Silver futures up on spot demand

Silver prices rose 0.03 per cent to Rs 37,317 per kg at the futures trade on Wednesday due to fresh positions created by speculators.

On the Multi Commodity Exchange, silver for delivery in July contracts went up by Rs 11, or 0.03 per cent, to Rs 37,317 per kg in a business turnover of 18,008 lots.

Similarly, the white metal for delivery in September contracts was trading higher by Rs 16, or 0.04 per cent, to Rs 37,720 per kg in a business turnover of 7,714 lots.

Market analysts attributed the rise in silver futures to fresh positions created by participants owing to an uptick in demand at the spot market.

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Crude oil futures up 1.15% on positive demand

Crude oil futures rose 1.15 per cent to Rs 3,775 per barrel on Wednesday after participants widened their bets, tracking a firm domestic trend.

On the Multi Commodity Exchange, crude oil contracts for June delivery traded higher by Rs 43, or 1.15 per cent, at Rs 3,775 per barrel with a business turnover of 15,174 lots.

Marketmen attributed the rise in crude oil futures to raising of bets by traders in tandem with firm overseas sentiments.

Globally, West Texas Intermediate crude was up 0.20 per cent to USD 54.01 per barrel, while Brent crude, the international benchmark, traded 0.19 per cent higher at USD 62.26 per barrel on the New York Mercantile Exchange.

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Gold futures up on fresh bets

Gold prices rose by Rs 29 to Rs 33,053 per 10 gram in the futures trade Wednesday as participants created fresh positions, tracking a firm trend in the domestic markets.

On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by Rs 29, or 0.09 per cent, to Rs 33,053 per 10 gram in a business turnover of 17,767 lots.

The gold for delivery in October contracts also rose by Rs 14, or 0.04 per cent, to Rs 33,225 per 10 gram in 2,892 lots.

Market analysts said the rise in gold prices at futures trade was mostly due to widening of positions by participants in domestic markets.

Globally, the gold was trading a shade lower by 0.13 per cent at USD 1,348.90 an ounce in New York.

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Jet Airways के फाउंडर नरेश गोयल से पूछताछ कर सकता है ED

Jet Airways। इस बात के पूरे आसार हैं कि एनफोर्समेंट डायरेक्टोरेट Jet Airways के फाउंडर नरेश गोयल को नोटिस भेज सकता है। इकोनॉमिक टाइम्स के मुताबिक, इस मामले की जानकारी रखने वाले लोगों ने बताया कि Jet Airways में स्टेक सेल के दौरान कथित तौर पर की गई गड़बड़ियों को लेकर नरेश गोयल से पूछताछ किया जाएगा।

इसके साथ ही ED 650 करोड़ रुपए की टैक्स चोरी की भी जांच कर रहा है। एजेंसी यह पता लगाने की कोशिश कर रही है कि Jet Airways ने फॉरेन एक्सचेंज मैनेजमेंट एक्ट (FEMA) का उल्लंघन तो नहीं किया है। 

Jet Airways ने 2012 में पूर्ण स्वामित्व वाली जेट प्रिविलेज प्राइवेट लिमिटेड (JPPL) शुरू की थी। इस कंपनी में एतिहाद के 50.1 फीसदी हिस्सेदारी लेने के बाद इसे स्वतंत्र इकाई बना दिया गया। कंपनी में बाकी की 49.9 फीसदी हिस्सेदारी नरेश गोयल के पास थी। 2013 में एतिहाद ने Jet Airways में 24 फीसदी हिस्सेदारी खरीदी। ED ने पहले भी Jet Airways से कई बार JPPL में 15 करोड़ डॉलर में स्टेक सेल से जुड़े सवाल किए थे। लेकिन इस साल मई में ED के सीनियर अधिकारियों ने इस मामले विस्तृत तौर पर पूछताछ की।   

