indian_weekly report_metals minerals & energy_16!05!11

8/6/2019 Indian_weekly Report_metals Minerals & Energy_16!05!11

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In the week ending May 7, the advance figure for s

sonally adjusted initial claims was 434,000, a decre

of 44,000 from the previous week's revised figure

478,000.

The U.S. Census Bureau and the U.S. Bureau of E

nomic Analysis, through the Department of Comme

announced that total March exports of $172.7 bi

and imports of $220.8 billion resulted in a goods

services deficit of $48.2 billion, up from $45.4 billio

February.

Preliminary University of Michigan inflation expectat

numbers for May fell to 4.4 percent from 4.6 perc

previously.

Consumer sentiment rose to 72.4, a three-month p

and beating an anticipated 70, while April's reading

upgraded to 69.8 from 69.6.

The US Labor Department said on Friday its Consu

Price Index (CPI) increased 0.4 percent in April f

March after rising 0.5 percent in March.

China's industrial value-added output rose 13.4 perc

year on year in April, down from March's 14.8-perc

growth, the National Bureau of Statistics (NBS)

ported this week.

www.icexindia.com ICEX WEEKLY METALS, MINERAL AND ENERGY UPDATE

Weekly Metals, Mineral & Energy Update 14 May 20

Weekly Overview of Commodity

The rupee has fallen around 0.6 percent so far this year.

Foreign funds have bought Indian equities in small quan-

tities in three sessions to May 11, but their overall inter-

est has been subdued and they have been net sellers of

more than $1 billion of stocks since April 25.

India's food inflation rate declined for the second con-

secutive week to 7.70 per cent for the week ended April30, due to a drop in the prices of onion and milk.

Exporters sold the U.S. dollar at around 45.00 per dollar

level and prevented further weakness in the rupee, ac-

cording to trade sources.

USD / INR Weekly Summary Synopsis of Economic Events
http://topics.bloomberg.com/department-of-commerce/http://topics.bloomberg.com/department-of-commerce/


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ICEX gold June11 settled 0.33% higher at

Rs.21916/10gm this week. The metal remained in the

range of Rs.22280-21709/10gm.

ICEX Silver July11 delivery settled 1.77% lower at

Rs.53331/kg.

COMEX gold June11 settled 0.13% higher at $1493.60/

oz. The contract remained in the range of $1526.80-

1477.60/oz.

COMEX silver July11 settled 0.78% lower at $35.01/oz.

U.S. Labor Department reported that initial jobless claims

decreased last week after previous weeks rise.

German newspaper Die Welt reported that European

leaders are split on how best to help Greece with its debt

issues.

According to the European Union Commission, Greece's

economy is expected to shrink 2.2% in 2011 versus a

prior reading of 1% but it is estimated to grow 1.1% in

2012. Greece is reportedly looking at a budget deficit of

9.5% of GDP for 2011 versus the required 7.6%,

During the last three months of 2010, gold miners cut

their combined hedge position by almost a quarter, ac-cording to a report by metals consultancy GFMS Ltd. and

Societe Generale.

At the end of the year, miners held contracts to sell 151

short tons of gold on the forward and options markets,

down 24% from the previous quarter. The contracts rep-

resent only 6% of worldwide production in 2010.

Gold Exchange Data (Weekly)

Exchange Open High Low Close Volume OI % Ch.

ICEX Gold Jun11 21929.00 22280.00 21709.00 21916.00 5877 23 0.33

ICEX Gold 100gm Jun11 21945.00 22284.00 21725.00 21922.00 2304 22 0.32

COMEX Gold Jun11 1496.60 1526.80 1477.60 1493.60 227013 513146 0.13

WEEKLY RECAP - PRECIOUS METALS


Silver Exchange Data (Weekly)


ICEX Silver July 11 55400.00 59974.00 49745.00 53331.00 5930 38 -1.77

COMEX Silver July 11 35.69 39.47 32.30 35.01 163456 121213 -0.78



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ICEX crude May11 settled 0.63% lower at Rs.4429/

barrel this week.

NYMEX crude June11 contract settled 2.51% higher at

$99.65barrel.

NYMEX natural gas June11 contract settled 0.26%

higher at $4.25/mmbtu this week.

EIA report showed that crude inventories increased by

3.78 million barrels to 370,300 million barrels last

week. Gasoline inventories increased by 1.3 million

barrels to 205.9 million.

The U.S. trade deficit widened more than expected in

March, as exports jumped to a new record but imports

rose nearly 5 percent as oil prices jumped.

OPEC held steady its forecast for world oil demand

growth in 2011 and maintained its view that oil supplies

are adequate despite the loss of Libyan supplies as its

members and rivals pump more crude.

The Paris-based International Energy Agency lowered its

forecast this week for 2011 oil demand growth by

190,000 barrels a day to 1.3 million barrels a day.

High prices are holding back oil demand growth and

threaten economic recovery in the West, the Interna-

tional Energy Agency said in a report.

CME Group raised margin requirements on several en-

ergy products, and announced a second hike for gasoline

futures effective Thursday, May 12.

International Energy Agency said tht oil demand in North

America would fall by 194,000 barrels per day in 2011, a

downward revision by 220,000 b/d.

