Saturday, January 24, 2015

Goldman revises upward forecast for gold prices; sees weakness in base metals

Goldman-Sachs


Goldman Sachs Group Inc on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62 per ounce.

“The primary reason for the changes to our forecasts is cost deflation – driven by a combination of actual and anticipated US dollar strength, cheaper energy and other input costs, and our expectation of an improvement in mining productivity,” Goldman Sachs said.

Goldman cut its 2015 average copper price forecast to $5,542 per tonne from $6,400, and aluminium to $1,788 per tonne from $2,075.

The bank slashed its 2015 average price view for lead to $1,838 per tonne from $2,350, nickel to $16,550 a tonne from $17,500, and zinc to $2,138 per tonne from $2,425.

The investment bank expects nickel, zinc and palladium to substantially outperform copper in 2015.

Goldman increased its 2015 average price forecast for gold to $1,262 per ounce from $1,200, saying the downward trend for prices since mid-2013 has been well short of its expectations.

Goldman expects gold prices to resume declining in the third quarter, in line with the start of the expected hike in interest rates by the US Federal Reserve.

Goldman slashed its 2016 average gold price outlook to $1,089 per ounce from $1,200.

For platinum, the bank decreased its 2015 average price estimate to $1,250 per ounce from $1,381. There could be more downside pressure on platinum with continuing strength in the US dollar and further downside in the South African rand. South Africa is a major producer of platinum.

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Oil prices mixed after Saudi king’s death

oil


Oil prices traded narrowly mixed Friday after the death of the king of Saudi Arabia, OPEC’s largest oil producer, and on concerns about unrest in Yemen.

The US benchmark futures contract, West Texas Intermediate for delivery in March, fell 72 cents to $45.59 a barrel, a new, nearly six-year low.

In London, Brent North Sea crude for March settled at $48.79 a barrel, up 27 cents from Thursday’s closing level.

Saudi Arabia’s powerful King Abdullah, aged about 90, died early Friday and the royal family moved swiftly to show continuity in the country’s power structure and policies.

Crude oil has lost about 60 percent of its value since June.

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Epic Research Update : Indian ADRs

Epic Update Indian ADRs


Indian ADRs ended mixed on Friday.

In the banking space,

ICICI Bank rose 0.55 percent at USD 12.70 and HDFC Bank added 1.92 percent at USD 61.10.

In the IT space,

Infosys was down 0.84 percent at USD 35.50 and Wipro dipped 1.86 percent at USD 12.69.

In the other sectors,

Tata Motors advanced 3.85 percent at USD 50.72 and Dr Reddy’s Laboratories was down 2.88 percent at USD 52.94.

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Epic Research Update : US Markets

Epic Research Update : US Markets


US stocks fell modestly on Friday, pressured by underwhelming corporate news including guidance from economic activity bellwether UPS and as materials stocks fell after bearish notes.

The Dow Jones industrial average .DJI fell 141.38 points, or 0.79 percent, to 17,672.6, the S&P 500 .SPX lost 11.33 points, or 0.55 percent, to 2,051.82 and the Nasdaq Composite .IXIC added 7.48 points, or 0.16 percent, to 4,757.88.

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Friday, January 23, 2015

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NIFTY TOP LOSERS

SymbolLTP% chngVolume
PNB
BHEL
GAIL
LUPIN
HCLTECH
207.10
279.05
423.00
1,484.00
1,646.00
-2.68
-1.90
-1.87
-1.29
-1.18
59,86,702
50,27,323
18,55,869
6,17,287
11,70,769
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NIFTY TOP GAINERS

SymbolLTP% chngVolume
TATAPOWER
DLF
CIPLA
CAIRN
JINDALSTEL
88.50
157.00
681.95
248.00
159.30
6.24
5.65
4.15
3.98
3.68
77,26,076
1,47,22,411
22,55,956
43,50,501
65,30,249
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Sensex up 273 pts, Nifty ends above 8800 for 1st time ever

Epic Research Closing Bell


The market rallied for the seventh consecutive session on Friday, spiking nearly 2000 points on the Sensex (in seven days). The Sensex today gained 272.82 points or 0.94 percent at 29278.84 and the Nifty jumped 60.15 points or 0.69 percent to 8821.55 on ECB stimulus.

About 1140 shares have advanced, 1803 shares declined, and 253 shares are unchanged on the BSE.

Tata Power saw huge buying interest in late trade, up nearly 7 percent. Tata Motors and Bharti Airtel rallied close to 4 percent. DLF spiked 5.5 percent, and Cairn India jumped over 4 percent on rise in crude oil prices.

Cipla, L&T, HDFC Bank, HUL, M&M and Sesa Sterlite gained 2-3 percent whereas PNB, GAIL, BHEL, HCL Technologies and ONGC were down 1-2.7 percent.

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Gold recovers on jewellers buying; global cues

Epic Research Update : Deccan Gold Mines


Gold prices recovered by Rs 150 to trade at Rs 28,500 per ten gram at the bullion market today on emergence of buying by jewellers to meet wedding season demand amid a firming trend overseas. Silver also rebounded by Rs 400 to Rs 40,100 per kg on increased offtake by industrial units and coin makers.

Marketmen said apart from buying by jewellers to meet ongoing wedding season demand, a firming global trend after the European Central Bank’s announced a bigger-than-expected stimulus measures, boosting demand for the safe-haven, influenced Gold prices here.

Globally, gold rose by by 0.71 per cent to $ 1,302.10 an ounce and silver by 1.10 per cent to $ 18.31 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per ten gram respectively. It had lost Rs 150 yesterday. Sovereign, however, held steady at Rs 24,000 per piece of eight gram in scattered deals.

Silver ready rose by Rs 400 to Rs 40,100 per kg and weekly-based delivery by Rs 560 to Rs 40,100 per kg. Silver coins spurted by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

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Sensex gains 300 pts, CAC & DAX up 1%; rupee at 61.50/$



Atul has registered a 17.6 percent drop in its third quarter net profit at Rs 53.7 crore against Rs 65.2 crore in the same quarter last year. The stock lost 5 percent.

Net sales of the chemical company were up 7.2 percent at Rs 617.2 crore versus Rs 575.8 crore during the same period

Operating profit grew 20 percent to Rs 84 crore from Rs 65 crore and margin jumped 150 bps to 13.7 percent versus 12.2 percent on yearly basis. Its other income was down at Rs 4 crore versus Rs 20 crore.

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