Natural gas moves up and down on forecasts for mild U.S. temperatures

Investing.com - Investing.com - Natural gas prices moved up and down on Friday after updated weather-forecasting models called for mild temperatures in the coming days, which should curb demand for both air conditioning and heating.

Trading was choppy, however, as longer-term models predicted significant cooling in the eastern U.S. later in October.

On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.39% at $4.030 per million British thermal units during U.S. trading. The commodity hit a session low of $3.970, and a high of $4.034.

The November contract settled up 1.24% on Thursday to end at $4.014 per million British thermal units.

Natural gas futures were likely to find support at $3.845 per million British thermal units, Tuesday's low, and resistance at $4.100, the high from Sept. 17.

Natural gas futures dipped lower as markets prepped for seasonably mild temperatures to trek across the eastern U.S., though the prospects of much colder air following suit in October boosted the commodity back into positive territory in choppy trading.

"What will be important to the markets is what happens late next week when a colder Canadian weather system tracks across the northern Rockies and towards the Midwest. It most certainly will bring a cool down where overnight lows will be near freezing and daytime highs struggle to get out of the 40s and 50s," Natgasweather.com reported in its midday update for Friday.

"This will certainly ease strong bearish weather headwinds as modest demand for heating will occur. More importantly, this will be the first real test to see just how sensitive the markets are to colder temperatures."

A lackluster supply report allowed for choppy trading as well.

The Energy Information Administration reported on Thursday that U.S. Natural Gas Storage rose by 97 billion cubic feet last week compared to 90 billion in the week before.

Analysts had expected U.S. Natural Gas Storage to rise by 94 billion cubic feet last week.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were up 1.18% at $93.62 a barrel, while heating oil for October delivery were up 0.19% at $2.7008 per gallon.

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CFTC - week ending September 23: speculators more bearish on Euro, Yen

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending September 23 on Friday.

Speculative positioning in the CME currency and commodity futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-142.0k	-137.1k	-4.8k	60.7k	-18.9k	202.6k	-14.1k
GBP	-1.1k	-6.6k	5.5k	53.7k	-1.9k	54.7k	-7.5k
JPY	-105.4k	-83.2k	-22.2k	28.4k	-9.2k	133.8k	13.0k
CHF	-13.4k	-11.4k	-2.0k	8.4k	-4.5k	21.7k	-2.6k
CAD	3.1k	7.5k	-4.5k	27.7k	-9.7k	24.6k	-5.2k
AUD	8.3k	22.1k	-13.8k	47.2k	-8.4k	38.8k	5.4k
NZD	1.8k	1.1k	0.7k	9.8k	0.0k	7.9k	-0.8k
MXN	10.5k	22.0k	-11.5k	58.3k	-11.2k	47.8k	0.4k
S&P	-24.5k	10.1k	-34.6k	436.3k	-49.1k	460.8k	-14.4k
Gold	63.9k	72.2k	-8.3k	170.4k	-0.4k	106.5k	7.9k
Silver	8.8k	10.9k	-2.1k	55.6k	-2.9k	46.8k	-0.8k
Copper	-19.7k	-13.5k	-6.2k	51.3k	2.7k	71.0k	8.9k

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CCI’s First Dawn Raid!

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Thu, Sep 25,2014 | 22:48, Updated at Thu, Sep 25 at 22:48Source : Moneycontrol.com 

The Office of the Director General, Competition Commission of India ("CCI") last week conducted its first-ever 'dawn-raid' at the premises of M/s JCB India Ltd., an Indian subsidiary of a UK based construction company ("JCB"). According to news reports, the raid was conducted due to JCB's non co-operation in the process of investigation by the Director General ("DG").   

Whilst it is the first time that the DG has conducted a dawn raid, it is certainly not the last. Notwithstanding the fact that it is important to co-operate and provide information to the DG to conduct its investigation, it is also important for the companies to be equipped to handle dawn raids at its premises. This ELP Competition Law Alert sets out in brief the things that should be kept in mind at the time of the dawn raid.

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Gold prices continue gain into Asia on political, economic uncertainty

Investing.com - Investing.com - Gold prices rose in Asia on Friday in continued gains from overnight on political and economic uncertainty.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,222.80 a troy ounce, up 0.12% after hitting an overnight session low of $1,207.40 and off a high of $1,225.10.

Overnight, gold futures rose as investors sought safety in the precious metal amid a global stock market meltdown, though prices moved in a whipsaw fashion thanks to hawkish comments out of the Federal Reserve that strengthened the dollar.

Stock markets plunged on Thursday on news Russia may consider a proposal allowing Moscow to seize foreign assets, which spooked investors across the globe.

A draft law, a response to Western sanctions slapped on the country for its alleged meddling in the Ukraine conflict, was sent to the Russian parliament Wednesday.

