SaudaBazar - Stock News Online

Copper Slips By Over 0.50% As Strength In Dollar Weighs : 05-11-11

2011-11-05T15:22:00.001+05:30

Copper prices moved back on the last trading session of the week and settled with over half a percent cut as worries over the commodity’s demand prospects loomed on concerns that the Euro-zone crisis is still far from over. The G20 Summit too was unable to finalize a bailout plan for struggling European Union economies. Investors also overlooked the encouraging US jobs data which showed that unemployment ticked lower while the US economy added more jobs and continued to book profits in the red metal since the strength in dollar weighed on sentiments.

Copper futures for December delivery declined 2.40 cents or 0.7% to settle at $3.5645 per lb after trading as high as $3.6535 and as low as $3.5445 on the Comex metals division of the New York Mercantile Exchange.

Gold Recoils Amid Lingering Euro-Zone Debt Woes : 05-11-11

2011-11-05T15:20:00.002+05:30

Gold prices recoiled by around half a percent a session after jumping to the highest levels in around six weeks, as investors chose to take some profits off the table amid concerns that the Euro-zone crisis is still far from over as the G20 Summit was unable to finalize a bailout plan for struggling European Union economies. The yellow metal prices also were pressured by the appreciation in American greenback which made the bullion more expensive for foreign investors.

Gold futures for December delivery receded $9 or 0.5% to settle at $1,756.10 an ounce, after trading as high as $1,766.50 and as low as $1,749.80 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices slipped $10.40 to $1,754 an ounce.

Crude Oil Rises For Third Session In A Row; Firm Dollar Caps Gains : 05-11-11

2011-11-05T13:14:00.003+05:30

Crude oil prices advanced for the third successive session on Friday as sentiments got support from the encouraging US jobs data which showed that unemployment ticked lower while the US economy added more jobs. However, the oil prices settled only with marginal gains as uncertainties over the future of Euro-zone loomed while the American greenback appreciated against a basket of currencies making the dollar denominated commodity costlier for holders of other currencies.

Benchmark crude for December delivery added $0.19, or 0.2% to settle at $94.27 a barrel on, after trading as high as $94.93 and as low as $90.87 on the New York Mercantile Exchange. In London, Brent crude for December delivery surged $1.14 to $111.97 a barrel, on the ICE Futures exchange.

Rice Procurement Crosses 341 Lakh Tonne : 05-11-11

2011-11-05T12:47:00.003+05:30

Rice procurement in the Kharif Marketing season 2010-11 (October-September) has crossed the mark of 341 lakh tonne. According to statistics 341,78,963 tonne rice has been procured by the various government agencies by November 04, 2011.

Andhra Pradesh has led the States by procuring 96,10,417 tonne of rice followed by Punjab – 86,34,553 tonne, Chhatisgarh – 37,40,776 tonne, Uttar Pradesh – 25,53,687 tonne, Orissa – 24,64,285 tonne and Haryana with 16,87,343 tonne of rice.

NCDEX Jeera Slumps On Fresh Selling : 05-11-11

2011-11-05T12:16:00.002+05:30

Jeera futures decilned Saturday on fresh selling by the traders on the back of higher sowing from the producing rgions. Subdued demand prevailed in the market also limited the gain of futures.

At NCDEX Jeera November contract is trading at Rs.14900 per quintal, lower by 0.47 per cent on 11.55 AM against the previou close.

In the morning session the contract traded at a range of Rs.14876-14938 per quintal. Open interest of the contract is 2388 lots for the time being.

Sowing of Jeera has commenced in some parts of Gujarat due to adequate soil moisture. According to Spices Board of India, exports of Jeera during April 2011- August 2011 stood at 9,500 tonnes as compared to 15,700 tonnes in 2010-11, decline of 39%.

NCDEX Chana Declines On Profit Booking :05-11-11

2011-11-05T11:51:00.002+05:30

Chana futures fell Saturday on profit booking by the speculators on the back of subdued demand in the physical markets.

At NCDEX chana November contract is trading at Rs.3440 per quintal, lower by 0.55 per cent on 11.35 AM against the previou close.

In the morning session the contract traded at a range of Rs.3435-3468 per quintal. Open interest of the contract is 92160lots for the time being.

Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%. Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.

As per the latest release of the Rajasthan Agriculture department, 8.33 lakh hectares has been covered under Chana cultivation as on 01st November 2011 as compared to 5.05 lakh hectares in the same period previous year.

NCDEX Chana Surges 1.55% On Spot Demand : 04-11-11

2011-11-04T16:46:00.002+05:30

Chana futures rose Friday as traders created fresh positions on the back of firm demand in the physical markets.

At NCDEX chana November contract is trading at Rs.3458 per quintal, up by 1.55 per cent on 16:30 IST against the previous close.

In the early sessions the contract traded at a range of Rs.3388-3463 per quintal. Open interest of the contract is 93780 lots and volume traded is 88450 lots for the time being.

Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%.

Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.

Soyabean Arrivals At Major Mandies As On 4th November 2011 : 04-11-11

2011-11-04T15:57:00.008+05:30

As per market sources, the total arrivals of soyabean decreased by 65000 bags at 8.65 lakh bags in major mandies today. The spot prices of soyabean were quoting at around Rs. 2190-2200 per quintal at Indore mandi, Rs. 2080 per quintal at Nanded mandi, Rs. 2080-2100 per quintal at Sangli mandi.

State- wise Arrivals Summary

State Arrivals ( in Bags )	No. of bags
Madhya Pradesh	400000
Maharashtra	250000
Rajasthan	145000
Others	70000
Total	865000

Pepper Future Prolong Previous Session’s Somber Mood On Friday : 04-10-11

2011-11-04T15:36:00.002+05:30

Pepper future prolonged the previous session’s somber mood on Friday owing to slack demand of the commodity in the mandis. Buyers stayed away from the declining market hoping the prices would fall further. Further, reports stating the slight improved production prospects from Kerala and Karnataka and arrival of the new crop also weighed on the sentiment. Meanwhile, overall fundamentals remain firm for the commodity in the medium term.

The contract for November delivery was trading at Rs 33355.00, down by 0.91% or Rs 305.00 from its previous closing of Rs 33660.00. The open interest of the contract stood at 7308 lots.

The contract for December delivery was trading at Rs 33960.00, down by 0.86% or Rs 295.00 from its previous closing of Rs 34255.00. The open interest of the contract stood at 3789 lots on NCDEX.

Guar Seed To Extend Uptrend On Low Production Estimates : 04-11-11

2011-11-04T15:23:00.001+05:30

Bullish trend continued for Guar on rising demand, low production and stock prospects. Increased arrivals limited uptrend to some extent. New crop arrivals start fro Haryana. Rajasthan arrivals yet to pick up.

As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is 29.07 lakh hectares compared to 30 lakh ha last year. Production expected at 11.37 lakh tonnes vs 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan).

Traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. Production expected at 2 lakh tonnes while in Gujarat, production estimates at 0.65 lakh tonnes.

Better rains in Rajasthan and Gujarat are however expected to improve productivity of the crops this year.

As per APEDA, India has exported 1.45 lakh MT Guar Gum during April-June 2011 vs 0.71 lakh MT during same period last year. Traders expect overall exports to pick up in coming months and cross the 3 lakh tonne mark.

Financial problems in US and EU are worrisome howev-er on export front. It needs to be noted that rates have come down significantly over last 1 month due to lower export demand.

Fresh arrivals of the new crop could pressurize the market sentiments to some extent in the short term. However, if exports pick up again, we could see some recovery from these lower levels.

Lower carryover stock and delayed harvesting along with reports of a fall in production and a likely pickup in exports could support the prices. A strong Dollar vs Re could have a beneficial impact on the export front.

