Agri Reports:
Oil and Oilseeds Insight: Moderate gains could be noticed in domestic soybean, backed by the anticipation of lower arrivals across the major markets. The IMD has forecast fairly widespread rainfall in the major growing states, mainly Maharashtra and Madhya Pradesh, which could push prices higher today. The anticipation of weakness in the rupee could support gains in prices as soy meal exports could increase. However, investors should be cautious as higher global supplies, mainly from South America could cause lackluster demand for Indian soy meal. In the near-term, we could see corrections in prices as the major importers of Indian soy meal could restrict imports at higher prices.
Spices Insight:
Commodity Contract S2 S1 CLOSE R1 R2
Turmeric NCDEX Jul-13 5540 5583 5632 5672 5708
Jeera NCDEX Jul-13 13243 13278 13318 13367 13411
Chilli NCDEX Jul-13 5850 5909 5974 6023 6069
Cardamom MCX Jun-13 676 681 685.4 691 696
Dhaniya NCDEX Jul-13 6440 6516 6599 6734 6853
Non Agri-Reports:
Metals Insight:
Commodity Contract S2 S1 CLOSE R1 R2
Copper COMEX Jun-13 3.219 3.229 3.239 3.245 3.250
Copper LME 3M Fwd 7116 7141 7168 7192 7213
Copper MCX Jun-13 411.3 413.9 416.90 418.5 420.0
Lead LME 3M Fwd 2118 2138 2161 2173 2184
Lead MCX Jun-13 122.5 123.9 125.50 126.4 127.1
Zinc LME 3M Fwd 1863 1874 1887 1896 1905
Zinc MCX Jun-13 107.0 107.8 108.60 109.2 109.7
Nickel LME 3M Fwd 14763 14824 14890 14972 15045
Nickel MCX Jun-13 857.6 862.1 867.1 872.4 877.1
Aluminium LME 3M Fwd 1914 1919 1925 1932 1940
Aluminium MCX Jun-13 108.8 109.6 110.4 111.1 111.8
Steel MCX Jun-13 27740 27830 27930 28190 28250
Bullion Insight:
Gold: This morning, gold future prices are trading at $1383.60, down 0.10%. The Bank of Japan kept its benchmark rate unchanged and retains its asset purchase program to spur the economic growth. This supported the yen against the dollar and limited the fall in gold prices in the morning. From the euro-zone, UK's industrial production and manufacturing numbers might increase at a slower pace, and should pressurize the pounds against the dollar and weigh down gold prices. During the US hours, it is expected that the NFIB small business optimism should improve on the back of recovery in the US economy while business inventories might stockpile, having a mixed impact on the dollar and gold prices. However, the dollar might appreciate in the evening on the back of concerns that the Fed might scale down the stimulus program from $85 billion to $65 billion, which should pressurize gold prices. At the MCX, we expect a positive opening for non-agri commodities, backed by the depreciation in the rupee against the dollar.Therefore, volatility in the dollar is expected during the US hours. Overall, we recommend remaining on the selling side.
Silver: Silver prices in the morning are trading at $21.81, down 0.50%. From the euro-zone, the UK's industrial production and manufacturing numbers would increase at a slower pace, which should pressurize the pound against the dollar and extend the downside in silver prices. During the US hours, it is expected that the NFIB small business optimism might improve on the back of economic recovery in the US while business inventories might increase, which should have a mixed impact on the dollar. However, the dollar might appreciate in the evening on the back of concerns that the Fed might scale back the stimulus program from $85 billion to $65 billion, which should pressurize silver prices. At the MCX, we expect a positive opening in the non-agri commodities backed by depreciation in the rupee against the dollar. Therefore, we expect some volatility in the dollar during the US hours. Overall, we recommend remaining on the selling side.
