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Oil
crosses US$48
 Oil
prices on Thursday crossed the $48 mark on the wake of new fears
over US winter stocks, the threat of OPEC production cuts and problems
in Norway's industry. NYMEX crude increased 1.67 dollars to 48.04
dollars for February delivery. Brent crude gained 1.57 dollars during
the day to close at 45.25 dollars, its highest level in six weeks.
According to traders, the rally could be contributed towards various
factors particularly US stocks and fears that the weakness of the
dollar could encourage the Organization of Petroleum Exporting Countries
to cut production. The other worries are concerned towards production
cuts in Iraq, technical problems in Norway that has reduced output
by 10 percent a day. OPEC will meet on January 30, day of Iraqi
election, and the likelihood of a production cut has caused mounting
market tension.
Gold
slides on dollar strength
Gold
futures on Thursday drifted lower to end at $425.10 for the February
contract at the Comex division of NYMEX. The reason is attributed
towards the currency jump in Dollar which inched up after a double
dose of U.S. economic data that, on balance, pointed to less economic
strength than forecast. The dollar was moderately higher after December
U.S. retail sales were reported to have risen 1.2 percent, higher
than economists' forecasts for up 1.0 percent. Jobless claims for
the latest week were 367,000, above economists' expectations for
340,000. February gold lost $1.50 to end at $425.10 after trading
from $427.30 to $423.60. As per Gold Fields Minerals Survey, gold
should recover from a choppy start to 2005 to average $447 in the
first half of the year, as renewed fund and speculative buying emerge
in the market.
Brazil
expects record soyabean production
 According
to United States Department of Agriculture, soyabean production
in Brazil is expected to touch record highs from last year’s drought
and rust affected crop. It is estimated that the production this
year might touch 64.5mn tons or 23% up from last year’s production,
reasons contributing from good crop cycle and increase in area under
cultivation. This eventually will impact the Indian and Chinese
producers on the price front. According to news resources, Harvested
area is estimated at a record 23.0 million hectares, up 1.5 million
or 7 percent from last year. Yields are forecast at a near-record
2.8 tons per hectare, but slightly below the 25-year trend. The
resources confirm, Last year's heavy rains in February contributed
to the ineffectiveness of the rust spraying campaign in important
producing states such as Mato Grosso and Goias, leading to severe
crop losses. Looking forward to the current year prospects, good
rainfall has been witnessed in the second week of this month in
Rio Grande do Sul, producers of soyabean. It is also expected that
if the same continues for coming months would provide better yield
and attractive crop produce in both Rio Grande do Sul and Bahia.
Rubber
slides on panic selling
Thursday
was recorded as a panic selling for rubber at Kottayam, the biggest
market for the commodity in country. Panic offloading from growers
and traders pushed down the prices of all grades. According to the
news, buyers were not available even at lower prices offered and
the trading was very bleak at both the spot and futures market.
Falling tyre production and reducing demand from China is considered
to be impacted the ongoing sentiment among the traders. Sheet rubber
was down 50 paise to close at Rs 52 at Kottayam but quoted steady
at Rs 52.50 at Kochi. The NMCE futures stayed in tune with spot
rubber, trading the January contract at Rs 52.01 against Rs 52.25
a kg with meagre volumes. The February contract was quoted at Rs
53.01 (53.28), March contract at Rs 54.24 (54.37) and April contract
at Rs 56.20 (56.24) per kg for RSS 4.
Comm Daily
13th Jan
|
MCX
|
| |
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Gold
Feb
|
6152
|
6156
|
6131
|
6140
|
-0.20
|
3369
|
5970
|
|
Gold
April
|
6172
|
6183
|
6156
|
6165
|
-0.11
|
141
|
357
|
| |
|
|
|
|
|
|
|
|
Silver
March
|
10268
|
10297
|
10212
|
10285
|
0.17
|
342480
|
297060
|
|
Silver
May
|
10301
|
10348
|
10290
|
10308
|
0.07
|
360
|
4320
|
| |
|
|
|
|
|
|
|
|
Ref
Soy Oil Jan
|
391.6
|
391.7
|
390
|
390.8
|
-0.20
|
1920
|
3530
|
|
Ref
Soy Oil Feb
|
382.5
|
382.5
|
379.1
|
380.3
|
-0.58
|
17340
|
16900
|
| |
|
|
|
|
|
|
|
|
Kapas
April
|
335
|
337.6
|
333.6
|
335.9
|
0.27
|
1536
|
6772
|
|
NCDEX
|
| |
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Castor
Jan
|
318.00
|
321.20
|
317.00
|
319.40
|
0.44
|
1190
|
3130
|
|
Castor
Feb
|
310.80
|
313.80
|
309.30
|
311.80
|
0.32
|
1670
|
5160
|
| |
|
|
|
|
|
|
|
|
Soya
Bean Jan
|
1307.50
|
1308.00
|
1300.00
|
1301.65
|
-0.45
|
6950
|
32730
|
|
Soya
Bean Feb
|
1309.00
|
1309.00
|
1301.50
|
1306.20
|
-0.21
|
19990
|
98100
|
| |
|
|
|
|
|
|
|
|
Guar
Gum Jan
|
3791.00
|
3807.00
|
3751.00
|
3764.00
|
-0.71
|
1880
|
6400
|
|
Guar
Gum Feb
|
3876.00
|
3876.00
|
3810.00
|
3822.00
|
-1.39
|
2860
|
10110
|
| |
|
|
|
|
|
|
|
|
Guar
Seed Jan
|
1488.00
|
1492.00
|
1468.00
|
1472.00
|
-1.08
|
28920
|
40130
|
|
Guar
Seed Feb
|
1512.00
|
1513.00
|
1486.00
|
1491.00
|
-1.39
|
82580
|
67180
|
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
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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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