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Gold,
silver prices fell sharply
Following
the previous days carnage on the international bullion markets,
the prices of gold and silver in the domestic bullion market fell
sharply on Thursday December 9, 2004. The intensity of activity
in the markets was such that while futures markets recorded heavy
volumes, prices in spot market tumbled to their biggest single-day
drop. In Mumbai, gold standard ended Rs100 lower at Rs6,395 per
10 gm. Silver of .999 fineness dropped by Rs790 to Rs11,095 per
kg.
Meanwhile,
in the international bullion markets both gold and silver prices
continued their downward journey for the fourth day in a row. Gold
prices tumbled to US$436 dollar an ounce from the previous close
of US$447.80. Silver dipped to a nearly two-month low of US$6.8
an ounce, down from previous close of US$7.66 in New York Exchange.
Crude
oil gathers steam
Crude
oil prices have once again started moving up as the weather forecasts
chilling winter in US. Also the demand from OPEC countries to cut
production is fuelling rise to crude prices. In London, January
Brent futures were up 98 cents to US$39.67 a barrel at the end of
the session. Sweet light crude traded in New York settled up 59
cents at US$42.53. Earlier, the Energy Information Administration
had announced smaller-than-expected rise in heating oil stocks.
The Northeast region of the US uses almost 80% of the world heating
oil. The EIA report suggested that US natural gas stockpiles depleted
by 88bn cubic feet last week.
The
OPEC ministers are meeting on Friday and there is growing demand
from the member countries to cut production. The Kuwaiti oil minister
said the cartel should cut the ceiling by 0.5m b/d in the future.
Most
analysts had predicted that stocks would fall by only 70-75m cubic
feet. Gas substitutes, including crude and heating oil, also rose
on the data. Many US factories can operate on both.
Record
volume on NCDEX
NCDEX
recorded its peak volume of Rs26.17bn on Wednesday. The shares and
volume of various commodities are as follows: Guar seed Rs12.50bn
(47.8%); silver Rs7.90bn (30%); gold Rs1.31bn (5&); soyabean
Rs0.79bn (3%); chana Rs0.76bn (3%), urad Rs0.63bn (2.5%) and soya
oil Rs0.51bn (2%). Sugar, pepper, mustard seed and wheat each had
share of about 1 per cent each, according to the release.
Buying
props up rubber prices
Spot
rubber prices improved on Thursday December 9, 2004. All-round buying
from covering groups and North Indian kept the prices firm throughout
the session. Arrivals declined as growers turned slightly bullish
towards the weekend, while the world markets also appeared favorable.
All the grades gained and sheet rubber RSS 4 closed at Rs50.75 against
Rs50 a kg on Wednesday. The rubber futures continued to move up
following a better TOCOM closing .The December delivery was quoted
at Rs51.75 (Rs51.50), January delivery at Rs52.95 (Rs52.69), February
delivery at Rs54.19 (Rs53.87) and March delivery at Rs55.19 (Rs54.95)
per kg for RSS 4. The spot prices of RSS 4 Rs50.75 (50) per kg;
RSS 5 Rs48.25 (48.00); ungraded Rs46.75 (46.25); ISNR 20 Rs48.75
(48.50) and latex 60% Rs39 (38.50).
PDEXCIL
seeks reduction in customs duty
The
Powerloom Development and Export Promotion Council (PDEXCIL), the
body for the decentralized powerloom weavers, has asked the Finance
Ministry to lower the customs duty levels on raw cotton and cotton
yarn to ensure that the prices of these raw materials for the domestic
cotton textile manufacturing industry are saved from sharp fluctuations.
The council, which has come out its pre-Budget suggestions on fiscal
duties to the Centre, has noted that though the cotton yarn price
has tended to rule low now due to the increased raw cotton production
in the current year, there has been instability in the yarn prices.
This had came to surface in the previous year too when the yarn
price went up to the extent of 50% and the yarn price surged then
due to increased export of raw cotton allowed.
