Home > Financial > Commodity Research Report Ways2Capital 30 Jan 2018

Commodity Research Report Ways2Capital 30 Jan 2018

Added: (Tue Jan 30 2018)

Pressbox (Press Release) - BULLION

Gold futures fell nearly one percent in American trade away from August 5, 2014
highs for the second session even as the dollar index plumbed December 17, 2014
lows following earlier data from the US the world's largest economy. The dollar index
plumbed 38-month lows after the US government closed for three days before
Congress reached a stopgap agreement to fund the government until February 8,
with President Donald Trump singing it into law and also imposing heavy 20% to 50%
trade tariffs on solar panels and washing machines. This was considered one step in a
larger process of imposing curbs on trade between the US and the world, which was
protested by money multinational companies.

BASE METALS

Three-month copper prices ($7,096 per tonne) are up the most with a 0.7% gain while
nickel zinc and lead prices are up by around 0.3% and aluminium and tin prices are
little changed.On the Shanghai Futures Exchange today base metals prices are for the
most part stronger with nickel prices leading the way with a gain of 1.8%, followed by
tin prices that are up by 1.5%, zinc prices that are up by 0.7% and copper prices that
are up by 0.2% at 53,840 Yuan ($8,410) per tonne. Aluminium and lead prices are
down by 0.4% and 0.2% respectively. Spot copper prices in Changeling are up by 0.7%
at 53,370-53,470 Yuan per tonne and the LME/Shanghai copper arbitrage ratio has
firmed to 7.59, up from 7.53 on Friday.

ENERGY
Brent futures rose one percent above $66 a barrel while Brent settled above $70 near
December 2014 highs as the dollar index plumbed 38-month lows following earlier
data from the US the world's largest energy consumer. Earlier, Russian energy
minister Alexander Novak said that a surge in crude prices to near $70 won't stop
Russia from complying with the global deal to cut output by 1.8 million bpd until the
end of 2018 while noting that Russia looks to the demand-supply balance in the first
place before studying prices.
Natural gas futures fell nearly two percent in American trade as the dollar bounced
off December 17, 2014 lows following earlier data from the US the world's largest
energy consumer including the EIA report that showed another inventory draw down
for the sixth straight week.

SPICES
Trend remained weak for Jeer as low demand in mandis amidst prospects of
better production and arrivals of the new crop in coming weekskept pressure on
prices, even as quality concern reports too have been there.Even as sowing is
expected to be higher with shifting of other crop towards Jeer due to the high
prevailing rates, a delayed sowing in Gujarat (due to warmer climate) may have
some adverse impact on the crop productivity and its arrivals. Exports from
China have reportedly been on the rise.
Moderate bearish trend persisted for Turmeric as lack of strong demand in
mandis amidst new crop arrivals kept pressure on prices. Arrivals of new crop in
some areas in TN amidst prospects of rising arrivals from other regions in
coming weeks prevented recovery. Traders waited for new crop arrivals before
initiating fresh demand.

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OIL & OILSEEDS

Soy bean kept trading firm on strong demand in mandis amidst firmness in
International markets. Outlook for this month shall remain bullish. India's
harvest season subdued export demand for soymeal and estimations of
sufficient amount of inventory lying with stockists had been capping the
upside just few months, back, but as parity in exporting Indian soymeal has re-
established and harvest season nears completion, any sharp fall is ruled out.
An overall weak sentiment prevailed for Mentha as low trading activities
ahead of the Festive holiday weekend kept pressure on the prices. Short term
trend looks slight weak with prices likely to find immediate support at 1500
levels.
GUAR COMPLEX

Guargum inched towards the 10,000 psychological mark as traders expect the
exports to start rising at these levels with the recent firmness in Crude oil
prices.Lowering inventories will be another bullish factor. The new crop arrivals
shall drop further thereby offering further support. Increased exports of guar
gum during last year have been encouraging due to increasing rig count in the
US.

OTHERS

RMSeed prices found strong immediate support near the 4000 mark as prices
recovered moderately from these rates. Going forward a comfortable supply
situation shall limit the upside movement. But lower support levels ad strength
in soybean shall prompt buyers to enter at every fall now since 3960-80 is a
strong support for the April contract.

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