Tag: investors

Firm physical demand lifts Zinc

Firm physical demand lifts Zinc

02/08/2016 15:28

Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the spot market.

However, the gains in the base metal were curbed by weak global factory growth which threatened to cut demand as manufacturing in the US, China and Euro area slowed in July. While the gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, that in China returned to contraction territory, declining to 49.9 from 50 in June, with a reading below 50 signaling contraction. The Euro area manufacturing PMI fell to 52 in July from 52.8 in June.

At that MCX, zinc futures for August 2016 contract is trading at Rs 152.2 per kg, up by 0.50 per cent, after opening at Rs 151.50, against a previous close of Rs 151.45. It touched the intra-day high of Rs 152.3 (at 15:22 hours).

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Oil tad higher as US inventories fall

Oil tad higher as US inventories fall

20/07/2016 11:01

Crude oil futures were trading on a flat note, with a positive bias, on Wednesday as traders weighed a drop in US crude supplies against worries that heightened uncertainty surrounding the global economy may curb fuel demand.

The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 2.3 million barrels for the week ended July 15, 2016.

The Energy Information Administration (EIA) will release separate US inventory data on Wednesday.

Meanwhile, against the backdrop of UK’s decision to leave the European Union, the IMF cut its forecast for growth in the world economy this year to 3.1 per cent from 3.2 per cent earlier.

At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,081 per barrel, up by 0.03 per cent, after opening at Rs 3,085, against a previous close of Rs 3,080. It touched the intra-day high of Rs 3,087. (At 10:54 AM).

Crude oil dips on rise in supply

Crude oil dips on rise in supply

19/07/2016 08:57

Crude oil futures closed lower in the domestic market on Monday as traders dismissed worries of supply disruptions from the attempted coup in Turkey. Turkey’s attempted coup barely affected the market as Istanbul’s Bosphorus Strait, which handles about 3 percent of global oil shipments mainly from Black Sea ports and the Caspian region, reopened from a brief closure.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,039 per barrel, down by 1.36 per cent, after opening at Rs. 3,099, against the previous closing price of Rs. 3,081. It touched the intra-day low of Rs. 3012.

Aluminium futures flat on muted demand

Aluminium futures flat on muted demand

19/07/2016 10:28

Aluminium futures were trading flat during the morning trade in the domestic market on Tuesday as investors and speculators remained on the sideline amid muted physical demand for aluminium in the domestic spot market.

At the MCX, Aluminium futures for July 2016 contract is trading flat at Rs 110.85 per kg after opening at Rs 110.75, against a previous close of Rs 110.85. It touched the intra-day low of Rs 110.75 (at 10:02 hours).

Aluminium futures rise on spot demand

Aluminium futures rise on spot demand

18/07/2016 10:27

Aluminium futures were trading higher during the morning trade in the domestic market on Monday as speculators indulged in widening their positions amid rise in physical demand for aluminium in the domestic spot market.

At the MCX, Aluminium futures for July 2016 contract is trading at Rs 111.60 per kg, up by 0.13 per cent, after opening at Rs 111.50, against a previous close of Rs 111.45. It touched the intra-day high of Rs 111.65 (At 10:18 hours).

Gold falls on weak global cues

Gold falls on weak global cues

15/07/2016 08:55

Gold futures closed lower in the domestic market on Thursday as global equities mostly climbed after the Bank of England surprised investors by opting not to cut benchmark interest rates.

U.S. stocks climbed and European equities ended mostly higher following the BOE decision, dulling investment interest in gold.

At the MCX, Gold futures for August 2016 contract closed at Rs 30966, per 10 gram, down by 0.98 per cent after opening at Rs 31,150, against the previous closing price of Rs 31,274. It touched the intra-day low of Rs 30,726.

Natural Gas in firm gear

Natural Gas in firm gear

05/07/2016 16:47

Natural Gas futures advanced during evening trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity amid continued optimism that warm weather across most parts of the US may boost demand for gas-fired air conditioning.

Latest weather forecasting models called for hotter than normal weather throughout most of the contiguous US from July 8 through July 12.

At the MCX, Natural gas futures for July 2016 contract were trading at Rs 197.5 per mmbtu, up by 0.82 per cent, after opening at Rs. 196.70, against the previous closing price of Rs. 195.90. It touched the intra-day high of Rs. 198.50. (At 16:43 PM).