Mentha Oil To Edge Higher On Rising Demand : 04-11-11

2011-11-04T15:05:00.001+05:30

Mentha Oil found some support at the lower levels on increased demand queries. Traders have been waiting for dips before initiating fresh demand in the mandis. Increasing arrival pressure was also noted in the mandis.

Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

Some export queries from China and European countries reportedly supporting the market rates.

Reports of a fall in production had been keeping the sentiments firm.

Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.

Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term.Exports to China reportedly on the rise.

Sideways Trend Seen In NCDEX Chana : 04-11-11

2011-11-04T15:00:00.001+05:30

Sideways trend continued for Chana as demand and arrivals remained moderate in mandis.

Profit booking at higher levels prevented major uptrend for this commodity as overall trend remained slight firm in the Spot markets.

Raising MSP of Rabi crop supported market sentiments. Raising MSP of Gram by 33% to Rs 2800/Q from Rs 2100/Q could support Chana rates in medium term

Traders feel that rates have moved up significantly over last few months and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.

1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.

The other major producers for Pulses namely Myanmar, Australia and Canada are likely to report a fall in Pulses production due to adverse weather conditions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.

Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.

Turmeric To Witness Volatile Trend As Demand Remains Weak : 04-11-11

2011-11-04T13:51:00.003+05:30

Short covering pulled up Turmeric prices even as lower demand and moderate arrivals kept pressurizing the market sentiments. Short term trend likely to remain volatile as traders expect demand to rise in coming weeks.

Rains in some areas in AP have been affecting the arrivals and problems of delivery has created a bearish impact on the market sentiments.

Prospects of demand rising in coming weeks could limit the downtrend however. Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.

Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acre-age from the high rates is stated the reason for the rise in expected production as per traders.

Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

India Jeera To Regain On Short Covering : 04-11-11

2011-11-04T13:23:00.002+05:30

Jeera recovered moderately from the lower levels on short covering amidst expectations of exports rising at these lower levels. Overall trading activities remained low with low arrivals too reported.

Reports on the sowing progress in Gujarat and Rajasthan would be important for the short term market sentiments. Good rains early this year could have a positive impact on the sowing activities as per traders.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Lower production in Turkey and Syria could impart firmness to Indian rates.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in com-ing weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Gold Jumps Over 2% As Investors’ Risk Appetite Improves : 04-11-11

2011-11-04T12:11:00.001+05:30

Gold prices jumped by over two percentage points to reach the highest levels in around six weeks on Thursday as investors’ risk appetite improved after Greek prime minister backed away from his call for a referendum and an unexpected 25 basis point rate cut by the European Central Bank. The yellow metal prices got a boost from depreciation in American greenback, which made the bullion even more lucrative for foreign investors while the commodity also surged after encouraging US economic reports indicated a fall in unemployment claims and rising factory orders.

Gold futures for December delivery surged $35.50 or 2.1% to settle at $1,765.10 an ounce, after trading as high as $1,768.30 and as low as $1,724 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices climbed $27 to $1,764.40 an ounce.

Copper Settles In Green Zone On Supportive Global Cues : 04-10-11

2011-11-04T10:46:00.002+05:30

Copper prices extended the positive run on Thursday but could only manage to settle with marginal gains amid volatile trades. Investors added positions in the commodity after reports that Greek PM scrapped the controversial plan to hold a referendum over the European rescue package. Downside for the red metal prices also got capped after the unexpected interest rate cut from the European Central Bank. The growth sensitive commodity also edged up due to encouraging US economic reports indicating a fall in unemployment claims and rising factory orders.

Copper futures for December delivery inched up 0.75 cents to settle at $3.5885 per lb after trading as high as $3.6090 and as low as $3.4740 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange settled at unchanged levels but was last bid at $7,910 a tonne against the previous closing level of $7,885.

Crude Oil Extends Gaining Streak For Second Straight Session : 04-11-11

2011-11-04T10:34:00.002+05:30

Crude oil prices extended the gaining streak for the second straight session on Thursday as investors cheered reports that Greek PM Papandreou abandoned the plan for a referendum against Europe’s recent rescue package, easing concerns that the nation would default on its debt. The fuel prices also got a lift from encouraging US economic reports indicating a fall in unemployment claims fell and rising factory orders. Sentiments got further underpinned by an unexpected interest-rate cut by the European Central Bank.

Benchmark crude for December delivery surged $1.56, or 1.69% to settle at $94.07 a barrel on, after trading as high as $94.61 and as low as $90.87 on the New York Mercantile Exchange. In London, Brent crude for December delivery soared $1.49 to $110.83 a barrel, on the ICE Futures exchange.

Wheat Futures Likely To Extend Gains On Firm Global Cues : 04-11-11

2011-11-04T10:18:00.002+05:30

US wheat futures ended higher, joining other agricultural commodities in rallying amid support from higher equities. Wheat was also led higher by corn and soybeans, although wheat had its own support from worries about the hard-red winter wheat crop because of drought in the southern Plains. Lack of farmer selling also helped. However, exportdemand remains poor, as evidenced by weak weekly sales reported, and world supplies are considered ample. CBOT December wheat ended up 12 1/2c at $6.36/bushel. The e-CBOT December Wheat is currently quoting at 6.34 per bushel.

The NCDEX wheat November ended the last day up by 0.58% at Rs. 1107 per quintal. Domestic wheat futures are likely to extend gains tracking firm global cues and recent hike in MSP of wheat. The NCDEX December Wheat is likely to find resistance at Rs. 1,113, Rs. 1,120 while support is at Rs. 1101, Rs. 1099 per quintal.

NCDEX Pepper Tumbles 1.48% On Subdued Demand : 03-11-11

2011-11-03T18:00:00.001+05:30

Pepper futures fell Thursday due to subdued demand in the physical markets amid expectations on higher supplies in December from the fresh crop.

At NCDEX pepper November contract is trading at Rs.33540 per quintal, lower by 1.48 per cent on 14:55 IST against the previous close.

In the early sessions the contract traded at a range of Rs.33425-34000 per quintal. Open interest of the contract is 8379 lots and volume traded is 3032 lots for the time being.

Pepper farmers are holding their stocks in anticipation of better prices this year against the strong demand and short fall in the crop.

IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carry forward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT.

According to the International Pepper Community, world pepper output this year will fall by about 6,500 tonnes against 2010 to 310,000 tonnes due to unfavorable weather conditions and pests in several producing countries.

Mentha Oil Futures Resume Northbound Trajectory : 03-11-11

2011-11-03T17:53:00.002+05:30

Mentha Oil futures after taking a breather in the previous session have again resumed northbound trajectory as speculators added their position owing to the good pharmaceutical industry demand for the commodity. Meanwhile, the reports stating the rising export demand for the commodity in the coming days too added to its uptrend.

The contract for November delivery was trading at Rs 1347.50, up by 0.80% or Rs 7.70 from its previous closing of Rs 1336.80. The open interest of the contract stood at 4487 lots.

The contract for December delivery was trading at Rs 1336.80, up by 0.38% or Rs 5.00 from its previous closing of Rs 1331.80. The open interest of the contract stood at 4015 lots on MCX.

NCDEX Sugar Gains On Strong Spot Demand : 03-11-11

2011-11-03T17:12:00.001+05:30

NCDEX Sugar m grade traded higher on Thursday due to strong spot demand.

The commodity was trading higher in all the futures contract.

According to analysts, strong spot demand for the commodity amid of low arrivals in the market due to the delay in cane crushing had caused the sugar to trade higher.

On NCDEX, the Sugar m grade for November delivery traded highre by 0.32% climbing to Rs 2788 on 3rd November at16:32 IST.

Meanwhile, the sugar futures roase in New york after an industry group cut its production estimates in the major cane growing areas of Brazil. On ICE , the raw sugar futures for March delivery rose 0.21% to 25.63 cents on November 3rd

Maize Futures Surges On Strong Feed Demand : 03-11-11

2011-11-03T17:01:00.003+05:30

Maize futures spurted by almost Rs. 10 per quintal in today's trading due to strong demand of feed items along with weak arrivals in major mandies.

