Gold jeweler’s exports up 220 pc, gold bar imports leap by 302 pc
Without any significant growth in demand from any of the markets, gold jewellery exports from SEZ/EPZs have surged by 220 per cent between April and July, while that from DTA is down by 7 per cent. Import of gold bar too has recorded a huge leap of 450 per cent in July and 302 per cent between April and July. Export of gold jewellery from Special Economic Zones (SEZs) and Export Promotion Zones (EPZs) went up by 220.7 per cent to touch Rs 23,012.51 crore between April and July this year against Rs 7,175.54 crore during the same period last year. Meanwhile, jewellery exports from Domestic Tariff Area (DTA) was down by 7.36 per cent to Rs 5,863.67 crore against Rs 6,329.53 crore in the corresponding period last year, as per the data from Gems and Jewellery Export Promotion Council (GJEPC).
COPPER is extending its recovery and now it’s in range bound.
LME copper traded range bound at $6,000/mt and the SHFE 1810 contract hovered around 48,400 yuan/mt overnight. Open interests for SHFE copper contracts gained 1,400 lots to 591,000 lots. The 120- and 250-week moving averages crossed at $6,000/mt, indicating some support. Spot premiums are seen lower at 80-130 yuan/mt today.
Nickel bounced back to close at $13,580/mt on Wednesday after it fell to an intraday low of $ 13,455/mt.
LME nickel bounced back to close at $13,580/mt on Wednesday after it fell to an intraday low of $13,455/mt. The SHFE 1811 contract touched a low of 110,510 yuan/mt and closed overnight 0.5% lower at 111,490 yuan/mt. We expect nickel prices to continue such range bound patterns today as investors monitor US-China trade talks. LME nickel is likely to hover around $13,500/mt and the SHFE 1811 contract is expected to trade at 110,500-112,000 yuan/mt. Spot prices are seen at 111,000-113,000 yuan/mt.
International oil prices slip as trade spat escalates; US crude stock drop supports
International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. International markets weakened as the intensifying trade spat between the United States and China was seen as a drag on economic growth. The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of the other's goods. In U.S. oil markets, a decline in commercial crude inventories provided WTI with stronger support than Brent. The world's three top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a third of global demand.
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