Tag Archives: crude

Oil edges down to $103/bbl, supply worry eases

9 Jul

NYMEX crude for August delivery was down 16 cents at USD 102.98 a barrel by 0018 GMT, after settling down 8 cents at USD 103.14 on Monday. It touched a 14-month high of USD 104.12 on Monday.

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US crude futures retreated to just below USD 103 a barrel on Tuesday, pressured by the return of a Libyan oilfield and Iraqi pipeline that eased concerns about global oil supplies.

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Fundamentals

NYMEX crude for August delivery was down 16 cents at USD 102.98 a barrel by 0018 GMT, after settling down 8 cents at USD 103.14 on Monday. It touched a 14-month high of USD 104.12 on Monday.

London Brent crude for August delivery was down 34 cents at USD 107.09 a barrel, after settling down 29 cents.

Libya’s major Sharara oilfield will resume operations after an agreement was reached with the armed group that shut it down last month, a senior Libyan oil source said on Monday.

A pipeline from Iraq to the Turkish port of Ceyhan will also resume operations in two to three days following an interruption caused by a leak, two sources in Iraq’s state-run North Oil Company (NOC) said on Monday.

Clashes in Egypt that left at least 51 people dead heightened geopolitical risk, but there has been no impact to ports and shipping through the Suez Canal.

Egypt will hold new parliamentary elections once amendments to its suspended constitution are approved in a referendum, the interim head of state decreed on Monday, setting out a time frame that could see a legislative vote in about six months.

US commercial crude oil stocks likely fell by 3.3 million barrels last week, a Reuters poll showed on Monday. Distillate stocks likely rose by 1.3 million barrels, while gasoline stocks were seen up 1.2 million barrels.

Market News

The Standard & Poor’s 500 Index rose 0.53 percent on Monday, edging closer to its all-time high set in May.

The dollar paused in its rally as investors bought beaten-down currencies such as the Australian dollar on Tuesday, although its broad uptrend is seen intact as the market tries to position for when the US Federal Reserve will start to slow its stimulus.

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Should you Bet on Crude, Zinc, Gold Now? Experts Guide

4 Jul

Commodity experts are upbeat on crude, zinc, gold and copper, they advise buying them.

Reena Rohit of Angel Broking advises buying MCX near month crude oil contract around Rs 6,070 per barrel with a stop loss at Rs 6,020 per bbl for target of Rs 6,150 per bbl.

Dharmesh Bhatia of Kotak Commodities recommends buying on dips MCX July zinc at Rs 111 per kilogram with stop loss at Rs 110 per kilogram for target of Rs 114 per kilogram.

N Prasad of Safetrade Advisors suggests buying MCX gold at Rs 26,300 per 10gm with a stop loss of Rs 26,150 per 10gm for target of Rs 26,600 per 10gm.

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Sugandha Sachdeva of Religare advocates buying copper at Rs 418 per kilogram with stop loss at Rs 414 per kilogram for initial target of Rs 428 per kilogram with higher targets around Rs 432 per kilogram in coming days.

Watch video here: http://www.moneycontrol.com/news/commodities/should-you-betcrude-zinc-gold-now-experts-guide_911226.html

Commodity Bets: How to trade Crude, Gold, Zinc & Lead

2 Jul

Sreekanth Jha of PJ Commodity Ventures suggests buying crude at Rs 5,800 per barrel for target of Rs 5,900 per bbl.

N Prasad of Safetrade Advisors recommends buying MCX gold at Rs 28,850 per 10gm with stop loss at Rs 25,600 per 10gm for target of Rs 27,170 per 10gm to Rs 27,200 per 10gm.

Reena Rohit of Angel Broking advises buying zinc July contract at Rs 110 per kilogram with stop loss at Rs 109 per kilogram for target of Rs 111 per kilogram on the upside.

Sugandha Sachdeva of Religare Commodities advocates going long on lead MCX July series at Rs 122 per kilogram with stop loss at Rs 120.50 per kilogram for targets of Rs 125.5 and Rs 126 per kilogram in near term.

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Commodity bets: Sell gold; buy silver & crude

28 Jun

Commodity experts are upbeat on silver and crude, they advise buying them. However, they are not bullish on gold, hence suggest selling it.

Priyank Upadhya of SSJ Finance and Securities suggests buying silver around Rs 39,000 per kilogram with stop loss below Rs 38,500 per kilogram and target around Rs 40,000-40,400 per kilogram.

Hitesh Jain of IIFL advocates selling MCX gold at Rs 25,500 per 10gm with target of Rs 25,000 per 10gm and stop loss of Rs 25,850 per 10gm.

Dipen Shah of Stayvan.com advises buying crude. “Any dips in prices around Rs 5,770 per barrel should be used for buying on MCX with strict stop loss of Rs 5,750 per bbl and expect Rs 5,820 to 5,840 per bbl on the higher side on MCX,” Shah adds.

Shreekanth Jha of PJ Commodity Ventures recommends selling gold at Rs 25,500 per 10gm for an immediate target of Rs 25,000 per 10gm.

