Aluminium futures slide on diminishing demand

 
Aluminium futures were trading lower during morning trade in the domestic market on Friday as participants indulged in offloading their positions in the industrial metal amid slide in physical demand for aluminium at the domestic spot market.
Further, a decline in physical demand for aluminium at the domestic spot market was due to trimming of fresh positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for December 2016 contract is trading at Rs 117.20 per kg, down by 0.17 per cent, after opening at Rs 117.50, against a previous close of Rs 117.40. It touched the intra-day low of Rs 117.20.
Technically market is under long liquidation as market has witnessed drop in open interest by -5.3% to settled at 3752 while prices down -0.9 rupee, now Aluminium is getting support at 116.6 and below same could see a test of 115.8 level, And resistance is now likely to be seen at 118.7, a move above could see prices testing 120.
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Cotton Market Update News By Ripples Advisory

Cotton on MCX settled up by 0.58% at 19170 due to rising demand in the domestic market. Though, news on Pakistan suspending cotton imports from India due to failed in fulfillment of

phyto-sanitarycertification, capped some gains in cotton prices. For the current season, cotton arrivals in the country are pegged at 45.43 lakh bales (lb) as on 27

November,2016. As per data, during November about 34 lakh bales has arrived in the country. According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16. A rebound in India’s yield is expected to offset a 10-percent reduction in

cottonarea this season. On the production front, industry is estimating 355 lakh bales (170 kg each) for the season 2016-17 (Oct-Sep), as against the government’s first estimate of 321.2 lakh bales.

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Trading Ideas Cotton trading range for the day is 18977-19297.

According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16.

Cotton prices in spot market gained by 40.00 rupees and settled at 18900.00 rupees.

Gold rises from 10-month lows as dollar sags

 Gold recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of U.S. payrolls data due later in the day.

FUNDAMENTALS

Spot gold was up 0.3 % at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since Feb. 5 at $1,160.38 in the previous session.

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Gold was trading down 0.7 % for the week, on track to post a fourth consecutive weekly decline.

U.S. gold futures gained 0.6% at $1,176.50 per ounce.

The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming U.S. jobs report that could set the tone in coming days.

U.S. factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 1.54 % to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.

बजट में गांवों को मिलेगा ज्यादा पैसा: सूत्र

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सरकारी खजाने में आने वाले काले धन का असर बजट में ग्रामीण खर्च पर दिखने वाला है। सीएनबीसी-आवाज़ को सूत्रों से मिली एक्सक्लूसिव जानकारी के मुताबिक प्रधानमंत्री गरीब कल्याण योजना के तहत आने वाली रकम का बड़ा हिस्सा गांवों में खर्च हो सकता है। बता दें कि काले धन को सफेद करने के लिए सरकार ने प्रधानमंत्री गरीब कल्याण योजना लाई है।
सूत्रों का कहना है कि गांवों में प्रधानमंत्री आवास योजना पर खर्च में भारी बढ़ोतरी संभव है। फिलहाल अगले तीन साल में 81,975 करोड़ रुपये खर्च की योजना है। साथ ही गांवों में घर बनाने के लिए दिए जाने वाली रकम में बढ़ोतरी संभव है। अभी सामान्य इलाकों में घर बनाने के लिए 1,20,000 रुपये दिए जाते हैं। इसके अलावा सरकार की ओर से घर बनाने के लिए जरूरी जमीन मुहैया कराई जा सकती है। गौरतलब है कि अभी सिर्फ उन्हीं को घर बनाने का खर्च दिया जा रहा है, जिनके पास जमीन है।

सूत्रों की मानें तो ग्रामीण सड़क योजना पर खर्च बढ़ाया जा सकता है। पिछले बजट में ग्रामीण सड़क योजना पर 19,000 करोड़ रुपये खर्च करने का प्रावधान था। 2019 तक 65,000 बस्तियों को जोड़ने का लक्ष्य है। डिजिटल साक्षरता अभियान पर खर्च बढ़ाया जा सकता है। स्वच्छ भारत अभियान पर भी खास फोकस हो सकता है।

Uptick in demand lifts mentha oil futures by 0.56%

Mentha oil futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators build up fresh positions in the agri-commodity amid uptick in physical demand for mentha oil from major consuming industries in the domestic spot market.

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At the MCX, mentha oil futures for November 2016 contract is trading at Rs 965 per kg, up by 0.56 %, after opening at Rs 957.40, against the previous closing price of Rs 959.60. It touched the intra-day high of Rs 967.80. Mentha oil on MCX settled down by -0.84% at 966.2 driven by easing demand at the spot market. Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too weighed on mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year.

