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Watch the interview of Bart Melek, Director & Head - Global Commodity Strategy at TD Securities with Manisha Gupta on CNBC-TV18. He spoke about the current trend in commodities market.
While global experts say oil will likely touch USD 60/barrel in 2016 and silver demand will continue to rise on account of its industrial purposes, back home in India, industry experts believe the country may have to import sugar in the time to come. Here's a wrap of the week's developments in the commodities space.
Federal Reserve Chair Janet Yellen will likely keep the door open to an interest rate hike within the next few months when she speaks on Monday, while striking a balanced tone about recently disappointing jobs growth and mixed signals in the U.S. economy.
Investors raced to cover bearish short bets and some put on new longs after US Labor Department data showed payrolls outside of farming rose by 142,000 last month, much lower than the 203,000 expected.
The sharp slowdown in manufacturing, which has been hurt by a strong dollar and deep spending cuts in the energy sector, was probably an early indication of fallout from the recent turmoil in stock markets, economists said.
The Labor Department said on Wednesday its Consumer Price Index edged up 0.1 percent last month, with gasoline and food prices increasing marginally. July's rise marked a sixth straight monthly increase.
US private job growth slowed in July, but a surge in services industry activity to a near-decade high suggested solid economic momentum that strengthens the case for a Federal Reserve interest rate hike this year.
China returned as the United States' largest foreign creditor in March, even as overall foreign central bank holdings of US Treasuries fell, US government data showed on Friday.
Cristian Maggio of TD Securities, in an interview on CNBC-TV18, sees the rupee rallying in the future and also expects portfolio flows entering Indian markets. He, however, expects the US dollar to rally against the euro and plunge to 1.05 in 2011.
