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Crude
oil bounce back
 Crude
oil in the international market bounced back after the slide at
the beginning of year. The news agencies report a sabotage of Iraq-Turkey
pipeline that can carry 500,000 barrels per day on the wake of increasing
violence in Iraq. OPEC production cuts will see Saudi cutting back
some 500,000-bpd. Also the heating oil demand is expected to increase
with forecasts of colder weather in the next 11-15 days in the US
Northeast. Wednesday's EIA figures will knock the market in the
intended direction. Last month OPEC declared to cut supply by 1mn
barrels per day with effect from 1st Jan 2005. Saudi
Arabia pledged to shoulder half the total cut, or 500,000 bpd. International
oil majors confirmed that they received lower January supplies from
state oil firm Saudi Aramco. Crude prices have already fallen nearly
$14 or 25 percent from record highs hit October last year. According
to sources, some OPEC ministers have said that the group may need
to cut production quotas when it meets on Jan. 30 to stop prices
falling further.
Gold
futures near 2 month low: Dollar gains
Gold
futures on Tueday traded at their lowest since last 2 months on
the wake of rising dollar. Gold was seen losing its charm for the
investment hedge against the US currency as the currency for last
few trading sessions continuously gaining against euro, 0.7% yesterday.
The currency traded at $1.3494 against the euro at 12:54 p.m. Singapore
time, from $1.3466 late yesterday in New York according to EBS.
It is attributed to an early report yesterday showing U.S. manufacturing
grew last month, suggesting production will boost the economy this
year. Gold slumped the most since Dec. 8, when hedge funds and other
large speculators sold the metal from near a 16-year high after
the dollar rose.
Comex
Feb gold dropped almost $5 during the day taking it to 2 month low
of $424.80 per ounce but recovered back slightly afterwards. March
silver at Comex too moved in line with gold and dropped more than
10 cents at $6.385.
Margin
hike in sugar futures, additional quota released: Govt
 Sugar
prices have been continuously rising since recent past and there is
no evidence of its returning back. On the wake of this, the commodity
exchange NCDEX has announced to hike the margin limit in sugar futures
by 1.45%, this way the new margin from 5th January 2005
will be 8.25% from 6.8% earlier. The decision taken by Union Minister
for Consumer Affairs, Food and Public Distribution, Mr Sharad Pawar
on a meeting to discuss whether the current situation is triggering
an alarming bell due to huge speculative activity in the commodities
front and it was also decided in the meeting that if further required,
the exchange may be asked to levy additional margin to arrest the
heavy speculation. A major expected decision on releasing additional
quota for the Jan-March quarter was also declared. Agreeing to the
demand of Sugar Association, the ministry has declared for additional
4 lakh tons for the quarter, i.e. 2 lakh tons for month of January
and 1 lakh ton for February and March subsequently. The free sale
quota hence is now increased to 39 lakh tons than previous 34 lakh
tons giving a brake to the terror of escalating sugar prices.
Comm Daily 04th Jan
|
MCX
|
|
|
|
|
|
|
|
|
|
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Gold
Feb
|
6178
|
6192
|
6122
|
6162
|
-0.26
|
6207
|
5012
|
|
Gold
April
|
6208
|
6251
|
6150
|
6163
|
-0.72
|
77
|
153
|
|
|
|
|
|
|
|
|
|
|
Silver
March
|
10052
|
10052
|
9811
|
9927
|
-1.24
|
586050
|
312300
|
|
Silver
May
|
10110
|
10110
|
9900
|
9934
|
-1.74
|
1020
|
3.93
|
|
|
|
|
|
|
|
|
|
|
Ref
Soy Oil Jan
|
392.3
|
393.2
|
389.9
|
391.4
|
-0.23
|
14960
|
8930
|
|
Ref
Soy Oil Feb
|
388.5
|
388.5
|
383.3
|
384.7
|
-0.98
|
4930
|
8500
|
|
|
|
|
|
|
|
|
|
|
Kapas
April
|
332
|
332.2
|
330.4
|
331.2
|
-0.24
|
1244
|
8072
|
|
NCDEX
|
|
|
|
|
|
|
|
|
|
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Castor
Jan
|
317.60
|
317.60
|
308.00
|
309.00
|
-2.71
|
3670
|
4340
|
|
Castor
Feb
|
316.60
|
316.60
|
304.70
|
306.10
|
-3.32
|
4240
|
3940
|
|
|
|
|
|
|
|
|
|
|
Soya
Bean Jan
|
1293.00
|
1295.00
|
1282.00
|
1283.00
|
-0.77
|
18550
|
49330
|
|
Soya
Bean Feb
|
1293.00
|
1294.00
|
1281.00
|
1282.75
|
-0.79
|
18050
|
104640
|
|
|
|
|
|
|
|
|
|
|
Guar
Gum Jan
|
3760.00
|
3760.00
|
3700.00
|
3739.00
|
-0.56
|
1890
|
9195
|
|
Guar
Gum Feb
|
3795.00
|
3820.00
|
3766.00
|
3813.00
|
0.47
|
1745
|
8305
|
|
|
|
|
|
|
|
|
|
|
Guar
Seed Jan
|
1456.00
|
1459.00
|
1435.00
|
1453.00
|
-0.21
|
44710
|
65640
|
|
Guar
Seed Feb
|
1476.00
|
1479.00
|
1457.00
|
1477.00
|
0.07
|
66750
|
66000
|
Disclaimer:
We take due care in compilation of data, but under no circumstances
shall we be legally responsible for the outcome of any action taken
on the basis of information given in this newsletter. Investors
must make their own investment decisions based on their specific
investment objectives and financial position and using such independent
advisors as they believe necessary.Indiainfoline takes no legal
responsibility for accuracy or completeness of information or advice
given. This material is for personal use only."India Infoline Ltd
(IIL) and India Infoline Commodities Pvt. Ltd (IICPL) do not have
any positions in any of the commodities recommended and which are
currently displayed on the site www.indiainfoline.com and www.5paisa.com.
IIL and IICPL do not do any deals on their own account (proprietary
trading) except for testing and demonstration purposes. IIL and
IICPL also has an internal compliance manual in place which restricts
the team who analyze and gives information on various commodities
and investment opportunities, to place orders on commodity futures
only through IICPL and only after the said recommendation has been
displayed on the above mentioned websites
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