COMMODITY MARKET UPDATE 26 JUNE 2014

BASE METAL WRAP:  

Copper advanced for a ninth straight session in New York, capping the longest rally since 2005, amid signs of tightening supply.

ENERGY WRAP: 

West Texas Intermediate traded near a three-day high before data that may show a strengthening U.S. economy and as violence escalated in northern Iraq, OPEC’s second-biggest crude producer. Brent was steady in London.

PRECIOUS METAL WRAP: 

Gold traded below a two-month high as investors weighed the outlook for the U.S. economy that shrank in the first quarter by the most in five years.

GLOBAL EVENTS TO WATCH: 

Unemployment Claims, Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Natural Gas Storage.

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INDIAN BENCHMARK started on a negative note on the last day of the June

INDIAN BENCHMARK started on a negative note on the last day of the June series weighed down by weakness in oil & gas heavyweights as the government maintained status quo on gas prices for another three months.

FURTHER, Dr Reddy’s Laboratories announced that it launched Paricalcitol Capsules in the US market following approval from the United States Food & Drug Administration. Crompton Greaves along with the other consortium partners Fabricom and Iemants, has been selected by Van Oord, for the offshore wind project `Gemini' in the Netherlands.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Wednesday while the DIIs were net sellers of Rs. 433cr, as per the provisional figures released by the NSE.

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IIP AND CPI DATA UPDATE

IIP DATA (Index of industrial production)

IIP data is a simple index which provides information about the growth of different sectors of our economy like mining, electricity, Manufacturing & General. The IIP index reflects the growth in India’s industrial activity and excludes all kinds of services.

·         April IIP stood at  3.4% vs -0.5% in March. 

CPI DATA (Consumer Price Index)

The CPI measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

·         May CPI stood at 8.28% vs 8.59% in April.

TOP CORPORATE NEWS

·        Zee Entertainment up 6.5%, RBI allows 100% FII investment

Shares of Zee Entertainment Enterprises gained as much as 6.5 percent after the Reserve Bank of India allowed 100 percent investment by foreign institutional investors.

                                                                                                        

·        Metal shares gain after positive China signals

Metal shares such as JSW steel, Jindal steel, Tata steel firmed up on hopes of improvement in export demand after encouraging manufacturing data from China which recorded its fastest growth in May. China's official PMI of manufacturing activity in May was up at 50.8, a five-month high, compared with 50.4 in March.

·        Eicher Motors jumps after robust motorcycle sales in May

Eicher Motors jumped 4.39% after the company reported 86% rise in total motorcycle sales to 25,011 units in May 2014 over May 2013.

·        Cox & Kings sells camping business for Rs 892 crore

Cox & Kings has exited the camping business in Europe, selling the segment held by its subsidiary to French travel company Homair Vacances for about Rs 892 crore. Cox & Kings said it would use the proceeds to retire a portion of its Rs 4,200 crore debt before maturity.

INDIAN BENCHMARK open on a positive note.

INDIAN BENCHMARK open on a positive note. Rate-sensitive sectors such as banking and realty will be in focus ahead of RBI’s Monetary Policy review today. Tata Motors reported 24% decline in total vehicle sales to 37,525 units last month.

FURTHER, The Indian Overseas Bank IOB plans to raise a little over Rs10bn through a Qualified Institutional Placement (QIP), public issue, rights issue, preferential issue. Bharti Airtel is poised to conclude a much-anticipated deal to sell its towers in Africa in seven days, which could help the world's fourth-largest telecom operator rake in as much as US$3 bn and help reduce debt

Trend in FII flows: The FIIs were net buyers of Rs 2977cr in the cash segment on Monday while the DIIs were net sellers of Rs. 148cr, as per the provisional figures released by the NSE.