As per market sources , steady rise in minimum support price of both wheat and sorghum by Rs. 165 and Rs. 200 per quintal respectively by Indian government for the current marketing season prompted strong gains in maize prices from lower levels.

Moreover, daily arrivals of maize have reduced to 35000-45000 bags in major mandies from 55000-60000 bags reported earlier also witnessed some gains in maize market. The spot prices of maize at Nizamabad mandi of Andhra Pradesh were trading at Rs. 1070 -1090 per quintal , up Rs. 10 per quintal today. While prices in Mumbai mandi were at Rs. 1200 per quintal with the gain of over Rs. 10 per quintal.

Consequently, NCDEX December Benchmark contract gained almost Rs. 16 per quintal to trade to Rs. 1127.50 per quintal today.

Copper Remains On Back foot As Sellers Drive The Markets : 03-11-11

2011-11-03T16:54:00.001+05:30

Copper was yet again confused and grim under influence of selling pressure in the commodity futures markets. The benchmark Indian futures responded to the negative trading in LME and Shanghai and opened lower. In the mid day trades the losses in the Multi Commodity Exchange Copper has extended somewhat. The Shanghai Copper contract was down by 920 yuan per ton, at 56800 yuan per ton. Indian Copper futures for November expiry were quoting at Rs. 383.8 per kg, down Rs. 5 or 1% when last seen. The LME three month forward Copper contracts were down by 2%.

China and US combined with Europe is putting pressure on the short relief rallies seen in the markets at brief intervals. The rise of LME contract last night was countered by the position of France and Germany that forced Greece to accept the bailout offer on the conditions levied under European Financial Stability Facility (EFSF). Greece on the other hand called for a referendum on the funding provided to them on austerity measures for which there are plenty of opposition.

Internally things are not very good as far as China is concerned. The measures for strict controls on monetary situation and the decline of PMI in China has shaken the very basic demand for non ferrous metals in the country. In US, the lower interest rates and leisurely progress of economy has forced investors to stay away from the markets. Though Dollar has strengthened but that was due to the fact that Europe currently has more tarnished image compared to US.

Powered by Commodity Insights

NCDEX Chilli Slumps On Higher Arrivals : 03-11-11

2011-11-03T16:41:00.003+05:30

Chilli futures fell Thursday on profit booking by the traders on the back of higher arrivals from the fresh crop.

At NCDEX chilli November contract is trading at Rs.8190 per quintal, lower by 0.55 per cent on 14:40 IST against the previous close.

In the early sessions the contract traded at a range of Rs.8124-8230 per quintal. Open interest of the contract is 3425 lots and volume traded is 645 lots for the time being.

Increased arrivals at spot market of Guntur along with rising fresh arrivals in MP added to the bearish trend. Huge stocks across the spot markets also pressurized the prices.

Gold Climbs Ahead Of G-20, ECB : 03-11-11

2011-11-03T12:28:00.001+05:30

Gold futures climbed ahead of a key meeting of leaders from the Group of 20 major economies, after German and French leaders warned Greece wouldn't receive further aid unless it accepts European Union proposals laid out last week.

COMEX gold futures jumped up $6 at $ 1735 per ounce as the US dollar strengthened against the single currency, pulling the crude oil futures down more than a dollar. Gold futures prices had lost about $36 in the past three trading sessions.

The single currency lost ground ahead of the key European Central Bank interest-rate decision. The euro changed hands at $1.3692, down from $1.3745 late Wednesday.

Yesterday, Federal Reserve left interest rates unchanged and took no further action to try to stimulate the U.S. economy, but the debate about what to do is far from over. The Fed Chief said that the Central Bank might provide additional measures to stimulate the struggling housing market and shore up the economy.

The central bank itself is sharply divided. The one member who dissented from Wednesday's decision, Charles Evans of the Chicago Fed, has previously said he wants to keep short-term rates at zero until the jobless rate falls to 7% from its current rate of 9.1%.

The FOMC left its key interest rate at a historic low range of 0% to 0.25% where it has been since December 2008. Read more about the Fed decision.

MCX benchmark December futures are trading up around Rs. 50 at Rs. 27636 per 10 grams. It may face resistance near Rs. 27750 and Rs. 27900 levels.

Chana Drops In Delhi Despite Thin Arrivals : 03-11-11

2011-11-03T12:24:00.003+05:30

Chana is quoting with losses in the early moves in spot and futures markets today. The arrivals were thin at 25 trucks only but lack of demand after the peak Diwali demand season seems to be hurting the sentiments.

Spot Chana is quoting at Rs. 3500 per quintal in Delhi, down Rs. 50. MP Line Chana is at Rs. 3600 per quintal; down Rs. 50 while the benchmark NCDEX December Chana futures are down Rs. 13 or 0.37% at Rs. 3502 per quintal.

Soyabean To Remain Supportive In The Short Term : 03-11-11

2011-11-03T12:07:00.002+05:30

soyabean futures are likely to witness some buying at lower levels due to sturdy trend in international market along with receding arrivals in major mandies.

The CBOT Soybean new-crop 2012 November soybeans gained 5 1/4 cents to close at $12.14 per bushel due to drop in the dollar and rallies in crude oil and many world equities.

Moreover, receding arrivals in major mandies as total daily arrivals were reduced to 8 lakh bags from 10 lakh bags in Wednesday's trading might also provide some support to the prices at lower levels.

The NCDEX December contract settled higher at Rs. 2205 per quintal in the last trading . Technically, prices are likely to gather some buying around Rs. 2185-2190 per quintal while resistances are at Rs. 2225-2230 per quintal in the short term.

Turmeric Likely To Decline On Higher Arrivals : 03-11-11

2011-11-03T11:51:00.001+05:30

Turmeric rates fell in the Spot and the futures markets as lower demand amidst moderate arrivals kept pressurizing the market sentiments. Prospects of demand rising in coming weeks could limit the downtrend however.

Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.

Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.

Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acre-age from the high rates is stated the reason for the rise in expected production as per traders.

Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

Jeera May Further Fall On Subdued Demand : 03-11-11

2011-11-03T11:47:00.003+05:30

Higher arrival pressure kept sentiments weak for Jeera as it failed to hold onto the upside movement early on.

Demand is still to pick up on the export front. Traders anticipate short term bearishness sentiments to prevail till exports pick up.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in com-ing weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Pepper May Trade Down On Profit Booking : 03-11-11

2011-11-03T11:42:00.001+05:30

Moderate profit booking was observed for Pepper as other Spices fell. No strong reports emerged from the markets however.

Traders expect fall in rates over last few days have been significant and an expected rise in exports in coming weeks could support the price further.

Slight improved production prospects from Kerala and Karnataka and arrival of the new crop could limit the uptrend. Overall Fundamentals remained firm however from lower stocks and lower production amidst expected rise in export demand n coming weeks.

Exports and domestic demand from North India remained good. Traders expect that with low stocks, lower global production and rising export demand, trend is likely to remain Bullish for the commodity from a medium to long term point of view.

Strengthening in the Dollar vs Re rates could have beneficial impact on the export front. But short term correction possibilities remain.

Traders expect that good demand and a firm trend in Vietnam could support the rates further. Good demand from Gulf countries sup-porting the rates. Demand from China and West Asia also reported.

IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.

Vietnam is having low stocks as per reports. The production there too is expected to fall this year as per some estimates. Brazil and Indonesian crop expected to be lower. Low carryover stock in Brazil and Indonesia is likely to raise exports here in coming months.

Reports of farmers shifting to other more profitable crops have affected the production aspects for the crop in India.

Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.

