BULLION METALS OUTLOOK GOLD -Gold have been getting slammed for weeks but we thinks this is more of a short-term reaction to subsiding geopolitical fears and reiterates his long-term bullish outlook based on a number of fundamental drivers. Gold prices settled higher on COMEX about 0.48% on Thursday ahead of G7 meeting in Italy in weekend. Gold prices settled at $ 1224.35 after its day’s low of $ 1216.75. Prices continue hold higher in early trades on Friday. The weekly trading levels for this week were seen from $ 1220 to $ 1230 levels after a sharp decline in prices over the last three weeks. Gold traded in range amid political turmoil in Washington, after President Trump unexpectedly fired FBI chief James Comey. However gains were capped by better than expected producer inflation and labor market data. New applications for U.S. jobless benefits unexpectedly fell last week, while producer prices rebounded strongly in April, pointing to a tightening labour market and rising inflation that could spur the Federal Reserve to raise interest rates in June. Technically gold market is under short covering as market has witnessed drop in open interest by 2.47% to settled at 6593 while prices up 8 rupees. Gold in MCX Futures held near its important support at Rs.28000 to Rs.28100. Prices could stay higher till Rs.28100 to Rs.28200 levels in near term. Prices expected to consolidate around lower levels and expect fresh selling near Rs.28200 to Rs.28300. A strong break below Rs.27900 could take prices much deeper till Rs.27700 to Rs.27600 levels.
GOLD CHART
Chart Details -On the Above given daily chart of Gold which is Indicating the cautious note for upcoming week trading sessions. The Metal is Expected to trade in bulls movement as the Technical indicators are indicating upward movement in next week. Technically , Gold Significance Support at Rs.28000 to Rs.28100. Prices could stay higher till Rs. 28100 to Rs. 28200 levels in near term. Prices expected to consolidate around lower levels and expect fresh selling near Rs. 28200 to Rs. 28300. A strong break below Rs.27900 could take prices much deeper till Rs. 27700 to Rs. 27600 levels.
Monday, 15 .May .2017
SILVER -Now MCX Silver is getting support at 37827 and below same could see a test of 37662 level, And resistance is now likely to be seen at 38191, a move above could see prices testing 38390. Silver on MCX settled up 0.11% at 37992 buoyed by a weaker dollar, despite the release of bullish economic data. First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended May 6th, the Labor Department revealed in a report. The report said initial jobless claims dipped to 236,000, a decrease of 2,000 from the previous week's unrevised level of 238,000. Meanwhile, the Labor Department said the less volatile four-week moving average inched up to 243,500, an increase of 500 from the previous week's unrevised average of 243,000. Silver trading little higher on Friday, the trading levels were seen from $16.1 to $16.5. Prices had a strong consolidation near $16 and expect for a near term rebound in prices till $16.5 to $16.7. Silver MCX Futures to settle higher on Friday around Rs.38500. Prices taken its important support at Rs.38000 and expect more short covering to come above Rs.38500 till Rs.39000. Technically Silver market is under fresh buying as market has witnessed gain in open interest by 2.02% to settled at 20777 while prices up 40 rupees.
SILVER CHART
Detail of Chart -On the Above given daily Chart of Silver Applied Bollinger Band and MACD both the indicators are indicating medium term bullishness in the Market. We may witness some positive Up move in the Precious metal, Technically now Silver is getting support at 38067 and below same could see a test of 37980 level, And resistance is now likely to be seen at 38267, a move above could see prices testing 38380.
✍ MCX DAILY LEVELS DAILY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
31- MAY-17
127
125
123
122
121
120
119
117
115
COPPER
30- JUNE-2017
365
363
361
360
359
358
357
355
353
CRUDE OIL
19-MAY-17
3225
3174
3123
3100
3072
3049
3021
2970
2919
GOLD
05-JUNE-2017
28500
28343
28186
28085
28029
27928
27872
27715
27558
LEAD
31- MAY-2017
153
148
143
140
138
135
133
128
123
NATURAL GAS
25-MAY2017
233
228
223
220
218
215
213
208
203
NICKEL
31- MAY-2017
626
617
608
603
599
594
590
581
572
SILVER
05-JULY-2017
38759
38559
38359
38224
38159
38024
37959
37759
37559
ZINC
31- MAY-2017
177
173
169
167
165
161
157
153
163
✍ MCX WEEKLY LEVELS WEEKLY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
31- MAY-17
127
125
123
123
121
121
119
117
115
COPPER
30- JUNE-2017
395
383
371
365
359
353
347
335
323
19-MAY-17
3523
3359
3195
3114
3031
2950
2867
2703
2539
GOLD
05-JUNE-2017
28988
28683
28378
28214
28073
27909
27768
27463
27158
LEAD
31- MAY-2017
159
152
145
141
138
134
131
124
117
NATURAL GAS
25-MAY2017
267
249
231
223
213
205
195
177
159
NICKEL
31- MAY-2017
661
638
615
603
592
580
569
546
523
SILVER
05-JULY-2017
39805
39226
38647
38417
38068
37838
37489
36910
36331
ZINC
31- MAY-2017
186
179
172
168
165
161
158
151
144
CRUDE OIL
✍ FOREX DAILY LEVELS DAILY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
USDINR
29-MAY-17
65.24
65.12
64.88
64.56
64.37
64.05
63.86
63.72
63.58
EURINR
29-MAY-17
72.12
71.92
71.41
70.82
70.29
69.70
69.17
68.57
68.46
GBPINR
29-MAY-17
86.12
85.08
84.53
83.67
83.12
82.26
81.71
80.85
80.07
JPYINR
29-MAY-17
58.56
58.49
58.35
57.56
57.41
56.65
56.42
55.82
55.44
✍ FOREX WEEKLY LEVELS WEEKLY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
USDINR
29-MAY-17
66.28
65.73
65.01
64.46
63.74
63.19
62.47
62.03
61.93
EURINR
29-MAY-17
74.52
73.98
72.34
71.19
69.55
68.41
66.77
65.63
64.84
GBPINR
29-MAY-17
89.60
88.67
86.03
84.64
82.04
80.65
78.05
76.67
74.22
JPYINR
29-MAY-17
62.44
61.84
60.54
59.58
58.42
56.24
53.64
52.37
51.42
✍ NCDEX DAILY LEVELS DAILY
EXPIRY DATE
SYOREFIDR
19-MAY-2017
SYBEANIDR
R4
R3
R2
R1
PP
S1
S2
S3
S4
634
631
628
626
625
623
622
619
616
19-MAY-2017
2885
2872
2859
2852
2846
2839
2833
2820
2807
RMSEED
19-MAY-2017
3832
3793
3754
3732
3715
3693
3676
3637
3598
JEERAUNJHA
19-MAY-2017
18941
18781
18621
18558
18461
18398
18301
18141
17981
GUARSEED10
19-MAY-2017
3781
3740
3699
3677
3658
3636
3617
3576
3535
