Glut of Indian sugar is said to hit London Exchange after expiry

A glut of sugarNSE -4.40 % from India, the second-largest producer, has hit the London exchange as traders sold the sweetener to settle the expiration of December futures, according to people involved in the process.

ED&F Man Holdings Ltd. took delivery of about 350,000 metric tons of white sugar, with Singapore-based trader Wilmar International Ltd. selling the majority, said the people, who asked not to be identified because the deals are private. Some of the sugar -- which was also delivered by Tereos and at least two more companies -- will come from India, the people said.

India produced a record 32.4 million tons of sugar last season, helping send the global surplus to an all-time high. While output in the season that started Oct. 1 will probably fall amid lower yields and an infestation of the white grub pest, it will still be one of the biggest harvests on record.

Sugar futures traded in New York slumped 17 per cent this year as bumper crops meant another year of excess supplies. Refined sugar in London slid 13 per cent. December futures expired at $328.20 a ton on ICE Futures Europe.

Millers in India struck deals to export 835,000 tons of sugar this season, more than the total exports from the previous year, Praful Vithalani, owner of a major trader and chairman of the All India Sugar Trade Association, said earlier this month. Shipments this season could climb to as high as 5 million tons.

The ICE Futures Europe exchange will publish the official delivery results Friday.

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Zinc jumps over 3% amid declining stockpiles, US-China trade hopes

Shanghai zinc jumped more than 3 per cent to the highest in more than two weeks on Friday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States.

China has delivered a written response to US demands for wide-ranging trade reforms ahead of expected talks between US President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month.

“Trade tension has been weighing on the base metals sector for the past six months, so this latest move represents some hope that there is light at the end of the tunnel,” ANZ analysts said in a note.

The most-traded January zinc contract on the Shanghai Futures Exchange rose as much as 3.3 per cent to 21,645 yuan a tonne, its loftiest since October 30. It was up 3 per cent at 21,580 yuan by 0155 GMT. The gains followed a 3 per cent overnight rally in zinc on the London Metal Exchange. LME zinc was last trading at $2,593 a tonne, up 0.7 per cent.

LME zinc stocks fell to a decade-low of 125,400 tonnes, data showed, while on-warrant or available stocks hit their lowest since February. Global zinc market deficit narrowed to 54,700 tonnes in September from a revised deficit of 81,800 tonnes in August, data from the International Lead and Zinc Study Group showed on Wednesday.

Copper treatment and refining charges

Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, three sources familiar with the matter said. The refining charges agreed between Jiangxi and Antofagasta, the first major deal for 2019 which typically sets the benchmark for the sector, are down from the 2018 benchmark of $82.25 a tonne and 8.225 cents a pound.

“The concluded annual TC/RC for 2019 reflects a much better supply and demand fundamentals globally. We expect copper prices to be well supported by the recent developments and outlook,” Argonaut Securities said in a note.

Chile's state copper agency Cochilco had lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months. Copper rose 0.2 per cent to $6,194.50 a tonne in London and climbed 0.8 per cent to 49,560 yuan in Shanghai .

Pound hits 2-year low

The British pound suffered its biggest one-day loss against the euro since October 2016 after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Hopes for a thaw in Sino-US trade relations boosted Asian equities.

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Share market update: Pharma shares bullish; Cipla rises around 3%

NEW DELHI: Pharma shares were trading higher with the Nifty Pharma index up 0.75 per cent at 9287.5 on Friday.

Shares of Cipla (up 2.62 per cent), Divi's Laboratories (up 1.36 per cent), Lupin (up 0.97 per cent) and Sun Pharmaceutical Industries (up 0.90 per cent) were the top performers in the index.

Piramal Enterprises (up 0.58 per cent), Aurobindo Pharma (up 0.53 per cent) and Biocon (up 0.33 per cent) too were trading with decent gains.

Benchmark NSE Nifty50 index was up 67 points at 10,683.7 while BSE Sensex was up 219.65 points at 35,480.19 around 01:08 pm.