Crude Oil Consolidates After Receding In Three Previous Sessions : 03-11-11

2011-11-03T11:36:00.001+05:30

Crude oil prices consolidated around the previous closing levels on Wednesday after receding in three previous sessions as the statement released following the two-day FOMC policy meeting failed to underpin sentiments. The Fed would continue its operations to increase the duration of its holdings and has left interest rates unchanged at 0-0.25%, while it refrained from initiating another round of asset purchases. However, the downside for the fuel prices remained capped as the depreciation in American dollar made the commodity’s prices cheaper for overseas investors.

Benchmark crude for December delivery added $0.32, or 0.35% to settle at $92.51 a barrel on, after trading as high as $93.79 and as low as $92.97 on the New York Mercantile Exchange. In London, Brent crude for December delivery eased $0.2 to $109.34 a barrel, on the ICE Futures exchange.

Guar Seed To Edge Higher On Low Production Estimates : 03-11-11

2011-11-03T11:30:00.001+05:30

Rates shot up for Guar yet again on rising demand, low production and stock prospects. Increased arrivals limited uptrend to some extent.

New crop arrivals start fro Haryana. Rajasthan arrivals yet to pick up.

As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is 29.07 lakh hectares compared to 30 lakh ha last year. Production expected at 11.37 lakh tonnes vs 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan).

Traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. Production expected at 2 lakh tonnes while in Gujarat, production estimates at 0.65 lakh tonnes.

Better rains in Rajasthan and Gujarat are however expected to improve productivity of the crops this year.

As per APEDA, India has exported 1.45 lakh MT Guar Gum during April-June 2011 vs 0.71 lakh MT during same period last year. Traders expect overall exports to pick up in coming months and cross the 3 lakh tonne mark.

Financial problems in US and EU are worrisome howev-er on export front. It needs to be noted that rates have come down significantly over last 1 month due to lower export demand

Fresh arrivals of the new crop could pressurize the market sentiments to some extent in the short term. However, if exports pick up again, we could see some recovery from these lower levels.

Lower carryover stock and delayed harvesting along with reports of a fall in production and a likely pickup in exports could support the prices. A strong Dollar vs Re could have a beneficial impact on the export front.

Gold Halts Three Session Declining Streak; Surges By 1% : 03-11-11

2011-11-03T11:08:00.001+05:30

Gold prices surged higher on Wednesday and halted the three session declining streak on the back of US Federal Reserve’s view that it will continue its operations to increase the duration of its holdings, as well as leave interest rates unchanged at 0-0.25%. The yellow metal prices also got a boost from depreciation in American greenback which made the bullion even more lucrative for foreign investors.

Gold futures for December delivery surged $17.80 or 1% to settle at $1,729.60 an ounce, after trading as high as $1,745.60 and as low as $1,715.50 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices climbed $17.5 to $1,737.40 an ounce.

Copper Rebounds By Around Two Percent On Wednesday : 03-11-11

2011-11-03T10:48:00.002+05:30

Copper prices staged a smart recovery and rebounded by around two percent on Wednesday as investors piled up hefty positions in commodity after the US Fed affirmed that growth in the world’s largest economy firmed up in the third quarter and indicated that it will continue to support the ailing economy. The red metal prices also got underpinned by the depreciation in American dollar against a basket of currencies which made the industrial metal more lucrative for international investors.

Copper futures for December delivery jumped 7.85 cents or 2% to settle at $3.5810 per lb after trading as high as $3.6295 and as low as $3.4775 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange surged $155 or 2% to end at $7,885 a tonne.

Negative Momentum Seen In Mentha Oil On Poor Demand : 03-11-11

2011-11-03T10:36:00.002+05:30

After shooting up over last few days, profit booking was noted for Mentha Oil at the higher levels. Traders waited for dips before initiating fresh demand in the mandis. Increasing arrival pressure was also noted in the mandis.

Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile.

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

Some export queries from China and European countries reportedly supporting the market rates.

Reports of a fall in production had been keeping the sentiments firm.

Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.

Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.

Jeera Futures Edge Lower For Second Consecutive Session : 02-11-11

2011-11-02T18:18:00.002+05:30

Jeera futures edged lower for second consecutive session as speculators trimmed their position anticipating further dips in the prices of the commodity. Further, even exporters are reportedly waiting for the prices to fall before initiating fresh demand in the markets, which has led to further lull in the prices of the commodity. Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. While, Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

The contract for November delivery was trading at Rs 14252.00, down by 0.35% or Rs 50.00 from its previous closing of Rs 14,302.00. The open interest of the contract stood at 15285 lots.

The contract for December delivery was trading at Rs 14592.00, down by 0.29% or Rs 42.00 from its previous closing of Rs 14,634.00. The open interest of the contract stood at 15543 lots on NCDEX.

Sugar Surges On Delay In Production And Strong Export Demand : 02-11-11

2011-11-02T17:11:00.002+05:30

Bargain buying seen in sugar futures in today's trading spurred by delayed crushing in major producing states along with hopes of sugar exports in the near term. The NCDEX futures gained almost Rs. 15 per quintal today.

As per market sources, delay in sugarcane crushing due to tussle between cultivators and millers added some gains in sugar market. In the last latest discussion on the state advised price (SAP) for sugarcane, the chief secretary's committee revealed that cultivators were of the view that the price of cane should be fixed in between Rs. 300-390 per quintal, while the industry felt that paying beyond last year's cane price of Rs. 205 per quintal for the common variety is unaffordable for the industry, which is already reeling under extreme pressure.

Moreover , possible export permission by government in the near term also added some gains in sugar prices at lower levels. Government delayed the exports decision before Diwali due to strong domestic demand from sweets and confectionery manufacturers.

Consequently, the NCDEX December Benchmark sugar futures gained almost Rs. 14 per quintal today to trade at Rs. 2770 per quintal.

Cardamom Further Down In Local Mandis : 02-11-11

2011-11-02T16:59:00.002+05:30

The Cardamom 8 MM bold was sold at Rs. 860 per kg in the Vandanmedu spot market in kerala, down by Rs. 20 over the last day. Among other varieties, the 7 MM bold was quoted at Rs. 660, down Rs. 10 and cardamom 6 MM bold quoted at Rs. 580 per kg. The average low quality traded in the range of Rs. 525-545 and average best quality sold at Rs. 630-635. The arrivals stood at 62 tonnes against 72 tonnes.

MCX cardamom for the November contract moved in the range of Rs. 677.90- 651 and the contract is currently trading at Rs. 655.40, down Rs. 13.90 or 2.14 % over the last close.

NCDEX Soybean Recovers On Global Cues : 02-11-11

2011-11-02T16:48:00.004+05:30

Soybean futures rose Wednesday on rising demand in the domestic markets and on tracking firm global markets.

At NCDEX soybean November contract is trading at Rs.2181 per quintal, up by 0.66 per cent on 15:25 IST against the previous close.

In the early sessions the contract traded at a range of Rs.2168-2194 per quintal. Open interest of the contract is 122180 lots and volume traded is 51160 lots for the time being.

Tough rising arrivals from the producing regions could limit the uptrend of futures in the coming days.

On international front, the soybean sowing in Brazil is going on in full swing. In China the weekly soybean crushing is recorded higher due to improved crushing margins in the costal areas.

Edible Oil Futures Likely To Move Lower On Weak Fundamentals : 02-11-11

2011-11-02T15:23:00.002+05:30

Indian Edible Oil complex plunged sharply on weak global cues and higher crop estimation report. According to the Second Soybean crop survey was undertaken by SOPA, all India second estimate aggregates to 119.395 lac tons against first estimate of 116.504 lac tons. The NCDEX Soybean November contract ended the last day down by 0.55% at Rs. 2166.50 after moving in the range of Rs. 2186.50-2163 per quintal. The open interest added 1.09% to 127390 tonnes.

