Daily Archives: March 23, 2016

23Mar
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China’s Jiangxi Copper plans output cuts after profit fall

SINGAPORE:

  • Jiangxi Copper Co Ltd, China’s biggest integrated copper producer, said it plans to cut refined copper output by 6.7% this year, in line with a proposal by the country’s big smelters to reduce output to support prices.
  • The move would cut production by 80,000 tonnes to 1.175 million tonnes, and follows a pledge last week by No. 2 producer Tongling Nonferrous Metals Group to reduce output by 110,000 tonnes.
  • Nine of China’s large copper smelters agreed last year to cut output by at least 350,000 tonnes in 2016, and said they could deepen the cuts if prices and profitability deteriorate.
  • Copper prices have come under pressure from high supply and reduced demand in China, the world’s top consumer, but have recovered around 7% this year, supported by output cuts from firms like Glencore and Freeport McMoRan.
  • Jiangxi Copper on Tuesday reported a fourth straight fall in annual earnings, with 2015 net profit tumbling 77% to 637.2 million yuan (US$98.2 million) due to lower metal prices, it said in a filing with the Shanghai stock exchange.
  • Economic conditions could restrict demand growth for nonferrous metals this year, the company said, but forecast a 6% rise in global copper mine production, adding pressure to prices.

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23Mar

Comex Trading Signals and Market News – 23 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Natural Gas futures plunged by more than 3 per cent in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking weakness in the fuel overseas as forecasts for late winter cold across the eastern parts of the US failed to live up to expectations dimming the demand for gas-fired heating at offices and homes.
  • Copper prices fell by 0.27 per cent on Tuesday as speculators cut down their bets after select base metals weakened in global markets.Market analysts said most base metals retreated at the London Metal Exchange (LME) as the prospect of acceleration in US rate hikes supported the dollar dampening demand for metals and other commodities put weighed on copper futures.
  • Gold prices rose by 0.16 per cent on Tuesday as markets weighed fresh comments from Fed policymakers on the track for rate hikes in 2016. Atlanta Fed President Dennis Lockhart said that despite risks to the downside that have arisen since the beginning of the year the US economy continues to grow about as he expected. Gold futures for April 2016 contract at MCX were trading at Rs. 28987 per 10 grams up by 0.16 per cent after opening at Rs. 28961 against the previous closing price of Rs. 28941.

ECONOMY NEWS :

  • China is studying a Tobin tax as a possible policy tool to curb capital outflows, an official at the country’s foreign exchange regulator said on Tuesday, even though he added that such flows have eased in recent months.Wang Yungui, head of the policy and regulation department at China’s State Administration of Foreign Exchange (SAFE), did not mention a time frame or other details about when such a tax might be rolled out in the world’s second largest economy.
  • Japan’s lower house of parliament gave its approval on Tuesday for academic and reflationist Makoto Sakurai to join the Bank of Japan’s divided policy board, a move seen as tipping the balance more in favor of Governor Haruhiko Kuroda’s push for radical stimulus.Sakurai, a think tank executive, would replace Sayuri Shirai, a former International Monetary Fund economist who voted against the BOJ’s decision in January to adopt negative interest rates. Shirai’s five-year term ends on March 31.
  • The growth outlook for ASEAN economies is likely to be mixed in the next two years, with domestically focused economies such as Indonesia and the Philippines on relatively better footing than their more trade-reliant neighbors, Moody’s Investor Service said on Tuesday.The cautious view from the ratings agency is a warning sign for global policymakers who are relying on emerging economies, particularly in Asia, to drive global growth in the coming years.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1255 TARGET 1275 1305 SL 1225
  • SELL GOLD BELOW 1240 TARGET 1220 1190 SL 1270

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23Mar
forex-trading3

IForex Market Trading Signals and News – 23 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Yen hits day’s highs after Brussels explosions
  • Forex -Aussie gains ground after data, Stevens; kiwi holds steady
  • Forex-Dollar rises against rivals in risk-off trade

EUR/USD
EUR/USD has posted slight losses on Tuesday, as the pair trades at the 112 line in the European session. On the release front, German Ifo Business Climate improved to 106.7 points, beating expectations. German Manufacturing PMI remained steady at 50.4 points, short of the estimate. Eurozone Manufacturing PMI improved to 51.4 points, matching the forecast. In the US, there are no major releases on the schedule.The Eurozone released a host of indicators on Tuesday, including PMIs from the manufacturing and services sectors. German Services PMI improved to 55.5 points, pointing to strong expansion. However, Manufacturing PMI came in at 50.4 points, short of the forecast of 50.4 points. There was better news from German Ifo Business Climate, which improved to 106.7 points, ahead of the estimate of 106.1 and marking a 3-month high. Later in the day, we’ll get a look at Eurozone and German ZEW Economic Sentiment.

GBP/USD
The pound dropped against the U.S. dollar on Tuesday, after the release of disappointing U.K. inflation data and as a terrorist attack in Brussels dampened risk sentiment. GBP/USD hit 1.4254 during European morning trade, the pair’s lowest since March 17; the pair subsequently consolidated at 1.4283, declining 0.60%.Cable was likely to find support at 1.4219, the low of March 17 and resistance at 1.4480, Monday’s high.The U.K. Office for National Statistics said the rate of consumer price inflation rose by 0.3% last month, below forecasts for an increase of 0.4% and unchanged from 0.3% in January. Month-over-month, consumer prices edged up 0.2% in February, below forecasts for an advance of 0.4% and following a decline of 0.8% in the prior month.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4300TARGET 1.4320 1.4350 SL 1.4270
  • SELL GBP/USD BELOW 1.4240 TARGET 1.4220 1.4190 SL 1.4270

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23Mar
sgx

Financial Sgx Singapore Stock Market Trading Picks And News – 23 March 2016

MARKET UPDATES :

  • The Straits Times Index (STI) ended 0.04 points or 0% lower to 2880.65, taking the year-to-date performance to -0.07%.
  • The top active stocks today were DBS, which declined 1.27%, Noble, which gained 4.44%, SingTel, which gained closed unchanged, OCBC Bank, which gained 0.66% and Wilmar Intl, with a 1.82% advance.
  • The FTSE ST Mid Cap Index gained 0.23%, while the FTSE ST Small Cap Index rose 0.13%.
  • The outperforming sectors today were represented by the FTSE ST Basic Materials Index, which rose 2.33%. The two biggest stocks of the Index – Midas Holdings and Geo Energy Resources- ended 3.57% higher and 0.85% lower respectively.
  • The underperforming sector was the FTSE ST Health Care Index, which slipped 0.59%. Raffles Medical Group shares declined 1.10% and Biosensors International Group remained unchanged.
  • The three most active Exchange Traded Funds (ETFs) by value today were : IS MSCI India 100 (+0.15%), SPDR Gold Shares (+0.69%), Nikko AM Singapore STI ETF (+0.34%)
  • The three most active Real Estate Investment Trusts (REITs) by value were : Ascendas REIT (-0.81%), Capitamall Trust (+2.35%), Capitacom Trust (+0.68%)
  • The most active index warrants by value today were : HSI21000MBeCW160428 (-7.69%), HSI20600MBePW160428 (+4.51%), HSI20000VTeCW160428 (-6.50%)
  • The most active stock warrants by value today were : DBS MB eCW160711 (-9.62%), KepCorp MBeCW161212 (-0.78%), UOB MB eCW160705 (-8.20%)

STOCK RECOMMENDATION :

  • BUY NOBLE ABOVE 0.470 TARGET 0.500 0.540 SL 0.425

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