Chana Ends Higher On limited Supply

Chana prices closed higher 0.52 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. 

 

At the NCDEX, chana futures for October 2015 contract closed at Rs. 4,807 per quintal, up by 0.52 per cent, after opening at Rs. 4,786 against the previous closing price of Rs. 4,782. It touched the intra-day high of Rs. 4,820.
Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices.
 

India is the largest producer of chickpea followed by Pak, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 % of the total world production.

 

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Oil falls After US Inventories show Buildup

Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute said late on Tuesday that US crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to September 25. Analysts polled by Reuters had expected an increase of only 102,000 barrels. Front-month US crude had dropped 47 cents, or more than 1 percent, to USD 44.76 a barrel by 0142 GMT. The contract settled Tuesday's trade at USD 45.23 a barrel, up 80 cents, or 1.8 percent, on the day. Brent crude, the global oil benchmark, fell 35 cents to USD 47.88 a barrel. On Tuesday, the contract rose 89 cents, or 1.9 percent, to USD 48.23. The US government's Energy Information Administration (EIA) will issue official weekly inventory data on Wednesday. Wednesday's session may have added volatility due to the close of September and third-quarter trading, according to some analysts. US crude is heading for a 9-percent decline this month as the slump in commodities continues amid deepening concerns over China's slowing economic growth. Brent crude is on track to round out September with a near 12-percent drop. Prices are unlikely to move substantially higher in the near term because demand growth is easing and likely to continue slowing into 2016, Rhidoy Rashid, oil analyst at consultancy Energy Aspects, told Reuters Global Oil Forum. "We see demand growth easing from 1.5 million bpd (barrels per day) to 1 million bpd next year," Rashid said. He expects supplies to swing into a year-on-year decline, but prices "need to be low for at least the next six months - so in the USD 45-USD 55 range - to ensure a proper rebalancing."

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Jeera Ends Lower on Demand Concerns

Jeera prices closed lower by 1.06 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for October 2015 contract closed at Rs. 15,855 per quintal, down by 1.06 per cent, after opening at Rs. 15,990 against the previous closing price of Rs. 16,025. It touched the intra-day low of Rs. 15,780.

Global output of Jeera is around 2.2 lkh MT / year, of which India produces about 1.5 lakh MT per year.

India exports Jeera mainly to the , UK,US ,Japan,UAE,  Bangladesh ,Brazil,, Singapore and many other countries. Other Major exporters are Syria and Turkey.

Read More - Jeera Prices and Updates

Cardamom Gains 0.42% on firm Demand

Cardamom prices rose by 0.42 per cent on Thursday at the Multi Commodity Exchange (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. At MCX, Cardamom futures for September 2015 contract were trading at Rs 915 per kg, up by 0.42 % , after opening at Rs. 913.90 against the previous closing price of Rs. 911.20. It touched the intra-day high of Rs. 916 till the trading. (At 10.40 AM today). Sentiment improved further as a result of firm demand in the market against restricted arrivals from producing belts of Chandausi in Uttar Pradesh.

Kerala (70 %), Karnataka (20 %) and Tamil Nadu (10 %) are the cardamom growing states in India while about 90 per cent of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.

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Jeera Ends lower on waning Demand prospects

Jeera prices closed lower by 2.59 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for October 2015 contract closed at Rs. 16,010 per quintal, down by 2.59 per cent, after opening at Rs. 16,425 against the previous closing price of Rs. 16,435. It touched the intra-day low of Rs. 15,900.
 

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.
 

India exports Jeera mainly to the  UK,  US, UAE, Japan, Bangladesh, Brazil, , Singapore and many other countries. Other Major exporters are Turkey and Syria.

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Chana Ends Higher On Thin Supply on Tuesday

 

Chana prices closed higher 0.24 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX, chana futures for October 2015 contract closed at Rs. 4,571 per quintal, up by 0.24 per cent, after opening at Rs. 4,585 against the previous closing price of Rs. 4,560. It touched the intra-day high of Rs. 4,585.
Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices.
 

