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Friday, November 15, 2019

Today's Base Metals News : 15.11.2019

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Nickel

* Nickel futures on Friday declined by Rs 4.10 at Rs 1,117.10 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

* On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 4.10, or 0.37 per cent, at Rs 1,117.10 per kg with a business turnover of 6,564 lots.

* Similarly, nickel contracts for December delivery fell by Rs 5, or 0.45 per cent, to Rs 1,108.20 per kg in 89 lots.

Lead

* Lead prices on Friday drifted lower 0.23 per cent to Rs 154.65 per kg in futures market as speculators cut bets on low demand.

* On the Multi Commodity Exchange, lead for delivery in November fell by 35 paise, or 0.23 per cent, to Rs 154.65 per kg in 384 lots.

* Likewise, the metal for delivery in December shed 10 paise, or 0.06 per cent, to Rs 155.40 per kg in 5 lots.

* Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market mainly influenced lead prices at futures trade.

Aluminium

* Aluminium prices on Friday fell 50 paise to Rs 131.15 per kg in futures trade as participants trimmed positions tracking a weak trend at spot market on sluggish demand.

* At the Multi Commodity Exchange, aluminium for November delivery eased by 50 paise, or 0.38 per cent, to Rs 131.15 per kg in a business turnover of 863 lots.

* Similarly, the metal for December delivery weakened by 60 paise, or 0.45 per cent, to Rs 133.05 per kg in 81 lots.

Zinc

* Zinc prices on Friday rose 0.23 per cent to Rs 193.45 per kg in futures trade, tracking a firm trend in physical market on the back of uptick in demand.

* On the Multi Commodity Exchange, zinc for November contracts was trading higher by 45 paise, or 0.23 per cent, at Rs 193.45 per kg with a business turnover of 1,829 lots.

* Marketmen said zinc prices rose as participants raised bets following a pickup in demand from consuming industries.

Copper

* Copper prices on Friday traded up by Rs 1.35 at Rs 438.85 per kg in futures trade on pick-up in spot demand.

*On the Multi Commodity Exchange, copper contracts for November delivery traded higher by Rs 1.35, or 0.31 per cent, to Rs 438.85 per kg in a business turnover of 2,230 lots.

* Similarly, the metal for delivery in December edged up by Rs 1.25, or 0.28 per cent, to Rs 443.80 per kg in 78 lots.

Today's Commodity News : 15.11.2019

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Outlook: Bullions

The near term fundamental outlook is likely to remain influenced by the development in U.S. – China trade deal. If both countries hammers out so called “phase one” deal than prices might lost their glitter as safe haven but in case of no deal, demand for metal as alternative assets or safe haven will remain intact with taking prices to new highs. Apart from this trade deal factor, upbeat U.S. economic numbers undercut the possibilities of further rate cut which will also act as fresh headwinds for non-yielding assets like gold.

Outlook: Basemetals

Following the ongoing fundamental developments, near term sentiments are likely to remain mixed and will be largely depend on progress in U.S. – China trade deal. However, we believe outlook seems to remain faltered, not just because of any meaningful conciliation in trade deal but also on the barrage downbeat economic release from China – the biggest consumer of base metals. Moreover, ongoing political unrest in Hong Kong also cast dark clouds on sustained economic growth in region.

Outlook: Energy

Oil traders are eagerly waiting for monthly oil reports from IEA which is due to be released today. Moving ahead, development in trade deal between U.S. and China will also emerge as decisive factor to lead fresh direction to oil prices. Currently we believe prices will remain influenced by economic outcomes from U.S., the biggest consumer of crude oil, and China. However, the fear of rising oil production from U.S. on shale oil boom will probably keep sentiments suppressed.

GBPINR : Fundamental View : 15.11.2019

* GBP increased against USD by 0.25 percent yesterday while GBPINR appreciated by 0.01 percent.

* The Bank of England Governor Mark Carney, voted to keep the rate at 0.75%, they signalled that a further deterioration could see more policy makers support easing. CPI from UK came in at 1.5 percent for Oct’19 against market expectations of 1.6 percent. According to the official data, UK Retail Sales fell by 0.1% MoM in October and increased by 3.1% yearly basis, both missing the market’s expectations.

GBPINR is expected to move sideways in today’s session.

