OIL MARKET NEWS

RIPPLE.ADVISORY
Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with U.S. crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.

Oil prices are still up about 60 percent from 12-year lows of $26-$27 in the first quarter. But the rally has faded since they breached $50 in May.”Our price target right now is $38 for WTI,” said Matthew Tuttle, chief executive of Tuttle Tactical Management in Riverside, Connecticut. “We think there’s more to go on the downside because the move that we saw up to $50 was fundamentally driven but that created more supply.”

U.S. crude’s West Texas Intermediate (WTI) futures settled down 78 cents, or 1.9 %, at $41.14 a barrel. WTI earlier fell to $41.04, its lowest since April 20. It also has lost 20 % since hitting a 2016 high of $51.67 on June 9, technically placing it in bear market territory.

Brent crude futures fell 77 cents, or 1.8 %, to settle at $42.70, after falling earlier to $42.56, the lowest since April 18.

MORNING TREND UPDATE BY RIPPLES ADVISORY

commodity
GOLD
SUPPORT: 30750/30900
RESISTANCE: 31200/30350
TREND: UP

SILVER
SUPPORT: 46700/47000
RESISTANCE: 47600/48000
TREND: UP

CRUDE OIL
SUPPORT: 2700/2740
RESISTANCE: 2820/2880
TREND: DOWN

COPPER
SUPPORT: 325/327
RESISTANCE: 332/335
TREND: SIDEWAYS

Silver Climbs Rs 603kg On Positive Global Cues

Silver prices went up by a whopping Rs 603 to Rs 48,725 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market.

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At the Multi Commodity Exchange, silver for delivery in far-month December was trading notably higher by Rs 603, or 1.25 per cent, to Rs 48,725 per kg, in a business turnover of 47 lots.

Similarly, the white metal for delivery in September was up by Rs 595, or 1.27 per cent, to Rs 47,614 per kg in 1,608 .

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क्रूड लुढ़का, अमेरिकी बाजार मिलेजुले बंद

क्रूड की गिरावट से कल के कारोबार में अमेरिकी बाजारों में दबाव देखने को मिला। क्रूड में 2 फीसदी की गिरावट हुई और ये 43 डॉलर के नीचे चला गया। क्रूड की इन्वेटरी बढ़कर 300,000 बैरल पहुंच गई है। लेकिन फेसबुक, एप्पल और एमेजॉन की मजबूती से नेस्डैक साल की ऊंचाई पर बंद हुआ।
www.ripplesadvisory.com(3)

फेसबुक की विज्ञापन से होने वाली आय बढ़ी है। टेक शेयरों में तेजी से बाजार को सहारा मिला। जबकि फोर्ड मोटर्स के नतीजे अनुमान से कमजोर रहे हैं। आगे भी ऑटो की बिक्री घटने की आशंका है।

इस बीच अमेरिका में बेरोजगारी आकंडे बढ़कर 266000 पर पहुंच गए हैं। वहीं यूरोप के बाजारों में गिरावट देखने को मिली। बाजारों की नजर अब बैंक ऑफ जापान के फैसले पर टिकी हुई है।
गुरुवार के कारोबारी सत्र में डाओ जोंस 15.82 अंक यानी 0.09 फीसदी घटकर 18456.35 पर, एसएंडपी-500 इंडेक्स 3.48 अंक यानी 0.16 फीसदी बढ़त के साथ 2170.06 पर और नैस्डेक 15.17 अंक यानी 0.30 फीसदी की बढ़त के साथ 5154.98 पर बंद हुआ

Brent Crude Oil News Update

Oil prices recovered slightly from April lows in early trading on Thursday, but the outlook for the industry remained weak as crude producers and fuel refiners continue to pump out more than the market can consume.

International Brent crude oil futures were trading at $43.61 at 0118 GMT, up 14 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $42.06, up 14 cents.

Brent and WTI hit their lowest since April in the previous session, at $43.27 and $41.68 per barrel, respectively, after U.S. government data revealed a surprise build in crude and gasoline inventories. The build adds to an already huge global refined product glut just as slowing economic growth dents the demand outlook for crude.

Oil prices were sold off heavily after the weekly EIA report showed a surprise build in crude oil inventory. The 1.7 million barrel increase (to 521.1 million barrels) was against market expectations of a 2.3 million fall. U.S. oil production also increased,” ANZ bank said on Thursday.
Oil markets have been dogged by oversupply for the last two years, which pulled down prices by as much as 70% between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel.

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Rupee opens Higher at 67.06 per Dollar

The Indian rupee opened higher by 8 paise at 67.06 per dollar on Thursday versus 67.14 Wednesday.

“The FOMC statement was neutral with no specific hints of a rate hike in the near future.

After a 28 trillion yen fiscal stimulus, market is expecting monetary measures from BoJ today.” “The USD lost ground marginally against most currencies. Passage of GST in this session will be a positive for the rupee.”

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Sensex, Nifty open Marginally Higher

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Equity benchmarks started off Thursday’s trade with marginal gains as the Sensex gained 80.69 points at 28105.02 and the Nifty rose 21 points to 8636.80.

Bharti Airtel topped the buying list among Sensex 30 stocks, up over 2 percent after better-than-expected consolidated earnings in Q1. Profit increased nearly 11 percent on sequential basis.

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Zen Technologies Gains 5%; wins Rs 30 crore Export Order

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Shares of Zen Technologies advanced 5.6 percent intraday Thursday as it has won biggest export order from the Government of Egypt. The company has won an export order worth Rs 30 crore from Ministry of defence, government of Egypt to provide range of training equipment including smart target systems.

Ashok Atluri, CMD of Zen Technologies said, “The order from Egyptian government is a reflection of our commitment towards providing the best training tools to security force to tackle and nuetralize both external and internal threats.

We look forward to a fruitful and long term association with the Egyptian government.” The company’s board meeting will be held on August 08, 2016, to consider, take on record and approve the unaudited financial results for the first quarter ended June 30, 2016.

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Sun Pharma in $50 Million deal with Spanish Firm

sunpharma

Indian drug major Sun Pharmaceutical Industries Ltd said it entered into $50 million licensing agreement with Spanish firm Almirall for the development and commercialisation of tildrakizumab for psoriasis in Europe.

In a statement issued late Wednesday night, Sun Pharma said under the terms of the license agreement, Almirall will pay an initial upfront payment of $50 million.

“Phase-3 studies of tildrakizumab have recently been completed. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential,” the statement said.

Psoriasis is a chronic immune disease that appears on the skin. It affects an estimated 7.5 million people in the US and approximately 125 million people worldwide, the statement said.

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Yes Bank gets SEBI nod for Mutual Fund

Yes Bank said here on Wednesday that it has received in-principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a mutual fund and to set up an asset management company and also a trustee company. The private sector bank said in a stock exchange filing that it “has received an in-principle approval from SEBI to sponsor a mutual fund and to set up an Asset Management Company (AMC), and a trustee company.
The AMC and the trust company shall be set up as wholly owned subsidiaries of Yes Bank.” The bank has received the Reserve Bank of India’s (RBI) approval in this regard in October 2015.
Yes Bank has already identified the senior leadership and technological architecture to establish this business, and will start operations within 12 months, the statement added.
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