MCX Bullion News Updates

Gold prices-Gold prices drifted higher in Asia on Friday ahead of U.S. consumer prices data and a light regional data day. Investors could gain further insight into the Fed's decision making process on Friday when the U.S. Department of Labor releases the Consumer Price Index for the month of January. Overnight, gold rose considerably on Thursday remaining above $1,200 an ounce.

MCX Copper Tips-LME copper will hover between USD 4,560-4,605/mt during Asian trading hours today and SHFE 1604 copper will range RMB 35,500-35,800/mt. Eyes are turning to the result of European Council summit and speeches of two US Fed officials on Friday. Economical figures should also be closely watched, including US January’s year-on-year CPI growth and February’s CCI in euro zone. The German Central Bank considerably cut the forecast for its inflation in 2016. 

Crude oil prices-Crude prices fell in Asia on Friday with the global supply outlook bearish and demand lagging. Later Friday, research group Baker Hughes is expected to report rig count data in the U.S. Anyone who is introducing more supply into the market in the current situation is going to make it worse. Overnight, crude futures pared most of its earlier gains on Thursday, after an unexpected build in U.S. inventories last week pushed inventories to near full storage capacity.

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MCX Bullion News Update

Gold prices-Gold hovered close to its lowest level in nearly six years on Friday, on track for a sixth straight weekly decline, weakened by the strength in the dollar and expectations of a U.S. interest rate hike next month. Precious metals funds posted their biggest net outflow last week in around four months, while investors kept up the rapid pace of inflows into money market funds, Bank of America Merrill Lynch said on Thursday. India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers.

MCX Copper Tips-LME copper is predicted to move between USD 4,620-4,670/mt during Asian trading hours Friday. Markets will focus on China’s profit result at above-scale industrial enterprises for October on Friday and decline in the profit is expected to narrow further. Eyes should be also paid to November’s climate index from euro zone and the index should improve over October. This will support the euro temporarily. But US dollar will remain at highs, which nonetheless, will not greatly influence the movement of base metals prices.

Crude oil prices-Crude oil futures fell on Friday with losses this month standing at over 8 percent, hurt by disappointing Chinese economic data and worries over a supply glut. Profits earned by Chinese industrial companies fell 4.6 percent in October from a year earlier, data from the country's statistics bureau showed on Friday, declining for the fifth consecutive month. The market is shifting its focus to a meeting of ministers from the Organization of the Petroleum Exporting Countries, which is set for Vienna on Dec. 4.

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News Update - Govt provides Rs 3,000 cr duty benefits to boost exports

To boost country's exports, which have been in the negative zone since December last year, the Centre today has given additional incentives of Rs 3,000 crore to several products, including textiles and electronics. 

"In light of the major challenges being faced by Indian exporters in the backdrop of the global economic slowdown, the Department of Commerce today announced increased support for export of various products and included some additional items under the Merchandise Exports from India Scheme (MEIS)," the Commerce Ministry said in a statement today. 

On October 7, the Commerce Secretary after holding consultations with exporters has informed that the allocations for export incentive schemes in the current financial year has been increased to Rs 21,000 crore, from earlier Rs 18,000 crore.

Commenting on the move, exporters body Federation of Indian Export Organisations (FIEO) said that the incentives would enhance price competitiveness and help in arresting the current downfall in exports. 

FIEO Director General Ajay Sahai said that Rs 3,000 crore incentive would help Indian exporters at this challenging time. 

As many as 110 new products such as chemicals and medical equipment have been included under the MEIS scheme and rates or country coverage or both have been increased for 2,228 existing tariff lines.

As many as 110 new products such as chemicals and medical equipment have been included under the MEIS scheme and rates or country coverage or both have been increased for 2,228 existing tariff lines.

Under the MEIS, the government provides duty benefits at 2 percent, 3 percent and 5 percent depending upon the product and country. 

Global support has been extended to products including textile items, pharmaceuticals, project goods, auto components, telecom, computer, electrical, electronics and railway transport equipment.

Earlier, benefits to these items were provided to a few countries.

The move is expected to help in improving competitiveness of large number of exporters and help them tide over the difficult global economic scenario.

Contracting for the 10th month in a row, India's merchandise exports dipped 24.33 percent in September to USD 21.84 billion, mainly due to steep fall in shipments of petroleum products, iron ore, and engineering goods amid tepid global demand. 

Rewards under MEIS are payable as percentage of realised free-on-board value and the MEIS duty credit scrip can be transferred or used for payment in a number of duties including the basic customs duty. 

The other new products that have been added under this scheme include medical instruments, sports goods, value added processed products of natural rubber, chemicals and plastics.

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