India is the largest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 per cent of the total world production.

 

Read more - Agri Chana Tips

Gold Hovers Near Three-week High As Equities Slip

Gold dipped slightly on Monday after a three-day rally, but the metal still held close its highest in nearly three weeks, as the Federal Reserve's move last week to leave US interest rates unchanged weighed on global equities. 

 

FUNDAMENTALS

* Spot gold dipped 0.2 percent to USD 1,137.20 an ounce by 0051 GMT, after gaining 0.7 percent on Friday. The metal had climbed to USD 1,141.50 in the previous session, its highest since September

* The Fed kept interest rates unchanged on Thursday in a bow to worries about the global economy, financial market volatility and sluggish inflation at home. It left open the possibility of modest rate rises later this year.

* A majority of Wall Street's top banks now expect the Fed to begin increasing rates in December, according to a Reuters poll conducted on Thursday after the Fed's policy decision. * Stocks on major markets slipped on Friday and bond prices rose, pushing yields sharply lower, and helping safe-haven gold.

* Stocks and currencies in emerging markets, which are more vulnerable to higher US interest rates, briefly welcomed the Fed's decision to postpone an interest rate rise, but their bounce faded with the persistent sell-off in developed markets.

* The decision to not hike rates last week is positive for non-interest-paying gold, which could see demand drop with higher rates. But with the Fed expected to hike rates before the end of the year, gold's gains could be limited.

* Hedge funds and money managers slashed their net long position in COMEX gold to a five-week low and cut a bullish silver stance for the first time in six weeks in the week ended Sept. 15, US Commodity Futures Trading Commission data showed on Friday.

* Russia's gold reserves rose to 42.4 million troy ounces as of Sept. 1, compared with 41.4 million troy ounces a month earlier, the central bank said on Friday.

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Castorseed Dips On Adequate Arrivals

Castorseed prices fell by 0.54 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. At the NCDEX, castor seed futures for September 2015 contract was trading at Rs. 4,072 per quintal tonnes, down by 0.54 per cent, after opening at Rs. 4,077 against the previous closing price of Rs. 4,094. It touched the intra-day low of Rs. 4,071 till the trading. (At 12.45 PM today).

Castor oil, extracted from castor seed is the largest vegetable oil exported out of India. India is the biggest exporter of castor oil holding about 70 per cent share of the international trade in this commodity followed by China & Brazil.

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Gold languishes near one-month lows ahead of Fed meet

 

Gold struggled to break out of a tight range near its one-month low on Wednesday, as investors waited to hear on the outlook of US interest rates from a Federal Reserve policy meet that kicks off later in the session.

FUNDAMENTALS -

* Spot gold eased 0.1 percent to USD 1,103.95 an ounce by 0037 GMT. The metal has not made any significant move this week, after dropping to a one-month low of USD 1,098.35 last week.

* US gold GCcv1 was little changed at USD 1,103.30. * Traders are waiting to see if the US central bank will raise rates this week for the first time in nearly a decade.

* The Fed will begin its much awaited two-day policy meeting on Wednesday, with a statement expected on Thursday.

* The uncertainty over the timing of a rate hike has weighed on gold all year, sending it down over 6 percent. Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar.

* Data on Tuesday showed US consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Fed to hike interest rates on Thursday.

* While other data showed continued weakness in manufacturing, economists said that was unlikely to have much impact on the US central bank's decision.

* Expectations that the Fed would hike rates at its September meeting have eased recently due to concerns over slowing economic growth in China and volatility in financial markets.

* A rise in market expectations for US interest rates as the Fed starts to normalize policy could cut capital inflows to emerging markets by as much as 45 percent, World Bank economists said in a paper published on Tuesday.

* In other industry news, South African unions were divided on whether to accept the latest wage increase offer from gold producers, raising the risk of strikes in a sector suffering from low prices and rising costs. MARKET NEWS

* The dollar firmed in Asian trade on Wednesday, buoyed by a rise in US yields after upbeat consumer spending data kept alive hopes that the Fed would raise interest rates this week.

