Other metals in domestic market at COMMODITY TIPS, Nickel for delivery in December was gaining by 0.3% or Rs 2.8 at Rs 949.2 per kg. Aluminium was trading flat at Rs 109.2 per kg and Lead was gaining by 0.51% or Rs 0.55 at Rs 109.2 per kg. MCX Zinc also remained flat at Rs 105.15 per kg.
Comex Copper future for most active March contract was trading at $3.493 a pound, slipped by 0.2% (1 cent). SHFE copper future for the most active February contract was trading at 57350 yuan per tonne, down 0.8% (460 yuan). Likewise at MCX, Copper for delivery in February was trading flat at Rs 407.05 per kg with its high at Rs 408 per kg and low at Rs 406.6 per kg.
Meanwhile, China the world's second-largest economy released key economic data on Friday, with the country's consumer inflation rate easing sharply to 4.2% in November, compared to a 5.5% rise in October and recorded as lowest level in more than a year. The reading came in just below the 4.4% increase that had been expected but could not bolster the metals to trade in positive direction as the Europe summit acted as a catalyst. China's Industrial Production in November was up by 12.4% on y-o-y basis, which is lesser than expected of 12.6%.
The reports hinted that European leaders dropped the proposal for an EU-wide treaty change as the leaders faced opposition from many EU members, including the U.K. France and Germany had wanted all 27 members to back treaty changes to control budgets.
Despite the cloudy environment, the Euro area governments are preparing to boost the International Monetary Fund resources through bilateral loans that could amount to EUR 200 billion and also prepared a new fiscal compact to achieve close economic and fiscal union exacerbated the hopes European leaders are near to find a solution to curtail the region's debt crisis and cramping the metals from its further fall.
The dollar index edged up by 0.25% at 79.03 against the basket of 6 major currencies as the sliding euro amid the uncertainties in the euro zone solaced the dollar.
Among other metals in domestic market at MCX, short covering was seen in Zinc as investors are covering their positions due to short selling yesterday. Zinc for delivery in December was surging by 0.48% or Rs 0.5 at Rs 104.05 per kg with its intraday high of Rs 104.3 per kg and low of Rs 103.65 per kg. Nickel remains unchanged at Rs 950.3 per kg. Aluminium was trading flat at Rs 107.85 per kg and Lead was also trading flat at Rs 109.1 per kg.
Senior Iranian oil officials announced that the country plans to increase its daily oil output from the current 3.5 million to 5 million barrels per day (bpd) by 2015.
Currently, we are producing 3.5 million bpd, while our capacity stands at 4.2 million bpd. We are hoping to raise this to 5.1 million bpd by 2015, Head of the National Iranian Oil Company (NIOC) Ahmad Qalebani said on the sidelines of the World Petroleum Congress in Doha.
Qalebani said in April Iran faced an output decline of 25,000 bpd over the last year since its reservoirs were in the second half of their lives. Also with regard to the US and EU sanctions on export of oil technology to Iran, Qalebani said, We import some of the technology needed (to develop our fields) from abroad.
Oil prices rose on Monday, with Brent crude over $111, extending last week's gains as political tension between Iran and the West increased the risk of disruption to its crude shipments. Iran warned on Sunday that any move to block its oil exports would more than double crude prices.
Iranian officials downplay the impact of sanctions, rejecting the idea that foreign investment is needed to develop the vital oil and gas industries.
RM Seed prices could ease in the coming days of reports of rains in Haryana, one of the largest producing region of the commodity. The benchmark NCDEX January 2012 contract had eased for the first time in six sessions yesterday and continues to linger into red today a well. The prices topped lifetime contract highs of Rs 3281 per quintal earlier in the week but look likely on a downward trajectory for now.
The commodity is quoting at Rs 3156 per quintal, down Rs 3 on the day. According to the latest updates, the area under the commodity stands at 61.60 lakh hectares as compared to 60.79 lakh hectares last year. Prices had earlier gone up on fears of unfavorable weather in the key producing states.
Regards,
commodity tips advisory services
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