Jet Airways के शेयर 18 जून को गिरकर अपने ऑल टाइम लो पर पहुंच गए। इसके एक दिन पहले लेंडर्स ने कंपनी को बैंकरप्सी कोर्ट NCLT में ले जाने का फैसला किया था। Jet Airways की आखिरी उड़ान 17 अप्रैल को थी। तमाम कोशिशों के बावजूद कंपनी में हिस्सेदारी खरीदने को लेकर कोई पुख्ता प्रस्ताव नहीं आया था।

ED अब यह पता लगाने की कोशिश कर रहा है कि एतिहाद ने कंपनी में हिस्सेदारी खरीदने से पहले FIPB से सभी जरूरी मंजूरी हासिल किए थे या नहीं।

इस मामले की जानकारी रखने वाले एक शख्स ने बताया कि शुरुआती जांच से ऐसे संकेत मिल रहे हैं कि कंपनी ने FDI नियमों का उल्लंघन किया है। Jet Airways ने इसके लिए -एयर ट्रांसपोर्ट सर्विस फर्म- टर्म का इस्तेमाल किया है।

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Gold inches lower as trade optimism, dovish ECB lift equities

Gold prices inched lower on Wednesday as hopes of a resolution to the Sino-U.S. trade spat and a dovish European Central Bank lifted riskier assets, while investors awaited the U.S. Federal Reserve's monetary policy decision later in the day.

Spot gold fell 0.09% to $1,344.92 per ounce, as of 0424 GMT, while U.S. gold futures declined 0.2% to $1,348.40 an ounce.

"We have equity markets surging because of (U.S. President Donald) Trump tweet last night, which has taken a lot of the scepticism out of the market," said Stephen Innes, managing partner at SPI Asset Management.

Equity markets jumped after Washington said it would resume trade talks with Beijing and as investors dared to hope the U.S. Federal Reserve would follow the lead of the ECB and open the door to future rate cuts at its policy meeting.

Trump said on Tuesday he had spoken to Chinese President Xi Jinping and that the two leaders' teams would restart trade talks after a long lull in order to prepare for a meeting at the G20 summit later this month.

There are a lot of uncertainties in the market, including tensions in the Middle East and a dovish Fed narrative, which should give support to gold, Innes said.

All eyes are now on the Fed which is scheduled to release a statement at 1800 GMT, followed by a press conference by Chairman Jerome Powell.

The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at its next meeting in July.

"We urge investors to temper bullish expectations on gold as an improvement in risk appetite from dovish monetary policy will cap gains for the non-interest bearing asset," Phillip Futures said in a note.

Denting the metal's appeal, the dollar index held near a more than two-week high, supported by a dovish ECB and bearish eurozone economic data.

"If the Fed comes out dovish or more dovish or as dovish as markets are pricing, it will weaken the U.S. dollar, which will add to gold's allure," Innes from SPI Asset Management said.

Among other precious metals, silver dipped 0.4% to $14.94 per ounce, while platinum rose 0.2% to $801.37.

Palladium was up 0.2% at a fresh 12-week high of $1,482.55 per ounce.

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सस्ती होंगी इलेक्ट्रिक गाड़ियां, GST 12% से घटाकर 5% करने की तैयारी

इलेक्ट्रिक गाड़ियों (EV) की बिक्री को बढ़ावा देने के लिए नरेंद्र मोदी सरकार GST में राहत दे सकती है। इकनॉमिक टाइम्स के मुताबिक सरकार इलेक्ट्रिक व्हीकल्स पर GST मौजूदा 12 फीसदी से घटाकर के 5 फीसदी कर सकती है।

इस पर फैसला लेने के लिए GST काउंसिल 20 जून को एक बैठक करने वाला है। इस मामले की जानकारी रखने वाले एक सीनियर अधिकारी ने बताया कि इलेक्ट्रिक गाड़ियों पर GST रेट घटाने का प्रस्ताव है। 20 जून की बैठक में इसके साथ ही कई दूसरे मुद्दों पर बातचीत होगी।

क्या है मकसद?