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Oil prices edge up after sharp falls in previous session

Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session.

Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.

There has even been growing competition amongst the lowest cost producers in the Middle East, such as Kuwait and Saudi Arabia, to undercut each other with discounts for supplies to their core markets in Asia.

On the demand side, Japanese manufacturers' confidence slumped the most in a year in September to an eight-month low and is forecast to worsen further as fears of a China-led global economic slowdown grow, a Reuters poll showed.

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Maize Closes Lower On High Selling Activity

Maize prices ended lower by 0.9 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for September 2015 contract closed at Rs. 1,425 per quintal, down by 0.9 per cent, after opening at Rs. 1,445 against the previous closing price of Rs. 1,438. It touched the intra-day low of Rs. 1,417.

Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.

USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

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Gold firms near $1,110 but poised for third weekly Drop

• Spot gold was little changed at $1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session. 
• Earlier in the week, gold had fallen to $1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
• U.S. gold, also headed for a third weekly dip, was trading at $1,110.40.
• Traders were awaiting the Federal Reserve`s next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold.
• Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a U.S. rate increase, which had been expected as early as this month.
• Data on Thursday showed the U.S. labour market appeared to gain momentum in early September as fewer Americans filed for weekly unemployment benefits, but weak inflation pressures may complicate the Fed`s decision whether to raise interest rates.
• Bullion has benefited in recent years from ultra-low rates, which cut the opportunity cost of holding bullion while holding the dollar in check. But expectations that rates will rise soon have pushed the metal down 6 percent this year.
• BNP Paribas SA revised its gold price forecast for 2015 on Thursday, citing strength in the U.S. dollar and concerns over the Chinese economy. The bank cut its price forecast by $15 to $1,145 per ounce in 2015.
• The London Metal Exchange is in talks with the gold industry with a view to launching precious metals derivatives, LME Chief Executive Garry Jones said on Thursday.

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Jeera Ends Lower On Increase in Arrivals

 

Jeera prices closed lower by 1.48 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for Sept 2015 contract closed at Rs. 15,680 per quintal, down by 1.48 per cent, after opening at Rs. 15,990 against the previous closing price of Rs. 15,915. It touched the intra-day low of Rs. 15,660.

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.

India exports Jeera mainly to the Japan, US, Brazil, UK, UAE, ,Singapore , Bangladesh, and many other countries. Other Major exporters are Turkey and Syria . 

Read More - jeera Updates

Maize Closes Lower On Heavy Selling

 Maize prices ended lower by 0.62 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for October 2015 contract closed at Rs. 1,438 per quintal, down by 0.62 per cent, after opening at Rs. 1,456 against the previous closing price of Rs. 1,447. It touched the intra-day low of Rs. 1,434.

 

Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.
USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

 

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Crude oil prices Retreated sharply in the Domestic Market

Crude oil prices retreated sharply in the domestic market on Monday, sinking by more than 5 per cent as investors and speculators cut risky bets in the energy commodity amid worries that a slowdown in the global economy may curb demand for the fuel.
China cut its economic growth for 2014 to 7.3 per cent from 7.4 per cent reported earlier after a downward revision in the country’s services expansion, clouding the demand outlook for the fuel in the world’s second biggest oil consumer.
 

Meanwhile, mixed US jobs data for August signaled doubts over the demand outlook for the fuel in the world’s biggest oil consumer, souring sentiment.
 

The world’s biggest economy added the fewest jobs in five months in August even as the unemployment rate slipped to the lowest level since April 2008. American employers boosted employment by 173,000 in August, compared to an upwardly revised 245,000 gain in July, and below expectations of a 217,000 rise. However, the unemployment rate fell to 5.1 per cent in August 2015 from 5.3 per cent in July 2015.
 

Oil may extend losses today as China’s exports and imports slid in August, offering further evidence of a deepening slowdown in the world’s second biggest economy that may curb fuel demand.
 

