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Gold trades lower in morning deals; silver up

Gold costs were trading decrease in morning exchange on Monday on account of subdued demand of valuable metals from jewellers, shops and industries amid agency equity markets.

MCX Gold used to be buying and selling zero.16 per cent or Rs forty six down at Rs 28,589 per 10 gram around 10.45 am (IST), whereas MCX Silver was once up 0.14 per cent or Rs fifty three at Rs 39,164 per 1 kg.

SPDR Gold belief GLD, the world’s greatest gold-backed change traded fund, said its newest holdings stood at 850.seventy one tonnes, stay unchanged from earlier business day. Holdings of the most important silver backed change-traded-fund (ETF), big apple's iShares Silver belief SLV, stood at 10,693.85 tonnes, stay unchanged from earlier trade day.

“we expect precious metals are like to change vary sure for the day, amid ongoing political concerns surrounding US President Donald Trump which might be expected to keep weighing on the dollar.”

according to Angel Broking, gold prices on the MCX are expected to alternate sideways on Monday. Market focal point has now shifted to promised tax cuts and infra spending with the aid of the usa president which in flip can pull down treasured metals.

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MCX aluminium: traders can stay out of the market

The aluminium futures contract traded on the Multi Commodity Exchange (MCX) continues to remain range-bound and mixed for the fourth consecutive week.

The sideways consolidation in the range between ₹115 and ₹119 per kg remains intact.

The contract is currently hovering around the lower end of this range at ₹115.25.

Whether the contract manages to sustain above ₹115 or breaks below it will decide the next leg of move.

Traders can stay out of the market and wait for a clear trend to emerge for taking trade positions.

A bounce in the coming sessions will see the contract retaining its ₹115-₹119 range for some more time. In such a scenario a rise to ₹119 is possible in the coming days.

If the contract manages to break the range above ₹119, the up move can extend to ₹122 and ₹123. Only a strong break and a decisive close above ₹123 will bring fresh bullish momentum in the contract.

On the other hand, if the contract fails to sustain above ₹115/kg and breaks below this support, a fall to ₹114 or even ₹113 is possible.

The region below ₹114 and ₹113 is a key support zone which may limit the downside in the short term.

But a strong break below ₹113 will bring renewed pressure on the contract. Such a break can drag the contract lower to ₹110 or ₹109.

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MCX aluminium in bull grip

The aluminium futures contract on the Multi Commodity Exchange (MCX) surged 4.5 per cent in the past week. The contract recorded an intraweek high of ₹122.6/kg but closed the week at ₹120. 6.On Monday, it opened with a gap-up and was trading at around ₹121.3. The immediate outlook is not clear. A range bound move between ₹119 and ₹123 is possible in the near term. A breakout on either side will decide the next leg of move.

The bias is bullish. So, there is a strong likelihood of the contract breaking above ₹123 in coming days. This can take it higher to ₹126 initially. A break above ₹126 will see the upmove extending to ₹130 and ₹131.Traders with a short-term perspective can make use of dips to go long near ₹120. Stop-loss can be placed at ₹115.5 for the target of ₹127. Revise the stop-loss higher to ₹122 as soon as the stock moves up to ₹125.

The 21-day moving average around ₹117 is a key support. The outlook will turn negative if the contract falls below this. The next targets will be ₹114 and ₹112.5.On the global front, spot aluminium prices on the London Metal Exchange (LME) have been range-bound between $1,700 and $1,780 a tonne since the beginning of this month.

A strong trend-line support is at $1,700, leaving the bias bullish for a break above $1,780 in coming days. This can take it to $1,850 and $1,870. The outlook will turn bearish for a fall to $1,630 only if spot prices fall below $1,700 decisively.
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Gold down in Asia after China industrial output, retail sales noted

Gold prices fell in Asia on Monday after China data mildly disappointed and investors infrastructure spending plans by president-elect Donald Trump with the Republican part in control of both house of the U.S. Congress.

China said for October rose 8.3%, beating the 8.2% rise seen year-on-year and gained 6.1%, below the expected 6.2% rise seen and increased 10.0%, below the 10.7% increase seen.

Earlier, Japan reported third quarter GDP jumped 0.5% and at a 2.2% pace , handily beating expected gains of 0.2% and 0.9% respectively. Separately, comments from Bank of Japan Governor on inflation were noted.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.55% to $1,217.55 a troy ounce. Also on the Comex, for December delivery dropped 1.03% to $17.203 a troy ounce, while jumped 2.31% increase to $2.565 pound.

