Market Overview (9-December-2014) Bullion: Gold Comex spot prices ($1200/ounce) are trading slightly up today morning after breaking previous day’s silence despite weaker energy prices (WTI $62.82, Brent $65.96). Dollar is trading bit off. Activity is seen sluggish as no economic trigger is due today in the US. Coming to domestic update India CAD widened on Q2 on record gold import. Crude oil: Brent and U.S. crude oil each fell more than $2 a barrel on Monday to a new five-year low on worries over health of global economy with waning demand for oil amid rising number of predictions that oversupply would extend well into 2015. Base Metals: Fragile economic numbers out of China and Germany mounted concern over economic recovery in region. China’s imports unexpectedly declined by 6.7% to $157.19B in Nov after a 4.6% year-on-year jump in Oct while, exports climbed merely 4.7% to $211.66B in Nov compare 11.6% healthy increase in a month earlier. Edible oil: Prices of edible oil complex were up yesterday. Mustard December future rose 3.71% to settle at 4057; while soyoil jumped 1.52% to Rs582. Soybean posted 1.02% of gain. Spices: Jeera December future soared to 11-month high at 12750 and may continue to rally further in the days to come; Coriander prices are trading far below its all-time high of Rs13345, but closed Monday’s session with slight positive. Others: Chana December future skyrocketed by 3.5% on Monday’s session on news of lagging sowing by 23% to 6.94 million hectares compared to 8.39 million hectares. Upside will be for short lived as other factors like higher supply and weak demand will weigh on the prices in the coming days. Research Desk Globe Commodities & Currency
Posted on: Tue, 09 Dec 2014 04:46:58 +0000
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