Gold futures stayed steady above $ 1570 an ounce in Asia electronic trades
today taking cues from the higher equities and oil futures. This week,
gold traders will be hooked on interest rate decisions by the European
Central Bank, the Bank of England and the Bank of Japan. To add more the
Friday’s data on U.S. nonfarm payrolls will also be closely watched. Asian markets rebounded Tuesday as a higher finish on Wall Street helped sentiment a day after most regional equities suffered a sell-off, with Japanese stocks extending gains on hopes for further monetary easing under a new central bank chief. Mainland Chinese stocks advanced in choppy trading as the National People’s Congress — the country’s parliament — began its annual session, although property developers fell further under the lingering influence of fresh restrictions imposed on the sector late last week. Gold for April delivery is trading up $5.4 at $1577.8 an ounce on the Comex division of the New York Mercantile Exchange. On Monday it ended higher by $0.10 or 0.1%, to settle at $1,572.4 an ounce. On the data front today, The Reserve Bank of Australia on Tuesday left its benchmark interest rate unchanged at 3%, as widely expected, saying that benign inflationary conditions give the central bank room to further loosen its policy, if required. "The Banks assessment remains that inflation will be consistent with the target over the next one to two years," Gov. Glenn Stevens said, according to a statement accompanying the central banks decision. An Australian service-sector gauge rose to its highest level in nine months in February, adding to signs that nonmining sectors of the economy are responding to more than a year of steep central bank interest-rate cuts. The Australian Industry Group-Commonwealth Bank of Australia Performance of Services Index rose 3.1 points from January to 48.5. A reading below 50 denotes a contraction. Meanwhile, Chinas 7.5% economic growth target for this year is "fairly conservative," and the worlds second-largest economy will likely expand more quickly than that, Li Daokui, an influential academic and former adviser to the Peoples Bank of China, said Tuesday. MCX April delivery gold futures may open today’s session near Rs 29750 levels with resistance near Rs 29810-40 levels. Yesterday, it closed lower by Rs 72 at Rs 29,668 per ten grams. Prices rose to a high of Rs 29,770 per 10 grams and fell to a low of Rs 29,606 per 10 grams during the days trading. Source by Commodity Insights |
Tuesday, March 5, 2013
Gold Stays Steady in Asia
Gold....
Monday, March 4, 2013
Forbes Billionaire list 2013: Mr. Slim wins it again
Billionaire of 2013.....
Here it comes, the list you’ve all been waiting for.
Yes, the Forbes annual billionaires list was out Monday with a few surprises and a few not-so-surprising winners.
Once again, Mexican telecommunications tycoon Carlos Slim Helu & family have topped the list with a net worth of $73 billion, which matches his age. Second in line was former Microsoft c0-founder Bill Gates, with a net wealth of $67 billion, while in third place for the first time was Amancio Ortega, co-founder of the Inditex fashion group, with a fortune of $57 billion. Check out the full 100 list of billionaires from Forbes.
A first this year involved Berkshire Hathaway head Warren Buffet, who came in fourth behind Ortega, with a net worth of $53.5 billion. This marks the first year since 2000 that Buffett hasn’t been in the top three.
In fifth place was Oracle’s chief Larry Ellison, with a net worth of $43 billion.
Forbes said resurgent asset prices were a “driving force” behind the rising wealth of the uber-rich around the globe. The magazine also said fortune gainers outnumbered losers by 4-t0-1.
Forbes also noted some new names to make the bunch, such as Diesel jeans mogul Renzo Rosso at $3 billion, retailer Bruce Nordstrom at $1.2 billion and designer Tory Burch at $1 billion.
Source : Market Watch
Here it comes, the list you’ve all been waiting for.
Yes, the Forbes annual billionaires list was out Monday with a few surprises and a few not-so-surprising winners.
Once again, Mexican telecommunications tycoon Carlos Slim Helu & family have topped the list with a net worth of $73 billion, which matches his age. Second in line was former Microsoft c0-founder Bill Gates, with a net wealth of $67 billion, while in third place for the first time was Amancio Ortega, co-founder of the Inditex fashion group, with a fortune of $57 billion. Check out the full 100 list of billionaires from Forbes.
A first this year involved Berkshire Hathaway head Warren Buffet, who came in fourth behind Ortega, with a net worth of $53.5 billion. This marks the first year since 2000 that Buffett hasn’t been in the top three.
In fifth place was Oracle’s chief Larry Ellison, with a net worth of $43 billion.
