Commodity MCX Cardamom Updates

Cardamom ended up for the second day on short covering and festive demand. MCX cardamom November contract ended the day at Rs 847.20, up Rs 4 or 0.47% from the last close.

The average prices of cardamom in the auction held at Mas Enterprises, Vandanmettu on Friday (as on 26th October 2012) stood at Rs 744.56 and maximum price was at Rs 1018 per kg. The arrivals and offtakes stood at 22808 kg and 21423 kg respectively.

Cardamom plunged sharply in the last two months with November contract hitting the contract lows of Rs 830 a kg. The counter edged up with contract hitting the high at Rs 853.50 and contract ended the day at Rs 847.20, up Rs 4 or 0.47% from the last close. The open interest dropped 51 positions to 4,523 lots, indicating long liquidations.

Gold News

Gold futures are trading flat in the Asia electronic trades today with lack of cues in the markets right now. The Asian equities are trading higher, crude oil futures are also trading steady above $92 a barrel, however silver and other base metals were trading slightly lower this morning.
Gold for December delivery are trading flat at $ 1771 an ounce on the Comex division of the New York Mercantile Exchange. Yesterday, it closed up $5.5, or 0.3%, to $1,770.6 and during the intraday trading it rose to a high of $1,774.5. 
The US dollar softened yesterday after series of gains since Standard & Poor's Ratings Services had cut Spain's credit rating to BBB-, just one notch above junk status. The ICE dollar index, which measures the greenback against a basket of six other currencies, fell by almost 0.25% on Thursday.
In news yesterday, the Labor Department in US reported that number of U.S. workers who filed new applications for unemployment benefits dropped sharply, by 30,000, last week to 339,000, the lowest level in more than four years. 
Separate report showed that the trade deficit widened to $44.2 billion during August after the prior month's reading was revised down to $42.5 billion. Market had expected that the deficit would come in at $43.6 billion.
MCX December gold futures may open today’s session near Rs 31350-70 levels with resistance near Rs 31410-20 levels. 
Next week, the minutes of the Reserve Bank of Australia’s latest monetary policy meeting will dominate the markets. Also due next week are the consumer price index figures in the United States, and Chinese inflation. In the corporate world, a number of miners will release quarterly production reports including Rio Tinto, BHP Billiton and Fortescue Metals.

Commodity updates

Advisory Data:-

Non ferrous metals were trading on a weak note on expectations of dejection from Chinese trade data due to be released on Saturday. The inflation numbers from China will be released on Monday next week. Many investors still opted to stay on the sidelines before the Chinese trade data. China is a major consumer of metals in the world therefore caution before the trade data is quite high.
Today, Shanghai weekly inventory of Copper increased by 18967 metric tonnes or 11.7% to 181514 metric tonnes on 12 October 2012. London Copper inventories declined marginally by 3630 tonnes on Friday to 215900 metric tonnes. LME Copper three month forwards were trading at $ 8164 per tonne, as against $ 8212 per tonne on Thursday.
Refined Copper production is likely to increase by only 1.5% to 19.95 million tonnes in 2012 compared to 20 million tonnes in the previous year. ICSG expects world apparent refined usage in 2012 to grow by 2.6% from that in 2011 to 20.4 million tonnes.
MCX Copper November expiry declined in the weekend trading at Rs 435.8 per kg, up 0.4%. The prices tested a high of Rs 437.7 per kg. Resistances for the contract are at Rs 441 and 443 per kg. supports for the contract is at Rs 432 per kg.
London Aluminium was at one month low as it slipped to $ 2003 per tonne on Friday. The metal settled at $ 2019 per tonne after the day's low. MCX Aluminium performed the worst among metals trading at Rs 105 per kg and bearing losses of 0.61%. This week, mining major Alcoa has moderated its 2012 global aluminum demand forecast to 6%, down from 7%.