Energy and base metal packs were subdued on Tuesday amid uncertainty over a dragging US-China trade deal. Traders are waiting for a decision on another round of US tariffs on Chinese goods that will come into effect on December 15. Crude oil was down 0.38 per cent to Rs 4,181 on MCX, while nickel traded 0.66 per cent down at Rs 973.10. Copper and zinc futures also shed 0.36 and 0.19 per cent, respectively. Agri commodities were mixed as castor seed, coriander, guar gum, guar seed, kapas, mustard seed and turmeric gained, while chana, jeera, soybeans and refined soybean oil drifted lower on NCDEX. Here is how SMC Global expects commodities to trade today: Bullion: Bullion counter may trade sideways as gold prices held steady. Gold can recover towards Rs 37,700 while taking support near Rs 37,500 and silver can recover towards Rs 43,700 while taking support near Rs 43,200. Base metals: Base metals may trade sideways. Copper may recover towards Rs 441 while taking support near Rs … [Read more...] about Commodity outlook: Metals, energy ebb; here’s how others may trade
Brent crude oil
Following their counterparts in Asia, European shares fell for again, with the pan-European STOXX 600 index down 0.4 per cent at 8.14am GMT (7.14pm AEDT) on Tuesday. Germany's DAX fell 0.64 per cent to its lowest in a week. The MSCI All-Country World Index, which tracks shares across 47 countries, was down 0.1 per cent. Market uncertainty before the tariff deadline was reinforced by comments from US Agriculture Secretary Sonny Perdue on Monday, who said President Donald Trump did not want to implement tariffs but did want to see "movement" from China. The deadline looms over a series of events this week, with markets also awaiting the UK election on Thursday and US and European Central Bank meetings. Euro zone government bond yields were mostly steady, refusing to budge from recent ranges. Germany's benchmark Bund yield was steady at -0.30 per cent, below a recent high of -0.26 per cent. Italian 10-year bond yields, which fell on Monday, dipped 2.5 basis points to 1.36 per cent. In the … [Read more...] about Stocks dip as tariff deadline approaches
New Delhi: Fitch Ratings has revised its outlook on Cairn India Holdings Ltd (CIHL) to negative from stable saying in its assessment the consolidated credit profile of the company's owner, Vedanta is expected to weaken on lower metal prices. Vedanta owns half of its 70 per cent in the prolific Rajasthan oil block through Cairn India Holdings Ltd (CIHL). In a statement, Fitch Ratings said it has revised its outlook on CIHL to negative from stable and affirmed the Long-Term Issuer Default Rating (IDR) of 'BB-'. "The Outlook revision reflects Fitch's assessment that the consolidated credit profile of CIHL's owner, Vedanta Ltd (VLTD), is expected to weaken in the financial year ending March 2020 (FY2020) and FY22, after we recently lowered our long-term mid-cycle metals and mining price assumptions, including aluminium and copper price assumptions, due to falling demand," it said. This has reduced CIHL's headroom at the current rating level. CIHL's rating is aligned with the … [Read more...] about Fitch revises outlook on Cairn India to negative
Editor's note: Ehizuelen Michael M. O. is executive director of the Center for Nigerian Studies at the Institute of African Studies, Zhejiang Normal University. The article reflects the author's opinions, and not necessarily the views of CGTN. One key dilemma for African nations who want to build large-scale infrastructure for developmental purposes is financial constraint. Large-scale development projects have been launched in several African nations as an essential part of their long-term development plans to help the continent to achieve the vision set out by African Union's Agenda 2063. However, with low savings and foreign reserves, securing investments for these projects are difficult for most African countries. And the 2014 negative price shock has dramatically reduced African nations' government revenues in the last three to four years. The low price of crude oil between 2014 and 2016 has severely affected the economy of resource-rich African nations such as Angola and Nigeria. … [Read more...] about Can China’s swap formula solve Africa’s loan constraints?
The rupee on Tuesday opened 7 paise higher at 70.98 against the US dollar amid softening crude oil prices and weakening of the greenback against other currencies overseas. The local currency settled 16 paise higher at 71.05 against the US dollar on Monday. On the domestic front, market participants will be keeping an eye on inflation and industrial production number. A weaker-than-expected number could keep the rupee weighed down. On the other hand, market participants are expected to remain cautious ahead of the important December 15 deadline when the US could consider imposing import tariff on Chinese goods. “Today, USDINR pair is expected to quote in the range of 70.80 and 71.40,” Motilal Oswal Financial Services said in a report. … [Read more...] about Rupee opens 7 paise up at 70.98 against dollar