Forbes said resurgent asset prices were a “driving force” behind the rising wealth of the uber-rich around the globe. The magazine also said fortune gainers outnumbered losers by 4-t0-1.
Forbes also noted some new names to make the bunch, such as Diesel jeans mogul Renzo Rosso at $3 billion, retailer Bruce Nordstrom at $1.2 billion and designer Tory Burch at $1 billion.
Source : Market Watch
China Is Creating Fears In The Mind Of Metal Traders
Metal Traders...
China has instilled fears in the mind of traders currently. The heavy sell off in Indian metals continued on Monday even when it seemed that the selling was too extended to continue in the new week. China has opted for some strict measures in order to tame down inflation in property markets. The country has initiated 20 percent taxes on capital gains on home sales profits and has even asked to increase the down payment requirement to keep buyers on the back foot.
The selling pressure was also coming from the fact that $ 85 billion US spending cuts kicked in as lawmakers failed to agree on any resolution to prevent the same. The cuts are expected to bring down the GDP of US by 0.5 percent as per International Monetary Fund (IMF) estimates.
Shanghai metals declined sharply after the last week moves while London Metals that have already beaten down in last week were more silent with marginal gains. Zinc was the only metal that traded in red. LME Copper three month forwards was up by 0.66% at $ 7716 per tonne. Inventories continued to create headache for Copper as it rolled forward by another 3625 tonnes to 462400 tonnes on Monday.
In currency markets, Dollar has accentuated up its position against the Euro. The drop down in European investor confidence resulted in further moving away from Euro. The investor confidence indicator of Eurozone dropped to -10.6 in March from a reading of -3.9 in February. The greenback was trading at 1.299 against the Euro, up 0.16%. Indian Rupee remained heads down against the Dollar but even this is creating heaviness in the markets after the imposition of 0.01% CTT on commodity trades. Rupee was seen trading at 54.86, down 0.06% against the Dollar.
MCX Copper April expiry contract was down by 0.56% to Rs 428.7 per kg. The prices have tested a high of Rs 430 per kg and a low of Rs 427.2 per kg. The most active contract of Nickel was down by 0.9% to Rs 914 per kg.
On LME, Zinc forwards were down, right from early Asian trades and tested a intraday low of $ 2009 per tonne. The metal was trading at $ 2012 per tonne, down $ 6 from last week. Inventories of Zinc were down by 1750 tonnes to 1198300 tonnes but that has hardly made any difference to the metal.
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China has instilled fears in the mind of traders currently. The heavy sell off in Indian metals continued on Monday even when it seemed that the selling was too extended to continue in the new week. China has opted for some strict measures in order to tame down inflation in property markets. The country has initiated 20 percent taxes on capital gains on home sales profits and has even asked to increase the down payment requirement to keep buyers on the back foot.
The selling pressure was also coming from the fact that $ 85 billion US spending cuts kicked in as lawmakers failed to agree on any resolution to prevent the same. The cuts are expected to bring down the GDP of US by 0.5 percent as per International Monetary Fund (IMF) estimates.
Shanghai metals declined sharply after the last week moves while London Metals that have already beaten down in last week were more silent with marginal gains. Zinc was the only metal that traded in red. LME Copper three month forwards was up by 0.66% at $ 7716 per tonne. Inventories continued to create headache for Copper as it rolled forward by another 3625 tonnes to 462400 tonnes on Monday.
In currency markets, Dollar has accentuated up its position against the Euro. The drop down in European investor confidence resulted in further moving away from Euro. The investor confidence indicator of Eurozone dropped to -10.6 in March from a reading of -3.9 in February. The greenback was trading at 1.299 against the Euro, up 0.16%. Indian Rupee remained heads down against the Dollar but even this is creating heaviness in the markets after the imposition of 0.01% CTT on commodity trades. Rupee was seen trading at 54.86, down 0.06% against the Dollar.
MCX Copper April expiry contract was down by 0.56% to Rs 428.7 per kg. The prices have tested a high of Rs 430 per kg and a low of Rs 427.2 per kg. The most active contract of Nickel was down by 0.9% to Rs 914 per kg.
On LME, Zinc forwards were down, right from early Asian trades and tested a intraday low of $ 2009 per tonne. The metal was trading at $ 2012 per tonne, down $ 6 from last week. Inventories of Zinc were down by 1750 tonnes to 1198300 tonnes but that has hardly made any difference to the metal.
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Zinc Ends Down In Shanghai, Marginally Down On LME
Zinc....