सरकार GST रेट घटाकर विदेशी कंपनियों को भारत में इलेक्ट्रिक गाड़ियां बनाने के लिए प्रोत्साहित करना चाहती है ताकि इनकी कीमतों में कमी आए। सरकार चाहती है कि ज्यादा से ज्यादा इलेक्ट्रिक गाड़ियों की बिक्री बढ़े ताकि प्रदूषण कम हो। पंजाब सरकार के निवेदन पर GST काउंसिल इलेक्ट्रिक गाड़ियों पर GST रेट घटाने पर विचार कर रहा है।

पंजाब सरकार ने लिखित तौर पर केंद्र सरकार से निवेदन किया था कि वह इलेक्ट्रिक गाड़ियों के GST रेट की समीक्षा करना चाहती है। राज्य सरकार का कहना था कि ऑटोमोबाइल्स, टेक्सटाइल्स, MSM और रियल एस्टेट को बढ़ावा देकर ही इकोनॉमी को पटरी पर लाया जा सकता है। फिस्कल ईयर 2019 में खत्म 5 साल में देश की आर्थिक ग्रोथ काफी कम हो गई है।

पंजाब के फाइनेंस मिनिस्टर मनप्रीत बादल ने यूनियन फाइनेंस मिनिस्टर और GST काउंसिल की चेयरमैन निर्मला सीतारमण को रेट कट का सुझाव दिया था।

ऑटोमोबाइल सेक्टर इन दिनों बुरे दौर से गुजर रहा है। इस सेक्टर की ग्रोथ पिछले 18 साल में सबसे कम रह गई है। मई में पैसेंजर व्हीकल्स की बिक्री 21 फीसदी घट गई। इसकी वजह से डीलरशिप खत्म करने पड़े और प्लांट बंद करने पड़े।

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Titan Company rallies 2% after UBS raises price target

Shares of Titan Company rallied 2 percent intraday on June 19 after global brokerage UBS raised price target on the stock by 28 percent.

"Company's aggressive growth strategy & flawless execution keep us bullish on the stock," the research firm reasoned.

UBS raised price target to Rs 1,600 from Rs 1,250 per share earlier, implying 28 percent potential upside from current levels.

"The upside fair value for the stock is Rs 1,800 per share while downside fair value is Rs 900," it said.

Titan Company had reported robust top-line growth across segments in the March quarter. Profit grew by 13 percent year-on-year to Rs 348.3 crore and total operating income rose 19 percent to Rs 4,888.8 crore in Q4FY18.

The stock has seen 55 percent upside in the last nine months. At 09:35 hours, it was quoting at Rs 1,274.75, up Rs 16.65, or 1.32 percent on the BSE.

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Oil gains amid Middle East tensions, US-China trade deal hopes

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a U.S.-China trade deal and on the potential for conflict between the U.S. and Iran in the Middle East after tanker attacks there last week.

Brent crude futures were up 3 cents at $62.17 a barrel by 0330 GMT. They rose 2% on Tuesday.

U.S. West Texas Intermediate crude gained 12 cents to $54.02 a barrel. The U.S. benchmark surged 3.8% in the last session.

In a post on Twitter, U.S. President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments.

Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid.

"Global demand for crude got a boost on expectations that trade talks are showing some positive signs following President Trump's tweets," said Edward Moya, senior market analyst at OANDA in New York.

Both oil benchmarks gave up earlier gains in the Asian session after data showed that Japan's exports fell for a sixth straight month in May as China-bound shipments weakened, underlining the impact of the trade war.

Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies.

Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement.

Iran said this week it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, possibly paving the way for the country to develop a nuclear weapon, adding that European nations still had time to save a landmark nuclear deal.

The U.S. is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran.

Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month.

OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday. OPEC itself, however, is considering meeting on July 1-2 though it is still saying meeting will be held on June 25-26 on its website.

U.S. crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday.

The report from the government's Energy Information Administration are due later on Wednesday.

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Citi upgrades Tata Power, sees 55% potential upside

Global brokerage house, Citi upgraded Tata Power, one of the largest power companies in private sector, to buy from neutral with a price target at Rs 76 per share, implying 18 percent potential upside from the current level.

