MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS

✍ BULLION
Spot silver prices in the international markets declined by 0.57 percent and closed at $15.67/oz.Last week, spot silver prices in the international markets traded lower in line with weakness in gold prices ,Strengthening dollar also acted as a negative factor for oil prices
In the international markets, spot gold prices declined by 0.6 percent last week and closed at $1167.44/oz. On the MCX, gold prices declined by 0.65 percent last week and closed at Rs.26352/10 gms. Spot gold prices traded negative last week although data showed the U.S. labor market was weaker in June than expected, indicating that the Federal Reserve may hold off from raising interest rates in September. The market was also following developments in the Greek debt crisis, which has so far failed to trigger strong retail demand for the metal, which is often perceived as a safe-haven asset. The dollar strengthened and hopes for progress in the Greek crisis revived after the country told international creditors Athens could accept their bailout offer if some conditions were changed. Good ADP data from the US also resulted in optimism about labor market in turn exerting downside pressure on the yellow metal. The chairman of the Euro-group said it was too late to extend Greece's existing bailout and that the country's stance toward its creditors and euro zone partners would have to change before a new program could be agreed.
The referendum on Sunday said no to the austerity measures proposed by the creditors which would result in stronger dollar and weak euro. A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalism on the country's position as the world's top producer and a leading consumer. While no immediate threat to the gold pricing dominance of London and New York, the benchmark could ultimately give Asia more power over bullion trade, particularly if the yuan becomes fully convertible, industry sources say. In other news from the gold industry, the Reserve Bank of India and the finance ministry are in talks to scrap bulk import license for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports.

✍ CRUDE OIL
Last week, NYMEX crude oil prices declined by 4.53 percent and closed at Rs.56.93/bbl ,On the MCX, crude prices declined by 7.73 percent and closed at Rs.3520/bbl. Last week oil prices traded lower as latest data on the U.S. oil rig count from Baker Hughes. The firm said the number of rigs drilling for oil rose by 12 this week, the first rise since December. But with the Greek debt crisis unresolved and Iran nuclear talks ongoing, coupled with Friday's Fourth of July holiday making for a longer-than-usual weekend, some caution prevailed, limiting the rally. The sell off was a jolt to crude traders and investors who have seen U.S. prices in fairly


tight trading ranges over the past 10 weeks versus sharper moves down in European oil. Oil prices declined on Thursday with WTI and Brent falling by 4.2 and 2.5 percent respectively. It is the biggest daily drop since April after oil stockpiles in the United States rose for the first time in more than two months. With U.S. refined fuel trading leading the rally on bets for strong summer demand, even as Greece's move toward a debt default threatened to jolt global markets. The extension of a deadline for a nuclear deal that will let Iran export more crude into an oversupplied market was another bearish factor the market overlooked. U.S. crude oil production rose 9,000 barrels a day to 9.701 million barrels a day in April, the highest since May 1971, the U.S. Energy Information Administration said in monthly data released Tuesday. Technology for tapping shale oil has helped the U.S. unlock vast reserves of crude that were previously inaccessible, boosting production.

✍ COPPER
MCX copper declined by 0.1 percent to close at Rs.370/kg in the last week despite Rupee appreciation. LME Copper prices declined last week by 0.5 percent on concerns that Greece will default on its debts and exit the euro zone kept global investors wary and hurt the risk sentiments in the markets. Apart from Greece concerns, dollar also gained aground from strong US consumer confidence data and exerted further pressure on dollar denominated base metals. Comment by Federal Reserve vice chairman Stanley Fischer that "tentative" signs of wage growth and continued job creation gave him confidence that US labor markets would continue to improve, and gradually help push inflation towards the Fed's 2 per cent target. EIA Crude inventories rose 2.4 million barrels to 465.4 million in the week to June 26. Gasoline stocks fell 1.8 million barrels. Distillate stockpiles, which include diesel and heating oil, rose 392,000 barrels

✍ NCDEX - WEEKLY NEWS LETTERS
✍ Indian agri markets
Near term trend depends on the rainfall activities in the growing states as conflation reports emerge on the monsoon for the month of july. Short term trend is likely to remain volatile for agri commodities with Indian markets unable to recover strongly as rains persist. However when skies clear up, markets are likely to recover strongly with demand expected to rise significantly at these low rates.A moderately bearish sentiment continued to prevail for the Agri commodities as rains in Central, North and North-West India kept pressure on the market sentiments.However, prices do seem to find some support at these lower levels and the near term trend depends on the rainfall activities in the growing states as conflicting reports emerge on the Monsoon for the month of July.Sentiments weakened for Chana as rains in kharif Pulses growing areas and reports of Govt likely to hold meeting next week on controlling prices, kept trend down for the commodity. But with prices having fallen a lot, some moderate recovery too is not ruled out as demand picks up in mandis. Prices fell for Jeera as low export demand amidst moderate arrivals in mandis kept sentiments weak for the counter.


✍ Refined soya oil
Supported by rising demand at the spot market, refined soya oil prices rose by 0.26 per cent to Rs 586.50 per 10 kg in futures trading on Friday.At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August was trading higher by Rs 1.55, or 0.26 per cent to Rs 586.50 per 10 kg in a business turnover of 2,17,155 lots.Similarly, the oil for delivery in October contracts edged higher by Rs 1.45, or 0.25 per cent to Rs 572.50 per 10 kg in 72,645 lots.The rise in refined soya oil prices to positions built up by speculators, powered by firm demand at the spot market against restricted supplies from producing belts.

✍ Castorseed
Castor seed futures traded lower at the NCDEX in the midst of weak trend at spot markets due to slackened demand at prevailing levels. At the NCDEX, castor seed futures for aug 2015 contract was closed at 4079 down by 0.55 per cent. It touched the intra-day low of Rs. 4053 till the trading. Weak trend at the markets due to absence of buying support at prevailing levels against increased supplies in the market, mainly dragged down the castor seed prices at futures trade. Castor oil, extracted from castor seed is the largest vegetable oil exported out of India.

✍ Jeera
Jeera prices fell 0.77 per cent to Rs 16,065 per quintal in futures trade on friday today amid higher supplies from producing belts at the spot market.At National Commodity and Derivatives Exchange, jeera for delivery in July contracts fell by Rs 125, or 0.77 per cent, to Rs 16,065 per quintal with an open interest of 14,136 lots.Similarly, the spice for delivery in August traded lower by Rs 115, or 0.70 per cent, to Rs 16,215 per quintal in 15,612 lots.Before that Jeera prices were up 1.07 per cent to Rs 16,105 per quintal in futures trade on wednesday after speculators widened positions, triggered by restricted supplies from growing regions.Firm demand at the spot market also influenced jeera prices.At the National Commodity and Derivatives Exchange, jeera for delivery in July shot up by Rs 170, or 1.07 per cent to Rs 16,105 per quintal with an open interest of 16,869 lots.The spice for delivery in August contracts gained Rs 150, or 0.93 per cent to Rs 16,290 per quintal in 13,416 lots.Offloading of positions by speculators, triggered by higher supplies from producing belts in the physical market, kept pressure on jeera prices at futures trade.



For Quick Trial – 08962000225
Or mail us here: [email protected] or visit
http://www.ways2capital.com/free-trial.php
Contact 0731-6554125
Toll Free – 1800-3010-2007
For Reports And Tracksheets -
http://www.ways2capital.com/downloads.php