Zinc settled down in Shanghai as heavy selling in whole metals pack activated bearish tone. The metal used in galvanization of steel declined by 175 yuan per tonne and ended at 15395 yuan per tonne in Shanghai futures exchange. On LME, Zinc forwards were down, right from early Asian trades and tested a intraday low of $ 2009 per tonne. The metal was trading at $ 2012 per tonne, down $ 6 from last week.
Inventories of Zinc were down by 1750 tonnes to 1198300 tonnes but that has hardly made any difference to the metal.
Source by Commodity Insights
Zinc settled down in Shanghai as heavy selling in whole metals pack activated bearish tone. The metal used in galvanization of steel declined by 175 yuan per tonne and ended at 15395 yuan per tonne in Shanghai futures exchange. On LME, Zinc forwards were down, right from early Asian trades and tested a intraday low of $ 2009 per tonne. The metal was trading at $ 2012 per tonne, down $ 6 from last week.
Inventories of Zinc were down by 1750 tonnes to 1198300 tonnes but that has hardly made any difference to the metal.
Source by Commodity Insights
Oil Mildly Lower In Asia
Oil.....
 In Asia, the Shanghai Composite Index sank 2.5%, and Hong Kong’s Hang Seng Index declined 1%. But Japan’s Nikkei Stock Average rose 0.6%. Elsewhere, South Korea’s Kospi traded down 0.3%, and Australia’s S&P/ASX 200 index declined 1.2%. Light sweet crude futures for delivery in April is trading down 14 cents at $ 90.54 a barrel on the New York Mercantile Exchange. On Friday, it fell 1.2% to settle the week at $90.92 a barrel. On the week, New York-traded oil futures lost 2.6%, the second consecutive weekly decline. Oil prices came under pressure after government data showed that manufacturing activity in China fell to a five-month low of 50.1 in February from a reading of 50.4 in January. Oil prices came under additional selling pressure as a broadly stronger U.S. dollar and worries over U.S. spending cuts, known as the sequester, weighed on the appeal of growth-linked assets. Oil prices were further weighed after weak manufacturing data out of the U.K. and the euro zone fuelled concerns over the outlook for global growth. Revised data showed that manufacturing activity in the euro zone contracted in February at the same pace as in January, while the U.K. manufacturing sector suffered a shock contraction last month. MCX March crude oil futures may open today’s session near Rs 5000 per barrel with support near Rs 4970 and resistance near Rs 5040 levels. In the week ahead, oil traders will be focusing on Friday’s data on U.S. nonfarm payrolls, as investors attempt to gauge the strength of the economic recovery. Interest rate decisions by the European Central Bank, the Bank of England and the Bank of Japan will also be in focus. Source by Commodity Insights |
Friday, March 1, 2013
MCX Copper Will Face Headwinds In Moving Ahead As China PMI Declines
Copper.....
MCX Copper will face a headwind in moving ahead as China PMI has declined to make things worse for the commodity used in construction. China logistics and information center said that the Purchase Manufacturing Index declined to an annual rate of 50.1 in February, down from 50.4 in January 2013.
LME Copper three months forward declined by $ 74 per tonne and reached the day's low of $ 7776 per tonne soon after the release of the report. Europe and US end products markets are still slow in consuming copper and that is impacting the manufacturing activity as most of the end products are exported from the country.
In India, the commodities transaction tax of 0.01% was imposed by the Finance Minister on non Agri products that will result in impacting the trading volume in the exchanges. This can act as a friction in today's trades of Copper. Meanwhile, third quarter GDP numbers of India were pretty miserable.
Quarterly estimates by the Central Statistical Office (CSO) showed that the growth rate of India has slipped down below 5% to 4.5% compared to corresponding quarter previous year. Biggest hit was taken by mining and quarrying sector that slipped to negative 1.4% in Q3 from 1.9% in Q2.
MCX Copper April expiry contract closed at Rs 431.5 per kg, up 0.8%. The prices tested a high of Rs 434 per kg and a low of Rs 428.8 per kg. The metal moved ahead even as its counterpart LME closed at $ 7850 per tonne, down $ 14 per tonne.
The fall in Indian Rupee was the main culprit behind the disparity of Indian and LME markets. The Rupee closed at 54.3 against the Dollar, down 0.8%. The Rupee has moved further down at 54.6 against the Dollar on Friday.
MCX Copper will face a headwind in moving ahead as China PMI has declined to make things worse for the commodity used in construction. China logistics and information center said that the Purchase Manufacturing Index declined to an annual rate of 50.1 in February, down from 50.4 in January 2013.