TMC
19-MAY-2017
6108
5952
5796
5742
5640
5586
5484
5328
5172
✍ NCDEX WEEKLY LEVELS WEEKLY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR
19-MAY-2017
655
644
633
627
622
616
611
600
589
SYBEANIDR
19-MAY-2017
3130
3045
2960
2915
2875
2830
2790
2705
2620
RMSEED
19-MAY-2017
3921
3853
3785
3766
3717
3698
3649
3581
3513
JEERAUNJHA
19-MAY-2017
19996
19426
18886
18698
18346
18158
17806
17266
16726
GUARSEED10
19-MAY-2017
4012
3899
3786
3735
3673
3622
3560
3447
3334
TMC
19-MAY-2017
6589
6233
5877
5704
5521
5348
5165
4809
4453
MCX - WEEKLY NEWS LETTERS ✍ INTERNATIONAL UPDATES ( BULLION & ENERGY ) ✍ GOLD Gold prices were higher on Friday to end the week little changed as the weaker dollar boosted demand for the precious metal. Gold for June delivery settled up 0.37% at $1,228.7 on the Comex division of the New York Mercantile Exchange. The dollar weakened after data on Friday showed that U.S. retail sales grew less than expected last month, and core inflation dipped, raising doubts over whether the Federal Reserve can hike rates two more times this year. Retail sales rose 0.4% in April, the Commerce Department said, falling short of economists’ expectations for a 0.6% increase. At the same time, the Labor Department reported that the annual rate of inflation slowed to 2.2% in April from 2.4% in March.Annual core inflation, which strips out food and energy costs, fell to 1.9%, the lowest since October 2015. Consumer prices rose 0.2% last month, rebounding from a 0.3% drop in March. Markets are currently pricing in around a 70% chance of a rate hike in June in the wake of the data, The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.48% at 99.05 following the release of the data. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Elsewhere in precious metals trading, silver rose 0.89% at $16.46 a troy ounce late Friday, while copper climbed 0.8% to $2.52 a pound Gold rose on Friday and was set to end the week little changed as the sudden sacking of the head of the FBI in the United States stoked investor concerns and boosted demand for bullion, and the U.S. dollar and Treasury yields fell. Spot gold XAU= was up 0.3 percent at $ 1,228.01 an ounce by 2:52 p.m. EDT , hovering around the 100-day moving average. Gold rose 0.5 percent in the previous session, its biggest one-day gain in a month. U.S. gold futures GCcv1 settled up 0.3 percent at $ 1,227.70. "You continue to see the political uncertainty continue to support gold," said ETF Securities analyst Martin Arnold, citing the dismissal of the Federal Bureau of Investigation's James Comey and the upcoming British election as sources of uncertainty. U.S President Donald Trump on Thursday ran into resistance for calling ousted Federal Bureau of Investigation chief Comey a "showboat". The attack was swiftly rebuffed by top U.S. senators and acting FBI Director Andrew McCabe, who pledged that an investigation into possible Trump campaign ties to Russia would proceed. capping gains in gold are expectations that the U.S. Federal Reserve will increase interest rates in June. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Traders are expecting a 100 percent probability of an interest rate increase in June. "After the recent drop, we perceive gold as looking technically stretched, negative momentum indicators are beginning to fade and a June Fed rate hike seems largely expected. Gold demand in Asia rose this week as a dip in bullion prices enticed buyers to make new purchases, with the metal being sold at a higher premium in top consumer China. The international benchmark spot gold XAU= plunged to an eight-week low of $ 1,213.81 an ounce earlier this week. In India, the second-largest consumer of the metal, gold futures MAUc1 were trading around 28,000 rupees per 10 grams on Friday, down 4 percent in nearly four weeks. "Demand has been good in the last few weeks. Consumers are comfortable at the current price level. Dealers in India were charging a premium of up to $1 an ounce this week over official domestic prices, compared with a premium of $
2 last week. The domestic price includes a 10 percent import tax. India's gold imports in April more than doubled from a year ago to 75 tonnes on strong demand during a festival that prompts purchases. are building inventory as sales were good during Akshaya Trititya. Wedding season demand is also better than last year," said a Mumbai-based banker with a private bank. Indians celebrated the annual festival of Akshaya Tritiya, when buying gold is considered auspicious, in the last week of April. In the first quarter of this year, Indian gold demand rose 15 percent from a year ago, the World Gold Council said in a report published earlier this month. China, premiums rose up to $15 an ounce over the international benchmark, from $ 12 last week. Premiums in Hong Kong were quoted at around 60 to 90 cents. "There is good amount of buying interest at these price levels in China,In Singapore, gold premiums remained in a 70 cents to $1 range, unchanged from last week, while prices in Tokyo were at a discount of 50 cents, compared with a 25-cent discount last week. Gold prices moved higher on Friday, as recent political events in the U.S. continued to weigh on the greenback and boost demand for safe-haven assets, although investors were also eyeing the release of U.S. data due later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.26% at $1,227.36. The June contract ended Thursday’s session 0.43% higher at $1,224.20 an ounce. Futures were likely to find support at $1,214.30, the low of May 9 and resistance at $1,236.90, the high of May 8. Markets were still jittery since U.S. President Donald Trump’s unexpected decision to fire FBI Director James Comey. Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign. Investors were concerned the latest events in Washington could hamper the U.S. administration's ability to implement promised tax reform and stimulus measures. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.48 on Friday morning. Gold prices inched higher in European trade on Thursday, but held near their lowest level in around eight weeks amid growing expectations for a U.S. interest rate hike next month. Comex gold futures rose around $ 4.00, or about 0.3%, to $ 1,222.70 a troy ounce by 3:05AM ET. Meanwhile, spot gold was at $ 1,222.30. The yellow metal hit its lowest since March 15 at $ 1,214.30 on Tuesday amid fading demand for safe-haven assets. Markets are pricing in around an 80% chance of a hike at the Fed's June meeting. The metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. The dollar index, which tracks the greenback against a basket of six major currencies, was at 99.46 in London morning trade, not far from a three-week high of 99.61. The benchmark 10-year U.S. Treasury yield was at around 2.395%, within sight of a five-week peak of 2.416%. There are a couple of economic reports Thursday, including weekly jobless claims and producer price inflation data both due at 8:30AM ET. Also on the Comex, silver futures gained 10.6 cents, or about 0.7%, to $16.31 a troy ounce. It fell to a more than four-month low of $16.06 on Tuesday. Gold turned lower but held above the previous day's eight-week low on Wednesday as U.S. President Trump's abrupt firing of FBI chief James Comey weighed on U.S. stocks, though gains were capped by expectations of further interest rate increases. U.S. equities .SPX paused and the dollar .DXY eased as risk appetite faded on concerns that Trump's dismissal of Comey could make it harder for him to push through tax reform plans. Spot gold XAU= was down 0.2 percent at $1,218.95 an ounce by 1:47 p.m. EDT, holding above Tuesday's two-month low at $1,213.81 but turning
lower as U.S. Treasury yields US10YT=RR turned up. U.S. gold futures GCv1 for June delivery settled up 0.2 percent at $ 1,218.90. "looks like an attempt at stabilization today after the sharp losses in the preceding days. Trump's firing of FBI Chief Comey adds new uncertainty, stock markets seem to pause." Trump attributed his decision to sack Comey, who had been leading an investigation into the Trump campaign's possible collusion with Russia during the 2016 election, to the FBI chief's handling of an investigation into presidential nominee Hillary Clinton's emails. Democrats said that Trump had political motives for the move. Pressure remained on gold as expectations for further U.S. monetary policy tightening next month underpinned the dollar and weighed on bullion. "Gold prices have dipped below the 100-day moving average, implied volatility has eased towards 2005 lows and ... strengthening U.S. Treasury yields are a strong downside risk for gold prices. Gold prices were higher in European trade on Wednesday, bouncing off the prior session's eight-week low after U.S. President Donald Trump abruptly fired FBI Director James Comey in a move that shocked Washington. Rekindled fears that North Korea could be gearing up for another weapons test also supported gold. Comex gold futures rose around $ 6.00, or about 0.5%, to $ 1,222.30 a troy ounce by 3:05AM ET . Meanwhile, spot gold was at $1,221.80. The yellow metal hit its lowest since March 15 at $1,214.30 on Tuesday amid fading demand for safe-haven assets. The dollar index, which tracks the greenback against a basket of six major currencies, slipped to 99.33, moving away from Tuesday's three-week high of 99.56. The benchmark 10-year U.S. Treasury yield slipped to around 2.39%, down from Tuesday's five-week peak of 2.416%. However, expectations of a Federal Reserve rate hike next month limited gains. Markets are pricing in around an 80% chance of a hike at the Fed's June meeting. The metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. Also on the Comex, silver futures gained 14.4 cents, or about 0.9%, to $16.21 a troy ounce. It fell to $16.06 on Tuesday, a level not seen since January 3. Gold prices inched down in European trade on Tuesday, holding near the prior session's seven-week low amid fading demand for safe-haven assets. Comex gold futures slipped around $1.00, or about 0.1%, to $1,226.50 a troy ounce by 2:50AM ET. Meanwhile, spot gold was little changed at $1,225.90. The yellow metal hit its lowest since March 16 at $1,221.00 on Monday as safe-haven demand ebbed after marketfriendly centrist Emmanuel Macron beat far-rightist Marine Le Pen to clinch the French presidency. The victory for Macron signaled that political risks in France and across Europe are receding, in the wake of the populist surge which resulted in Brexit and propelled Donald Trump to the White House, dampening demand for the yellow metal, which is often used as a hedge in times of political uncertainty. Meanwhile, investors awaited fresh signals on whether the Federal Reserve will raise interest rates next month. There are a few economic reports Tuesday, including the NFIB small business survey at 6:00AM ET, followed by JOLTS job opening data and wholesale trade for March both due at 10:00AM ET. Markets are pricing in around an 82% chance of a hike at the Fed's June meeting, The metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE MARKETS.
Monday, May 15 New Zealand is to release data on retail sales. China is to report on industrial production and fixed asset investment. Switzerland is to publish figures on producer price inflation. The U.S. is to release a report on manufacturing activity in the New York region.
Tuesday, May 16 The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting. The UK is to report on consumer price inflation. The euro zone is to produce revised data on first quarter economic growth. The ZEW Institute is to report on German economic sentiment. The U.S. is to release reports on building permits, housing starts and industrial production.
Wednesday, May 17 New Zealand is to produce figures on producer price inflation input. Australia is to release data on the wage price index. The UK is to publish its monthly employment report. The euro zone is to release revised data on consumer price inflation. Canada is to report on manufacturing sales.
Thursday, May 18 Japan is to report on first quarter economic growth. Australia is to publish its monthly employment report. The UK is to produce retail sales figures.
The U.S. is to publish data on initial jobless claims and manufacturing activity in the Philadelphia region.
Friday, May 19 Canada is to round up the week with data on retail sales and inflation.