At the MCX, Crude oil futures, for the September 2015 contract, closed at Rs 2,948 per barrel, down by 5.2 per cent, after opening at Rs 3,093, against the previous close price of Rs 3,110. It touched an intraday low of Rs 2,931. 

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Gold Struggles Near 2-1/2 week low on US jobs data

 

Spot gold dropped 0.3 percent to USD 1,118.73 an ounce by 0040 GMT. The metal had fallen to USD 1,116.75 on Friday, the lowest since Aug. 19, posting a second straight weekly loss.

Gold extended losses into a fourth straight session on Monday, struggling near a 2-1/2-week low after US payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike.

Spot gold dropped 0.3 percent to USD 1,118.73 an ounce by 0040 GMT. The metal had fallen to USD 1,116.75 on Friday, the lowest since Aug. 19, posting a second straight weekly loss.

US gold also slid 0.3 percent to USD 1,118.30.

Liquidity is likely to be thin on Monday as the US markets are closed for the Labor Day holiday.

Bullion had come under pressure on Friday after data showed nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, and the jobless rate dropped to a 7-1/2-year low.

The jobs count, however, may have been tarnished by a statistical fluke that has often led to sharp upward revisions to payroll figures for August after initial weak readings.

The keenly watched jobs report failed to allay uncertainty over the timing of a Federal Reserve rate hike, a factor that has been weighing on gold prices for a while.

Investors had been awaiting the jobs report to gauge the strength of the economic recovery and whether it would prompt the US central bank to hike rates at its policy meet later this month. The Fed has already indicated that the timing of a hike is largely data-dependent.

Hedge funds and money managers added slightly to their bullish position in COMEX gold contracts in the week ended Sept. 1, as prices reversed losses on signs of Chinese economic weakness, US Commodity Futures Trading Commission data showed on Friday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.04 percent to 682.35 tonnes on Friday.

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Gold futures lost its polish on Thursday

Gold futures lost sheen on Thursday as investors and speculators cut risky bets in the precious metal ahead of the US payrolls numbers due later on Friday which may signal a strengthening labour market recovery in the world’s biggest economy, hence boosting the case for monetary tightening in the near-term, dimming the lure for the bullion as a store of value.

American employers probably added 220,000 jobs in August, up from 215,000 in July.

A stronger dollar also cut the demand for Gold as an alternative asset. Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.

However, Gold, a hedge against the inflationary risk of monetary stimulus was supported by the ECB’s move to fine-tune its stimulus program amidst a deteriorating growth and inflation outlook for the struggling 19-member Euro area economy.

The ECB raised the share of bonds it can buy to 33 per cent of each issue from 25 per cent and vowed to expand stimulus if a global financial rout continues to weigh on the region’s growth and inflation outlook.

Gold may trade lower today as traders stick to a cautious approach ahead of the much anticipated US jobs data for the month of August which may dictate the timing of a maiden Federal Reserve interest rate hike since 2006.

At the MCX, Gold futures for October 2015 contract closed at Rs 26,394 per 10 gram, down by 0.88 per cent after opening at Rs 26,622, against the previous closing price of Rs 26,629. It touched the intra-day low of Rs 26,326.

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Maize closes lower on high selling activity

Maize prices ended lower by 0.36 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for September 2015 contract closed at Rs. 1,378 per quintal, down by 0.36 per cent, after opening at Rs. 1,383 against the previous closing price of Rs. 1,383. It touched the intra-day low of Rs. 1,378.

Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.

USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

Read More -  Mazie News

Jeera Ends lower on surge in supply

Jeera prices closed lower by 1.36 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for September 2015 contract closed at Rs. 15,920 per quintal, down by 1.36 per cent, after opening at Rs. 16,085 against the previous closing price of Rs. 16,140. It touched the intra-day low of Rs. 15,890.

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.At the NCDEX, jeera futures for September 2015 contract closed at Rs. 16,225 per quintal, up by 2.62 per cent, after opening at Rs. 15,880 against the previous closing price of Rs. 16,225. It touched the intra-day high of Rs. 16,230. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.

Read More - Jerra Agro tips