enter a bull market with prices up more than 20% through last
Friday.We are, in Saudi Arabia, watching the market closely, and if there is a need to take any action
to help the market rebalance, then we would, of course in cooperation with OPEC and major nonOPEC exporters, the countrys energy minister Al-Falih said.Goldman remained skeptical about the
effectiveness of such a freeze, which could become self-defeating as higher prices incentivized
increased output elsewhere.
COPPER
Copper down 0.1% on global cues, weak demand, Surplus supply, weak demand from China to hit
copper prices, Copper down 0.1% on muted demand. Copper prices moved down by 0.06% to Rs
318.20 per kg in futures trade today as speculators cut down their bets amid a weak trend overseas and
low demand at spot markets. Copper for delivery in August shed 20 paise or 0.06% to Rs 318.20 per
kg in a business turnover of 790 lots at the Multi Commodity Exchange. Likewise, the metal for
delivery in November traded lower by 10 paise or 0.03% to Rs 324.85 per kg in 68 lots. Analysts said
copper prices fell in line with a weak trend in base metals pack at the London Metal Exchange and
strengthening dollar sent commodities down as comments from a US Federal Reserve official
bolstered speculation that borrowing costs may rise this year.
risks in increasing their production. Using its national online footprint, the exchange has collaborated
with Farmer ProducerProducer Companies to demonstrate that investments in linking farmers to
markets, coupled with supply-side activities such as capacity building and input supply, can have a
major positive effect on raising farmer incomes.
With Sebi seeking explanation for suspending futures trade in castor seeds, NCDEX today said a
probe by an external audit firm has been initiated into the role of brokers and individual traders. The
exchange has also placed the trading terminals of four members on 'Square-off mode'. On January 27,
the exchange had suspended futures trading in all castor seeds contracts after it found the open interest
positions for the next month contracts to be high and the prices low. "The exchange has initiated
investigation into the role of members and their clients through external Audit firm/s," the
commodities derivative exchange NCDEX said in a statement.
National Commodity & Derivatives Exchange today said its cotton contract has performed well
registering a jump of 338 per cent at Rs 1,376.71 crore for the quarter till March 21, 2016. "Our cotton
contract has performed well and traded value jumped by 338 per cent at 1,376.71 crore for the quarter
till March 21, 2016 as against Rs. 313.99 crore in the quarter ended December 2015," NCDEX said in
a statement here. "The contract also witnessed increased participation on the exchange; with 224 per
cent increase at 24,820 of average daily traded quantity on QoQ basis," it added. The contract has also
witnessed 75,072 units of open interest position, a jump of 483 per cent on QoQ basis. The exchange
said it has helped raise the bar on quality of cotton bales traded in futures. "Increased participation in
NCDEX cotton is very encouraging. We are committed to offer a safe, credible and transparent
marketplace. We have been at the forefront of unleashing a slew of warehousing reforms aimed at
giving participants a superior user experience and it is indeed heartening to see this growing
confidence." NCDEX MD & CEO Samir Shah said.
Domestic cotton prices are on the upside since April, due to expectation of weak production. This has
affected exports, mainly to Pakistan. In the current cotton year, about 37 per cent of exports have been
to Pakistan. However, with prices moving up to Rs 50,000 a candy, this is being hit, says the
trade.China is the major buyer for Indian cotton but this year's demand was not so good. Against it,
due to crop failure, Pakistan became a major importer. However, if our prices were lower, our overall
export might be higher than it has, said J Thulasidharan, president of the Indian Cotton Federation.
Continuing its losing streak for the seventh straight day, refined soya oil prices eased further by 0.27%
to Rs 656.10 per 10 kg in futures market today as participants engaged in trimming their positions,
taking negative cues from spot market on easing demand.At the National Commodity and Derivatives
Exchange, refined soya oil for delivery in October drifted lower by Rs 1.80, or 0.27% to Rs 656.10 per
10 kg with an open interest of 50,650 lots.Likewise, the oil for delivery in September contracts shed
SPICES
According to Dept of Commerce, the exports of Jeera in the first two month of 2016-17 increased by
more than 82.5% at 33,908 tonnes compared to last year same time. As per the trade sources, India's
jeera exports rose nearly 25% to around 50,000 tonnes in Apr-Jul from 40,000 tn in the year-ago
period due to good demand from China and Bangladesh. China imported 1,500-1,700 tn jeera in last
15 days. As per 4thadvance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt
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