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Price correction in iron ore is normal whenever there is a surge, of course, there will be a downward correction. Serious correction in iron ore price will depend upon how the Chinese steel prices will perform as the China’s domestic steel prices have surged to a new 3 and a half year high.
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Spot gold had dropped 0.3 percent to USD 1,244.93 per ounce by 0034 GMT. The metal hit its highest since November 11 at USD 1,263.80 on February 27.
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Under the deal, they will bring it down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE, and Kuwait making the biggest cuts. A number of non-OPEC producers have joined OPEC in these cuts. They have agreed to reduce production by about 560, 000 barrels per day.
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There has been a lot of backroom drama in the run up to the Vienna meeting, with many members lobbying to be exempt from the production cut. As of now, confusion and uncertainty persists and that is reflecting in crude prices which are down around 2 percent after the OPEC experts meeting on Monday.
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India, the second biggest consumer of gold has witnessed 86 percent of its currency being demonetised at one go. How has this impacted prices and is any respite likely soon?
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The crackdown on Rs 500 and Rs 1000 denomination notes has led to a sudden surge in demand for gold. People having huge stash of unaccounted cash are trying to convert their wealth into gold as they fear scrutiny by the tax department if the cash is deposited in banks.
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Since pushing above USD 50 per barrel, crude has taken a bit of a breather. Nevertheless, at least one chartist thinks oil is heading toward fresh highs.
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A couple of months ago, pulses futures were banned on the grounds that it aggravated the rise in pulses prices. While pulses prices have stabilised over the last month or so, it could have more to do with expectations of a bumper crop since monsoons have been good.
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Sugar shares have been on a tear of late, thanks to rising sugar price, and the government is trying to get a handle on sugar prices in check before the festive season demand kicks in.
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As per the motion passed in Maharashtra cabinet last week, the farmers can now sell their produce outside APMC markets. Under the APMC rule, the farmers until now were bound to sell only via traders licensed by the APMC at the price decided by them.
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Bullion traders said lower demand from jewellers and retailers at existing levels led to the fall in gold prices, but a firming trend overseas capped the fall.
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Watch the interview of Aurobinda Prasad Gayan of Kotak Commodities with Ekta Batra & Anuj Singhal on CNBC-TV18. He spoke about the current trend in commodities markets.
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Gold prices gain slightly in Asia ahead of Fed decision
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Brent crude, the global benchmark, traded up 31 cents at USD 38.23 a barrel, after touching an intra-day high of USD 38.23. US crude was trading at USD 36.40, up 9 cents.
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It can be noted that global crude oil prices have been on a downward trajectory as the world adopts newer alternatives, including shale gas and other renewables, and become more conscious of carbon emissions.
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Moody's lowered its price assumption in 2016 for Brent crude oil, the international benchmark, to USD 43 from USD 53 per barrel and for West Texas Intermediate (WTI) crude, the North American benchmark, to USD 40 from USD 48 per barrel.
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Copper falls along with other metals ahead of Fed outcome
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Watch the interview of Faiyaz Hudani of Kotak Commodity Services with Reema Tendulkar & Nigel D'Souza on CNBC-TV18. He spoke about the current trend in commodities markets.
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Watch the interview of Kunal Shah of Nirmal Bang Commodities with Ekta Batra and Anuj Singhal on CNBC-TV18. He spoke about the current trend in commodities markets.
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Watch the interview of Aurobinda Prasad Gayan of Kotak Commodities with Latha Venkatesh and Sonia Shenoy on CNBC-TV18. He spoke about the current trend in commodities markets.
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The Federal Reserve will kick off its last policy meet of the year later on Tuesday. At the end of the two-day meet, the US central bank is widely expected to hike interest rates for the first time since June 2006.
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U.S. crude rallies after falling under $35 for first time in six years
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Gold prices were trading higher in major cities of India on Tuesday. In Chennai market, prices of 24-carat gold per 10 gram were up by Rs 20 at Rs 30530 and rates of 22-carat gained by Rs 20 at Rs 28550.