Among the 50 stocks in the Nifty index, 31 were trading in the green, while 18 were in the red.

Shares of YES Bank, Idea Cellular, ICICI Bank, Ashok Leyland, Motherson Sumi, SBI, Bharti Airtel, Bank of Baroda, Axis Bank and RIL were among the most traded shares on the National Stock Exchange.

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NEW DELHI: Gold prices rose by Rs 54 to Rs 30,875 per 10 grams in futures trade Friday as speculators raised their bets, taking positive cues from global marketNSE 0.00 %. At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 54, or 0.18 per cent, to Rs 30,875 per 10 grams in a business turnover of 198 lots.

Marketmen said the rise in gold prices at futures trade was mostly attributed to a firming trend overseas where it hit a near one-week peak as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos.

Globally, the gold was trading 0.15 per cent higher at USD 1,215.80 an ounce in Singapore.

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India's top hedge fund turns to PSU banks as bad loans wane

MUMBAI: India's top hedge fund is exploring opportunities in state-run banks, a sector shunned by most investors till now, as valuations turn attractive and the backlog of bad loans that have riddled lenders start to dwindle.

State-run banks will also benefit if the economy continues to grow at about 7 percent, Andrew Holland, chief executive of Avendus Capital Public Markets Alternate Strategies LLP, said at the Reuters Global Investment 2019 Outlook Summit.

Bad loans at Indian banks reached a record $150 billion at the end of March with state-run banks accounting for the lion's share. But the bad debt is declining, Indian Finance Minister Arun Jaitley said in September.

"I think we're coming to the end of the cycle in terms of the bad loans," Holland said, although he added that he would only buy state-run banks for short periods, because their management remained a concern.

"I still take the view that the management of PSU banks change too quickly," Holland said. "So, you never really do a good job over a short period."

"I'll be renting rather than owning them in 2019," said Holland, who manages over $900 million in two key funds.

The state-run banking index has dropped nearly 25 percent in the past 12 months.

Holland said he turned bullish for the first time last month after being "pretty negative from the global and local perspective" for most of the year. A correction since September has made valuations "more compelling", he said.

Broader Indian markets hit a record high in August but have since plunged nearly 10 percent. Liquidity concerns at non-banking finance companies caused a credit crunch that spooked investors. 

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Top intraday trading ideas for afternoon trade for Friday

NEW DELHI: Equity benchmarks Sensex and Nifty50 were trading higher on Friday led by buying across pharma stocks.

ETMarkets.com collated a list of trading ideas from various experts and here's what they had recommended for today's afternoon trade:

Manas Jaiswal of manasjaiswal.com

Reliance IndustriesNSE 2.43 % is a 'Buy' call with a target price of Rs 1175 and a stop loss of Rs 1100.

RaymondNSE 1.86 % is a 'Buy' call with a target price of Rs 835 and a stop loss of Rs 765.

Bharti AirtelNSE 5.62 % is a 'Buy' call with a target price of Rs 350 and a stop loss of Rs 307.

Shrikant Chouhan of Kotak Securities

Escorts is a 'Buy' call with a target price of Rs 700 and a stop loss of Rs 651.

Aurobindo Pharma is a 'Sell' call with a target price of Rs 765 and a stop loss of Rs 792.

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मेंथा ऑयल रेट: मेंथा ऑयल में मुनाफावसूली, 1800 के पार नहीं टिक पा रहा भाव

नई दिल्ली. ऊपरी स्तर पर मुनाफावसूली बढ़ने से मेंथा तेल की कीमतों में गिरावट देखने को मिल रही है. शुक्रवार को शुरुआती कारोबार में मेंथा ऑयल का भाव करीब 1 फीसदी की गिरावट के साथ 1790 रुपये प्रति किलोग्राम के स्तर पर आ गया है.

