Showing posts with label Commodity Tips. Show all posts
COMMODITY MARKET STRATEGY 03 NOVEMBER 2014
BASE METAL WRAP:
Nickel fell for the first time in five days after data showed continued manufacturing weakness in China, damping the outlook for demand in the world’s largest metals consumer.
ENERGY WRAP:
West Texas Intermediate fell for a third day, the longest losing streak in more than two weeks, as an official gauge from China showed factory output slowed in the world’s second-largest oil consumer. Brent slid in London.
PRECIOUS METAL WRAP:
Gold traded within 40 cents of a four-year low after the Bank of Japan boosted stimulus and the Federal Reserve ended asset purchases, highlighting divergent central-bank policies and hurting bullion demand as the dollar climbed. Silver retreated to the lowest level since 2010.
GLOBAL EVENTS TO WATCH:
Building Approvals m/m, Non-Manufacturing PMI, HSBC Final Manufacturing PMI, Manufacturing PMI, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Total Vehicle Sales, BOC Gov Poloz Speaks.
Rupee trading weak at 61.41
The rupee was trading a tad weak at 61.41 against the dollar at 11.25 a.m. local time.
The rupee opened 15 paise lower at 61.51 per dollar against the previous close of 61.36 on dollar buying from importers and gains in the American dollar overseas.
The domestic unit hovered in the range of 61.40 and 61.51 in the morning trade.
The US dollar touched seven-year peak versus the yen on Monday as markets basked in the afterglow of the Bank of Japan's surprise stimulus push and looked forward to at least a hint of fresh action from European policy makers this week.
Forex dealers said besides the dollar’s gains against other currencies in the global market, increased demand for the American unit from importers weighed on the rupee but surging domestic equity market, capped the fall.
The rupee had gained nine paise to close at 61.36 against the dollar in the previous session on Friday.
Call rates, bond yields
The inter-bank call money rate, the rate at which banks borrow short-term funds from one another, opened higher at 7.90 per cent from the previous close of 7.10 per cent.
Yield on the 10-year benchmark 8.40 per cent government security, maturing in 2024, softened a tad to 8.26 per cent from the previous close of 8.27 per cent. Prices of the bond opened higher at ₹100.90 from the previous close of ₹100.78.
INDIAN BENCHMARK are trading in red in the morning session of trade.
INDIAN BENCHMARK
are trading in red in the morning session of trade. IT sector are
trading lower with Infosys leading the pack followed by Wipro, HCLTech,
TCS and KPIT Technologies.
FURTHER, JK
Tyre & Industries announced that a meeting of the Board of
Directors of the Company will be held on September 25, 2014, for
considering subdivision of face value of Rs10 of the equity shares of
the Company.United Spirits Ltd propose to sell 15.20 lakh equity shares
of Rs. 10 each representing 11.35% of the equity share capital of the
Company on September 24, 2014.
Trend in FII flows: The
FIIs were net buyers of Rs 192cr in the cash segment on Friday while
the DIIs were net buyers of Rs. 237cr, as per the provisional figures
released by the NSE.
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