In a bull case scenario, the target is Rs 100 that implies a whopping 55.4 percent potential upside from the current level, the brokerage said, adding the stock is now trading at a fair valuation.

According to Citi, Mundra UMPP resolution is likely in the next 3-6 months and non-core asset divestment-led deleveraging could lift numbers.

Overall, the stock has been an underperformer in last one year, falling 14 percent against BSE Power index that fell 3.4 percent and BSE Sensex that rallied 9.4 percent.

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Rupee opens higher at 69.56 per dollar

The Indian rupee opened higher by 14 paise at 69.56 per dollar on Wednesday versus Tuesday's close 69.70.

On June 18 the local currency rose 21 paise to end at 69.70 against the US currency on the lower crude oil prices and a weak dollar helped the Indian currency to snap the 3 days losing streak.

Rupee rose in the intraday session but broadly consolidated in a range as most market participants remained cautious ahead of the important FOMC policy statement that will be released later today. Expectation is that the Fed could take pause on rates but will provide cues for its stance for coming meetings. Fed governor commentary is expected to remain dovish and that could keep the greenback under pressure, said Motilal Oswal.

Today, USDINR pair is expected to open at 69.70(June) and quote in the range of 69.40 and 70.05-70.20, it added.

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Nifty can extend fall towards 11,450-11,500; here's why Exide & India Cements are top sell ideas

At the start of the week, Nifty plunged 1.25 percent, breaking previous three week low of 11,769.

Nifty has confirmed lower bottom preceded by lower top on the daily charts. The next support zone for the Nifty is seen at 11,450-11,500. Nifty has breached 20 days EMA and now is on the verge of violating 50 days EMA support placed at 11,655.

On May 20, 2019, when exit polls were announced for the Lok Sabha elections, Nifty opened with a huge gap of 245 points between 11,426 and 11,591. This gap can act as a short term support for the Nifty.

Bank Nifty has breached crucial double bottom support of 31,600, which could result in to further selling in the index. Support for the Bank Nifty spot is seen in the range of 29,700-29,900.

Indicators and oscillators like MACD and RSI have turned bearish on the daily charts, strengthening the chance of markets going down from here. Nifty Midcap and Smallcap indices lost their shine and most of the stock reached their two months low.

Currently, the index hides more than it reveals. Advance decline ratio of the BSE stocks has been negative for the last 13 sessions. This indicates that the breadth of the market is extremely weak. The performance gap between largecap and smallcap has widened again.

From the derivative side, Maximum OI is seen in Nifty 11,500 Put, indicating strong support going forward. As far as resistance is concerned, it has shifted downwards to 11,800. Short term view on market would remain bearish unless Nifty closes above 11,800 resistance.

Considering the technical evidence, we believe that Nifty is in a short term downtrend and can extend the fall towards 11,450-11,500 zone. One should remain bearish in Nifty with the stop loss of 11,800 on closing basis.

Here are the top stock trading ideas which can give good returns:

Exide Industries: Sell | Target: Rs 187 | Stop loss: Rs 212 | Return: 7 percent

The stock has been forming lower tops and lower bottoms on the daily charts. It is trading below all important moving averages. Auto sector has also been passing from the bearish phase. It has closed below crucial support of Rs 203 and has closed at the lowest level since February 2018.

Considering the technical evidence discussed above, we recommend selling the stock at current market price, for the target of Rs 188, keeping a stop loss at Rs 212 on closing basis.

India Cements: Sell | Target: Rs 86 | Stop loss: Rs 98 | Return: 8 percent

The stock price has broken down from the bearish “Flag” pattern on the daily charts. It has violated the crucial support of its 200 DMA. Cement sector has remained under pressure in the month of June. Upward sloping trend line has also been breached on the daily charts.

Considering the technical evidence, we recommend selling the stock at current market price, for the target of Rs 86, keeping a stop loss at Rs 98 on closing basis.