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Bullion to remain under pressure, sell on rise: Emkay

19 Jun

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: How would you approach bullion going into that Federal Open Market Committee (FOMC) meet today?

A: We are expecting that there will be a lot of pressure on bullion prices , although they have moved up little bit in the last few sessions largely in India because of the weakening of rupee. We think that USD 1400 per ounce remains a strong resistance for gold. Hence we are recommending to sell it at any upside towards USD 1375-1385 per ounce. We expect gold to come back around USD 1320 per ounce or so. Once USD 1320 per ounce breaks then we can expect further downside.

In the Indian market, Rs 28,100-28,200 per 10gm is a selling level and we expect it to come back to Rs 27,500 per 10gm and maybe lower than that.

People will be looking at what Ben Bernanke says because although we do not expect them to say that this USD 85 billion bond buying will be stopped but they might put some kind of conditions on that. If there is any kind of condition then obviously there will be further pressure on bullion prices. So overall the prices will remain under pressure.

Similarly, for silver also we think that USD 22 per ounce is a resistance and we can sell there and we expect silver prices to fall back.

In rupee terms we expect silver prices to fall somewhere around Rs 42,500-42,800 per kilogram range. So we should sell both gold and silver on the uptick.

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Q: There seems to be reports that money is flowing back into crude now as an asset class, how would you trade that particular commodity and at what kind of targets?

A: We expect that the broader long-term range for nymex crude oil will be somewhere around USD 80-100 per barrel approximately. We are on the higher band on that technically. We expect that around USD 100 per barrel Nymex crude should get strong resistance .

Today the data will be out and we expect that inventories will be lesser, we cannot see some kind of uptick happening. But overall inventory levels are quite high and right now the tension in Syria is something which is driving the prices on the higher side. Economic outlook is changing drastically, where we see a lot of demand coming in. There is a lot of supply available and there is no such thing that Organization of Petroleum Exporting Countries (OPEC) will cut down on the production side as well.

So our idea is that for short-term we might see some uptick happening but we do expect that crude oil prices also will not be rising too much and we can sell them maybe at some uptick when we see today’s data and we expect that Nymex crude should come back to around USD 95-94 per barrel.

Commodity bets: Buy crude, copper & gold; sell lead

17 Jun

Renisha Chainani of Edelweiss suggests buying crude at Rs 5,600 per bbl with stop loss of Rs 5,550 per bbl and targets at Rs 5,670 per bbl and Rs 5,680 per bbl on higher side.

Sugandha Sachdeva of Religare Commodities advises buying copper at Rs 406 per kilogram, keeping stop loss at Rs 403 per kilogram and prices likely to edge higher at Rs 415 per kilogram.

Dharmesh Bhatia of Kotak Commodities advocates buying gold at Rs 27,700 per 10gm maintaining stop loss at Rs 27,500 per 10gm and hold for target of Rs 28,250 to Rs 28,350 per 10gm.

Sumeet Bagadia of Destimoney Commodities recommends selling lead. “Rise in prices till Rs 121 or Rs 122 per kilogram in MCX should be used as selling opportunity with stop loss to be placed at Rs 124 per kilogram on higher side for initial target of Rs 119 per kilogram and prices are able to break and give close below Rs 119 per kilogram then further selloff can be seen till Rs 117 per kilogram in two-three days,” Bagadia adds.

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India fourth biggest in Crude Steel production for third year: Minister

13 Jun

Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here on Wednesday, he said that the crude steel production in India has grown by 4.3% in 2012. He also said that capacity of steel production in the country has increased from 66 million tonnes in 2009 to about 90 million tonnes in 2012.

NEW DELHI: India’s Union Minister of Steel, Beni Prasad Verma has said that India continues to hold the 4th position in global crude steel production for the past 3 years.

Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here on Wednesday, he said that the crude steel production in India has grown by 4.3% in 2012. He also said that capacity of steel production in the country has increased from 66 million tonnes in 2009 to about 90 million tonnes in 2012. The functioning of Steel Authority of India Limited (SAIL) was the agenda of the meeting.

Verma apprised the committee members that the per capita steel consumption has risen to 60 kg in 2011-12. The Minister stressed on the importance of conserving raw material resources in the country and elaborated on the measures taken by the Government.

SAIL, a Maharatna PSU under the Ministry of Steel, is today the 7th World Class Steel Maker as per World Steel Dynamics. SAIL’s production of saleable steel has been 12.4 million tonnes, which is 112% of rated capacity. SAIL has five integrated steel plants that are undergoing expansion and modernization, the expansion activities of Salem Steel Plant of SAIL have already been completed.

The members were briefed about the global and domestic steel scenario, functioning of SAIL and its performance on various parameters. Details of marketing initiatives and modernization and expansion plan were also discussed.

They were informed that the company achieved profit after tax of Rs. 2170 crore during the year 2012-13. Some of the members complimented SAIL on its working, while some expressed concern over the progress of expansion plan and profitability of the company.

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