✍ ENERGY Oil prices jumped by over 1.5 percent on Monday after the Saudi Arabian and Russian energy ministers said in a joint statement that an OPEC-led crude production cut would be extended from the middle of this year until March 2018. Brent crude LCOc1 was at $ 51.68 per barrel at 0327 GMT, up 84 cents, or 1.7 percent, from their last close. U.S. West Texas Intermediate crude CLc1 was at $ 48.64 per barrel, up 80 cents, or 1.7 percent. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak met on Monday in Beijing and said that a joint deal to cut crude supplies in order to prop up the market would be extended from the middle of this year until March 2018. two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5 year average level, as well as to underscore the determination of oil producers to ensure market stability," the joint statement said. The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader, and other producers led by Russia, pledged late last year to cut output by almost 1.8 million barrels per day during the first half of 2017. The extension of the cut into the first quarter of next year will initially be on the same volume terms as before, although the ministers said they hoped other producers would join the efforts. The ministers also expressed optimism that a wider circle of countries outside the current group will see the benefit of this cooperation in bringing stability to oil markets, and will join the effort," it added. Traders said it was significant that the joint statement by the world's two top oil producers came before the May 25 OPEC meeting. "Saudi and Russia are clearly working closely together. Saudi seems very determined to push oil prices higher by making this joint statement now. . Undermining efforts by OPEC and Russia has been the United States, which did not participate in the agreement to cut supplies. Oil edged lower Friday on some profit-taking ahead of U.S. rig count data due out later in the session. U.S. crude was off 8 cents, or 0.17%, at $47.75 at 07:15 ET. Brent crude shed 4 cents, or 0.08%, to $50.73. Oil continued to be buoyed the previous session by an upbeat Energy Information Administration inventories report. The EIA reported a fall of 5.25 million in crude stockpiles in the latest week against a forecast drop of 1.79 million barrels in the latest week. Investors are looking to the latest Baker Hughes U.S. rig count.Increased U.S. shale activity has eroded the impact of output cuts by major producers. OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half. A decision on whether to extend the accord possibly to the end of the year is expected at a meeting on May 25. Oil prices rose on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February. International Brent crude futures LCOc1 were at $ 50.96 per barrel at 0646 GMT on Friday, up 19 cents, or 0.37 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $ 48.01 per barrel, up 18
cents, or 0.38 percent. "Crude prices could be poised for recovery. The Organization of the Petroleum Exporting Countries and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day during the first half of the year. OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction. The bank also said that a fall by 5.3 million barrels in U.S. crude inventories this week to 522.5 million barrels was "providing some fundamental support for prices". Based on the lower U.S. inventories and the expectation of an extended production cut, this week has seen the market stabilise, including a recovery of Brent back above $50 per barrel, following steep price falls last week. Despite this, analysts warned that markets remained well supplied.The U.S. oil production has gained significant momentum" and that there was "limited downside risk in the short-term." Oil prices rose by around 1 percent on Thursday, and Brent was firmly back over $ 50 per barrel, as a fall in U.S. fuel inventories and a bigger than expected cut in Saudi supplies to Asia tightened the market. International Brent crude futures LCOc1 were at $ 50.68 per barrel at 0648 GMT on Thursday, up 46 cents, or 0.9 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $47.82 per barrel, up 49 cents, or 1 percent from the last settlement. "We saw the biggest draw in inventories for the year last week with stockpiles down more than 5 million barrels. And it looks like OPEC's production cut is finally biting,"The Organization of the Petroleum Exporting Countries and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day during the first half of the year. So far, however, there have been few signs that markets have tightened significantly as producers shielded their biggest customers, especially in Asia, from the cuts. But after Brent prices fell back below $ 50 per barrel last week, analysts said producers felt forced to act. Saudi Arabia, the world's biggest oil exporter, has notified several Asian refiners of its first cuts in crude allocations for regional buyers since OPEC's output reduction took effect in January. Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. and non-OPEC members have shown commitment to production cuts and an extension of the agreement... will assist in drawing stocks over Q3 and stabilising the market. In the United States, crude stockpiles posted their biggest weekly drawdown since December last week as imports dropped sharply, while inventories of refined products also fell. Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said. At 522.5 million barrels, crude stocks were the lowest since February. U.S. oil inventories fell, the country's crude oil production C-OUT-T-EIA continued to rise, jumping above 9.3 million bpd last week, in what is now a more than 10 percent increase since its mid-2016 trough. Oil prices rose on Thursday, and Brent was firmly back over $ 50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $ 50.33 per barrel at 0039 GMT on Thursday, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate crude oil futures CLc1 were trading at $ 47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement. "We saw the biggest draw in inventories for the year last week with stockpiles down more than 5 million barrels. And it looks like OPEC's production cut is finally biting, The Organization of the Petroleum Exporting Countries and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day during the first half of the year. So far, however, there have been few signs that global markets are actually tightening as producers shielded their biggest customers, especially in Asia, from the cuts. But after Brent prices fell back below $ 50 per barrel last week, analysts said producers felt forced to act. Saudi Arabia, the world's biggest oil exporter, has notified several Asian refiners of its first cuts in crude allocations for regional buyers since OPEC's output reduction took effect in January. reported on