Technically market is under fresh selling as market has witnessed gain in open interest by 1.86% to settled at 3348 while prices down -8.2 rupee, now Menthaoil is getting support at 956.9 and below same could see a test of 947.7 level, And resistance is now likely to be seen at 979.4, a move above could see prices testing 992.7.

Spot Demand Lifts Lead Futures By 1.13%

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Lead futures rose during morning trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal amid surge in physical demand for lead, from battery-makers, in the domestic spot market.

Further, an upward trend in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for December 2016 contract is trading at Rs 161.60 per kg, up by 1.13 per cent, after opening at Rs 162.05, against a previous close of Rs 159.80. It touched the intra-day high of Rs 162.20

OPEC in first joint oil cut with Russia since 2001, Saudis take `big hit`

OPEC has agreed its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand on arch-rival Iran to slash output, pushing up crude prices by around 10 %.

Fast-growing producer Iraq also agreed to curtail its booming output, while non-OPEC Russia will join output cuts for the first time in 15 years to help the Organization of the Petroleum Exporting Countries prop up oil prices.

“OPEC has proved to the sceptics that it is not dead. The move will speed up market rebalancing and erosion of the global oil glut,” said OPEC watcher Amrita Sen from consultancy Energy Aspects.

The cut did not come without a casualty, however. Indonesia, the producer group’s only East Asian member, said it would suspend its membership after rejoining only this year as it was not willing to comply with the output cuts sought.

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Gold slides as upbeat U.S. data lifts dollar, oil surges

Gold fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong U.S. economic data and higher U.S. Treasury yields buoyed the dollar, further cementing the case for a December rate increase.

                         The U.S. dollar rallied 0.9% against a basket of six major currencies, after oil prices rose sharply and upbeat U.S. economic data and comments by President-elect Donald Trump’s choice for U.S. Treasury secretary triggered a selloff in the bond market.

Spot gold was down 1.2 % at $1,174.44 an ounce by 2:40 p.m. EST (1940 GMT), after falling to $1,170.35, the lowest since Feb. 8.

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U.S. gold futures settled down 1.4% at $1,170.80 per ounce.U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for an interest rate increase.

Gold has shed more than 8 % in November, the biggest monthly fall since June 2013.

Asia’s October imports of Iranian oil more than double from year ago

 Imports of crude oil by Iran’s four major buyers in Asia in October more than doubled from a year ago as the producer continued to recoup market share lost under sanctions, pushed higher as the two biggest buyers India and China each took in nearly 800,0000 barrels per day.

Iran’s top four Asian buyers, China, India, South Korea and Japan, imported 1.99 million barrels per day (bpd) last month, up 147.9 %on year, government and ship-tracking data showed, marking the highest volumes since at least 2010, according to data by International Energy Agency.

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The volumes were in line with the OPEC member’s crude oil and condensate export plans. Tehran has been battling to raise its output and export levels since economic sanctions targeting Tehran’s disputed nuclear programme were lifted in January.
Japan’s trade ministry on Wednesday released official data showing its imports rose 32.1 % from a year earlier to 202,000 bpd in October.

India’s imports grew more than fourfold from a year earlier to 789,100 bpd, the highest in at least 15 years, and topping China’s imports of 773,860 bpd, which were more than double from a year ago. Imports by third-biggest buyer South Korea rose 73.2 %.

Rio seeks iron ore premium from China mills in likely pricing war revival, sources say

Australian miner Rio Tinto is asking Chinese steel mills to pay a premium for its highest grade iron ore product for the first time since an annual pricing system collapsed in 2010, two sources familiar with the situation said.

 The demand by the world’s No. 2 iron ore miner comes as Chinese steel producers recover from years of losses, buoying demand for the steelmaking raw material, but could revive tensions between miners and mills over pricing that they seemed to have ditched six years ago.

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Rio is seeking up to $1 per tonne more than the index price for its Pilbara iron ore product, or PB fines, from Chinese mills on long-term contracts for 2017, the sources said, in a break from a years-long trend of pricing at spot values. Previously, Rio was selling the ore at a premium only to traders.

The miner has also pushed up the premium it seeks from traders to between $2 and $2.50 per tonne over the index price for the same product for January to April, they said.

That would be a record high and up from a premium of $1.50 for the four-month period through December this year, said one of the sources who works closely with Rio in China.