China November producer prices rise at fastest pace in 5 years as commodities climb

China’s producer prices rose the fastest in more than five years in November as prices of coal,steel and other building materials climbed, boosting industrial profits and giving firms more cash flow to pay off mountains of debt.

                               The producer price index (PPI) rose 3.3 % last month from a year earlier, a pace not seen since late 2011 and well above expectations, the National Bureau of Statistics (NBS) said on Friday.

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On a monthly basis, producer prices rose 2.1 %.China’s consumer inflation rate also quickened to 2.3 %on-year, the highest since April, due to higher food prices.

Analysts polled by Reuters had expected a gain in producer prices of 2.2 %, up from 1.2 % in October, while consumer prices had been expected to pick up marginally to 2.2 % from 2.1 %.

A construction boom led by higher government spending and a blistering housing market rally have boosted prices for materials from steel and copper to glass and cement, with speculators adding fuel to a months-long rally in China’s commodity futures markets.

China November exports, imports rise unexpectedly, commodity purchases soar

China’s imports grew at the fastest pace in more than two years in November, fueled by its strong thirst for commodities from coal to iron ore, while exports also unexpectedly rose, reflecting a pick-up in both domestic and global demand.

 Imports expanded 6.7 % from a year earlier, easily eclipsing economists’ expectations for a drop of 1.3 percent and its strongest gain since September 2014, official data showed on Thursday.Exports rose 0.1 % from a year earlier, defying predictions for a 5% slide.

That left the country with a trade surplus of $44.61 billion for the month, the General Administration of Customs said, versus forecasts of $46.30 billion and October’s $49.06 billion.

                  Analysts polled by Reuters had expected a slightly more modest drop in November exports after a 7.3 %contraction in October, while imports had been seen falling at roughly the same pace. 

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Lead keeps head above water

Lead futures rose during morning trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal amid rise 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 156.65 per kg, up by 0.87 %, after opening at Rs 156.30, against a previous close of Rs 155.30. It touched the intra-day high of Rs 156.90.

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Mentha oil futures little changed on rise in physical demand

Mentha oil futures were little changed during morning trade in the domestic market on Thursday as investors and speculators indulged in building up fresh positions in the agri-commodity amid

risein physical demand for mentha oil from major consuming industries in the domestic spot market.

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Further, widening of positions by traders in the spot market was led by increase in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade.

At the MCX, mentha oil futures for December 2016 contract is trading at Rs 961.60 per kg, up by 0.04 %, after opening at Rs 963.90, against the previous closing price of Rs 961.20. It touched the intra-day high of Rs 964.80

Ripples Advisory Natural Gas News Update

Natural gas settled down by -0.16% at 247.7 as prices retreated as recent higher prices and heavy stockpiles encouraged traders to cash out of a recent rally. However, stockpiles are still at record highs for this time of year, which is causing the recent rally to stall now that prices have hit such highs. Coal may be becoming a cheaper alternative for power plants with gas at these prices. Last week’s drain from storage could turn out to be nearly 20% below averages for this time of year. Recent weather forecasts still show below-average temperatures spreading across most of the country.

                                                                      Technically market is under long liquidation as market has witnessed drop in open interest by -3.5% to settled at 5760 while prices down -0.4 rupee, now Natural gas is getting support at 242.8 and below same could see a test of 237.9 level, And resistance is now likely to be seen at 252.9, a move above could see prices testing 258.1.

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ONGC exploring swap deals to import gas from Myanmar

 

A unit of Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.

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                 The unit, ONGC Videsh Ltd, and two other state companies, GAIL and Engineers India Ltd, first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh’s managing director.

“Myanmar is sending gas to China through an existing pipeline … if Russia can provide equivalent gas to China, then we can reverse the flow of gas from Myanmar to China and bring that gas to India,” Verma told reporters on the sidelines of India’s Petrotech energy conference.

“For that we’ll need a pipeline from Myanmar to India.”
He said this was the best way of getting Russia to help India with its gas needs, but would need the cooperation of China and Myanmar.

Inox Wind bags 50-MW wind power project from SJVN in Gujarat

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Inox Wind today said it has bagged 50-MW wind power project order from hydroelectric firm SJVN Ltd in Gujarat. In a BSE filing, Inox Wind said it has bagged an order for 50 MW wind power project to be deployed in the state of Gujarat from SJVN Ltd. The project is scheduled to be commissioned by November 2017 and will be executed on turnkey basis, it added. As a part of the order, the firm will supply and install 25 units of its 113m rotor diameter turbines. Shares of Inox Wind were trading 2.60 percent higher at Rs 193 apiece on BSE.

Nusli Wadia ropes in Fali Nariman as legal advisor

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The bitter boardroom battle between Cyrus Mistry and Ratan Tata has also draggedNusli Wadia in a web of controversies. When Wadia expressed confidence in Mistry’s Chairmanship, things changed between the old friends- Wadia and Tata. Wadia saw the repercussion of supporting Mistry when on November 11, when his removal was sought as Director of Tata Steel , Tata Chemicals and Tata Motors .

The tussle prolongs and sources say that Wadia has roped in Fali Nariman as legal advisor. Nariman is an Indian Constitutional Jurist. He will advise Wadia on Tata decision to remove him as Director. He will also ready legal fight against Tatas over EGM notice.

Nucleus Software develops offline payment solution

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Nucleus Software launched the world’s first offline digital cash solutions – PaySe this year.Vishnu R Dusad, MD & CEO of Nucleus Software said that Nucleus has developed this system to connect rural areas for e-payments. He further said that the company is a technology service provider to banks for last 30 years.

Aluminium futures slide on diminishing demand

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 Aluminium futures were trading lower during morning trade in the domestic market on Tuesday 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 117.10 per kg, down by 0.55 per cent, after opening at Rs 117.05, against a previous close of Rs 117.75. It touched the intra-day low of Rs 116.95.

Trading Ideas

  1.  Aluminium trading range for the day is 116.4-119.
  2. Aluminium prices gained supported by a private survey showing growth in China’s services sector accelerated to a 16-month high in November
  3. U.S. services sector activity hit a one-year high in November, with a surge in production-boosting hiring, further evidence of strength in the economy