MCX gold futures are trading flat amid the holiday thinned volumes today, however investors may closely watch the data releases scheduled later in the week.
On the data front this week, on Tuesday, the Institute for Supply Management is set to release its report on December manufacturing. Then, on Wednesday comes data on November factory orders along with December U.S. motor vehicle sales.
On Thursday, ADP will release its December employment figures, and ISM will release its December non-manufacturing data. Also, on Thursday, U.S. retailers will release same-store sales data for December.
On Friday, figures on the December unemployment rate and nonfarm payrolls are released.
COMEX Gold updates futures closed higher Friday, rebounding after dropping nearly 5% over the past six sessions to end a tumultuous year with a gain of 10%. It breached 5 psychological marks in 2011 from $1500-$1900 indicating that the volatility was at the highest ever seen for the commodity.
The February gold futures contract rose $25.90, or 1.7%, to settle at $1,566.80 an ounce on the Comex division of the New York Mercantile Exchange. Futures prices had lost 4.7% in a six-session losing streak, but they gained $145.40, or 10%, for the year after closing out last year at $1,421.40. For the quarter, gold lost 3.4%.
Warehousing companies approved by the London Metal Exchange (LME) will increase the rent they charge clients to store zinc as well as lead at their facilities, according to a notice from the exchange on Friday December 30. The new charges will apply from April 1 2012 to March 31 2013. The move might bring some stocks out of the warehouses.
A once abandoned copper mine in New South Wales, Australia is being revitalized through a partnership with a Chinese company. KBL Mining Limited said that Guangdong Guangxin Mining Resource Corp is taking a 25% stake in KBL's Mineral Hill Mine for AUD 80 million.
State-owned GMR will also buy KBL's 75% share of the mine's copper concentrates, at a 25% discount to the current London Metals Exchange copper price. In addition, the Chinese company will take a 15% stake in KBL through the issue of KBL shares.
KBL's Chairman said that this opportunity, with a company the size of GMR, not only provides us with capital to rapidly expand Mineral Hill, to start developing Sorby Hills in 2012 and to pursue other opportunities, but provides us with a long term, stable partner for KBL that will assist our expansion from a single mine company to a medium-sized multi mine corporation.”
The Sorby Hills silver lead zinc deposit in Western Australia is one of the largest near surface silver lead deposits in the world, according to KBL. The project is in its final stages of permitting.
Sugar futures are likely to witness stockiest selling at higher levels on the account of strong sugar production in Maharashtra so far in the current year along with dearth of export demand in domestic market.
As per latest update from Maharashtra State Cooperative Sugar Factories Foundation, the millers in Maharashtra state have produced 2.73 million tonnes of sugar as on 31st December 2011, up almost 18.8% from the last year in the same period.
Moreover, sluggish export demand in domestic market might also add some selling in futures market . The Directorate of Sugar has only given the export permits for 22,578 tonnes till 18th December against the export limit of one- million tonnes due to sharp decline in international white sugar prices.
Technically, the NCDEX Market January Benchmark sugar futures are likely to witness some selling around Rs 2895-2900 per quintal while downside supports are likely at Rs 2860-2865 per quintal in the short term.
The report from public relations office of Iran's Mine and Mineral Industries Development and Renovation Organization said that about 18.47 million tons of tons of concentrated and granulated iron ore were mined in Iran during the first eight months of the year starting from 21 March 2011.
This was up by 3% compared to the figure for the same period of the preceding year which was 17.95 million tons. Local news agency reported that Chadormalu Mining and Industrial Company which produced 6.5 million tons of iron ore stood first in the country in this respect, followed by Golgohar and Markazi companies with $5.44 million tons and $4.20 million tons respectively.
Sugar futures are likely to witness stockiest selling at higher levels on the account of strong sugar production in Maharashtra so far in the current year along with dearth of export demand in domestic market.
As per latest update from Maharashtra State Cooperative Sugar Factories Foundation, the millers in Maharashtra state have produced 2.73 million tonnes of sugar as on 31st December 2011, up almost 18.8% from the last year in the same period.
Moreover, sluggish export demand in domestic market might also add some selling in futures market . The Directorate of Sugar has only given the export permits for 22,578 tonnes till 18th December against the export limit of one- million tonnes due to sharp decline in international white sugar prices.
Technically, the NCDEX January Benchmark sugar futures are likely to witness some selling around Rs 2895-2900 per quintal while downside supports are likely at Rs 2860-2865 per quintal in the short term.
Sugar futures are likely to witness stockiest selling at higher levels on the account of strong sugar production in Maharashtra so far in the current year along with dearth of export demand in domestic market.
As per latest update from Maharashtra State Cooperative Sugar Factories Foundation, the millers in Maharashtra state have produced 2.73 million tonnes of sugar as on 31st December 2011, up almost 18.8% from the last year in the same period.
Moreover, sluggish export demand in domestic market might also add some selling in futures market . The Directorate of Sugar has only given the export permits for 22,578 tonnes till 18th December against the export limit of one- million tonnes due to sharp decline in international white sugar prices.
Technically, the NCDEX January Benchmark sugar futures are likely to witness some selling around Rs 2895-2900 per quintal while downside supports are likely at Rs 2860-2865 per quintal in the short term.
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