Energy:
Brent, NYMEX
down in Asia as sentiment turns down ahead of U.S. rig data
Crude oil prices dropped in Asia on Friday as
sentiment turned downbeat on the supply outlook with U.S. rig count data ahead
to cap the week.
U.S. crude oil on the New York Mercantile
Exchange fell 0.49% to $50.38 a barrel. Global benchmark Brent futures on the
Intercontinental Exchange eased 0.37% to $51.19 a barrel.
Last week, oilfield services provider Baker
Hughes said the number of rigs drilling for oil in the U.S. last week rose by 4
to 432, marking the 15th increase in 16 weeks.
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Overnight, oil prices fell on Thursday as traders
took profits following a rally in the previous session fueled by an
unexpectedly large U.S. oil inventory drawdown last week and hopes for an
output cut by major producers.Oil prices rallied on Wednesday, with U.S. crude
settling at a 15-month high after the U.S. Energy Information Administration
said oil inventories fell by 5.2 million barrels in the week ended October
14.That was compared to forecasts for a stockpile build of 2.7 million barrels.
Bullions:
Gold prices down in Asia as stronger
dollar, Fed views weigh.
Gold
prices fell in Asia on Friday with a stronger dollar and the rising chances of
arate hike weighing on the hedge commodity.
Gold for December delivery on the Comex division
of the New York Mercantile Exchange fell 0.16% to $1,265.50 a troy ounce.
Also on the Comex, silver futures for December
delivery dropped 0.46% to $17.468 a troy ounce,while copper futures dipped
0.10% to $2.093 a pound.
Overnight, gold prices were trading close to two-week
highs on Thursday after the European Central Bank indicated that it would wait
until December to discuss tapering its asset purchase program, or the possible
horizon at which stimulus might end, aiding dollar strength.
ECB President Mario Draghi did indicate that an
adjustment to the stimulus program could come in December, saying its
assessment would benefit from new economic projections by ECB forecasters.
Currency:
Dollar stands
tall after dovish Draghi pressures euro.
The dollar stood tall in Asian trading on Friday,
on track for a weekly gain against a basket of currencies, as the euro wallowed
close to four-month lows after the European Central Bank quashed any
speculation of tapering its stimulus.
The dollar index, which gauges the greenback
against six major rivals, was up 0.1 percent at 98.369 (DXY), up 0.4 percent
for the week and not far from its overnight high of 98.404, its loftiest peak
since March 10.
The euro was slightly lower at $1.0925, poised to
shed 0.4 percent for the week after plumbing $1.0914 on Thursday; it’s lowest
since June 24.
ECB President Mario Draghi left the door open to
a wide range of policy options and emphasized that a long-awaited rise in
inflation is predicated on "very substantial" monetary accommodation
- giving markets no reason to believe the central bank was ready to talk about
tapering its 1.7 trillion euro ($1.86 trillion) asset-buying program.
Base Metals:
Lima in stalemate with towns
blocking road to copper mine.
Peru's government failed to restart talks with
residents of remote Andean towns blocking a road to one of the country's
biggest copper mines on Wednesday, as protesters demanded a meeting with
President Pedro Pablo Kuczynski.
Kuczynski, who took office July 28, said when he
was a candidate that he would travel to far-flung towns to personally resolve
disputes over mining in the world's third biggest copper producer. But Prime
Minister Fernando Zavala said Kuczynski would not travel to the highland region
of Apurimac while residents continued occupying a road leading to MMG Ltd's Las
Bambas mine.
Agri
Commodity:
Chana soars on
low arrivals
Amid non-availability of imported stock and sharp
decline in arrival of domestic crop, chana prices soared to new highs with
chana (kanta) rising to ?11,000-100 a quintal, while chana (desi) rose to
?10,800. . Chana dal (average) went for? 12,500-13,000, chana dal (medium) rose
to? 13,500-600, while chana dal (bold) ruled at? 14,000-14,100 a quintal. Urad
(bold) went for? 7,000-7,100, while urad (medium) ruled at? 6,200-6,300. Tur
(Maharashtra) was at? 6,400, tur (lemon) ruled at? 6,550 a quintal, while tur
(Madhya Pradesh) quoted at? 5,500-5,700. Moong (bold) was flat at? 4,800-5,000,
(medium) ruled at? 4,200- 4,300.
Strong demand
for finger turmeric
Spot turmeric prices at Erode markets edged up on
Wednesday as buyers showed interest in quality finger turmeric. “Though the
arrival of turmeric bags increased, the price of the commodity did not
decrease. Traders procured good quality finger turmeric for their local demand.
On Wednesday, more than 600 bags of good quality finger turmeric arrived for
sale and all the bags were sold,” said RKV Ravishankar, a trader. Totally,
3,200 bags were offered and 65 per cent stocks were sold. At the Erode Turmeric
Merchants Association, the finger variety went for? 6,368-8,909 a quintal and
the root variety at? 5,509-7,889. Of the 1,204 bags put up for sale, 734 were
traded. Our Correspondent.
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