The
council has urged the Finance Ministry to reduce the excise duty
on man-made fibre and other fibre yarns from the present Cenvat
duty rate of 24%. While the polyester filament yarn including polyester
textured yarns and twisted, folded or cabled polyester filament
yarn, the current Cenvat duty is fixed at 24%, whereas in respect
of the other synthetic and artificial filament yarns and mono-filaments
including textured yarn, the excise duty is kept at 16%.
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Daily
Statistics
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Commodity
|
Exchange
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Expiry
|
LTP
|
PCP
|
%
change
|
Traded
Quantity
|
Open
Interest
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Gold
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MCX
|
04-Feb-05
|
6313.00
|
6338.00
|
-0.39
|
7649000
GRMS
|
3,234.00
GRMS
|
|
|
MCX
|
05-Apr-05
|
6340.00
|
6364.00
|
-0.38
|
54000
GRMS
|
84.00
GRMS
|
|
|
MCX
|
04-Jun-05
|
6352.00
|
6435.00
|
-1.29
|
6000
GRMS
|
11.00
GRMS
|
|
|
MCX
|
31-Jan-05
|
6310.00
|
6344.00
|
-0.54
|
63700
GRMS
|
111.70
GRMS
|
|
|
MCX
|
05-Apr-05
|
6370.00
|
6335.00
|
0.55
|
200
GRMS
|
4.10
GRMS
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|
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NCDEX
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20-Dec-04
|
6351.00
|
6350.00
|
0.02
|
528000
GRMS
|
588800
GRMS
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|
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NCDEX
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20-Jan-05
|
6349.00
|
6353.00
|
-0.06
|
262700
GRMS
|
436100
GRMS
|
|
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NCDEX
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18-Feb-05
|
6366.00
|
6352.00
|
0.22
|
53100
GRMS
|
138400
GRMS
|
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Silver
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MCX
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28-Feb-05
|
10315.00
|
10902.00
|
-5.38
|
20100
KGS
|
9.75
KGS
|
|
|
MCX
|
05-May-05
|
10660.00
|
11209.00
|
-4.90
|
120
KGS
|
0.14
KGS
|
|
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MCX
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05-Jul-05
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10711.00
|
11082.00
|
-3.35
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20
KGS
|
0.03
KGS
|
|
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NCDEX
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20-Dec-04
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10511.00
|
10841.00
|
-3.04
|
355925
KGS
|
90410
KGS
|
|
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NCDEX
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20-Jan-05
|
10531.00
|
10845.00
|
-2.90
|
205675
KGS
|
66545
KGS
|
|
|
NCDEX
|
18-Feb-05
|
10538.00
|
10847.00
|
-2.85
|
71610
KGS
|
29075
KGS
|
|
|
|
|
|
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Soybean
|
MCX
|
15-Dec-04
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399.10
|
405.50
|
-1.58
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2760000
KGS
|
4,810.00
KGS
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MCX
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14-Jan-05
|
397.00
|
402.20
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-1.29
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11010000
KGS
|
8,640.00
KGS
|
|
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MCX
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15-Feb-05
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395.80
|
400.40
|
-1.15
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590000
KGS
|
1,620.00
KGS
|
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MCX
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15-Mar-05
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399.30
|
401.00
|
-0.42
|
40000
KGS
|
120.00
KGS
|
|
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NCDEX
|
20-Dec-04
|
401.70
|
405.30
|
-0.89
|
6460000
KGS
|
11550000
KGS
|
|
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NCDEX
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20-Jan-05
|
397.05
|
402.50
|
-1.35
|
14960000
KGS
|
11690000
KGS
|
|
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NCDEX
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18-Feb-05
|
397.75
|
400.95
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-0.80
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2440000
KGS
|
5480000
KGS
|
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Exchange
Rates
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$/Rs
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$/Euro
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$/Pound
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As
on Dec 09, 2004
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43.88000
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0.75024
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0.51722
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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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