मेंथा ऑयल का भाव चेक करें

आज सुबह शुरुआती कारोबार में (10.20 बजे के आसपास) मल्टी कमोडिटी एक्सचेंज (MCX) पर नवंबर डिलीवरी के लिए मेंथा ऑयल का भाव 0.82 फीसदी या 14.60 रुपये की गिरावट के साथ 1790 रुपये प्रति किलोग्राम पर आ गया है. इस दौरान इसमें ट्रेडिंग वॉल्यूम 104 लॉट में रहा है. इसी तरह से दिसंबर में डिलीवरी वाले मेंथा तेल का भाव 17 रुपये या 0.94 फीसदी की गिरावट के साथ 1808.20 रुपये प्रति किलोग्राम पर आ गया है.

कमोडिटी बाजार के एक्सपर्ट्स का कहना है कि ऊपरी स्तरों पर मेंथा ऑयल में मुनाफावसूली से इसके भाव में गिरावट आई है. इसके अलावा खपत उद्योगों की तरफ से मांग में कमी और हाजिर बाजार में सप्लाई बढ़ने से मेंथा तेल की कीमतों में गिरावट आई है.

क्या करें निवेशक ?

कमोडिटी बाजार के जानकारों के मुताबिक आज के कारोबार में मेंथा ऑयल में दबाव और बढ़ सकता है. कार्वी के रिसर्च हेड रवि सिंह के मुताबिक 2-3 हफ्ते से मेंथा ऑयल का भाव 1800 का स्तर पर टिक नहीं पा रहा है. उनका कहना है कि MCX पर मेंथा ऑयल का नवंबर कॉन्ट्रैक्ट अगले हफ्ते के अंत तक 1750-1770 तक का स्तर दिखा सकता है.

भारत दुनिया का सबसे बड़ा उत्पादक

भारत दुनिया का सबसे बड़ा उत्पादक भारत दुनिया में सबसे ज्यादा मेंथा ऑयल का उत्पादन करता है. मेंथा का इस्तेमाल दवाएं, सौंदर्य उत्पाद, टूथपेस्ट के साथ ही कंफ्केशनरी उत्पादों में होता है. भारत दुनिया का सबसे बड़ा मेंथा निर्यातक भी है.

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Lemon Tree, Eicher Motors among 5 top stock picks of global brokerages

Stocks woke up to a sunny morning on Friday, mirroring positive global cues, amid softer oil prices and a rising rupee. 

The 50-share Nifty was up 63 points, or 0.59 per cent, at 10,680 at around 9.55 am while the 30-scrip Sensex rallied 247 points, or 0.70 per cent, to 35,507.

Take a look at five stocks as recommended by global brokerages such as CLSA, Deutsche Bank, Morgan Stanley, among others.


Lemon Tree Hotels


CLSA retained ‘Buy’ rating on Lemon Tree with a target price of Rs 87 (Rs 90 earlier). It believes that premium valuations are justified, given the company’s high growth plans, opportune capital allocation and shift to an asset-light model.


Eicher Motors NSE 2.05 %

Deutsche Bank has ‘Buy’ call on Eicher Motors with a target price of Rs 28,000. “Royal Enfield expands addressable market even as Jawa enters,” the global financial services firm said. It sees FY18-21E EPS CAGR Of 17 per cent for Eicher Motors. Deutsche Bank also believes that the company may sell 8.7 lakh units of Royal Enfield in FY19.


IPCA Laboratories 

Morgan Stanley is ‘Overweight' on IPCA Labs with a target price of Rs 853. “IPCA stabilised its base business after disruption due to FDA issues. Now, it appears poised for mid-teens sales growth and steady operating profit margin expansion driven by operating leverage,” Morgan Stanley said.

Glenmark Pharma

Nomura retained ‘Buy’ on Glenmark Pharma with a target price of Rs 825. “September quarter was a steady quarter, with some pick-up in US sales. We expect strong second half, driven by higher seasonal sales in emerging markets, pick-up in API sales and increased contribution from new launches in the US,” Nomura said.