Commodity Contract S2 S1 CLOSE R1 R2
Gold Comex Aug-13 1374.7 1380.0 1386.00 1389.9 1393.5
Gold MCX Aug-13 27605 27796 28011 28126 28233
Silver Comex Jul-13 21.32 21.61 21.93 22.12 22.30
Silver MCX Jul-13 42753 43415 44162 44557 44924
Oil and Oilseeds Insight: Moderate gains could be noticed in domestic soybean, backed by the anticipation of lower arrivals across the major markets. The IMD has forecast fairly widespread rainfall in the major growing states, mainly Maharashtra and Madhya Pradesh, which could push prices higher today. The anticipation of weakness in the rupee could support gains in prices as soy meal exports could increase. However, investors should be cautious as higher global supplies, mainly from South America could cause lackluster demand for Indian soy meal. In the near-term, we could see corrections in prices as the major importers of Indian soy meal could restrict imports at higher prices.
Spices Insight:
Commodity Contract S2 S1 CLOSE R1 R2
Turmeric NCDEX Jul-13 5540 5583 5632 5672 5708
Jeera NCDEX Jul-13 13243 13278 13318 13367 13411
Chilli NCDEX Jul-13 5850 5909 5974 6023 6069
Cardamom MCX Jun-13 676 681 685.4 691 696
Dhaniya NCDEX Jul-13 6440 6516 6599 6734 6853
Non Agri-Reports:
Metals Insight:
Commodity Contract S2 S1 CLOSE R1 R2
Copper COMEX Jun-13 3.219 3.229 3.239 3.245 3.250
Copper LME 3M Fwd 7116 7141 7168 7192 7213
Copper MCX Jun-13 411.3 413.9 416.90 418.5 420.0
Lead LME 3M Fwd 2118 2138 2161 2173 2184
Lead MCX Jun-13 122.5 123.9 125.50 126.4 127.1
Zinc LME 3M Fwd 1863 1874 1887 1896 1905
Zinc MCX Jun-13 107.0 107.8 108.60 109.2 109.7
Nickel LME 3M Fwd 14763 14824 14890 14972 15045
Nickel MCX Jun-13 857.6 862.1 867.1 872.4 877.1
Aluminium LME 3M Fwd 1914 1919 1925 1932 1940
Aluminium MCX Jun-13 108.8 109.6 110.4 111.1 111.8
Steel MCX Jun-13 27740 27830 27930 28190 28250
Bullion Insight:
Gold: This morning, gold future prices are trading at $1383.60, down 0.10%. The Bank of Japan kept its benchmark rate unchanged and retains its asset purchase program to spur the economic growth. This supported the yen against the dollar and limited the fall in gold prices in the morning. From the euro-zone, UK's industrial production and manufacturing numbers might increase at a slower pace, and should pressurize the pounds against the dollar and weigh down gold prices. During the US hours, it is expected that the NFIB small business optimism should improve on the back of recovery in the US economy while business inventories might stockpile, having a mixed impact on the dollar and gold prices. However, the dollar might appreciate in the evening on the back of concerns that the Fed might scale down the stimulus program from $85 billion to $65 billion, which should pressurize gold prices. At the MCX, we expect a positive opening for non-agri commodities, backed by the depreciation in the rupee against the dollar.Therefore, volatility in the dollar is expected during the US hours. Overall, we recommend remaining on the selling side.
Silver: Silver prices in the morning are trading at $21.81, down 0.50%. From the euro-zone, the UK's industrial production and manufacturing numbers would increase at a slower pace, which should pressurize the pound against the dollar and extend the downside in silver prices. During the US hours, it is expected that the NFIB small business optimism might improve on the back of economic recovery in the US while business inventories might increase, which should have a mixed impact on the dollar. However, the dollar might appreciate in the evening on the back of concerns that the Fed might scale back the stimulus program from $85 billion to $65 billion, which should pressurize silver prices. At the MCX, we expect a positive opening in the non-agri commodities backed by depreciation in the rupee against the dollar. Therefore, we expect some volatility in the dollar during the US hours. Overall, we recommend remaining on the selling side.
Commodity Contract S2 S1 CLOSE R1 R2
Gold Comex Aug-13 1374.7 1380.0 1386.00 1389.9 1393.5
Gold MCX Aug-13 27605 27796 28011 28126 28233
Silver Comex Jul-13 21.32 21.61 21.93 22.12 22.30
Silver MCX Jul-13 42753 43415 44162 44557 44924