Piramal Enterprises: Sell | Target: Rs 1850 | Stop loss: Rs 2126 | Return: 8 percent

The stock price has violated the multiple bottom support placed at around 2020 levels. Bearish head and shoulder pattern is seen on the daily charts. Stock is trading below all important moving averages. Lower tops and lower bottoms formation is there on the short to medium term charts.

Considering the technical evidence, we recommend selling the stock at the current market price for the target of Rs 1850, keeping stop loss at Rs 2126 on closing basis.

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Gold prices edge up as dollar stalls ahead of Fed meet

Gold prices edged higher on Tuesday as the dollar pulled back from multi-week highs ahead of the U.S. Federal Reserve's two-day monetary policy meeting.

Spot gold was up 0.2% at $1,341.38 as of 0344 GMT.

U.S. gold futures also rose 0.2% to $1,345.20 an ounce.

"The overall sentiment in the gold markets is positive. There are expectations that the Fed will cut interest rates, which has weakened the dollar and remains a main driver for prices," said Helen Lau, analyst, Argonaut Securities.

The dollar index against basket of major currencies was down 0.1% on Tuesday, making bullion cheaper for investors holding other currencies.

The dollar was slightly undermined by the New York Fed's business index showing a record fall this month to its weakest level in more than 2-1/2 years.

At the current level, there could be some fluctuations in gold prices as there are still some mixed views on the rate cut and some investors are cautious ahead of the Fed's decision, Lau said.

The Fed's two-day policy meeting starting later on Tuesday is the next major focus after markets have priced in more than two 25 basis-point rate cuts by year-end.

That marks a sharp contrast to the Fed's official forecast in March, which showed policymakers deemed the next move would be a hike.

The expectations of an interest cut has been gradually increasing amid the raging U.S.-China trade war, signs of the U.S. economy losing steam and pressure by President Donald Trump to ease policy.

All these factors boosted bullion's appeal, with the yellow metal gaining nearly 6% since touching its 2019 low of $1,265.85 in early May.

Meanwhile, the U.S. central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

"We think that the Fed will not raise rates in June and with regards to policy wording, we could see a slightly less accommodative tone than what the market is expecting," INTL FCStone analyst Edward Meir said in a note.

"In which case the dollar could firm up somewhat further and perhaps pressure gold lower into its trading range."

On the technical front, spot gold may break a support at $1,337 per ounce and fall to the next support at $1,324, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver eased 0.1% to $14.84 per ounce, while palladium gained 0.5% to $1,457.75.

Platinum edged 0.1% lower to $791.59 an ounce after falling to its lowest since May 31 at $786 earlier in the session.

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Oil prices hold steady amid Middle east tensions, weak economic data

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth.

U.S. West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday.

The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

U.S. business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market.

"The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the U.S.-China trade war and disappointing economic data.

U.S. President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting.

Putting further pressure on oil, the U.S. energy department said on Monday that shale oil output is expected to reach a record in July.

But tensions in the Middle East are likely to keep prices supported, analysts said.

Acting U.S. Defense Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

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रिटेल स्टोर में मिलेगा पेट्रोल-डीजल

मोदी सरकार अपने दूसरे कार्यकाल में शायद आपको अब गाड़ी में तेल भराने के लिए पेट्रोल पंप के चक्कर न काटना पड़े। सरकार एक एक ऐसे प्रस्ताव पर विचार विमर्श कर रही है, जहां आप फुटकर सामान खरीद रहे हों, वहीं आपको पेट्रोल-डीजल भी मिल सके।