LME Copper three months forward declined by $ 74 per tonne and reached the day's low of $ 7776 per tonne soon after the release of the report. Europe and US end products markets are still slow in consuming copper and that is impacting the manufacturing activity as most of the end products are exported from the country.
In India, the commodities transaction tax of 0.01% was imposed by the Finance Minister on non Agri products that will result in impacting the trading volume in the exchanges. This can act as a friction in today's trades of Copper. Meanwhile, third quarter GDP numbers of India were pretty miserable.
Quarterly estimates by the Central Statistical Office (CSO) showed that the growth rate of India has slipped down below 5% to 4.5% compared to corresponding quarter previous year. Biggest hit was taken by mining and quarrying sector that slipped to negative 1.4% in Q3 from 1.9% in Q2.
MCX Copper April expiry contract closed at Rs 431.5 per kg, up 0.8%. The prices tested a high of Rs 434 per kg and a low of Rs 428.8 per kg. The metal moved ahead even as its counterpart LME closed at $ 7850 per tonne, down $ 14 per tonne.
The fall in Indian Rupee was the main culprit behind the disparity of Indian and LME markets. The Rupee closed at 54.3 against the Dollar, down 0.8%. The Rupee has moved further down at 54.6 against the Dollar on Friday.
Gold Extends Losses Into Third Session
Gold......
Gold futures extended losses for third straight session on Friday tumbling back below $1600 an ounce levels as mostly upbeat U.S. economic data took away precious metal’s investment appeal.
A firmer dollar added even more pressure to gold prices, as the market digested news on the nomination of Haruhiko Kuroda as governor at the Bank of Japan, which fanned dovish monetary-policy hopes.
Gold for delivery in April is trading down 7 cents at $ 1577.2 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it dropped $17.60, or 1.1%, to $1,578.10 an ounce. It fell $19.80, or 1.2%, on Wednesday. Tracking the most-active contracts, prices fell about 5% for the month. They had already posted monthly declines for each of the last four months.
The upbeat US data releases yesterday depressed the gold prices. The U.S. economy grew in the final three months of 2012 instead of shrinking for the first time since the end of the recession as originally reported. But the growth was less than analysts expected.
The most recent weekly data issued Thursday showed that jobless claims dropped by 22,000 to 344,000, better than expected. And a measure of Chicago-area manufacturing accelerated in February to its highest since March.
In Japan Thursday, Prime Minister Shinzo Abe submitted the government’s choice for Bank of Japan governor to a parliamentary committee. Since he was elected late last year, Abe has been pressuring the central bank to take a more aggressive stance on deflation, and Kuroda recently stressed that the BOJ should increase and diversify its asset-buying program, its main policy tool with interest rates near zero.
MCX April delivery gold futures may open today’s session near Rs 29600 per 10 gram levels with support near Rs 29540-500 levels and resistance near s 29670 levels.
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Gold futures extended losses for third straight session on Friday tumbling back below $1600 an ounce levels as mostly upbeat U.S. economic data took away precious metal’s investment appeal.
A firmer dollar added even more pressure to gold prices, as the market digested news on the nomination of Haruhiko Kuroda as governor at the Bank of Japan, which fanned dovish monetary-policy hopes.
Gold for delivery in April is trading down 7 cents at $ 1577.2 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it dropped $17.60, or 1.1%, to $1,578.10 an ounce. It fell $19.80, or 1.2%, on Wednesday. Tracking the most-active contracts, prices fell about 5% for the month. They had already posted monthly declines for each of the last four months.
The upbeat US data releases yesterday depressed the gold prices. The U.S. economy grew in the final three months of 2012 instead of shrinking for the first time since the end of the recession as originally reported. But the growth was less than analysts expected.
The most recent weekly data issued Thursday showed that jobless claims dropped by 22,000 to 344,000, better than expected. And a measure of Chicago-area manufacturing accelerated in February to its highest since March.
In Japan Thursday, Prime Minister Shinzo Abe submitted the government’s choice for Bank of Japan governor to a parliamentary committee. Since he was elected late last year, Abe has been pressuring the central bank to take a more aggressive stance on deflation, and Kuroda recently stressed that the BOJ should increase and diversify its asset-buying program, its main policy tool with interest rates near zero.
MCX April delivery gold futures may open today’s session near Rs 29600 per 10 gram levels with support near Rs 29540-500 levels and resistance near s 29670 levels.
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