Copper Recovers Following Better Housing Starts Data From US

         US acted as a savior for metals as its economic numbers were cheered by traders. Buyers were brought back in the markets after US reported that the housing starts rose to 1.036 million in the month of March from 0.939 million in the month of February 2013.
         Industrial production data from US also overtook analysts expectations. The Industrial production in US rose 0.4 percent in March unlike analysts expectations of 0.2 percent. The production was higher than expected but lower from 1.1 percent in the month of February, which was ignored by the markets.
         In another news, Glencore merger roadmap with Xstrata is certain after the Chinese Ministry of Commerce of the Peoples Republic of China (MOFCOM) cleared the deal worth $ 30 billion. The Antimonopoly law of China was the last hurdle in between the acquisition of Xstrata by Glencore.
         The MOFCOM has said that the post merger ownership assets in Las Bambas Copper project of Peru must be sold before 30 September 2014 for pre determined price. Glencore will start the sale process and make a announcement for sale of its ownership interest. Along with this, Glencore will supply Copper to Chinese customers for the period of eight years from 1 January 2013.
         Meanwhile, BHP Billiton nine month ending 31 March 2013 production report was released. The company said that Copper in concentrate production at Escondida increased by 61% during the nine month period ended March 2013.
        Total Escondida copper production remains on track to increase by at least 20% in the 2013 financial year. BHP Billiton production increased by 15 per cent from the December 2012 quarter and reflected a temporary increase in the grade profile at Antamina.
         LME three month Copper prices settled at $ 7250 per tonne, up $ 92 per tonne on Tuesday. MCX Copper settled at Rs 394.6 per kg. The prices are resisted at Rs 396.5 and 397 per kg. Supports for the contract are at Rs 388 and 385 per kg.[via]

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Gold Down Slightly On Profit Taking

         Gold futures are trading down slightly in the Asia electronic session today on profit taking after posting gains of nearly 2% in the US floor trading.
         Gold for June delivery is trading down $8 at $ 1379 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it rose $26.30, or 1.9%, to settle at $1,387.40 an ounce.
        On Monday it plunged $140.30, or 9.3%, to $1,361.10 an ounce. The slide marked the precious metal’s biggest one-day percentage drop since February 1983. Gold’s one-day dollar drop was the biggest since January 1980 and the second-largest in its history.
        The bulk of the selloff occurred on Monday, which marked the largest one-day loss since the 1980s and prompted an increase in the amount of money investors needed to trade gold-futures contracts. Including Friday’s loss, the metal saw a two-session drop of more than $200 an ounce, or 13%.
        U.S. economic data Tuesday showed a deceleration in consumer inflation. They also showed a jump in construction of new homes and an increase in industrial production.
        Sentiment in gold has suffered after recent cuts to price forecasts for the metal, as well as outflows from gold exchange-traded products. Last week, the investment bank lowered its average gold-price forecast for 2013 to $1,545 an ounce, a level the metal took out on Friday.
       On Tuesday, Goldman cut its short-term stop on gold to $1,400 an ounce and said recent exchange-traded-fund holdings show “acceleration in the liquidation of length, which points to a broad-based selloff extending beyond the futures markets, with potential more room to go.”
      MCX June gold futures may open today’s session near Rs 25800 levels with resistance near Rs 25900-26000 levels and support near Rs 25700 levels. [via]

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Oil Stays Flat Ahead Of Inventories

       Crude oil futures stayed flat in the Asia electronic session today with the traders awaiting the weekly oil inventories data from the U.S. Energy Information Administration due later today.
       May crude oil futures are trading flat at $88.72 a barrel on the New York Mercantile Exchange. Yesterday, it added a penny to settle at $88.72 a barrel, after touching intraday lows under $87. Prices had tallied a loss of more than 6% over the past three trading sessions.
      Nymex oil on Monday dropped $2.58, or 2.8%, to $88.71 a barrel, the lowest settlement for a most-active contract since late December. Oil and other commodities sank Monday after quarterly economic growth and monthly industrial production numbers from China came in weaker than anticipated. The figures ramped up worries that demand for commodities, including oil, will soften.
      The International Monetary Fund on Tuesday trimmed projections for global economic growth for this year and next to take into account sharp government spending cuts in the United States and the latest struggles of recession-stricken Europe.
      While it said economic prospects had improved in recent months with a fading of financial risks, it warned Europe against relaxing efforts to combat its debt crisis given the messy bailout in Cyprus and a political stalemate in Italy.
      Highlighting those concerns, the International Energy Agency and the Organization of the Petroleum Exporting Countries last week reduced their global oil-demand growth estimates for the year slightly.
      Data from the American Petroleum Institute (API) showed total weekly U.S. crude stocks down by 6.7 million barrels, in contrast to a Reuters survey in which analysts forecast a rise of 1.3 million.
      The APIs report put gasoline stocks up by 253,000 barrels and distillate stocks up by 1.3 million barrels. Stocks of U.S. crude at Cushing, Oklahoma, the delivery point for the U.S. crude contract, were up by 1.1 million barrels.
      The more closely watched data from the U.S. government agency, the Energy Information Administration, will be released Wednesday at 10:30 a.m. EDT (1430 GMT).
      MCX April crude oil futures may open today’s session near Rs 4800 with resistance near Rs 4825 levels and support near Rs 4780 levels. [via]