Elsewhere, Apple shares fell on concerns its new iPhone may be prone to glitches, including bending hardware and problematic software upgrades, which sent the tech bellwether falling and brought broader indices with it.

Hawkish comments out of the Federal Reserve boosted the dollar and allowed for choppy trading at times.

Dallas Federal Reserve President Richard Fisher, a known inflation hawk, said the U.S. central bank may start raising benchmark interest rates around the spring of 2015, earlier than many market expectations.

While the Fed has suggested its bond-buying program could close in October, uncertainty has remained as to when rate hikes may begin in 2015.

Silver for December delivery was flat at $17.502 troy ounce. Copper futures for December delivery were down 0.13% at $3.032 a pound.

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Gold prices ease in Asia with support seen from India holiday demand

Investing.com - Investing.com - Gold prices eased slightly in Asia on Thursday with investors eyeing holiday season demand in India for support.

Demand in India gains during the fall for the Diwali festival and as a traditional times for weddings.

On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at $1,217.10 a troy ounce, down 0.02%, after hitting an overnight session low of $1,216.30 and off a high of $1,226.70.

Overnight, gold futures fell after the greenback advanced on news that far more new homes were sold in the U.S. last month than expected.

The Census Bureau reported earlier that U.S. new home sales data rose 18.0% last month to 504,000 units, far surpassing expectations for a 4.4% gain to 430,000 units. New home sales for July were revised to a 1.9% increase from a previously estimated 2.4% drop.

Separately, the Department of Energy reported earlier that crude stockpiles plunged by 4.3 million barrels last week, confounding market calls for a build of 386,000, which further stoked expectations that the U.S. economy is improving as evidenced by its demand for fuel and energy.

Wednesday's data came a day after a report showed that the U.S. manufacturing sector expanded in September close to market expectations, which fueled already growing expectations that the Federal Reserve may hike interest rates sooner than markets have previously expected.

In October, the Federal Reserve is expected to close its monthly bond-buying program and then begin raising benchmark interest rates some time in 2015.

Silver for December delivery was down 0.05% at $17.685 a troy ounce. Copper futures for December delivery were up 0.04% at $3.055 a pound.

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Dollar gains as U.S. new home sales take off in August

Investing.com - Investing.com - The dollar firmed against most major currencies on Wednesday after data revealed far more new homes were sold in August than markets were expecting.

In U.S. trading on Wednesday, EUR/USD was down 0.52% at 1.2780.

The Census Bureau reported earlier that U.S. new home sales rose 18.0% last month to 504,000 units, far surpassing expectations for a 4.4% gain to 430,000 units. New home sales for July were revised to a 1.9% increase from a previously estimated 2.4% drop.

Separately, the Department of Energy reported earlier that crude stockpiles plunged by 4.3 million barrels last week, confounding market calls for a build of 386,000, which further stoked expectations that the U.S. economy is improving as evidenced by its demand for fuel and energy.

Wednesday's data came a day after a report showed that the U.S. manufacturing sector expanded in September close to market expectations, which fueled already growing expectations that the Federal Reserve may hike interest rates sooner than markets have previously expected.

In October, the Federal Reserve is expected to close its monthly bond-buying program and then begin raising benchmark interest rates some time in 2015, though the timing of the latter remains up in the air.

Meanwhile across the Atlantic, European Central Bank President Mario Draghi said the bank will keep its monetary policy "accommodative" for as long as needed and use every tool at its disposal to fight deflation, comments that softened the euro and bolstered the greenback's appeal.

"Monetary policy will remain accommodating for a long time and I can tell you that the Governing Council is unanimous in committing itself to using the tools at its disposal to bring inflation back to just under 2%," Draghi said.

"Interest rates will remain low because they can't get much lower," he added.

The ECB unexpectedly cut rates to record lows this month in a bid to address slowing inflation.

Elsewhere, Germany's Ifo business confidence index deteriorated for the fifth successive month in September.

The Ifo economic institute's business climate index fell to 104.7 from 106.3 in August. It was the lowest level since April 2013 and much weaker than economists' forecasts for 105.7.

The data added to fears that the euro zone's largest economy is losing momentum.

The dollar was up against the yen, with USD/JPY up 0.09% at 109.00, and up against the Swiss franc, with USD/CHF up 0.58% at 0.9452.

The yen saw some support and even strengthened against the dollar briefly after Japanese Prime Minister Shinzo Abe voiced concerns over the economic impact of recent weakness in the yen.

Prime Minister Abe reportedly said that the weaker yen had both positive and negative impacts and that he wanted to carefully watch the impact of yen weakness on regional economies and on small and mid-sized companies.