Quess Corp’s IPO oversubscribed 144.5 times

Quess Corp’s IPO oversubscribed 144.5 times

04/07/2016 12:53

The maiden public offering of Quess Corp, India’s leading integrated business services provider, was a massive success, with the Rs 400-crore issue receiving subscription of a whopping 144.5 times, making it the country’s highest subscribed IPO in nine years, media reports said.

According to data from the National Stock Exchange (NSE) website, the staffing firm’s initial share issue received bids for a total of 102.54 crore shares on the final day of bidding on Friday.

The category set aside for qualified institutional buyers (QIBs) was oversubscribed 59.03 times and retail investors’ portion witnessed an oversubscription of 34.08 times, reported PTI. Non-institutional investors’ portion was covered 392.21 per cent.

Rajan went with majority view on policy rate on Jun 7

Rajan went with majority view on policy rate on Jun 7

29/06/2016 01:09

Reserve Bank head Raghuram Rajan went with the recommendations of majority of the external members of the monetary policy panel and did not slash the key interest rate early this month, reported PTI.

As per the summary of electronic consultation with the Technical Advisory Committee (TAC) released by RBI, three of the five external members recommended no change in policy rates.

Before contemplating any easing of policy rate, these members wanted to see substantially lower inflation relative to the 2016-17 target of 5 per cent on a durable basis and assess the effect of the monsoon in the next couple of months.

They also wanted further clarity on the US Fed’s take on the rates.

Meanwhile, in a sweeping change, the government yesterday enforced a law for setting up a broad-based, six-member committee that is likely to decide on interest rate at the next monetary policy in August, with RBI Governor having a casting vote in case of a tie.

The review will be the last monetary policy of Rajan, who completes his three-year term on September 4.

The summary further said that the other two members recommended a policy repo rate reduction of 25 basis points.

According to them, the shortfall of demand in the economy calls for some stimulus and the effect of the predicted good monsoon would keep food prices under check. They also opined that there is a window of opportunity before a possible the Fed rate hike in mid-June.

One of these two members was of the view that, given the fragmentation and incompleteness of India’s financial markets, the repo rate has proved to be a much less effective instrument of monetary policy than in well developed markets like in the US, the summary said.

Consultation with external members of the TAC was held electronically during May 24-30, in the run up to the Second Bi-monthly Monetary Policy Review of the fiscal 2016-17.

On June 7, Rajan kept the key policy rate unchanged citing higher upside risks to ‘inflation trajectory’ but said the central bank will remain accommodative provided data are supportive.

All the five external members — Shankar Acharya, Arvind Virmani, Errol D’Souza, Ashima Goyal, and Chetan Ghate — sent their feedback through e-mail.

Members noted that global economy recovery is struggling to gain momentum.

On domestic economic growth, the sustained weakness of industrial production continues to be a source of concern, and a drag on overall activity. Low capacity utilization numbers suggest that some sectors of the economy are operating below potential.

Most of the members expressed concern on inflation outlook since food inflation rose by 100 basis points, headline inflation moved up by 60 basis points, and even excluding food, fuel, petrol and diesel, inflation edged up marginally and remained sticky in April.

World Bank President set for India visit

World Bank President set for India visit

28/06/2016 14:38

According to media reports, World Bank President Jim Yong Kim is set to arrive in New Delhi on Tuesday for a two-day visit where he will explore knowledge and financing opportunities and how best the global lender can support India’s stellar reform and development agenda.

Kim will also take stock of the country’s efforts on the renewable energy and nutrition front.

“I am very impressed with Prime Minister Narendra Modi’s reforms, and on this trip I want to explore how the World Bank could provide knowledge and financing to advance his government’s priorities. We will do all we can to best support India’s ambitious development agenda”, said a World Bank statement quoting Kim, the PTI reported.

Being the world’s fastest growing major economy and yet home to 26 per cent of the global poor, India, has on its hands a massive opportunity in leading the world’s poverty elimination efforts.

“India has a great opportunity to make strong and sustained inroads to reducing poverty and to help lead the world in ending extreme poverty by 2030”, Kim said ahead of his India visit where he is slated to meet Prime Minister Narendra Modi and Finance Minister Arun Jaitley.

“Prime Minister Modi’s goal of making India the human resources capital of the world will succeed only if malnutrition is addressed immediately and ambitiously”, he added.