On average, OPEC members pumped 29.50 million barrels per day (bpd) last month, down 50,000 bpd from November's revised figure, according to a Reuters survey.
NSE does not want to give more than Rs 600 crore for the agri commodity exchange as against the asking price of nearly Rs 1,000 crore, according to a source.
Expect MCX Gold prices to remain resisted at higher levels near 38,500 levels on dollar weakness and on the downside prices may test 37,100 in the near term.
Due to weakness in rupee both the precious metals - gold and silver - show some recovery in the domestic market.
The Hyderabad based-financial services group is facing a liquidity crunch as some of its clients have defaulted on payments after incurring huge losses on trades in castor seed contracts.
We expect MCX Aluminium prices to trade higher in the near term.
A confluence of factors has taken cotton prices higher and as of now, that trend looks set to continue
With no concrete conclusion coming out of the months long trade spat between Washington and Beijing coupled with narrowing global deficit, we expect MCX Nickel prices to go lower towards Rs 800 per kg.
Recently, ICEX received SEBI’s approval for using the MSE’s clearing corporation subsidiary -- Metropolitan Clearing Corporation of India. To complicate matters for MSE, the regulator has ordered a forensic audit of the exchange
Analysts said widening of positions by traders, in sync with a firm trend on global markets for precious metals, influenced silver prices at futures trade here.
The increase in natural gas prices means higher prices for gas for fertilizers, automobiles and households.
Gold as an investment avenue will remain very much in the reckoning, with market participants cognizant of the fact that global macro numbers are turning soft, manifested by flashing signals of slowing economic activity in China, US, and Europe.
The oil demand growth in 2019 is forecast to rise to 100 million bpd, from 98.76 million last year, according to OPEC. However, much uncertainty continues regarding trade matters between the US and China.
Data shows that the prevailing US - China trade dispute has put strains on the global economy. As per the latest IMF report, the global growth rate is projected to be 3.5 percent for 2019 and 3.6 percent for 2020, lower than its earlier forecast in October.
We have seen soybean futures jump of over 21 percent in January last year due to record hike in import duties on edible oil – palm and soft oils.
OPEC's strong efforts is a strong positive for the oil prices to stabilize. Also, looking at efforts for resolution of US-China trade war, Nymex crude oil prices should be moving towards levels of $55-$57/bbl.
Silver is likely to follow gold and edge higher, but multiple resistances are seen at $15.55 and $17.70 an ounce, says Hareesh V of Geojit Financial Services
It is also considering extending the closing time of the agri commodity market by 4 hours to 9 pm.
US West Texas Intermediate (WTI) crude futures were at $54.07 per barrel at 0204 GMT, down 56 cents, or 1 percent while Brent crude oil futures were at $62.64 per barrel, 4 cents above their last close amid thin trading due to a holiday in Japan.
Buy lead November 2018 futures in the range of Rs 145-144 and sell crude November 2018 futures on rallies, says Pritam Kumar Patnaik of Reliance Commodities
With the trade dispute between the United States and China slightly toned down, Nickel bulls may consider rebuilding at this discounted price while shorts could consider covering some of their bearish bets, says Priyank Upadhyay of SSJ Finance & Securities.
The Nifty energy index closed 1.2 percent lower dragged by stocks including Bharat Petroleum Corporation which fell 3.3 percent while Hindustan Petroleum Corporation was down 3.9 percent.
China is the dominant player in global aluminium market with it being the single largest producer, contributing more than fifty percent of the world production, and the largest consumer.
Crude oil should continue to remain under pressure as higher inventories, increasing US production and the OPEC meeting on Sunday weigh on prices.