Monday 5 January 2015

Gold gains on strong global cues 05/01/2015

Gold gains on strong global cues

05/01/2015 12:44
Gold futures rose in the domestic market on Monday after a top US Federal Reserve official suggested patience on raising interest rates, bolstering the appeal of the bullion as a store of value. Eric Rosengren, the President of the Boston Federal Reserve said that lack of clear signals of a pickup in inflation and low wage growth justify the exercise of patience over monetary tightening. At the MCX, Gold futures for February 2015 contract was trading at Rs 26,878 per 10 gram, up by 0.55 per cent after opening at Rs 26,815, against the previous closing price of Rs 26,730. It touched the intra-day high of Rs 26,946 till the trading. (At 12.11 AM today).
However, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand

Weak US ISM data drags down Copper futures 05/01/2015

Weak US ISM data drags down Copper futures

05/01/2015 12:13
Copper prices fell by 0.20 per cent on Monday at the domestic markets after U.S. factory sector grew at its slowest pace in six months in December, a sign that weakness in the global economy is weighing on the United States which reduced the demand outlook for the metal. The Institute for Supply Management (ISM) said its index of national factory activity fell to 55.5 last month from 58.7 in November. At the MCX, copper futures for February 2015 contract were trading at Rs.397.25 per 1 kg, down by 0.20 per cent, after opening at Rs. 398 against the previous closing price of Rs. 398.05. It touched the intra-day low of Rs. 396 till the trading. (At 12.09 PM today).

Factory weakness weighs on Oil 05/01/2015

Factory weakness weighs on Oil

05/01/2015 09:17
Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity which hit the lowest level since May 2009 in the overseas market after tepid factory data from the US to the Euro area signaled a bearish demand outlook for the fuel while Russia and Iraq boosted production, widening a global supply glut. Manufacturing activity in the US expanded at the slowest pace in six months in December, signaling easing growth in the world's biggest economy. The ISM's factory index fell to 55.5 last month from 58.7 in November, with a reading above 50 signaling expansion. The Euro area manufacturing gauge stood at 50.6 in December, near the no-change mark of 50, but slightly up from November's 50.1. Oil production in Russia and Iraq rose to the highest level in decades in December, data from both countries showed, raising oversupply concerns. Crude futures may continue the downward slide today amid speculation of a global supply glut. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,391 per barrel, down by 0.26 per cent, after opening at Rs 3,419, against the previous close price of Rs 3,400. It touched an intraday low of Rs 3,323 till the closing.

Fertilizer Min seeks Rs 12,500 cr for paying urea subsidy 05/01/2015

Fertilizer Min seeks Rs 12,500 cr for paying urea subsidy

05/01/2015 08:29
Faced with liquidity crunch to clear urea subsidy bills, the Fertilizer Ministry has sought about Rs 12,500 crore from the Finance Ministry for making subsidy payments to domestic manufacturers, reported PTI. The Fertiliser Ministry has not been able to make payments to domestic urea manufacturers since August 2014 as funds allocated in the Budget have been exhausted, sources said. It has not allocated additional funds for indigenous urea in the supplementary grants, they added. "Fertilizer Ministry has approached the Finance Ministry for seeking funds of about Rs 12,500 crore to clear pending subsidy bills," said a source. The government had allocated Rs 72,970.30 crore in the Union Budget 2014-15 for fertiliser subsidy. Of this, Rs 12,300 crore was meant for imported urea, Rs 36,000 crore for domestic urea and the rest Rs 24,670.30 crore for sale of partially de-controlled fertilisers (like phosphatic & potassic fertilisers). Urea is provided to farmers at a fixed subsidised maximum retail price (MRP) of Rs 5,360 per tonne. The difference between the cost of production and MRP of urea is provided as subsidy to manufacturers.

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