Copper was boosted last week after Trump raised the prospect of increased infrastructure spending, while recent signs of strengthening demand in China have also underpinned prices.

Later this week, investors will be looking to congressional testimony by Fed Chair Janet Yellen on Thursday for fresh indications on whether interest rates will rise next month.

Last week, gold prices fell to five month lows on Friday as risk appetite recovered following Trump’s victory in the U.S. presidential election, sapping investor demand for safe haven assets.

Market sentiment was boosted by optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth and inflation.

Gold prices were also pressured lower by the stronger U.S. dollar and ongoing expectations for a Federal Reserve interest rate increase in December.

Expectations for higher U.S. interest rates remained intact amid optimism that a pick-up in growth will allow the Fed to tighten borrowing costs.

Investors currently price an 81.1% chance of a rate hike at the Fed’s December meeting; according to federal funds futures tracked Investing.com’s Fed Rate Monitor Tool.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Stocks slip after US election rally, bond yields rise further, dollar climbs

Stocks on major world markets gave back some of the week's gains on Friday, while global bond yields rose for a fifth day, supporting the U.S. dollar but pressuring commodities and emerging markets.Investors are anticipating that U.S. President-elect Trump's policies will include lower tax rates and more infrastructure spending to grow the economy, but at the expense of a wider fiscal deficit and inflation.

The Dow Jones industrial average .DJI ended at a record closing high of 18,847.66. The S&P 500 index .SPX slipped 0.14 percent to 2,164.45, weighed down by weakness in energy stocks as oil prices fell, but the benchmark index was up 3.8 pct for the week, as was the Nasdaq Composite .IXIC, its best week since 2011.
Since the election on Tuesday, equity sectors that have benefited include banks and pharmaceuticals which may see less regulation under a Trump administration, while technology stocks are seen threatened by anti-trust policies and possible disruption of global supply chains posed by more protectionist trade policies.

The S&P financials stock index .SPSY closed up 0.4 percent on Friday and up 11.3 percent for the week, the best weekly performance since May 2009.The S&P healthcare stock index .SPXHC fell 1.5 percent on Friday but ended the week up 5.8 percent, its best week gain in over two years.

The Nasdaq biotechnology index .NBI fell 0.64 percent on Friday but ended the week up 10 percent, its best week since 2000."Wall Street is going to be watching a lot of (Trump's) appointments and policy announcements to see whether it validates the more optimistic tone we've seen in the markets in the past few days," said Alan Gayle, senior investment strategist and director of asset allocation at RidgeWorth Investments in Atlanta, Georgia.European shares fell on Friday also as commodities stocks fell with oil prices and stocks exposed to emerging markets slumped on concern that U.S. President-elect Donald Trump will introduce protectionist trade policies.

The STOXX Europe 600 index closed 0.4 percent lower but the pan-European index gained 2.6 percent this week, the best weekly performance since mid-July"After panic buying, a more rational and selective phase has started," said Giuseppe Sersale, fund manager at Anthilia Capital in Milan. "The political and economic obstacles to his plans must not be underestimated".

The mining sector index .SXPP fell 2.0 percent as investors took profits from a rally of more than 10 percent in basic resources stocks this week.The European oil and gas index .SXEP closed 2.2 percent weaker, mirroring steep losses in crude oil prices after OPEC said October output reached another record, casting doubt on whether it can limit persisting oversupply.A sell-off in emerging markets hurt companies such as Standard Chartered (STAN.L) and South African paper and packing maker Mondi (MNDI.L), which dropped 6.3 percent and 4.7 percent respectively.

The MSCI emerging markets index .MSCIEF fell 2.9 percent.MSCI's all-country world index .MIWD00000PUS lost 0.6 percent but saw its best week in seven.

GLOBAL BOND YIELDS RISE FOR FIFTH DAY

Global bond markets sold off further Friday though the U.S. Treasury market was closed for the U.S. Veterans Day federal holiday. U.S. Treasury futures fell to ten-month lows on Friday.In Europe, Italian 10-year yields IT10YT=RR climbed over 2.0 percent for the first time since September 2015 while German 10-year yields rose for a fifth day.Global bond markets have seen the biggest loss of value this week since June 2013 when the Federal Reserve first discussed "tapering" its bond buying program.

