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Monday, June 11, 2012
Positive Asian cues may lift markets at start
The Indian markets are set to begin the first day of the week on a positive note. SGX is Nifty trading 43 points higher. Events for the day: Ex-date for dividend of ITC. Ex-date for final dividend of Rallis India and Torrent Pharmaecuticals. Headlines for the day: JSPL may scrap $2.1 bn Bolivia plan. ONGC starts drilling oil along Assam-Nagaland border area. No diesel price hike for now, says Reddy.
Rakesh Jhunjhunwala Interview 2012 - with ET Now
In an interview with ET Now, Rakesh Jhunjhunwala, Partner, RARE Enterprises, says he is extremely bullish on India in the long term and that Greece will not exit Euro in the next 2 months. Excerpts: ET Now: Many a times in your long market career, you have been the low bull in the market. Today when the investor sentiment is down and out, are you still bullish? Rakesh Jhunjhunwala: Let us look at the factors which can drive markets lower or higher. Investors' interest in India from the international community and from the local investors is at an all time low and confidence is at all time low. Secondly, we have to see what could change government policy, inflation, commodity prices and consequently interest rates. Commodity prices have seen a good correction in the last two months and especially in the last 15 days. Considering the economic conditions in America, China and the western world, I see no reason where commodity prices can go up. If we look at the BRIC nations, India is the only net importer of commodities and both Russia and Brazil are very big exporters. So, the biggest beneficiary of a correction in commodity price in the world has to be India. Growth has slowed in India and demand is extremely low. In inflation, 60% of inflation is due to manufacturing. The government made an across board hike of 2% in excise duties despite that in April, there was a 1.5% month to month increase in manufacturing inflation. So, when demand is low, commodity prices are coming off and therefore manufacturers can't build adequate capacity at the moment.
Big drop for red metal on Friday
Prices dragged down by concerns about slowing economic growth in China Comex copper ended lower on Friday, 08 June 2012. London copper hit a six-month low on Friday, dragged down by concerns about slowing economic growth in top consumer China and the lack of imminent measures to boost the U.S. economy. Three-month copper on the LME fell to as low as $7,264.25 a tonne. It ended lower by 2.8% at $7,284 a tonne on Friday. At Comex, July copper dropped nearly 9 cents, or 2.5%, to close at $3.29 a pound. Prices ended 0.6% lower than the week-ago closing level.
Crude slips due to worries about global oil demand
Prices register weekly gains for the first time in six weeks Crude oil prices at Nymex finished lower for the day on Friday, 08 June 2012, but gained on the week as traders worried about global oil demand and supplies ahead of a spate of Chinese economic data during the weekend and an OPEC meeting next week. Prices registered weekly gains for the first time in six weeks. Light, sweet crude-oil futures for July delivery shed 72 cents, or 0.9%, to settle at $84.10 a barrel on the New York Mercantile Exchange on Friday. For the week, prices finished 1% higher. Prices also fell due to a stronger dollar. The dollar index, which weighs the strength of the dollar against a basket of six other currencies rose by 0.3%.
Mixed finish for bullions
Gold manages to eke out gains but silver drops on Friday Precious metals ended mixed at Comex on Friday, 08 June 2012. Gold futures finished lower for the week on Friday, 08 June 2012 as recent comments by the top U.S. central banker squashed hopes of immediate stimulus lifting the dollar. Gold, however, ended Friday's session on a positive note, with traders unwilling to short the metal ahead of a weekend of potential gold market-moving developments. But silver prices ended lower for the day. Gold for August delivery tacked on $3.40, or 0.2%, to settle at $1,591.40 an ounce on the Comex division of the New York Mercantile Exchange, rebounding after touching a low of $1,556.40 on Friday. Prices ended 1.9% lower for the week. July silver fell 6 cents, or 0.2%, to $28.47 an ounce on Friday, finishing 0.1% lower for the week.
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