बिजनेस स्टैंडर्ड के मुताबिक, पेट्रोलियम और प्राकृतिक गैस मंत्रालय एक कैबिनेट प्रस्ताव तैयार कर सकता है। इसके तहत कंपनियों फुटकर कारोबार में उतरने का मौका मिल सकता है। मौजूदा नियमों मुताबिक तेल के खुदरा कारोबार में उतरने के लिए कंपनी के पास घरेलू बाजार में बुनियादी ढांचा निवेश के लिए 2,000 करोड़ रुपये होने चाहिए या उसे 30 लाख टन कच्चे तेल की खरीद के लिए जरूरी राशि के बराबर की बैंक गारंटी देनी होगी। सरकार इन नियमों को और सान कर सकती है। यदि ऐसा होता है तो, फ्यूचर समूह, रिलांयस रिटेल, और वॉलमार्ट जैसी मल्टी ब्रांड रिटेल कंपनियां पेट्रोल- डीजल भी बेचने लगेंगी।

नियम आसान होने पर सउदी अरामको जैसी दिग्गज इंटरनेशनल कंपनियों को भारत में रिटेल कारोबार में उतरने का मौका मिल जाएगी। अरामको ने देश के खुदरा ईंधन कारोबार में अपना इंट्रेस्ट दिखा चुकी है।  

दरअसल, ब्रिटेन जैसे देशों में पहले से ही रिटेल में डीजल-पेट्रोल की बिक्री शुरु है। यो योजना वहां काफी सफल है। उसी को देखकर भारत में सुपर मार्केट में डीजल-पेट्रोल की बिक्री करने का आइडिया आया है। ब्रिटेन की संस्था पेट्रोल रिटेलर्स एसोसिएशन (पीआरए) के अनुमान के मुताबिक अप्रैल में देश में पेट्रोल की कुल बिक्री में सुपरमार्केट की हिस्सेदारी करीब 49 फीसदी थी और डीजल की बिक्री में उसका 43 फीसदी योगदान रहा। वहां टेस्को, सेंसबरी, एस्डा और मॉरीसन ईंधन बेच रही हैं।

भारत में इसकी मांग पहले से ही की जाती रही है। अब जाकर सरकार इस य़ोजना पर काम शुरु कर ही है। इससे ईंधन की पहुंच आम लोगों तक आसान हो जाएगी। पुणे में तो एक साल पहले ही घर-घर डीजल की आपूर्ति शुरु की गई थी।

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कच्चे तेल में कमजोरी, सोने में मजबूती

अंतर्राष्ट्रीय बाजार में कच्चा तेल गिरावट के साथ कारोबार कर रहा है। नॉयमेक्स क्रूड 0.10 फीसदी की गिरावट के साथ 52.00 डॉलर के आस-पास नजर आ रहा है। वहीं ब्रेंड क्रूड में भी कमजोरी दिख रही है और ये 0.10 फीसदी की कमजोरी के साथ 61 डॉलर के आस-पास कारोबार कर रहा है।

वहीं दूसरी तरफ अंतर्राष्ट्रीय बाजार में सोने में तेजी नजर आ रही है और कोमेक्स पर सोना 0.11 फीसदी की मजबूती के साथ 1344.40 डॉलर पर कारोबार कर रहा है। वहीं चांदी में सुस्ती दिखाई दे रही है और कोमेक्स पर चांदी 0.25 फीसदी की कमजोरी के साथ 15 डॉलर के आस-पास कारोबार कर रही है।

कुंवरजी ग्रुप के रवि दियोरा की ट्रेडिंग टिप्स

एमसीएक्स जिंक (जून): बेचें-206.4 रुपये, लक्ष्य-202.0 रुपये, स्टॉपलॉस-208.8 रुपये

एमसीएक्स नैचुरल गैस (जून): बेचें-168.0 रुपये, लक्ष्य-162.0 रुपये, स्टॉपलॉस-170.8 रुपये

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Rupee opens higher at 69.83 per dollar

The Indian rupee opened higher at 69.83 per dollar on Tuesday versus previous close 69.90.

On June 17 local currency fell 11 paise to end at 69.91 against US dollar on the back of sell-off in domestic equity market amid concerns over trade worries.

Rupee came under pressure but consolidated in narrow range ahead of the important major central bank policy statements that will be released later this week. Most Asian currencies are consolidating ahead of the important FOMC policy statement and that could provide a trigger to major crosses as well as to the rupee, said Motilal Oswal.