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US Stainless Steel Products Up 7.1 Percent In February 2013

       
         The US shipments of stainless steel products totaled 168,901 tons in February, rising by 7.1% from January 2013. This is the highest level since March, 2011. Among the total stainless steel products shipped, 96306 tons were cold rolled stainless steel sheets, increasing by 13.7%; 25898 tons were cold rolled stainless steel strips, falling by 2.7% and 8256 tons were hot rolled stainless steel sheets, decreasing by 12.6%, all compared to those in a month ago. [via]

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China To Close Down 7.8 Million Tonnes Of Steel Making Capacity

          Struggling Ministry of Industry and Information Technology (MIIT) is forced to close down outdated steel capacity. Slowness in demand and huge inventories of steel has been dragging steel industry down for long time. China is planning to close down 7.81 million metric tonnes of steel making capacity in 2013.
         Total crude steel capacity in China is estimated to have increased by 900 million tonnes. Crude steel output increased by 3 percent to 717 million tonnes in 2012. Ministry is also planning to shut down 14.05 million tonnes of coking coal capacity and 1.73 million tonnes of ferroalloy capacity in 2013.
         This is not the only shutdown planned by the Ministry. It also plans to shut down 273000 tonnes of Aluminium, 665000 tonnes of Copper and 879000 tonnes of lead smelting capacity in 2013. The overcapacity burden in China is so much that it has brought down the demand of the metals. China industrial production also took a backseat recently. [via]

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Jeera closes lower on sluggish demand

            Jeera prices closed lower by 1.87 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for April 2013 contract closed at Rs. 13,280 per quintal, down by 1.87 per cent, after opening at Rs. 13,360 against the previous closing price of Rs. 13,532.5. It touched the intra-day low of Rs. 13,280.
          Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.
          India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey. [via]

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RIL plummets on reporting revenue drop in Q4

             Reliance Industries (RIL) is currently trading at Rs 786.75, down by 17.75 points or 2.21% from its previous closing of Rs 804.50 on the BSE.
            The scrip opened at Rs 805.10 and has touched a high and low of Rs. 810.00 and Rs. 781.70 respectively. So far 348928 shares were traded on the counter.
            The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs. 954.80 on 21-Jan-2013 and a 52 week low of Rs. 671.00 on 08-May-2012.
            Last one week high and low of the scrip stood at Rs. 809.50 and Rs. 765.00 respectively. The current market cap of the company is Rs. 254148.12 crore.
            The promoters holding in the company stood at 45.34% while Institutions and Non-Institutions held 28.69% and 22.55% respectively.
            The company has posted a rise of 31.94% in its net profit at Rs 5,589 crore for the quarter ended March 31, 2013 as compared to Rs 4,236 crore for the same quarter in the previous year. However, total income of the company has decreased marginally by 1.18% at Rs 86,441 crore for quarter under review as compared to Rs 87,477 crore for the quarter ended March 31, 2012.
            For the full year ended March 31, 2013, the company has posted a rise of 4.81% in its net profit at Rs 21,003 crore as compared to Rs 20,040 crore for the same period in the previous year. Total income has increased by 9.58% at Rs 368,295 crore for year under review as compared to Rs 336,096 crore for the period ended March 31, 2012.
            For the full year ended March 31, 2013, on consolidated basis, the company has posted a rise of 5.86% in its net profit after taxes, minority interest and share of profit / (loss) of associates at Rs 20,879 crore as compared to Rs 19,724 crore for the same period in the previous year. Total income increased by 11.03% at Rs 4,04,862 crore for year under review as compared to Rs 3,64,625 crore for the period ended March 31, 2012. [via]

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