US soybean futures ended lower for third consecutive day, falling on a host of negative influences. Pressure from external financial marketsfueled the declines, with slower export demand, cautious end user buying and favorable weather conditions for South American cropskeeping buyers sidelined. Soybean prices slid to three week lows, as renewed concerns about the European debt crisis sparkedworry of slower global demand. Soy traders were focused on macroeconomic factors in the absence of fresh demand news tounderpin prices. CBOT Jan soy ended down 14 3/4c at $12.02 1/2/bushel. CBOT Dec soymeal ended down $1.40 at $316.10/short ton, and Dec soyoil wasended down 0.60c at 51.17 cents/pound. The January e-cbot Soybean is currently trading at $12.084, up 6 cents while January Soya Oil is currently trading at 50.78, down 0.08 cents per pound.

The BMD January CPO contract is currently trading up at MYR 2929, up MYR 6 after moving in the range of MYR 2933-2922 per tonne. Global markets moved on mixed trend. The domestic fundamentals are bearish therefore prices are expected to move weak in short term. The NCDEX Soybean for the January contract is likely to find support at Rs. 2,154, Rs. 2,134 while resistance at Rs. 2,172, Rs. 2,186.50 per quintal.

NCDEX Chilli Plunges 2.29% On Rising Arrivals : 02-11-11

2011-11-02T15:10:00.001+05:30

Chilli futures fell on Thursday on profit booking by the traders on the back of rising arrivals from the fresh crop.

At NCDEX chilli November contract is trading at Rs.8260 per quintal, lower by 2.29 per cent on 14:00 IST against the previous close.

In the early sessions the contract traded at a range of Rs.8200-8488 per quintal. Open interest of the contract is 3510 lots and volume traded is 2080 lots for the time being.

As per traders, acreage in AP has increased by 30% as most of the farmers have shifted from rice to chilli. However, prevailing dry spell might affect the crop in near term.

According to AP Govt. till October 12th chilli sowing has been done in 1.46 Lakh Ha as compared 1.52 Lakh Ha previous year.

Wheat Trades Higher On Strong Global Market, Hike In MSP : 02-11-11

2011-11-02T13:46:00.001+05:30

Strong buying continued in wheat futures on the account of hike in wheat minimum support by government last week and strong global cues.CBOT wheat futures end slightly higher, shrugging off outside marketpressure and rebounding late on a rally in corn. CBOT Dec wheat ended up
1 3/4c to $6.30, 16c off intraday low.

As per latest release from government sources, Indian cabinet hiked the minimum price for wheat purchase from farmers by about Rs. 165 per quintal to Rs1285 per quintal for the current marketing season 2011-12 in order to promote strong sowing of the wheat crop during the winter season.

The NCDEX Wheat November contract is currently trading up at Rs. 1103.80, up Rs. 9.60 or 0.88% over the last close. The open interest dipped 2.16%, indicating short covering.

Turmeric Expected To Regain On Firm Demand : 02-11-11

2011-11-02T13:43:00.002+05:30

Turmeric recovered from the lower levels on some demand in the markets and with prospects of demand rising further in coming weeks, the downtrend may be limited.

Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.

Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.

Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production as per traders.

Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

India Jeera Likely To Move Further Lower : 02-11-11

2011-11-02T13:36:00.001+05:30

Trend remained weak for Jeera as higher arrival in the mandis along with lack of significant export demand pressurized the market sentiments. Traders anticipate short term bearishness sentiments to prevail till exports pick up.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in com-ing weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Mentha Oil To Edge Higher On Rising Demand : 02-11-11

2011-11-02T13:24:00.002+05:30

Rates shot up for Mentha Oil as demand picked up in the mandis at the lower levels. Increasing arrival pressure was also noted in the mandis.

Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile with traders waiting for further dips before initiating fresh queries.

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

Some export queries from China and European countries reportedly supporting the market rates. Reports of a fall in production had been keeping the sentiments firm.

Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.

Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.

Crude Oil Plunges For Third Straight Session Amid Fresh Euro-Zone Jitters : 02-11-11

2011-11-02T12:14:00.002+05:30

Crude oil prices extended the sCrude Oil Plunges For Third Straight Session Amid Fresh Euro-Zone Jittersouthbound journey for the third straight session on Tuesday as investors took to risk aversion from risky asset classes like commodities amid fresh concerns about the Euro-zone debt crisis. Greek Prime Minister’s call for a confidence vote and a referendum on last week’s deal spooked sentiments as it injected a lot of uncertainty in the minds of investors. The fuel prices were also undermined by the appreciation in US dollar which surged against a basket of currencies while the US manufacturing data too played spoil sport as it showed an unexpected slowdown in US manufacturing sector growth in October, raising fresh worries over the strength of recovery in US.

Benchmark crude for December delivery plunged $1, or 1.1% to settle at $92.19 a barrel on, after trading as high as $92.88 and as low as $89.17 on the New York Mercantile Exchange. In London, Brent crude for December delivery eased $0.2 to $109.54 a barrel, on the ICE Futures exchange.

Copper Nosedives By 3.6% On Fresh Euro-Zone Woes, Slowing Global Manufacturing : 02-11-11

2011-11-02T11:59:00.002+05:30

Copper prices got butchered for the second straight session on Tuesday as sentiments got spooked after Greek PM avowed to call a national vote on the unpopular European rescue plan, igniting fears that the nation might reject the EU deal and default on its massive debts. The nasty laceration of over three and half a percent in growth sensitive metal’s prices also resulted because of the weaker than expected global manufacturing growth, particularly in top two consumers China and the US. The red metal prices also were weighed down by the appreciation in American greenback which made the dollar denominated commodity costlier for overseas investors.

Copper futures for December delivery slumped 12.95 cents or 3.6% to settle at $3.5025 per lb after trading as high as $3.6570 and as low as $3.4620 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange plummeted $270 to end at $7,730 a tonne.

Gold Extends Downtrend On Sustained Appreciation In US Dollar : 02-11-11

2011-11-02T11:56:00.001+05:30

Gold prices concluded a hat-trick of closing in the red terrain on Tuesday as the sustained appreciation of American dollar dented the demand for bullion by making it costlier for foreign currency holders. The yellow metal prices were pummeled by fresh worries over an unexpected call by Greek Prime Minister for a referendum on the latest EU bailout plan, igniting fears that the nation might reject the EU deal and default on its massive debts.

Gold futures for December delivery sank $13.40 or 0.8% to settle at $1,711.80 an ounce, after trading as high as $1,720.50 and as low as $1,681.74 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices added 4.8% to $1,719.90 an ounce.

Chana Under Pressure On Profit Booking : 02-11-11

2011-11-02T10:36:00.001+05:30

Profit booking at higher levels brought some dips to the rising rates for Chana.

Raising MSP of Rabi crop supported market sentiments. MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q. This is likely to support Chana rates in medium term.

Traders feel that rates have moved up significantly over last few months and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.

1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.

The other major producers for Pulses namely Myanmar, Australia and Canada are likely to report a fall in Pulses production due to adverse weather conditions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.

Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.

Guar Seed Expected To Trade Higher On Arrival Pressure : 02-11-11

2011-11-02T10:30:00.001+05:30

Trend remained sideways for Guar as increased trading activities were noted in mandis with higher arrivals and improved stockists demand.New crop arrivals start fro Haryana. Rajasthan arrivals yet to pick up.

As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is 29.07 lakh hectares compared to 30 lakh ha last year. Pro-duction expected at 11.37 lakh tonnes vs 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan).

Traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. Production expected at 2 lakh tonnes while in Gujarat, production estimates at 0.65 lakh tonnes.

Better rains in Rajasthan and Gujarat are however expected to improve productivity of the crops this year.