Tuesday that state-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June. the United States, U.S. crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell. Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said. At 522.5 million barrels, crude stocks were the lowest since February. Oil futures rose on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC tries to counter rising U.S. output that is threatening to derail its attempts to end a sustained global crude glut. Oil was also supported by a larger than expected fall in U.S. crude inventories last week, down 5.8 million barrels compared with analysts' expectations for a 1.8 million barrels decline, according to industry group the American Petroleum Institute. Global benchmark Brent futures LCOc1 were up 19 cents, or 0.4 percent, at $ 48.92 a barrel at 0612 GMT. They fell 1.2 percent on Tuesday. U.S. West Texas Intermediate crude CLc1 was up 23 cents, or 0.5 percent, at $46.11 a barrel. State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC's agreement to reduce production and as it trims exports to meet rising domestic power demand over summer. million barrels is roughly two days of oil imports into Japan, the world's fourth biggest importer. Aramco had previously been maintaining supplies to its important Asian customers. The Saudis are largely about Asian customers, so if they are trimming sales that is supportive at the margins. WTI also fell 1.2 percent in the previous session, and the closing price for both contracts on Tuesday was the second lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries agreed to cut production during the first half of 2017. Prices surged immediately after the agreement, but have come under sustained pressure in recent weeks as U.S. production has ramped up and pushed back the expected timing for when the oil market will come into balance. U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said. numbers on weekly U.S. crude and product inventories from the EIA are scheduled to be released 1430 GMT on Wednesday. Oil prices surrendered gains on Monday as traders weighed news that an OPEC-led production cut scheduled to end in June could be extended against an ongoing upsurge in U.S. shale production. U.S. crude was down 17 cents, or 0.37%, at $ 46.05 by 08.07 ET. Brent crude was down 20 cents, or 0.41% to $ 48.90. Prices rose earlier after Saudi Arabia's energy minister indicated that an OPEC-brokered production cut could be extended to the end of the year, or possibly beyond. A decision on whether to continue the production cuts is expected at OPEC's next official meeting on May 25. The comments came after oil prices fell to almost six-month lows last week due to ample supply in countries that are not part of the output cut, including the U.S., where shale production is soaring. Data on Friday showed that the recovery in U.S. drilling had extended for a year. Investors were also digesting oil data from China that showed imports eased in April. Oil prices gave up earlier gains on Tuesday trading session, as concerns over slowing demand and a relentless rise in U.S. crude output undermined the impact of hopes that OPEC-led production cuts could be extended. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $ 49.33 per barrel at 0651 GMT on Tuesday, down from a high of $49.60 earlier in the day and near their last close. U.S. West Texas Intermediate crude oil futures CLc1 were trading at $ 46.40 per barrel, down from an intra-day high of $ 46.66 and also little changed from their last settlement. Traders said that oil markets were under pressure as persistent climbs in U.S. production, especially from shale oil drillers, and concerns over a slowdown in China undermine efforts led by the Organization of the Petroleum Exporting Countries to prop up prices.
U.S. crude production has risen by over 10 percent since mid-2016 to 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. "That's making it difficult to drive the stockpiles down to a level OPEC thinks will see prices rise sustainably. U.S. bank Goldman Sachs said that U.S. shale drillers "fundamentally changed" the oil industry due to their ability to ramp up output much faster than conventional producers. Bank of America Merrill Lynch said the low oil prices were also due to a slowdown in demand. Oil demand growth this year is underwhelming, in part explaining why crude oil prices and refining margins have sold off sharply recently," it said. concerns about Chinese economic growth as imports and exports slowed. "The economy could slow more sharply than . expected. Top exporter and de facto OPEC leader Saudi Arabia said on Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years, resulting in crude prices below $ 50 per barrel. cornerstone of the Saudi promise to rebalance the market would be to extend, Potentially into 2018, a pledge led by OPEC and other producers including Russia to cut output by almost 1.8 million barrels per day during the first half of the year.
BASE METAL’S OUTLOOK :
Trading Ideas: Zinc trading range for the day is 160.6-169.2. Zinc dropped as mine output rises despite of hopes of refined zinc market deficit and higher premiums. Spot premiums on zinc in Guangdong rose above those in Tianjin and Shanghai due to tightening supply. China’s refined zinc production fell to 413,000 tonnes in April 2017, a drop of 3.95% month-on-month and 5.92% year-on-year
Copper -
Copper trading range for the day is 356.7-362.5. Copper rose with investors tempted by falling stockpiles and as Chinese authorities' move to ease monetary policy spurred growth hopes. Chinese banks extended 1.1 trillion yuan ($159 billion) in net new yuan loans in April, above expectations. SHFE Copper warehouses stocks fell to 194,993 tonnes, their lowest since Jan. 20.
Aluminum
Aluminum trading range for the day is 120.2-122. Aluminum gained tracking LME prices ended up 0.9 percent as support seen after China might cut aluminum production by as much as 1-1.5 million tonnes. Global aluminum market deficit will expand to 1.1 million tonnes in 2017 from 0.7 million tonnes in 2016 since demand will grow faster than supply, Rusal said. Global demand for aluminum continued to grow in the first quarter of 2017, led by the transportation sector, while supply is expected to tighten.
BASE METAL ( 12 - MAY - 2017 ) ✍ COPPER Continuing its rising streak for the third straight day, copper prices strengthened by 0.25 per cent to Rs 363.30 per kg in futures trade today as speculators engaged in building up positions, tracking a firm trend at spot market on improved demand At the Multi Commodity Exchange, copper for delivery in June traded higher by 90 paise, or 0.25 per cent, to Rs 363.30 per kg, in a business turnover of 26 lots. In a similar fashion, the metal for delivery in far-month August edged up by 40 paise, or 0.11 per cent, to Rs 359.25 per kg in 3,353 lots. Analysts said expanding of positions by traders amid firm trend at spot market on rising demand from consuming industries, mainly kept copper prices higher at futures trade.
( 12 - MAY - 2017 ) ✍ ALUMINIUM Aluminium prices were up by 0.29 per cent to Rs 121.20 per kg in futures trading today as speculators built up fresh positions amid upsurge in demand at the spot market. At the Multi Commodity Exchange, aluminium for delivery in June edged up higher by 35 paise, or 0.29 per cent to Rs 121.20 per kg in business turnover of 40 lots. Similarly, the metal for delivery in May contracts traded higher by 30 paise, or 0.25 per cent to Rs 121.15 per kg in 599 lots. Analysts said fresh positions created by participants due to pick up in demand from consuming industries in the spot market mainly led to rise in aluminium prices at futures trade.
( 11 - MAY - 2017 ) ✍ COPPER Copper traded higher by 0.20 per cent to Rs 358.70 per kg in futures market today as speculators built up fresh positions amid pick up in demand at domestic spot markets. However, weakness in the base metals at the London Metal Exchange on inventory inflow and weak Chinese data capped the gains. At the Multi
Commodity Exchange, copper for delivery in June month rose by 70 paise, or 0.20 per cent to USD 358.70 per kg in business turnover of 291 lots. On similar lines, the metal for delivery in far-month August contracts traded higher by 45 paise, or 0.12 per cent, to Rs 362.35 per kg in 2 lots. Analysts said raising of bets by participants, tracking firm spot demand, mainly supported the upside in copper prices at futures trade.
