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Weekly Tracker
Contents
Returns Non Agri Commodities Currencies Agri Commodities Non-Agri Commodities Gold Silver Copper Crude Oil
*Weekly Performance for February contract; Turmeric and Kapas - April 2013 contract, Jeera and Chilli- March contract, Mentha- January.
Gold
Weekly Price Performance
Spot gold prices gained 0.4 percent week on week. The yellow metal touched a weekly high of $ 1,678.6/oz and closed at $ 1,662.4 per ounce on Friday. On the MCX, Gold February contract ended 0.3 percent lower week on week due to appreciation in the rupee. Gold prices on the MCX closed at Rs. 30,757/10 gms on Friday after touching a low of Rs. 30,625/ 10gms. Spot gold prices gained on the back of positive market sentiments after European Central Bank President said that the Euro region is expected to recover in 2013. This raised hopes that the debt concerns in the region might be stemmed. Weakness in the US Dollar Index also added to the gains in the yellow metal prices. Further, stimulus measures announced by the Bank of Japan also pushed prices upwards. However, prices witnessed selling pressure on Friday due to weak data from the China which led to risk aversion in the global markets. In the domestic markets , gold prices declined due to appreciation in the rupee.
Outlook
In the coming week, we expect gold prices to remain weak due to physical buying by the Asian buyers along with announcement of stimulus measures by the Bank of Japan. Hopes of revival of the European economy is also expected to support an upside in the gold prices. In the domestic markets, appreciation in the rupee might restrict sharp gains in the gold prices on MCX. Spot Gold : Support $1,644/1,625 Resistance $1,680/1,698. (CMP: 1,669.30) Sell MCX Gold Feb between 30900-30930, SL 31,061, Target 30645/30500 (CMP: 30,812)
Silver
Outlook
Silver prices in the coming week is expected to trade firm on the back of strength in the base metals pack and positive economic data from the major economies. Weakness in the DX is also expected to support an upside in the silver prices. In the domestic markets appreciation in the Rupee might restrict gains in the MCX Silver prices. Spot Silver : Support $ 29.86/29.27 30.10) MCX Silver : Support Rs.57680/57180 58,402) Resistance $30.99/31.53 (CMP: Resistance Rs.58,710/59,470(CMP:
Copper
Copper Inventories
Outlook
Crude Oil
Weekly Price Performance
On a weekly basis, Nymex crude oil prices gained 2.23 percent. On the domestic bourses, prices increased 4.19 percent and closed at Rs. 4,913 /bbl on Friday. Prices gained taking cues from firmness in the international prices along with depreciation in the Indian rupee.
Outlook
DX/ INR
FII Inflows
Outlook
Euro
News
Outlook
Chana
Weekly Price Performance
Chana February contract which remained firm during the initial part of the week on concerns over extreme winters in North, declined in the later part on account of ease in supplies in the domestic markets amid continuous flow of imported Chana into the country. Improved acreage and thereby higher output expectations also exerted downside pressure on the Chana prices last week. Total pulses acreage as on 11th Jan 2013 stood at 140.87 lakh ha, up by 0.4% yoy. As on 4th Jan 2013, pulses acreage was down by 0.4%. Chana sowing is almost complete and acreage so far is at 91.68 lakh ha, up by 5.4% as on 11th Jan. Chana acreage is marginally higher by 3% this year in Rajasthan at 14.80 lakh ha, In Maharashtra Chana acreage is up at 10.92 lakh ha as on 11th Jan 2013 vs normal area of 10.6 lakh ha and 2012 area of 7.04 lakh ha. While in AP it is up at 7.14 lakh ha as on 11th Jan 2013, up by 26%. (Source: State farm dept) Chana fresh crop arrival have started in Karnataka & Andhra Pradesh and about to commence in Maharashtra. While, harvesting in MP, the largest Chana producing belt shall commence in February 2012. Although the Farm ministry has targeted higher rabi pulses output, particularly Chana at 7.9 mn tn vs. 7.5 mn tn in previous year, the ultimate output would depend on the weather conditions in major growing belts. Chana may decline further on expectations of arrivals from Maharashtra to commence soon. However, any adverse report with respect to weather may bring a sharp rebound in the prices. Sell NCDEX CHANA April between 3520-3560, SL -3640, Target - 3400 / 3380
Outlook
Weekly Strategy
Black Pepper
Global updates
Global pepper production in 2012 is projected at 3.27 lk tn vis--vis 3.17 lk tn in 2011. Vietnam pepper exports during Jan-Oct 2012 stood at 102,340 mt. Pepper production from Vietnam decreased to 1 lk tn in 2012 from 1.1 lk tn in 2011. Exports from Brazil during Jan-Nov 2012 are reported at 25900 tn, as against 32650 tn in the same period last year, down by about 20%. Pepper Futures is expected to trade on a mixed note this week. Low stocks and arrivals of good quality pepper is expected to support prices at lower levels. There are no valid stocks available on the exchange as the after Food Safety and Standards Authority of India sealed the entire quantity of about 8,000 tn pepper due to quality issues. Higher output expectations coupled with weak export demand for Indian pepper may also pressurize prices. NCDEX Feb Pepper Trend Sideways. S2- 33580, S1- 34780, R1- 36810, R2- 37640.
Outlook
Weekly Strategy
Turmeric
Outlook
Weekly Strategy
Jeera
International Scenario
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2 1
Outlook
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Weekly Levels
Soybean
Outlook
Strategy
Global Scenario
Domestic Scenario
Sugar
Outlook
Strategy
Kapas/Cotton
Weekly Price Performance
Kapas futures which gained during the early part of the week amid short covering, pared losses later on as supplies are sufficient while demand from the millers is comparatively lower, especially from south Indian millers. ICE Cotton futures gained 0.75% on expectations of lower US cotton plantings next season and cut in US cotton end stocks. Demand for ginned cotton especially from south Indian mills which was lower amid power shortages, may improve due to fall in prices & higher cotton yarn export demand for cotton yarn. Although, Cotton advisory Board has pegged cotton output lower at 334 lakh bales, Cotton Association of India (CAI) said that Cotton output in 2012-13 is expected to be around 350 lk bales, while the consumption is likely to be around 265 lk bales. The average plantings forecast for the world's third-largest cotton producer was 10.1 mn acres, which would be down 18%from last year. USDA, in its January 2013 monthly crop report estimated reduced its U.S carryover by 11% to 4.8 mn 480-lb bales while it estimated 2.5% increase in global end stocks at 81.7 mn bales amid higher production and comparatively lower consumption. Output is raised mainly in China and Australia, while global consumption is revised down slightly, mainly reflecting a reduction for India. Kapas prices are expected to consolidate in the current week. No major downside is expected as farmers may hold their produce below these levels and demand from the millers is expected to pick up. However, sharp upside may also be limited as supplies are sufficient to meet the domestic and export demand. Sell NCDEX KAPAS April'13 between 940-960, SL -1000, Target - 880
Source: Reuters * 2013 figs are as per Reuters survey
Outlook
Strategy
Thank You!
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