The Federal Reserve is monitoring an increase in long-term U.S. government borrowing costs and will adjust policy accordingly if necessary, Fed Vice Chair Stanley Fischer said on Friday.
In his first remarks since the election of Donald Trump as U.S. president, Fischer added that economic growth prospects appear strong enough for the Federal Reserve to proceed with a gradual increase in interest rates.
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Should You Trade Forex During Retirement?

If you are lucky, you find yourself reaching a golden age where you can retire from the professional world to enjoy a life of comfortable leisure. Though we all aspire to have physical health and wealth when we retire, it is all too common for retirees to find themselves wishing that they were more financially stable. For this reason, new retirees often ask themselves if there is something they can do that is not too difficult, stressful or time consuming to supplement their retirement income or capital. Forex trading might fit the bill, but there are several considerations that must be made before proceeding.

Free Time

Most retirees would agree that the best thing about being retired is having lots of free time. Forex trading is something you can do at home and you can keep one eye on the screen even if you are busy with something else. So, it seems that regarding time, trading during retirement can work very well. Of course, if you plan to be very active playing golf, volunteering, travelling or visiting your grandchildren, that is something to take into account – you may not be available during the most ideal trading times to make Forex trading into a serious hobby or pursuit.

Financial Pressure & Risk

It is well known that the easiest psychological situation for traders is when there is little or no pressure to make profit immediately or regularly. This is an area where the exact circumstances of your retirement will matter. If you are well capitalized and can be relaxed about when profit arrives, you are in a strong trading situation and should be able to remain psychologically healthy which could stop you making any expensive or emotionally destructive mistakes.

Alternatively, if you are trying to make an additional regular or semi-regular income to supplement your retirement income and you truly need this money, you are putting yourself in what could likely be a very bad situation. At this stage in your life, you want to leave you IRA (Individual Retirement Account or non-U.S. equivalent) alone. It is especially dangerous to put yourself under this kind of emotional, physical and financial pressure during retirement as if you suffer bad losses, you probably won’t have a chance in life to recover from it. This is truly the number one factor you should be considering.

It must be emphasized that risk factors must to be taken extremely seriously at this stage in your life. Capital preservation must be the number one priority!

Emotional and Physical Health

You might not be at your peak physical health by the time you retire. Even though it is more than likely that you have all your wisdom and intelligence intact, you must be brutally honest with yourself and question how precisely you are going to be able to use technology under pressure. After all, trading is very unforgiving in the sense that even small errors can be very expensive, and cannot be reversed.

The good news is that there are some steps you can take in this area to minimize the risks. Firstly, you can trade using a slower system, perhaps relying upon daily, four-hour or hourly charts, which should enable events to unfold at a much more relaxed and manageable pace. This might reduce the room for errors to creep in. Secondly, you might also have a companion or helper who could provide a second pair of eyes to cast a look at your operations in the market. Thirdly, it is worth asking your broker about built-in safety measures that might be available for your protection. For example, some brokers have a feature where if you enter an unusually large trade size, it asks you to reconfirm the trade before proceeding. This type of safeguard can protect against “fat finger” mistakes. It is worth asking your account manager whether he (or she) could implement something informally for your account, for example by requiring telephone confirmation to make a trade over a certain size.

Forex Trading Strategies for Seniors

If you have weighed the pros and cons and have decided to go ahead, you need to decide what kind of trading strategy you will be using.

A trend-following strategy could be ideal as these are long-term strategies that don’t require a lot of physical effort or emotional stress.

If you insist upon taking advantage of the fact that you are master of your own time and you wish to look at shorter time frames, you might consider only trading major session opens. This could be 8am to 10am London time, New York time or Tokyo time, depending upon which time zone you are located in. Usually it is the London and New York opens that are the most fruitful. I once read a very convincing trading journal by a retired couple who decide what to trade that day and in what direction just before 8am London time, then they look for trade entries between 8am and 10am before continuing with their day. There is no reason why this couldn’t be the basis of an excellent and profitable Forex trading strategy for seniors.

Russian Oil Minister Signals Cooperation with Saudi Arabia on Production Limits

Russia’s oil minister signaled possible cooperation with Saudi Arabia at a meeting with his Gulf Arab counterparts in Riyadh on Sunday, as the kingdom seeks to convince major oil producing countries to cut production in order to increase prices.