( 11 - MAY - 2017 ) ✍ NICKEL Nickel prices rose 0.25 per cent to Rs 592.50 per kg in futures trading today as speculators widened their bets, driven by pick up in demand at the spot market. At the Multi Commodity Exchange, nickel for delivery in current month went up by Rs 1.50, or 0.25 per cent to Rs 592.50 per kg in business turnover of 363 lots. Likewise, the metal for delivery in far-month June contracts gained Rs 1.30, or 0.22 per cent to Rs 598 per kg in 8 lots. Analysts attributed rise in nickel futures to building-up of positions by participants due to pick up in demand from alloy-makers at the spot market. However, losses in the base metals led by copper in global markets restricted the gains.
( 10 - MAY - 2017 ) ✍ COPPER Copper futures traded 0.07 per cent higher at Rs. 359.30 per kg today as speculators enlarged positions amid rising spot demand. At the Multi Commodity Exchange, copper futures for delivery in far-month August rose 25 paise, or 0.07 per cent, at Rs. 363.10 per kg, in a business turnover of five lots. Similarly, the metal for delivery for June edged up by 20 paise, or 0.06 per cent, at Rs. 359.30 per kg in 809 lots. Marketers attributed rise in copper prices at futures trade for pick up in demand from consuming industries at the domestic spot markets.
( May - 10 - 2017 ) ✍ COPPER Supply of copper scrap has tightened recently after growing in the first quarter, while disruptions at major mines earlier in 2017 are hitting availability of the metal, the co-founder of metals hedge fund RK Capital Management, said on Wednesday. Crimped supply of copper, used in everything from wiring to construction, would drag on prices that have eased this year after surging in 2016.
✍ NICKEL - ( May - 10 - 2017 )
At least eight nickel mines in the Philippines have been suspended since last year for environmental breaches under a crackdown launched by former environment secretary Regina Lopez. But she was ousted last week by a panel of lawmakers that confirm appointments. At some stage, the price will do its job of rationing supply whether that is at $9,000 (per tonne), $ 8,500 or $8,000, I'm not sure, somewhere in that range," said Lilley. London Metal Exchange nickel prices stood around $9,200 per tonne on Wednesday.
( 09 - MAY - 2017 ) � NICKEL Nickel prices were down 0.10 per cent to Rs 584.80 per kg in futures trade today as traders cut down their bets amid low demand at domestic spot markets. At the Multi Commodity Exchange, nickel for delivery in June shed 60 paise, or 0.10 per cent down, at Rs 594.80 per kg, in a business turnover of six lots. The metal for delivery in current month also eased by 50 paise, or 0.08 per cent, to Rs 589.20 per kg, in a turnover of 384 lots. Analysts attributed the fall in nickel prices in futures trade mostly to a weakening trend in base metals at the domestic spot markets owing to subdued demand from alloy- makers.
� COPPER - ( 09 - MAY - 2017 ) Copper prices fell 0.29 per cent to Rs 359.55 per kg in futures trade today as speculators trimmed their positions amid subdued demand at the spot markets. At the Multi Commodity Exchange, copper for delivery in far-month August eased Rs 1.05, or 0.29 per cent, to Rs 359.55 per kg, in a business turnover of two lots. On similar lines, the metal for delivery in June shed 70 paise, 0.20 per cent, to Rs 355.95 per kg in 485 lots. Marketmen attributed the fall in copper prices at futures trade to cutting down of positions by traders in line with a weak trend in base metals at the domestic spot markets due to subdued demand from consuming industries.
( 08 - MAY - 2017 ) � COPPER Amid a weak trend in the global market and subdued domestic demand, copper prices fell 1.04 per cent in futures trade today. At the Multi Commodity Exchange, copper for delivery in June shed Rs 3.75, or 1.04 per cent, to Rs 357.70 per kg in a business turnover of 209 lots. On similar lines, the metal for delivery in far-month August was down by Rs 3.55, or 0.97 per cent, to Rs 361.30 per kg in 3 lots. Analysts attributed the fall in copper futures to offloading of positions by participants tracking weak global cues and low demand at the domestic spot markets.
NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF AGRI MARKET -
( May - 12 - 2017 ) SUGAR
Raw sugar futures on ICE edged higher on Friday as more positive technicals lent support, while cocoa slipped as the market shrugged off signs of further unrest in top producer Ivory Coast.
SUGAR July raw sugar SBc1 rose 0.12 cents, or 0.77 percent, to 15.75 cents per lb by 1124 GMT, regaining some ground after falling 1.3 percent in the previous session on chart resistance.
Dealers said technicals were more supportive on Friday but the market's inability to break out of the recent range had stifled appetite to test upward potential.
"The market is trying to push higher. However, sentiment remains uncertain and we could
consolidate
in today's session," said Geordie Wilkes, analyst at Sucden Financial. Participants were also monitoring weather risk, though chances for disruptions from an El Nino weather event were seen as fading. August white sugar LSUc1 was up $2.10, or 0.47 percent, at $449.70 a tonne. Five major chocolate and candy companies announced a joint commitment on Thursday to reduce calories in many sweets sold on the U.S. market. July London cocoa LCCc2 fell 7 pounds, or 0.46 percent, to 1,523 pounds a tonne, while July New York cocoa CCc2 was down $9, or 0.46 percent, at $1,943 a tonne. The market shrugged off further unrest in top producer Ivory Coast, where gunfire erupted in several locations on Friday, including the military headquarters in Abidjan, as anger spread after some leaders of a group of mutineers decided to drop demands for bonuses. "The market has heard these stories before and, realistically, nothing is really happening," said one dealer. "For now, it's not affecting the flow of cocoa. That's really what we have to see to get a reaction from the market." Enduring worries about ample supplies were also reinforced by broadly crop-friendly weather in the country, dealers said. A strike by dockers at Cameroon's main port in Douala on Friday blocked exports of cocoa and coffee, a port spokesman told Reuters. The country is the world's fifth-largest cocoa producer. July robusta coffee LRCc2 fell $1, or 0.05 percent, to$1,983 a tonne. July arabica coffee KCc2 was off 0.45 cents, or 0.34 percent, at $1.338 per lb.
