Market overview (24-December- 2014) Bullion: Gold prices remained steady near $1180 mark but undertone recorded negative on firm dollar, which has surged above 90 marks first time in 6 years. Dollar added gains last night as US economy expanded surprisingly at a rate of 5% annualized basis in Q3f, the highest expansion in 11 years. Crude oil: Despite API report of rise in crude oil stockpiles by 5 million barrels, Crude oil future on Nymex rose 3% to $57.1 a barrel after U.S. data showed that U.S. economy grew 5% in the 3Q of 2014. EIA supply data is scheduled to release today in which stockpiles are expected to have fallen by 2.7 million barrels to 377.3 million barrels in the week ended 19, December. Natural gas: Natural gas future rebounded after posting an intraday low of $3.13 Btu on forecast of colder weather at the end of the month i.e from Dec28th to Jan 1st. on domestic market, prices closed at Rs198, slightly below from previous day’s closing price. Stockpiles are expected to have fallen by 81 bcf to 3214 in the week ended 19th December. Base Metals: Recent bunch of mixed economic release out of U.S. aired worries regarding sustainable recovery in U.S. economic health. Third quarter GDP revised to 5%, the highest level in 11 year but faltered print of durable goods orders and new home sales which recorded at -0.7% and 438k respectively underwhelmed market sentiment and refrained investors from taking advantage of robust GDP revision. Agro Commodities: Castorseed future has totally gripped the gaining momentum since end-November due to reports of lower production in 2014-15. COOIT has pegged Castor output at 1.10 million tonnes, which is lower from last month’s estimates and also from government’s and traders’ estimates of 1.96 million tonnes & 1.2 million tonnes respectively. Mustard prices are really tracking the sowing progress, which is lagging 5% YoY or the demand scenario which is increasing due to winter season? Well it is difficult to say, because both are in the favor of Mustard that’s why we saw again 1.5% of jump yesterday. Research Desk Globe commodity & Currency
Posted on: Wed, 24 Dec 2014 04:22:01 +0000
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