As per APEDA, India has exported 1.45 lakh MT Guar Gum during April-June 2011 vs 0.71 lakh MT during same period last year. Traders expect overall exports to pick up in coming months and cross the 3 lakh tonne mark.

Financial problems in US and EU are worrisome howev-er on export front. It needs to be noted that rates have come down significantly over last 1 month due to lower export demand.

Fresh arrivals of the new crop could pressurize the market sentiments to some extent in the short term. However, if exports pick up again, we could see some recovery from these lower levels.

Lower carryover stock and delayed harvesting along with reports of a fall in production could also support the prices. A strong Dollar vs Re could have a beneficial impact on the export front.

Expected pick up in exports in coming weeks could support the prices further.

Black Pepper Likely To Trade In Range Bound : 02-11-11

2011-11-02T10:16:00.002+05:30

Indian Black Pepper futures are expected to move with range bound trend in today's trading session on strong buying support. Tight availability against the strong domestic demand and demand from the major consuming nations are likely to support the pepper in medium term. According to the latest updates from India Pepper and Spice Trade Association (IPSTA), Kochi, Pepper arrivals slipped to 100 quintals Tuesday from 200 quintals on Monday while offtakes dropped to 100 quintals from 230 quintals on last day. Black Pepper for ready delivery in Kochi spot market closed the Tuesday's trading session (as on 1st November 2011) with steady note at Rs. 34600 for the MG-1 per quintal and Un-Garbled pepper ended at Rs. 33100 per quintal.

The NCDEX October pepper ended Tuesday's session down by 0.15 % at Rs. 34235 after moving in the range of Rs. 34580-34125 per quintal. The commodity ended below the short term and long term EMA's and the 14-day RSI hovers at 37.82 level. The NCDEX October Pepper November contract is likely to find resistance at Rs. 34600, Rs. 34700 while support is at Rs. 34125, Rs. 33860 per quintal.

Turmeric Arrivals Stood At 15,000 Bags In Erode : 01-11-11

2011-11-01T16:38:00.001+05:30

Turmeric price in the Nizamabad mandi quoted at Rs 5,900 per quintal. The arrivals in the Erode mandi was reported at 15,000 bags with prices quoting at Rs 4,800 and the Salem crop traded at Rs 5,800, down by Rs 200 per quintal.

In the Nanded mandi of Maharashtra, select quality quoted lower by Rs 200 at Rs 5,800 per 100 kg and the Powder quality traded at Rs 5,200 per 100 kg, down by Rs 200.

The NCDEX turmeric November contract moved in the range of Rs 5038- 4932 and the contract is currently trading at Rs 5000, down Rs 10 or 0.20% over the last close.

NCDEX Jeera Falls On Higher Sowing : 01-11-11

2011-11-01T16:36:00.001+05:30

Jeera futures fell on Tuesday on the back of subdued demand in the domestic as well as overseas markets. Higher sowing from the producing regions also put pressure on jeera futures.

At NCDEX jeera November contract is trading at Rs.14348 per quintal, lower by 0.21 per cent against the previous close.

In the early sessions the contract traded at a range of Rs.14255-14449 per quintal. Open interest of the contract is 15861 lots and volume traded is 3327 lots for the time being.

Higher arrivals from the fresh crop also capped the gain of Jeera futures.There are reports that acreage under jeera might increase owing to favorable weather condition in Rajasthan and Gujarat.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

NCDEX Wheat Regains On Strong Spot Demand : 01-11-11

2011-11-01T16:25:00.002+05:30

Wheat futures rose Tuesday as traders created fresh positions on the back of firm demand in the domestic markets.

At NCDEX wheat November contract is trading at Rs.1095.40 per quintal, higher by 0.25 per cent on 16:00 IST against the previous close.

In the early sessions the contract traded at a range of Rs.1095-1099 per quintal. Open interest of the contract is 31450 lots and volume traded is 1850 lots for the time being.

The regular demand for Wheat across the markets along with the recent hike in Minimum support Price of wheat by around 15 per cent to Rs.1285 per quintal supported the prices to recover.

Soyabean Arrivals At Major Mandies As On 1st November 2011 : 01-11-11

2011-11-01T16:21:00.002+05:30

As per market sources, the total arrivals of soyabean augmented by 180000 bags at 10.15 lakh bags in major mandies today. The spot prices of soyabean were quoting at around Rs. 2180-2200 per quintal at Indore mandi, Rs. 2060 per quintal at Nanded mandi, Rs. 2080-2100 per quintal at Sangli mandi.

State- wise Arrivals Summary

State Arrivals ( in Bags )	No. of bags
Madhya Pradesh	525000
Maharashtra	325000
Rajasthan	175000
Others	85000
Total	1110000

Physical Rubber Prices Remained Unchanged On Monday : 01-11-11

2011-11-01T16:06:00.001+05:30

Physical rubber prices remained unchanged on Monday, though the domestic future prices improved a bit, there was some supply concern as widespread rain disrupted tapping in major plantation areas and hence the volume remained low for the day.

Spot prices for RSS-4 and RSS-5 variety remained unchanged at Rs 212/kg and Rs 210/kg.

In the futures market the contract of RSS-4 for November delivery improved to Rs 213.70 compared to its previous closing of Rs 212.81, while the contract for December delivery closed at Rs 213.34 compared to its previous closing of Rs 212.51 on the National Multi Commodity Exchange.

Copper Gets Pummeled By 2% On Weak US Economic Data, Dollar Jump : 01-10-11

2011-11-01T15:11:00.003+05:30

Copper prices got pummeled on the first trading session of a new week as marketmen chose to take profits off the table after the spike up in American dollar and growing doubts over Europe's bailout plan undermined sentiments. However, the red metal prices also got weighed down after a data showed that the Chicago PMI fell more-than-expected to a seasonally adjusted 58.4 last month from 60.4 in the preceding month.

Copper futures for December delivery slumped 7.40 cents or 2% to settle at $3.6320 per lb after trading as high as $3.7425 and as low as $3.4890 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange plummeted $175 to end at $8,000 a tonne.

Gold Extends Declining Trend After The Spike In US Dollar : 01-11-11

2011-11-01T15:09:00.001+05:30

Gold prices extended the declining trend for the second straight session on Monday as investors continued to book profits in the bullion after witnessing the spike in US dollar triggered by the intervention of Japanese authorities in the currency market. Though the yellow metal prices plunged by over a percent in the session yet it managed to snap the October month with over six percent gains. The precious metal slipped on lower than usual volumes as investors stayed at the bay ahead of a slew of US economic reports which are scheduled to be released this week including the US manufacturing data on Tuesday.

Gold futures for December delivery plunged $22 or 1.3% to settle at $1,747.20 an ounce, after trading as high as $1,746.50 and as low as $1,705.50 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices sank 1.1% to $1,722.65 an ounce.

Pepper Likely To Move Further Higher : 01-11-11

2011-11-01T13:52:00.001+05:30

Pepper rates recovered moderately from the lower levels as some demand was noted.

Traders expect fall in rates over last few days have been significant and an expected rise in exports in coming weeks could support the price further.

Slight improved production prospects from Kerala and Karnataka and arrival of the new crop could limit the uptrend. Overall Fundamentals remained firm however from lower stocks and lower production amidst expected rise in export demand n coming weeks.

Exports and domestic demand from North India remained good. Traders expect that with low stocks, lower global production and rising export demand, trend is likely to remain Bullish for the commodity from a medium to long term point of view.

Strengthening in the Dollar vs Re rates could have beneficial impact on the export front. But short term correction possibilities remain.

Traders expect that good demand and a firm trend in Vietnam could support the rates further. Good demand from Gulf countries sup-porting the rates. Demand from China and West Asia also reported.

IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.

Vietnam is having low stocks as per reports. The production there too is expected to fall this year as per some estimates. Brazil and Indonesian crop expected to be lower. Low carryover stock in Brazil and Indonesia is likely to raise exports here in coming months.