Colombia is expected to produce at least 15 million 60kg sacks of coffee next year, against 14.7 million this year, Finance Minister Mauricio Cardenas said on Thursday.
( 11 - MAY - 2017 ) Steady condition persisted in edible and non-edible oils in the Vidarbha region of Western Maharashtra today as prices moved in a tight range in lackluster trading ad settled around previous closing. Arrivals and offtake too remained at a low ebb and business volume remained weak. Easy condition in Malaysian palm oil, fresh fall in Madhya Pradesh edible oils and downward trend on NCDEX in soyabean oil also affected sentiment in thin trading activity, sources said Friday. SOYMEAL
Soymeal prices today suffered heavily here on lack of demand from South-basedtraders amid good supply from local crushing plants. Fresh fall in overseas soymealprices also affected sentiment.
SOYABEAN
Soyabean prices reported down in Nagpur Agriculture Produce MarketingCommittee on poor buying support from local crushing plants. Sharp fall in soymeal, no takers to soyabean oil since past three sessions, downward trend in Madhya Pradesh soyabean prices and high moisture content arrival affected prices here. About 1,200 soyabean bags reported for auctions here, according to sources.
11 - MAY - 2017 A government panel has formally cleared an application seeking approval for commercial use of what would be India's first genetically modified food crop and has now put the ball in politicians' court to give their final approval.The environment ministry's Genetic Engineering Approval Committee on Thursday recommended the commercial use of indigenously developed GM mustard, loosely called rapeseed, two government sources said. Now, Environment Minister Anil Madhav Dave has to make a decision in consultation with Prime Minister Narendra Modi, the sources with direct knowledge of the matter said. Dave could not immediately be reached for comment. Late last year Reuters reported that the GEAC gave its technical clearance for GM mustard, following multiple reviews of crop trial data generated over almost a decade. its recent report, a government think-tank said New Delhi could prevent foreign firms monopolising the market for GM seeds by allowing the sale of only locally developed varieties. MON.N , the world's biggest seed company, is locked in a bitter battle with an Indian firm, drawing in the Indian and U.S. governments.
11 - MAY - 2017 ✍ SOYBEANS A movement to replace genetically modified soybeans with conventional seeds is gaining traction in Brazil's largest soy- producing state of Mato Grosso as farmers anticipate growing demand from Asia and Europe. Brazil was an early adopter of transgenic crops and more than 96 percent of its soy harvest is of GM varieties, which helped to transform the country into the world's largest soy exporter. Biotech crops, such as corn, soybeans and cotton, are genetically modified to resist pests or disease, tolerate drought or withstand sprayings of weed killers like glyphosate, the active ingredient in Monsanto Co's MON.N Roundup herbicide. Wininton Mendes, coordinator of a program to promote use of conventional seeds run by Mato Grosso growers and the government agricultural research agency Embrapa, said doubts related to the impact of GM food on human health is one driver behind demand for conventional raw materials.
✍
SUGAR
10 - MAY - 2017
Raw sugar futures on ICE were slightly lower on Thursday in a modest retreat after rising for three straight sessions as the market awaited the release of Brazilian harvest data. SUGAR
July raw sugar SBc1 fell 0.08 cent, or 0.5 percent, to 15.76 cents per lb by 1134 GMT. The front month contract had risen by 2.6 percent on Wednesday. Dealers said harvest data for centre-south Brazil was due to be issued by growers' association UNICA around 1300 GMT on Thursday covering the second half of April. An S&P Global Platts survey of analysts said the crush was expected to have been 26 million tonnes, down 28 percent, year-on-year. India, the world's biggest sugar consumer, has no plans to allow extra imports of the sweetener as stocks lying in mills will suffice, Food Minister Ram Vilas Paswan said. Wilmar's sugar segment recorded a loss of $ 34.5 million in its first quarter results "mainly due to seasonal maintenance in the first half of the year by the Australian Milling business and weaker performances from both the merchandising and refining businesses.
✍ COTTON
10 - MAY - 2017
Cotton planting in India, the world's biggest producer of the fibre, is likely to rise by 15 percent in the 2017/18 marketing season to a three-year high as farmers switch away from other crops, likely boosting
cotton production and exports. Higher output in India could kill a rally that pushed global cotton prices CTc1 to their highest in three years this month. "This year farmers received higher prices, so they are going to raise the area under cotton. We are expecting around a 15 percent increase," said Mekala Chockalingam, chairman of the state-run Cotton Corporation of India, the biggest cotton buyer in the country. Domestic cotton prices rose 19 percent from a year ago to 41,300 rupees ($639) per 356 kg candy, following the rally in overseas prices. � CRUDE PALM OIL
( 10 - May - 2017 )
Crude palm oil prices were up by 0.14 per cent to Rs. 489.20 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in June rose by 0.70 paise, or 0.14 per cent, to Rs 489.20 per 10 kg, in a business turnover of 51 lots. Similarly, the oil for delivery this month went up by 0.60 paise, or 0.12 per cent, to Rs. 499.90 per 10 kg in 93 lots. Analysts said widening of positions by participants amid pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices higher at futures trade. � JEERA
( 10- May - 2017 )
Jeera prices fell by 0.84 per cent to Rs. 18,395 per quintal in futures trade today as speculators engaged in trimming positions amid lower domestic and exports demand at the spot market. Furthermore, huge stocks at the spot markets following higher supplies from the major growing regions in Gujarat and Rajasthan too fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery in June was trading lower by Rs. 155, or 0.84 per cent, to Rs. 18,395 per quintal, with an open interest of 16,539 lots. Similarly, the spice for delivery this month quoted lower by Rs. 135, or 0.74 per cent, to Rs. 18,220 per quintal in 2,217 lots. Analysts said trimming of positions by participants on the back of easing domestic as well as exports demand at spot market against adequate stocks position, mainly kept jeera prices down at futures trade. � CARDAMOM
( 09- MAY - 2017 )
Cardamom prices drifted lower by Rs 12.10 to Rs 1,043 per kg in futures market today as traders trimmed holdings amid sluggish demand at the spot market. Moreover, adequate stocks position following increased arrivals from producing regions too fuelled the downtrend. At the Multi Commodity Exchange, cardamom for June delivery declined by Rs 12.10, or 1.15 per cent, to Rs 1,043 per kg, in a business turnover of 25 lots. Traders said offloading of positions by participants amid sluggish demand in the spot market against adequate stocks position on higher supplies from producing belts, mainly led to the decline in cardamom prices at futures trade.