After the meeting in the Saudi capital, Russian Oil Minister Alexander Novak was quoted in a ministry statement as saying that the parties had discussed specific production limits for Russia and other nations that may join the agreement, although he did not mention any figures or commitments from Moscow.

“We see the need to balance the market in the coming months to encourage the return of investments and the reduction of volatility,” Novak said.In a statement, Saudi Oil Minister Khalid Al-Falih also mentioned the need to “restore balance” to the market, where a surge in production globally has led to low prices that have weakened state coffers including that of the Saudis, currently engaged in a costly war in Yemen.

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Why Did Copper Rise for the Second Consecutive Trading Day?

Copper continues to strengthen

After rising to three-week high price levels on September 14, copper continued to move higher on September 15 to fresh three-week high price levels. On September 15, COMEX copper for December delivery gained 0.56% and moved to $2.16 per pound.

China data improved the sentiment

The better-than-expected economic data released since the beginning of this week improved the sentiment in the copper market and supported copper prices. China is the largest copper consumer. It accounts for about half of the total global consumption. As a result, China’s economic data influence copper’s demand and price trends. This week, the initial support for copper came from China’s industrial production data, retail sales, and fixed-asset investment data released on September 12. According to the National Bureau of Statistics of China, China’s industrial production for August grew 6.3% year-over-year—the fastest grow in the past five months. This is better than the previous month’s growth of 6% and the market’s expectation of 6.1%. In August, fixed-asset investment in China grew 8.1%—compared to the same period in 2015.

Following the upbeat data, on September 14, the People Bank of China reported a rise in new loans to 948.7 billion yuan. The rise was better than the market’s expectation of 750 billion yuan. The supporting data improved the demand signals from China and moved copper to three-week high levels.

On September 15, major copper producers Freeport-McMoRan (FCX) fell 0.1%, while Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) gained 0.95%, 2%, and 0.53%, respectively. The SPDR S&P Metals & Mining ETF (XME) gained 1.2% and the PowerShares DB Base Metals (DBB) fell 0.96%.
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Flat to slightly lower opening on cards

 Market is seen opening flat to slightly lower on lackluster trading in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the index could slide 6 points at the opening bell.

In overseas stock markets, most Asian stocks edged lower tracking lackluster trading in US stocks overnight. Markets were playing wait-and-see ahead of a key speech from US Federal Reserve chair later this week. In Japan, the Nikkei 225 Average was currently off 0.22%. The Nikkei flash Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in August from July's reading 49.3. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity. August's flash PMI shows a contraction for the sixth month in a row. In mainland China, the Shanghai Composite was currently up 0.36%. In Hong Kong, the Hang Seng was currently off 0.24%. Chinese business confidence weakened in August after showing signs of stability in recent months, clouding investors' outlook on the world's second largest economy. The MNI Deutsche Borse Group business sentiment indicator declined to 54.3 in August from July's reading of 55.5.

US stocks closed mostly lower yesterday, 22 August 2016, dragged down by energy shares on lower crude oil prices. Federal Reserve chair Janet Yellen's speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming is scheduled on Friday, 26 August 2016. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 300.50 crore yesterday, 22 August 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 52.50 crore yesterday, 22 August 2016, as per provisional data.

Among corporate news, GAIL (India) and Silicon Valley-based Bloom Energy signed a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity. The announcement was made after market hours yesterday, 22 August 2016.

The solid oxide fuel cell (SOFC) technology of Bloom Energy Servers convert fuel into electricity using natural gas as the base fuel to generate reliable and resilient electricity in a highly efficient non-combustible process that reduces emissions of greenhouse gas and harmful air pollutants, with minimal use of water vis-vis the conventional power producing technologies. The Bloom Energy Servers could be installed onsite at any operating premises or building and can be plugged into natural gas pipeline to generate uninterrupted, efficient, noise-less base load power round-the-clock.

GAIL's subsidiary at Bengaluru is already supplying natural gas for energizing a multi-MW Bloom Energy project for a large global technology company at the Technology Park in Bangalore.

The unique tie-up seeks to leverage the strengths of both the organizations. Whilst GAIL brings a portfolio of natural gas to ensure reliable and competitively available Natural Gas for Bloom Energy projects along its integrated gas supply networks, Bloom Energy's power systems run on advanced solid oxide fuel cell technology that are not just acknowledged as the most efficient producers of electricity based on Natural Gas but also combines the advantage of requiring a tenth of the space required for generating equivalent power through other modes. The MoU provides an alignment of a shared vision between GAIL and Bloom Energy and opens up an opportunity for Indian consumers to experience bundled and reliable service by the two leading brands for expanding the distributed power generation systems in India.