Reports of farmers shifting to other more profitable crops have affected the production aspects for the crop in India.

Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.

Maize Futures Likely To Drop Further On Bearish Cues : 01-11-11

2011-11-01T13:40:00.003+05:30

Selling is likely to persist in maize futures at due to mounting supplies from major mandies and weak global markets. The NCDEX maize November contract ended the last day down by 1.36% at Rs. 1,089.50 per quintal. The contract is likely to find support at Rs. 1,075.50, Rs. 1,068 while resistance at Rs. 1,097, Rs. 1,102 per quintal.

US corn futures end lower on outside market pressures and lackluster demand. A stronger dollar, fueled by Japan's currency intervention, along with renewed worries about Europe's debt crisis, weighed on prices. CBOT December corn finished down 1.2% at $6.47/bushel.

The total daily arrivals in all the major mandies gained from 10000 bags to 40000 bags in all the major mandies. This was mainly due to strong supplies from major producing states such as Andhra Pradesh, Maharashtra and Karnataka.

Moreover, bearish reports from United States Department of Agriculture (USDA ) might also add some selling at higher levels. The latest release from USDA stated that world's maize production is projected at 860 million tonnes in 2011-12, up 6 million tonnes from the previous month. While the global ending stocks spurted by 5 million tonnes to 123.18 million tonnes. Technically, prices are likely to witness some selling around 1120-1125 levels while supports are likely at 1085-1090 levels in the short term.

MCX Cardamom Climbs On Strong Demand : 01-10-11

2011-11-01T13:33:00.001+05:30

Cardamom traded higher on Tuesday due to strong demand for the commodity in the spot market and also the restricted arrivals from the southern growing regions.

According to traders, the firm demand for the commodity in the spot market due to the con going wedding season and the restricted arrivals of Cardamom from the southern growing regions have pushed the demand upwards, reported The Business Standard.

On MCX, cardamom for November delivery traded higher by 0.23% touching Rs 663.40 on 1st November at 12:50 IST

Guar Seed Expected To Slump On Arrival Pressure : 01-11-11

2011-11-01T11:11:00.001+05:30

Profit booking at higher levels was noted for Guar as new crop arrivals pick up. Stockists demand was noted in the mandis however .

New crop arrivals start from Haryana. Rajasthan arrivals yet to pick up.As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is 29.07 lakh hectares compared to 30 lakh ha last year. Pro-duction expected at 11.37 lakh tonnes vs 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan).

Traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. Production expected at 2 lakh tonnes while in Gujarat, production estimates at 0.65 lakh tonnes.

Better rains in Rajasthan and Gujarat are however expected to improve productivity of the crops this year.

As per APEDA, India has exported 1.45 lakh MT Guar Gum during April-June 2011 vs 0.71 lakh MT during same period last year.

Traders expect overall exports to pick up in coming months and cross the 3 lakh tonne mark. Financial problems in US and EU are worrisome howev-er on export front. It needs to be noted that rates have come down significantly over last 1 month due to lower export demand

Fresh arrivals of the new crop could pressurize the market sentiments to some extent in the short term. However, if exports pick up again, we could see some recovery from these lower levels.

Lower carryover stock and delayed harvesting along with reports of a fall in production could also support the prices. A strong Dollar vs Re could have a beneficial impact on the export front.

Expected pick up in exports in coming weeks could support the prices further.

Chana To Witness Volatile Trend As Demand Remains Firm : 01-11-11

2011-11-01T11:07:00.002+05:30

Sideways trend was noted for Chana as Spot remained firm from good domestic demand. Raising MSP of Rabi crop supported market sentiments where an overall bullish sentiment was already prevailing.

MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q. This is likely to support Chana rates in medium term.

Imposition of 10% additional margin on Buy side and imposition of stock limit in Bikaner had pressurized the prices over last few days.

Traders feel that rates have moved up significantly over last few months and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.

1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.

The other major producers for Pulses namely Myanmar, Australia and Cana-da are likely to report a fall in Pulses production due to adverse weather condi-tions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.

Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.

India Jeera Under Pressure On Higher Arrivals : 01-11-11

2011-11-01T10:58:00.002+05:30

Higher arrivals in the mandis as it opened after the holidays last week created selling pressure in the Futures markets. Traders anticipate short term bearishness sentiments to prevail till exports pick up.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in com-ing weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Crude Oil Recedes For A Second Straight Session On Monday : 01-11-11

2011-11-01T10:48:00.002+05:30

Crude oil prices concluded Monday’s trading session on a flat note with marginal losses as the appreciation in American dollar kept investors on the sidelines since it made the dollar denominated oil prices costlier for holders of other currencies. The fuel prices also eased amid doubts over the European debt deal. Meanwhile the reports of rising supplies from Libya were offset by news that oil output from the OPEC region fell in October.

Benchmark crude for December delivery shed $0.13, or 0.02% to settle at $93.19 a barrel on, after trading as high as $93.93 and as low as $92.01 on the New York Mercantile Exchange. In London, Brent crude for December delivery slipped $0.35 or 0.3% to $109.56 a barrel, on the ICE Futures exchange.

Turmeric To Extend Uptrend On Strong Demand : 01-11-11

2011-11-01T10:23:00.002+05:30

Turmeric recovered from the lower levels on some demand in the markets and with prospects of demand rising further in coming weeks, the downtrend may be limited.

Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.

Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.

Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acre-age from the high rates is stated the reason for the rise in expected production as per traders.

Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

Soya Bean Plummets In Major Mandies : 31-10-11

2011-10-31T16:43:00.001+05:30

The spot prices of soya bean declined by almost Rs. 10 per quintal today on the account of strong arrivals in domestic market.

The spot prices of soya bean at Madhya Pradesh were trading in the range of around Rs. 2100-2170 per quintal , down Rs. 10 from the previous day .The total arrivals of 600000 bags , up 145000 bags from the previous day.

In Maharashtra, arrivals were reported at 250000 bags, down 5000 bags from the last day with the price range of Rs. 2060-2070 per quintal, down Rs. 10 per quintal from the last day.

MCX Mentha Oil Surges On Strong Spot Demand : 31-10-11

2011-10-31T16:31:00.001+05:30

Mentha oil futures traded higher on Monday as traders created fresh positions on the back of firm demand in the spot markets amid hopes of export demand may pick up in the coming days.

At MCX mentha oil November contract is trading at Rs.1329 per Kg, up by 2.44 per cent against the previous close.

In the early sessions the contract traded at a range of Rs.1305-1329 per Kg. Open interest of the contract is 4983 lots and volume traded is 4366 lots for the time being.

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

MCX gold Weekly Technical Outlook For Oct 31-Nov 4 : 31-10-11

2011-10-31T16:27:00.002+05:30

MCX Gold December as moved sharply higher and closed higher.

For this week we expect gold prices to find support at Rs 27140-Rs 27040 levels and further below strong support is observed at Rs 26850-Rs 26780 levels. Trading consistently below Rs 26770 would give correction initially towards Rs 26335 then Rs 26154 and then finally towards Rs 25860 levels.

Resistance is now observed at Rs 28074-Rs 28174 levels. Trading consistently above Rs 28200 levels would trigger a sharp rally initially towards Rs 28550 levels, then Rs 28820 and then finally towards Rs 29200 levels.

Strategy: Buy MCX Gold December Between 27140-27100, SL-26780, Target -28070.

Turmeric Expected To Edge Higher On Rising Demand : 31-10-11

2011-10-31T16:19:00.002+05:30

Indian Jeera Futures Likely To Move Range Bound : 31-10-11

2011-10-31T16:15:00.001+05:30

Indian Jeera futures ended the last session up by 0.21% at Rs. 14,563 after moving in the range of Rs. 14,735-14,435 per quintal. The open interest added 0.28% to 16398 tonnes. Jeera ended the week down by 0.38% at Rs. 14,565 per quintal lead by weak exports amid strong sowing expectations.