Expectation is that the central bank could remain dovish and any hints towards rate cut by the Fed could put the greenback under pressure.

Today, USDINR pair is expected to quote in the range of 69.40 and 70.05-70.20, it added.

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Silver futures fall on weak trend overseas

Silver prices eased by Rs 7 to Rs 37,028 per kg in futures trade on June 17 as speculators cut positions amid a weak trend overseas.

On the Multi Commodity Exchange, silver contracts for July moved down by Rs 7, or 0.02 percent, to Rs 37,028 per kg in a business turnover of 19,052 lots.

However, silver for September delivery rose by Rs 6, or 0.02 percent, to Rs 37,425 per kg in 7,209 lots.

Analysts said cutting down of positions by speculators, in line with a weak trend overseas, led to the fall in silver price.

Globally, silver was trading 0.09 percent lower at $14.79 an ounce in New York.

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Crude oil futures fall on weak global cues

Crude oil futures Monday declined 0.57 per cent to Rs 3,654 per barrel, as speculators cut bets to book profits amid weak global cues.

On the Multi Commodity Exchange, crude oil for delivery in June contracts fell by Rs 21, or 0.57 per cent, to Rs 3,654 per barrel with a business turnover of 19,578 lots.

Analysts said trading sentiments turned weak after prices eased in global markets and profit-booking by speculators led to a further fall in the prices.

Globally, West Texas Intermediate crude oil was down 0.29 per cent to USD 52.36 a barrel, while brent, the international benchmark also shed 0.23 per cent to USD 61.87 a barrel.

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Gold off 14-month peak as strong US retail sales data lifts dollar

Gold prices on Monday edged away from a 14-month peak hit in the previous session, with the dollar gaining after encouraging U.S. retail sales data tempered fears about a sharp downturn in the world's largest economy.

FUNDAMENTALS

Spot gold was down 0.2% at $1,338.97 as of 0113 GMT, after hitting its highest since April 11, 2018 at $1,358.04 on Friday.

U.S. gold futures fell 0.3% to $1,340.20 an ounce.

U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

The retail report also sent the dollar and short-dated U.S. Treasury yields higher, flattening the yield curve.

The dollar index versus a basket of six major currencies hovered near a two-week high on Monday.

Focus was shifting to the U.S. Federal Reserve meeting on Tuesday and Wednesday.

According to CME's FedWatch tool, money market traders have slightly rolled back expectations of Fed easing following data that showed solid growth in domestic retail sales in May, but Fed funds rate futures are fully pricing in a 25-basis point cut by July.

The U.S. Trade Representative's Office on Monday will kick off seven days of testimony from U.S. retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs.

U.S. Secretary of State Mike Pompeo told Fox News on Sunday that President Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan this month.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday.

Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Physical gold discounts in India widened to their biggest in five months this week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rise from investors looking to hedge against a global slowdown.

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Oil rises on tensions after Middle East tanker attacks

Oil prices rose on Monday after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Brent futures rose 27 cents, 0.4% to $62.28 a barrel by 0040 GMT. They rose 1.1% on Friday.

U.S. West Texas Intermediate (WTI) crude futures were up 18 cents, or 0.4%, at $52.69 a barrel. They rose 0.4% in the previous session.

Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz.

It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism from Tehran.

"We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour."

Tensions between Iran and the United States have risen since U.S. President Donald Trump pulled out of a deal last year between Iran and global powers that aimed to curb Tehran's nuclear ambitions in exchange for sanctions relief.

Iran has repeatedly warned it would block the Strait of Hormuz if it cannot sell its oil because of U.S. sanctions.

Also supporting prices were comments over the weekend by the Saudi energy minister, Khalid al-Falih, that OPEC would probably meet in the first week of July and he hoped it would reach an agreement on extending oil output curbs.

"We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna," Falih told reporters while attending a G20 energy and environment ministerial meeting in Karuizawa, northwest of Tokyo.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1. The pact ends this month and the group meets in coming weeks to decide the next move.

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