✍ MENTHA OIL
( 09 - MAY - 2017 )
Mentha oil prices rose 0.47 per cent to Rs 911.80 per kg in futures market today on rise in demand from consuming industries at the spot market against restricted arrivals from producing belts. At the Multi Commodity Exchange, mentha oil for delivery this month rose Rs 4.30, or 0.47 per cent, to Rs 911.80 per kg, clocking a business volume of 73 lots. The oil for June delivery traded higher by Rs 3.30, or 0.36 per cent, to Rs 910 per kg, with a trading volume of 15 lots. Marketmen said raising of bets by speculators, driven by rising demand from consuming industries in the spot markets against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade. ✍ CRUDE PALM OIL
( 09 - MAY - 2017 )
Crude palm oil prices were up by 0.38 per cent to Rs 496.30 per 10 kg in futures trade today as traders created fresh positions, supported by pick up in demand at the spot market. Besides, a firming trend in overseas markets too fuelled the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 1.90, or 0.38 per cent, to Rs 496.30 per 10 kg, in a business turnover of 76 lots. Similarly, the oil for delivery in June went up by Rs 1.60, or 0.33 per cent, to Rs 485.80 per 10 kg in 17 lots. ✍ GUARGUM -
( 08 - MAY - 2017 )
Guargum prices spurted by Rs 82 to Rs 7,907 per quintal in futures trade as participants created fresh positions, taking positive cues from the spot markets. Marketmen said the rise in guargum prices at futures trade was mostly attributed to building up of fresh positions, driven by a firm trend at the spot markets and pick up in demand amid fall in arrivals from growing belts. At the National Commodity and Derivatives Exchange, guargum for delivery this month was trading higher by Rs 82, or 1.05 per cent, to Rs 7,905 per quintal, having an open interest of 11,950 lots. Guargum for delivery in June was up by Rs 65, or 0.82 per cent, to Rs 8,030 per quintal, in an open interest of 44,830 lots. ✍ MENTHA OIL -
08 - May - 2017
Mentha oil prices drifted further lower by 1 per cent to Rs 909 per kg in futures trade today as speculators engaged in reducing their positions amid sluggish demand in the spot market. At the Multi Commodity Exchange, mentha oil for delivery in June fell by Rs 9.20, or 1 per cent, to Rs 909 per kg, in a business turnover of 35 lots. Similarly, the oil for delivery in May shed Rs 8.10, or 0.89 per cent, to Rs 907 per kg in 135 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the spot market against adequate stocks position on increased supplies from Chandausi in Uttar Pradesh mainly kept mentha oil prices lower at futures trade. ✍ MAIZE RABI
08 - May - 2017
Maize rabi prices drifted lower by Rs 20 to Rs 1,302 per quintal in futures trading today after speculators shrank their holdings amid a weak trend at the physical markets on subdued demand. Marketmen said trimming of positions by participants, tracking a weak trend at the spot markets on low demand from poultry
feed makers, led to the fall in maize prices at futures trade. At the National Commodity and Derivatives Exchange, maize for delivery this month dipped by Rs 20, or 1.51 per cent, to Rs 1,302 per quintal, in an open interest of 170 lots. In a similar manner, maize for delivery for most-active June contracts fell by Rs 10, or 0.76 per cent, to Rs 1,310 per quintal, having an open interest of 8,220 lots.
✍ COTTON SEED OIL CAKE
08 - May - 2017
Cottonseed oilcake prices were higher by Rs 16 to Rs 2,025 per quintal in futures trading today after speculators expanded their bets in line with a firming trend at the physical markets. Market players said rising demand from cattle-feed makers amid limited stocks position at the physical markets, influenced cottonseed oilcake prices at futures trade. ✍ WHEAT
08 - May - 2017
Wheat prices moved up by 0.44 per cent to Rs 1,588 per quintal in futures market today as speculators enlarged positions following pick up in demand at the spot market. At the National Commodity and Derivatives Exchange, wheat for delivery in May went up by Rs 7, or 0.44 per cent, to Rs 1,588 per quintal, with an open interest of 7,570 lots. Likewise, the wheat for delivery in June traded higher by Rs 5, or 0.31 per cent, to Rs 1,615 per quintal in 17,150 lots. Analysts said widening of position by traders due to upsurge in demand from flour mills in the spot market mainly led to the rise in wheat prices at futures trade. ✍ REFINED SOYA
( 08- May - 2017 )
Refined soya oil prices rose further by 0.49 per cent to Rs 627 per 10 kg in futures trade today as traders engaged in enlarging their positions, taking positive cues from spot market on strong demand. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in May went up by Rs 3.05, or 0.49 per cent, to Rs 627 per 10 kg, with an open interest of 23,090 lots. Likewise, the oil for delivery in June was trading higher by Rs 2.15, or 0.34 per cent, to Rs 629.45 per 10 kg in 53,020 lots. Analysts said expanding of positions by participants, driven by rising demand in the spot market against tight stocks position on fall in supplies from producing belts, mainly kept refined soya oil prices higher at futures trade. ✍ CARDAMOM
( 08 - May - 2017 )
Cardamom prices strengthened by 0.24 per cent to Rs 1,074.70 per kg in futures market today as speculators engaged in building up positions, tracking a firm trend at spot market on strong domestic as well as exports demand. Besides, tight stocks position on fall in supplies from producing regions supported the upmove.
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