The greenback was up against the pound, with GBP/USD down 0.30% at 1.6340.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.10% at 1.1066, AUD/USD up 0.42% at 0.8877 and NZD/USD up 0.25% at 0.8070.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.40% at 85.15.

On Thursday, expect markets to move on U.S. durable goods orders and weekly jobless claims numbers.

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CEOs of India's airlines meet aviation min Gajapathi Raju

They emphasised on difficulties in operating in India, given its high cost aviation environment. CEOs from Spicejet, Indigo, Goair, Air India, Jet Airways, Vistara and Airasia India were at today's meeting, their first with Raju.

The CEOs of India's airlines met Civil Aviation Minister P Ashok Gajapathi Raju this evening. They emphasised on difficulties in operating in India, given its high cost aviation environment. CEOs from Spicejet, Indigo, Goair, Air India, Jet Airways, Vistara and Airasia India were at today's meeting, their first with Raju. Sindhu bhattacharya tells us more.

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Gold gains as dollar rally cools on profit taking

Investing.com - Investing.com - Gold futures rose on Tuesday as investors sold the dollar for profits, while U.S.-led air strikes in Syria fueled safe-haven demand for the precious metal.

Gold and the greenback tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,222.20 a troy ounce during U.S. trading, up 0.35%, up from a session low of $1,214.70 and off a high of $1,235.60.

The December contract settled up 0.11% at $1,217.90 on Monday.

Futures were likely to find support at $1,208.80 a troy ounce, Monday's low, and resistance at $1,243.20, last Tuesday's high.

Profit taking sent the dollar edging lower on Monday, wiping out a rally stemming from expectations for U.S. monetary policy to grow less accommodative at a time when European and Japanese monetary authorities take steps to loosen.

Markit Economics reported earlier that its preliminary U.S. manufacturing purchasing managers' index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading, which allowed the dollar to take a break from its rally.

A separate report showed that the Federal Reserve Bank of Richmond's monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10, which cushioned the dollar and capped gold's gains.

Events in the Middle East fueled gold's appeal as a safe haven to geopolitical tensions.

U.S.-led airstrikes in Syria involving five Arab nations targeting ISIS positions gave the yellow metal a boost in afternoon trading.

Gains were somewhat limited on perceptions that the days of ultra-loose U.S. monetary policies that have supported gold since the 2008 financial crisis are coming to an end.

In October, the Federal Reserve is expected to close its monthly bond-buying program and then begin raising benchmark interest rates some time in 2015.

Meanwhile, silver for December delivery was up 0.02% at $17.778 a troy ounce, while copper futures for December delivery were down 0.11% at $3.035 a pound.

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Gold prices higher to steady in Asia ahead of HSBC China PMI

Investing.com - Investing.com - Gold prices were higher to steady in early Asia on Tuesday with the focus on HSBC's China flash PMI figures for September.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,216.90 a troy ouce, up 0.08%, after hitting an overnight session low of $1,208.90 and off a high of $1,221.00.

In China, the flash HSBC manufacturing PMI is due for September with a reading of a borderline between expansion and contraction of 50 expected, down from last month's final of 50.2, a three-month low.

Overnight, gold futures posted modest gains on Monday after disappointing U.S. housing data.

The National Association of Realtors reported that existing home sales unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August.

Analysts had expected existing home sales to rise 1% to 5.20 million units, and the numbers weakened the greenback slightly and gave gold room to rise.

The dollar has advanced in recent weeks as markets prepare for U.S. monetary policy to grow less accommodative going forward, while Europe and Japan are seen taking steps to loosen policy to stimulate their economies.

Earlier Monday, European Central Bank President Mario Draghi economic activity in the euro area has slowed and added he saw a risk of a further downturn, though the dollar still remained soft on sentiments the U.S. currency was due for a breather.

Silver for December delivery was down 0.04% at $17.760 a troy ounce. Copper futures for December delivery fell 0.04% at $3.042 a pound.

Copper will likely move on the HSBC data as China is the world's top importer of the metal.

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NYMEX crude oil down in Asia ahead of HSBC China flash PMI survey

Investing.com - Investing.com - Crude oil prices dipped early in Asia on Tuesday ahead of industry data on U.S. stocks from the American Petroleum Institute and HSBC's China PMI flash survey for September.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $90.80, down 0.04%, after hitting an overnight session low of $90.426 a barrel and a high of $91.92 a barrel.

In China, the flash HSBC manufacturing PMI is due for September with a reading of a borderline between expansion and contraction of 50 expected, down from last month's final of 50.2, a three-month low.

The API data later Tuesday comes ahead of the more closely watched stocks data from the Department of Energy on Wednesday.

Overnight, disappointing U.S. housing data coupled with ongoing concerns that the global economy is awash in crude while demand remains soft sent oil futures falling on Monday.