EURINR : Fundamental View : 15.11.2019

* EURINR appreciated by 0.14 percent yesterday while EURINR appreciated by 0.08 percent the same time frame.

* Germany released the November ZEW survey on Economic Sentiment, which came in at -2.1, much better than the previous - 22.8 and the expected -13. German GDP data came in at 0.1 percent
against expectations of -0.1 percent. CPI from France came in at 0 percent for Oct’19 against market expectations of -0.1 percent.

EURINR is expected to move sideways in today’s session.

USDINR : Fundamental View : 15.11.2019

* Indian Rupee appreciated by 0.26 percent yesterday while the Dollar index decreased by 0.21 percent during the same time frame. Meanwhile, India’s factory output shrinks to 4.3 percent for Sep’19 the lowest in last eight years. CPI from India came in at 4.62 percent which is higher than RBI’s medium target of 4 percent.

* Donald Trump said that trade talks with China were moving along “very nicely” but the United States would only make a deal with Beijing if it was the right one for America. Meanwhile, Federal
Reserve Chairman Jerome Powell in his latest testimonial stuck to his view that interest rates are probably on hold after three straight reductions, while signaling that the U.S. central bank could resume cutting if the growth outlook falters.
- CPI from US came in at 0.4 percent against market expectations of 0.3 percent for Oct’19. PPI from US came in at 0.4 percent for Oct’19 against market
expectations of 0.3 percent.

USDINR is expected to move sideways in today’s session

USDINR Strategy : 15.11.2019

Economic Indicators : 15.11.2019

Today Equity Trending News - 15.11.2019

KEEP REFRESH FOR NEXT UPDATE

* STATE BANK OF INDIA: The executive committee of the bank's central board of directors on Thursday approved selling up to 4% stake in SBI Cards and Payment Services, through the sale of 37.29 mln shares in the initial public offering of the arm.

* Bank stocks surge after Supreme Court's order on Essar Steel insolvency

State Bank of India (SBI), which has an exposure of more than ₹13,600 crore to Essar Steel, jumped 5% on BSE in early trade

ICICI Bank, which has an exposure of over ₹2,500 crore, jumped nearly 2%

* Steel stocks rebound from SC order in Essar Steel insolvency case

Jindal Steel and Power fell to ₹139.95, only to retrace the losses and trade nearly 1% up at ₹141

Overall, BSE Metal index was trading 0.3% lower at 9,299.38 points while Nifty Metal was also down by about 0.4%

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EURINR : Technical View : 15.11.2019

* EURINR closed negatively falling by –0.31% during it’s
Thursday session.

* On the daily chart, after rising for three consecutive days
the pair has witnessed a profit booking.

* But, the pair is trading above it’s Daily 200 EMA which
indicates strength in the pair for the near term.

* Moreover, a momentum indicator RSI (14) has sustained
above it’s 50 level which indicates bullishness in the pair.

* So based on the above technical structure, we expect a
bullish move in EURINR towards 79.46 level.

GBPINR : Technical View : 15.11.2019

* GBPINR closed negatively falling by –0.26% during it’s
Thursday session.

* On the daily timeframe GBPINR has formed a series of
higher highs and higher lows.

* The pair is currently trading above it’s previous swing highs,
which can act as a great support in the near term.

* The pair has also sustained above it’s 50*200 days EMA,
which is a positive sign for the pair.

* So based on the above technical structure, we expect bullish move in GBPINR future towards 92.70 level.

JPYINR : Technical View : 15.11.2019

* During it’s Thursday session JPYINR closed positively with a
gain 0.18%

*On the daily chart, the pair has sustained above it’s falling
trendline.

*Moreover, the pair is trading above it’s 50EMA and 200EMA

* Additionally, a momentum indicator RSI (14) has sustained
above it’s 50 level.

* So based on the above technical structure, we expect bullish
move in JPYINR towards 66.55 level.

USDINR : Technical View : 15.11.2019

* The USDINR pair during it’s Thursday session closed negatively
at –0.16%.

* But, On the daily chart the pair is trading above it’s 50EMA and
200EMA.

* Moreover, the pair is trading above it’s Ichimoku cloud indicating bullish strength in the pair.
Additionally, a momentum indicator RSI (14) has shown is
above it’s 50 level confirming power to the bulls.

* Hence, we expect bullish move in USDINR future towards 72.20
level.