Exchange Data

Exchange Open High Low Close Volume OI % Chang

CEX Crude May11 4510.00 4674.00 4295.00 4429.00 11675 87 -0.63

NYMEX Crude June11 98.11 104.60 95.25 99.65 978223 1663495 2.51

NYMEX Nat. Gas

une114.25 4.30 4.11 4.25 289430 966158 0.26

WEEKLY RECAP - ENERGY




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ICEX copper June11 settled 0.51% higher at Rs.400.70/

kg this week.

COMEX copper July11 settled 0.20% higher at $3.98/

pound this week.

Europe's No.2 copper producer, KGHM, expects copper

prices to average $8,000-$9,000 per ton this year, its

chief executive said.

China this week told banks for the fifth time this year to

set aside more cash to restrain prices. Inflation in the

country held above 5 percent in April, exceeding the gov-

ernments annual target, and imports of copper intoChina fell 14 percent last month from March, figures

showed this week.

Germans industrial production rose a seasonally adjusted

0.7% in March from February, and by 11.2% compared

with a year earlier. Manufacturing output also climbed by

0.5% month-to-month, following a 1.8% increase in Feb-

ruary.

U.S. data showed the economy struggled to gain mo-

mentum early in the second quarter, with retail sales

posting their smallest rise in nine months in April and

wholesale prices increased more than earlier estimates.

The euro-zone's gross domestic product expanded at a

rate of 2.5% in the first quarter compared to the same

time last year.

IMF chief Dominique Strauss-Kahn was arrested in New

York on Sunday on sexual assault charges. Financial com-

munity expects it would delay to come to a resolution

regarding Greeces debt problem.

Copper Exchange Data (Weekly)


ICEX Copper Jun 11 404.25 407.70 386.95 400.70 12333 94 0.51

ICEX Lead May 11 104.70 107.00 101.5 103.9 720 14 -0.57

COMEX Copper July

113.99 4.08 3.90 3.98 54698 116979 0.20

WEEKLY RECAP - METALS




5/7

WEEKLY RECAP - MINERAL

www.icexindia.com ICEX WEEKLY METALS,MINERAL AND ENERGY UPDATE

News at a Glance Market Summary on Iron Ore

Indian Commodity Exchange - Weekly


Iron Ore May 11 (100 dmt) 7881.00 8179.00 7862.00 8020.00 316 4 -0.30

ICEX iron ore May11 contract settled lower by 0.30%

to Rs.8036/dmt this week.

Shanghai Rebar May11 contract settled lower by yu

59 to yuan4980/ton on Friday.

The Steel Index benchmark reference price for 62%

settled 1.12% lower to $178.7/dmt this week. 58%

settled 3.20% lower to $156.4/dmt.

There are reports that Indias NMDC is likely to cut the

prices of iron ore fines by about 15 percent after export

taxes rose and supply deals with Japan and South Korea

ended. (Quoted in www.bloomberg.com)

Madras High court has ordered Chennai port to stop

handling polluting iron ore from October. (Quoted in

www.hindubusinessline.com)

South Korea wealth fund and one of the largest pensions

fund in Canada will jointly invest $100 million in Brazil

based Manabi iron ore exploration project. (Quoted in

www.wsj.com)



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ECONOMIC CALENDAR



Weeks Economic Indicator

Date Time Data Consensus Prior Effect

16-5-2011 5:20am Japanese Core Machinery Orders m/m -9.7% -2.3% Medium

5:20am Japanese CGPI y/y 2.1% 2% Low

10:30am Japanese Household Confidence 37.3 38.3 Low

2:30pm European CPI y/y 2.8% 2.8% Medium

2:30pm European Core CPI y/y 1.5% 1.3% Medium

2:30pm European Trade Balance 1.7B -2.4B Low

6:00pm US Empire State Manufacturing Index 20.7 21.7 Medium

6:30pm US Fed Chairman Bernanke Speaks High

6:30pm US TIC Long-Term Purchases 57.7B 26.9B High

7:30pm US NAHB Housing Market Index 17 16 Low

Tentative Treasury Currency Report

17-5-2011 All day European ECOFIN Meetings Medium

2:30pm German ZEW Economic Sentiment 4.7 7.6 High

2:30pm European ZEW Economic Sentiment 17.9 19.7 Medium

6:00pm US Building Permits 0.59M 0.59M High

6:00pm US Housing Starts 0.58M 0.55M Medium

6:45pm US Capacity Utilization Rate 77.7% 77.4% Medium

6:45pm US Industrial Production m/m 0.5% 0.8% Medium

17-22nd US Mortgage Delinquencies 8.22% Medium

18-5-2011 5:20am Japanese Tertiary Industry Activity m/m -5.4% 0.8% Medium

8:00pm EIA Crude Oil Inventories 3.8M Medium

11:30pm FOMC Meeting Minutes High

19-5-2011 5:20am Japanese Prelim GDP q/q -0.5% -0.3% High

5:20am Japanese Prelim GDP Price Index y/y -1.9% -1.6% Medium

10.00am Japanese Revised Industrial Production m/m -15.1% -15.3% Low

6:00pm US Unemployment Claims 421K 434K High

7:30pm US Existing Home Sales 5.22M 5.10M High

7:30pm US Philly Fed Manufacturing Index 20.3 18.5 High

7:30pm US CB Leading Index m/m 0.2% 0.4% Low

8:00pm EIA Natural Gas Storage 70B High

11:00pm FOMC Member Evans Speaks Medium

20-5-2011 Tentative Japanese Monetary Policy Statement High

Tentative Japanese Overnight Call Rate


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