The National Association of Realtors reported earlier that existing home sales in the U.S. unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August.

Analysts had expected existing home sales to rise 1% to 5.20 million units, and the figures sent oil prices falling on fears that U.S. recovery continues to face headwinds and may consume less fuel and energy than once thought.

Concerns that global oil supply is outstripping demand also battered crude futures.

While the U.S. economy is gaining steam despite hiccups here and there, Europe and China are still battling potholes, which has taken its toll on energy markets.

European Central Bank President Mario Draghi said earlier that economic activity in the euro area has slowed and added he saw risks of a further downturn.

The global Brent oil benchmark fell 1.4% to $96.97 a barrel on Monday.

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Exclusive - Siemens near deal to buy Dresser-Rand - sources

US-SIEMENS-DRESSER-RAND-GRP:Exclusive - Siemens near deal to buy Dresser-Rand - sources

By Soyoung Kim, Sophie Sassard and Anjuli Davies

NEW YORK/LONDON (Reuters) - The German industrial conglomerate Siemens AG is near an agreement to acquire U.S. oilfield equipment maker Dresser-Rand Group Inc for all cash, people familiar with the matter said on Sunday.

A deal for Dresser-Rand, which has a market capitalization of more than $6 billion, could come as soon as Monday, some of them said.

Siemens is expected to pay low- to mid-$80s per share, the sources said, compared to Dresser-Rand's Friday closing price of $79.91 which already had been boosted by takeover speculation in the past several days.

Discussions between the two companies are continuing and could still fall apart, the sources cautioned, asking not to be named because the matter is not public. A representative for Siemens declined to comment and a representative for Dresser-Rand could not immediately be reached.

Siemens, with its cash takeover bid, has trumped a competing offer from Swiss pump maker Sulzer AG , which proposed merging with Dresser-Rand in an all-stock deal, the sources said.

By acquiring Dresser-Rand, Siemens would get the company's compressors and turbines serving the oil and gas industry at a time when a North American drilling boom boosts demand for energy services and equipment.

(Reporting by Soyoung Kim in New York and Sophie Sassard and Anjuli Davies in London; additional reporting by Edward Taylor and Arno Schuetze in Frankfurt, editing by William Hardy)

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NYMEX crude oil dips in Asia with focus on U.S. data sets this week

Investing.com - Investing.com - Crude oil fell in ASia on Monday to start the week though investors are primed to react to potential supply issues in geopolitical hotspots and the prospect of upbeat data sets in the U.S. this week.

On the New York Mercantile Exchange, crude oil for delivery in November traded at $91.57 a barrel, down 0.15%.

Last week, West Texas Intermediate oil futures declined on Friday, as concerns about weak demand and a broadly stronger U.S. dollar weighed.

The U.S. Energy Information Administration said September 17 that U.S. crude oil inventories increased by 3.7 million barrels last week, the first weekly gain in five weeks.

Total U.S. crude oil inventories stood at 362.3 million barrels, the highest level for this time of year since 2012.

A stronger dollar also kept pressure on oil and other dollar-denominated commodities. The greenback rose to its highest level in more than six years against the yen USD/JPY, while the euro EUR/USD slid to fresh 14-month lows after the Federal Reserve brought forward its outlook for rising interest rates.

For the end of 2015, the median forecast was 1.375% Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery tacked on 69 cents, or 0.71%, on Friday to settle at $98.39 a barrel by close of trade.

For the week, the November Brent contract gained $1.28, or 1.3%, amid reports that the Organization of the Petroleum Exporting Countries could trim its 2015 output target by 500,000 barrels per day at its November meeting in light of weakening global demand.

London-traded Brent prices have slid in recent weeks on concerns that global supply remains ample while demand remains weak.

In the week ahead, investors will be awaiting Tuesday's data on euro zone private sector activity, amid concerns that the recovery in the region is losing momentum. Preliminary data on manufacturing activity in China will also be closely watched.

The week will also bring a fresh look at the U.S. housing sector, with reports on both new and existing home sales, as well as Thursday's data on durable goods orders and initial jobless claims.

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Principal Mutual Fund announces change in exit load

Principal Mutual Fund has announced change in exit load of Principal Debt Opportunities Fund - Corporate Bond Plan, with effect from September 22, 2014.

Accordingly, the exit load charge will be 0.50% if redeemed on or before 60 days from the date of allotment.

If redeemed after 60 days from the date of allotment, the exit load charge will be Nil.

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Kotak Balance announces dividend

Kotak Balance announces dividend, the record date for dividend is September 25, 2014.

Kotak Mutual Fund has announced dividend under the dividend option & direct plan - dividend option of Kotak Balance, an open ended balanced scheme.  The record date for declaration of dividend is September 25, 2014.

The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.50 per unit each.

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