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December futures gold prices traded down at the COMEX platform and ended at $1324, down by $12. At the MCX, the same contract ended at Rs 29,419, down by Rs 455. Although there were no major developments yesterday, the US data was mostly mixed, eventually keeping gold prices lower. Interestingly, there is no activity at the world’s largest gold-backed ETF and the holdings continue to remain unchanged at 909.59.
Industrial metals prices edged higher yesterday,supported by improving demand in topconsumer China, but renewed worries overthe U.S. fiscal outlook and federal debt kept gains in check.
Industrial metals prices are trading little changed on international bourses today. We do not expect any major downside in the prices of metals on account of better demand prospects from China. Copper and Lead in particular can be bought for the day.
Crude oil dropped for a sixth day running on Thursday, in what could be its longest daily losing streak inmore than a year, as key producer Iran sought to speed up talks on its nuclear program and after a rise inU.S. crude inventories.
Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day as a U.S.-Russia deal to remove chemical weapons from Syria and talks on resolving tensions over Iran's nuclear plans helped ease fears over Middle East supply risks.
In the domestic market, soybean prices ended the session a tad lower after rising above previous day’s close. Concerns over the damage due to rains to the standing groundnut crop in Gujarat kept the sentiments positive for all the major oilseeds. Soybean arrivals in the spot market of Madhya Pradesh were recorded at 175,000 bags compared to 150,000 bags. It is expected that from the coming week, arrivals in the spot market will rise and we could witness upto 300,000-350,000 bags. This may keep prices under pressure. Mustard and soy oil prices remained sideways and prices were not able to sustain at higher levels. Yields this year have a taken a hit but the overall crop size is larger than last year. Considering this we expect harvest pressure to bring down soybean and oil prices though the sharp downside will be limited due to concerns over the US soybean crop. For the day, we recommend selling November soybean contract between Rs 3465-3485 per quintal with a stop loss above Rs 3550 for a target of Rs 3300.
In the domestic markets, soybean prices witnessed a seesaw session but ended the day on a positive note. Weather premiums continue to build as arrivals in the spot markets remain lower due to slowdown in the harvesting process. The active monsoon trough over the Western and Central India have bought heavy showers leading to concerns over crop damage. Heavy rains in Gujarat have damaged the groundnut crop which is supporting sentiments across the oilseed market. Arrivals of soybean in the Madhya Pradesh spot market were 100,000 bags. Mustard prices surged in yesterday’s session on active buying interest ahead of the festival season. . For the day we expect the bias to remain positive due to unfavourable weather conditions.
Spot gold prices gained around 0.8 percent yesterday on the back of weakness in the DX. Further, favorable economic data from the US in yesterday’s trade supported an upside in prices.
However, sharp upside was capped as a result of declining trend in SPDR gold holdings to 909.59 tonnes. Additionally, weak global market sentiments coupled with rising concerns over the US debt ceiling restricted positive movement in prices. The yellow metal touched an intra-day high of $1337.90/oz and closed at $1333/oz in yesterday’s trade.
On the MCX, October contract gold prices jumped around 1.3 pecentand closed at Rs.30,215/10 gms after touching an intra-day high of Rs.30,290/10 gms on Wednesday.
Industrial metals prices traded mixed yesterday as solid demand from China helped stem three consecutive days of falls, though uncertainty about the U.S. fiscal outlook and its monetary policy kept gains in check.
Industrial metals prices are trading little changed on international bourses today. In the evening session we have the final GDP numbers to be released by the US. Any higher than expected data reported is likely to lend support to base metals prices.
Traditionally, investors have had more exposure in equities and fixed income. They should now diversify into commodities even if it means holding 5-10 percent of their portfolio. What they have to be careful with, as with any asset class, is they should do their research and homework on how to invest in commodities, what instruments to use and what risks there are in investing in commodities. For retail investors, the easiest way to get started with commodities is the gold ETF
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