HPCL's net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.

Average gross refining margin in Q1 June 2016 was $6.83 per billion barrel (BBL) as against $8.56 per BBL in Q1 June 2015.

Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.

Aurobindo Pharma and Tata Power Company are scheduled to announce Q1 June 2016 earnings today, 23 August 2016.

Key benchmark indices registered modest losses yesterday, 22 August 2016, after the government named Reserve Bank of India (RBI) deputy governor Urjit Patel who is known as an inflation hawk as the new RBI governor to succeed Raghuram Rajan. The Sensex fell 91.46 points or 0.33% to settle at 27,985.54, its lowest closing level since 11 August 2016.
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Gold hits two-week low on US rate hike prospects

 Gold fell on Monday to its lowest in nearly two weeks as the dollar strengthened after comments from US Federal Reserve officials increased bets on a US rate hike this year.

Spot gold had fallen 0.6 per cent to $1,333.40 an ounce by 0404 GMT, after touching a low of $1,331.35, a level not seen since Aug. 9.

US gold dropped 0.6 per cent to $1,337.90 an ounce.

The Fed is close to hitting its targets for full employment and 2 percent inflation, the Fed's No. 2 policymaker Stanley Fischer said on Sunday.

"The US economic indicators are looking healthy and the probability of a US rate hike will go up further in the coming months, rallying the dollar and putting pressure on gold," said OCBC Bank analyst Barnabas Gan.

There has been some shifting of funds from gold as oil prices rallied, but the movement will not last long, Gan added.

The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.4 percent at 94.894.

"The weekend remarks out of the Bank of Japan (BOJ) provided support to the dollar this morning, most pronounced in a sharp move lower in silver," trading firm MKS PAMP Group said in a note.

The Sankei newspaper reported over the weekend that the BOJ would not rule out deepening a cut to negative rates, quoting Governor Haruhiko Kuroda.

Amid conflicting signals from the Fed in recent days, central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Chair Janet Yellen due to speak the following day.

"We think that a September move might be too early for the Fed to act, but by the same token, a December move could be late," said INTL FCStone analyst Edward Meir.

Given that an imminent move is now close with just timing being up in the air, gold might struggle over the short-term, Meir added.

A stronger dollar discourages gold-buying by making the metal more expensive for holders of other currencies.

Spot gold is expected to drop deeply to $1,320 per ounce, according to Reuters technical analyst Wang Tao.

Speculators again decreased their bullish positions in COMEX gold and silver contracts in the week to August 16.

Spot silver hit a seven-week low of $18.79 an ounce and was down over 2 per cent.

Platinum was down 0.7 per cent at $1,102.65, while palladium fell 0.8 per cent to $702.52.
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Gross essential oil along 2/3rd given that May well 2014; fuel merely 16% with Asia.

Completely NEW DELHI: A new litre connected with petroleum charge Rs 71. 41 throughout Might 2014 as soon as overseas acrylic was at $106. eighty-five each barrel yet even with around two-third slip throughout world wide charges, the price of petroleum possesses viewed solely 07 percent diminish as well as stays at Rs sixty each litre.

Inside a written answer the dilemma throughout Rajya Sabha, acrylic minister Dharmendra Pradhan on Friday stated the baskets connected with gross acrylic which The Indian subcontinent tends to buy averaged $106. eighty-five each barrel throughout Might 2014 which thirty days it really is averaging at $29. eighty.

Petrol throughout Might 2014, as soon as BJP-government had taken office, was costs three hundred dollars Rs 71. 41 each litre and from now on the idea costs Rs 59. 97 the litre, he stated.
In the same way, diesel-powered charge Rs 55. forty nine the litre throughout Might 2014 which thirty days it really is offered by Rs forty-four. 68 each litre.

Pradhan stated because Might 2014 the costa rica government possesses brought up excise responsibility on petroleum through Rs 12 each litre as well as through Rs 13. seventy seven the litre on diesel-powered.

Excise responsibility on petroleum on Might 1, 2014 was Rs 9. forty-eight each litre as well as on Friday it really is Rs 7. forty-eight the litre. In the same way, exactly the same on diesel-powered was Rs 3. 56 the litre which thirty days it really is Rs 13. seventy seven the litre.