Coal IndiaNSE 0.74 %

CLSA maintains ‘Buy’ on Coal India with a target price of Rs 360. “Q2 EBITDA ahead of estimates led by better-than-expected realisations. We continue to like the stock, given decent earnings growth outlook and attractive valuation,” CLSA said.

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Gold prices hit 1-week high amid Brexit turmoil

Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union.

UK Prime Minister Theresa May's draft Brexit plan ran into dispute after the resignation of key ministers from her government and eurosceptic lawmakers stepped up efforts to topple her, provoking fears the country could crash out of the EU without a divorce deal.

"The issues around Brexit have invigorated a little bit of safe-haven buying in the market ... The focus of the market has turned slightly to geopolitical issues at the moment," said ANZ analyst Daniel Hynes.

Spot gold was up 0.2 percent at $1,215.07 per ounce, as of 0445 GMT. Earlier in the session, the bullion hit $1,216.79, its highest since Nov. 9.

U.S. gold futures were flat at $1,215.3 per ounce.

"Gold should continue to find demand on dips, provided the U.S. dollar remains in check," Stephen Innes, APAC trading head at OANDA in Singapore said in a note.

The dollar index, which measures the greenback against a basket of six major currencies, was at 97, not far from a 16-month high of 97.69 hit at the start of the week.

A softer dollar, GBP notwithstanding and the U.S. Federal Reserve triggering some early warning signals about global growth risk in 2019, combined with political tensions are being viewed in a positive light for the gold market, Innes added.

Investors also kept an eye on the U.S.-China trade tensions as they looked for concrete signs the economic powers were seeking to de-escalate their dispute.

Spot gold may edge up to $1,223 per ounce, to complete a bounce triggered by a channel support around $1,192, said Reuters technical analyst Wang Tao.

Among other precious metals, palladium edged 0.3 percent lower to $1,153.50 per ounce, having hit a record high of $1,178.30 per ounce in the previous session.

Palladium is on track to mark its biggest weekly gain since Sept. 21 having risen over 3 percent so far.

Silver was little changed at $14.29 per ounce. The metal rose about 1 percent so far this week.

Platinum climbed 0.1 percent to $842.30 an ounce and was down about 1 percent for the week so far.

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Source: MoneyControl

Oil rises on expected OPEC cuts, but surging US supply drags

Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record US production dragged.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 percent, from their last settlement.

Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, sources told Reuters this week.

However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect.

"The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the US bank said.

"OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet."

Due to the structural oversupply that has emerged in the market from record production by many countries, Morgan Stanley said that "OPEC cuts are inherently temporary (because) all they can do is shift production from one period to another".

While OPEC considers withholding supply, U.S. crude oil production reached another record last week, at 11.7 million bpd, according to U.S. Energy Information Administration (EIA) data published on Thursday.

U.S. output has surged by almost a quarter since the start of the year.

The record output meant U.S. crude oil stocks posted the biggest weekly build in nearly two years.

Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017.

This surge contributed to oil prices falling by around a quarter since early October, taking many by surprise.

"Oil bulls, us included, have capitulated and we no longer see oil climbing to $95 per barrel next year," Bank of America Merrill Lynch said in a note.

While sentiment has turned bearish, some analysts warn that 2019 could be tighter than expected.

"We expect 2019 oil demand to reach 101.1 million bpd," natural resources research and investment firm Goehring & Rozencwajg said, up from just under 100 million bpd this year.

At the same time, the firm said production outside North America was set to disappoint.

Add OPEC's expected supply cuts, and Goehring & Rozencwajg said "those investors who are able to adopt a contrarian stance ... and stomach the volatility ... are being presented with an excellent investment opportunity" to buy into oil after the recent slump.

Bank of America agreed, saying "we believe oil is oversold and will likely bounce up from the current levels, as OPEC+ dials back production in December".

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Source: Moneycontrol