As you move the cost reduction in petroleum among Might 2014 as well as Feb . was Rs 11. 46 each litre, the costa rica government mopped upwards Rs 12 the litre throughout excise responsibility.
In the same way, the reduction in diesel-powered cost have been Rs 10. 80 the litre yet excise responsibility possesses gone up through Rs 13. seventy seven each litre.

Crude Oil Tips

Financial plan 2016: MCX urges government to scrap product exchange charge

NEW DELHI: Leading merchandise course MCX today encouraged the legislature to scrap product exchange charge (CTT) and permit outside stock course/money related bodies to hold up to 15 for every penny stake in the perceived item course.

CTT, which is set up since July 1, 2013, is a duty demanded on trade exchanged merchandise derivative ..

Non-horticultural things ought not be subjected to CTT similar to the case with agrarian wares, as these agreements offer SMEs to fence in rupee some assistance with denominating contracts in a compelling way on residential trades," MCX said sharing its financial plan list of things to get for the 2016-17 monetary.

CTT expanded the expense of exchanging of trade exchanged subordinates exchanging by very nearly 300 for every penny. There has been more than 50 for every penny decrease in exchanging volumes after presentation of CTT, it said in a statement ..

That separated, MCX has looked for the legislature to permit cenvat credit for the main expulsion of excusable merchandise from trade assigned distribution center after beginning statement in the same stockroom to energize conveyance construct exchanges in light of thing trades. The above office might be conveyed under the proposed GST administration moreover.

MCX additionally requested the administration permit a remote stock trade/store/saving money organization/insurance agency/open budgetary foundation to hold up to 15 for every penny of ..

MCX additionally requested the administration permit a remote stock trade/store/saving money organization/insurance agency/open budgetary foundation to hold up to 15 for every penny of the paid up value capital of perceived stock trades, the announcement included.

Gas prices may dip 17% to $3.15 in April

Natural gas prices in India are disposed decline 17 percent in April to USD 3.15 every, further straining economics of developing discoveries in deep sea. 

 As per the new gas pricing formula approved every NDA-government in October 2014, gas prices are subsequent determined on a semi-annual basis and calculated based on a volume weighted average of rates in gas surplus nations of the US, Canada and Russia, based on the twelve-month trailing average price with a lag of three months.


As per the new gas pricing formula approved every NDA-government in October 2014, gas prices are forthcoming determined on a semi-annual basis and calculated based on a volume weighted average of rates in gas surplus nations of the US, Canada and Russia, based on the twelve-month trailing average price with a lag of three months.

Using benchmark prices about of January 1, 2015 to December 31, 2015, gas price by April 2016 to September 2016 is given regard USD 3.15 per million British thermal unit as against USD 3.82 currently, sources said.

 On a net-calorific value (CV) basis, the gas price is likely to be USD 3.50 per mmBtu as compared to USD 4.24 currently.

Development of numerous existing discoveries in the blocks operated by state-owned Oil and crude oil Corp (ONGC) again Reliance Industries   are dependent on remunerative price.

ONGC Chairman and Managing Director Dinesh K Sarraf last week stated that developing finds in the firm's Krishna Godavari (KG) basin block KG-DWN-98/2 or KG-D5 was economically unviable at current price.

The company has asked the government to raise the rates to make developing the explorations economically viable, he had said.

 Goldman Sachs had in a recent report stated that "Indian domestic crude oil prices that are linked to prices in gas surplus economies remain materially below the costs to develop marginal and deep-water fields and hence do not incentive's exploration and production capex." This has procreate Indian producers potentially losing USD 2 billion annually in value added assuming they can replace imports entirely, it added.

"We believe the current gas price regime is not incentive's domestic capex sufficiently as we expect prices under the current formula to decline in 2016-17 while cost for new deep-water discoveries ranges between USD 6 to USD 7 per mmBtu," Goldman had said.

Gas price in India, it said, is subject USD 9 per mmBtu in China, USD 10.5 in the Philippines, USD 6.5 in Indonesia and USD 8 per mmBtu in Thailand and Malaysia. Sources said going by figure trends, gas price may rise marginally to USD 3.32 (on gross calorific value or GCV basis) in second half of 2016-17 fiscal.

They may further yell USD 3.36 per mmBtu and USD 3.42 in the first and second half of 2017-18 fiscal and potential around USD 3.45 in the following fiscal.

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Refereed By -  MoneyControl