The Jeera future are expected to move range bound today with the November contract has next support at Rs. 14,500, Rs. 14,435 while resistance at Rs. 14,600, Rs. 14,735 per quintal. In Short term and medium term, Indian Jeera futures are likely to move in accordance with sowing cues in major producing states and export demand.

Chilli Arrivals Stood At 50,000 Bags In Guntur : 31-10-11

2011-10-31T16:04:00.003+05:30

According to the market sources, Red Chilli arrivals stood at 50,000 bags today (4,000 bags Khammama Teja). The 334 variety quoted at Rs. 8,800 per quintal in Guntur mandi.

	Variety	Prices ( Rs. per quintal )	Change from the previous day
Guntur ( Andhra Pradesh )	334	8,800
	Teza	9,600
	No-341	9,500
	Chandramukhi	9,000
	Vyadi	12,200
	No-5	8,500
	Khammam Teja	9,100

The NCDEX Chilli November contract moved in the range of Rs. 8,380-8,348 and is currently trading at Rs. 8,360, up Rs. 18 or 0.21% over the last close.

Chana Futures Edge Higher On Supply Constraints : 31-10-11

2011-10-31T16:01:00.001+05:30

Chana futures have edged higher on NCDEX as lean season for arrivals have been creating supply crunch across the market which have supported the prices of the commodity. 1st Advance government estimates reported a fall in Pulses production to 6.43 million tonnes against last estimates of 7.12 million tonnes.

The contract for November delivery was trading at Rs 3434.00, up by 0.38% or Rs 13.00 from its previous closing of Rs 3,421.00. The open interest of the contract stood at 119970 lots.

The contract for December delivery was trading at Rs 3531.00, up by 0.29% or Rs 8.00 from its previous closing of Rs 3,523.00. The open interest of the contract stood at 129630 lots on NCDEX.

Guar Seed Futures Trade In Red On NCDEX : 31-10-11

2011-10-31T15:57:00.001+05:30

Guar Seed futures were trading in red on NCDEX owing to profit booking at high levels. The commodity for quite few sessions was trading in green on signs of rising export demand in the coming months. Meanwhile, reports of falling sowing area also aided the rally. As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is expected to be at 29.07 lakh hectares (ha) for the current fiscal compared to 30 lakh ha in last year. Production expected at 11.37 lakh tonnes against 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan). Further, traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. However, fresh arrivals of the new crop also pressurized the market sentiments to some extent.

The contract for November delivery was trading at Rs 4525.00, down by 0.46% or Rs 21.00 from its previous closing of Rs 4546.00. The open interest of the contract stood at 72980 lots.

The contract for December delivery was trading at Rs 4477.00, down by 0.18% or Rs 8.00 from its previous closing of Rs 4485.00. The open interest of the contract stood at 169990 lots on NCDEX.

Physical Rubber Prices Improve On Saturday : 31-10-11

2011-10-31T15:53:00.001+05:30

Physical rubber prices strengthened on Saturday supported by the initial gains in the domestic futures market; however the future prices declined in late trade on bearish sentiments due to slowdown and uncertainty in demand

Spot prices for RSS-4variety closed at Rs 214/kg compared to its previous closing of Rs212/kg; while the RSS-5 variety closed at Rs 211/kg compared to its previous closing Rs 210/kg.

In the futures market the contract for RSS 4 for November delivery closed at Rs 213 compared to its previous close of Rs 215.23, while the contract for December delivery closed at Rs 212.70 compared to its previous closing of Rs 215.08 on the National Multi Commodity Exchange.

Black Pepper Rebounds On Short Covering : 31-10-11

2011-10-31T12:37:00.002+05:30

Indian Black Pepper futures rebounded from the previous session's losses in the early trading session Monday lead by short covering on strong fundamentals.

Despite the strong fundamentals, Black Pepper dropped further during the last week on buyer's resistance at higher levels and technical cues. The Black Pepper November delivery on NCDEX ended the last week down by Rs. 1700 or 4.77% At Rs. 33850 per quintal.

According to International Pepper Community's revised production estimates, the total production of pepper in 2011 is again lower by 17,230 mt to 3,18,000 from 3,35,230 in 2010. The estimated production in all member countries except Vietnam & Malaysia is lower.

It is also said that American and European buyers have tight stocks and all these factors turned the bullish sentiment. Winter season demand from north Indian and overseas buyers against the tight stock position in major supplies India and Vietnam will support the uptrend in the pepper prices.

The domestic Black Pepper Production for the next crop season is likely to be lower than the 48,000 tonnes estimated in the previous year. Pepper farmers are holding their stocks in anticipation of better prices this year against the strong demand and short fall in the crop. Most of the farmers are expecting higher price for pepper around Rs. 400 a kg.

The NCDEX Pepper for the November gained today by Rs. 729 or 2.14% to the session high of Rs. 34600 per quintal. The contract is currently quoting higher at Rs. 34385, up Rs. 510 or 1.50% over the last close and the open interest dropped 5.23% to 8,953 tonnes, indicating profit taking.

Maize Futures To Remain Under Pressure On Fresh Supplies In Major Mandies : 31-10-11

2011-10-31T12:23:00.002+05:30

Selling is likely to persist in maize futures at higher levels due to mounting supplies from major mandies.

The total daily arrivals in all the major mandies gained from 10000 bags to 40000 bags in all the major mandies. This was mainly due to strong supplies from major producing states such as Andhra Pradesh, Maharashtra and Karnataka.

Moreover, bearish reports from United States Department of Agriculture (USDA ) might also add some selling at higher levels. The latest release from USDA stated that world's maize production is projected at 860 million tonnes in 2011-12, up 6 million tonnes from the previous month. While the global ending stocks spurted by 5 million tonnes to 123.18 million tonnes. Technically, prices are likely to witness some selling around 1120-1125 levels while supports are likely at 1085-1090 levels in the short term.

Cardamom Futures Scales New Contract Low On Mounting Physical Supplies : 31-10-11

2011-10-31T12:07:00.001+05:30

Stockiest continued in cardamom futures on the back of strong supplies in physical market. The MCX futures scaled new contract low today.

As per market sources, total arrivals of around 5200 tonnes have been reported during the last week. The total arrivals were almost 108% higher than the previous year in the same period. This was mainly due to strong production in the current year. Traders are expecting the total production of around 15000 tonnes in the current year.

The MCX December Benchmark contract decreased by Rs 15 per kg to trade at Rs 712.50 per kg today after hitting the new contract low of Rs 710.20 per kg.

Crude Oil Trades On A Weak Note On Monday : 31-10-11

2011-10-31T11:06:00.001+05:30

Crude oil prices traded on a weak note on Monday as investors remained concerned that the higher oil prices cannot be sustained since economies like US and Europe are still not firm on their road to recovery. Investors also remained on the sidelines ahead of the US jobs data for October, a Federal Reserve policy meeting and Fed Chairman Ben Bernanke's quarterly news conference scheduled later this week.

Meanwhile, the price differential between the Nymex crude and Brent crude continued to narrow after reports that Libyan oil production is likely to expand to about 1.7 million barrels a day within 15 months.

Benchmark crude for December delivery eased 0.3% to $93.02 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery slipped 0.5% to $109.40 a barrel, on the ICE Futures exchange.

Gold Halts Five Session Northbound Journey On Friday; Slips Marginally : 31-10-11

2011-10-31T10:31:00.002+05:30

Gold prices halted the five straight session northbound journey on Friday and settled marginally below the neutral line, concluding the week with 6.8% gains. Market participants took a breather on last trading day of the week after the recent non-stop rally, lacking any significant cues to take the bullion prices higher. The yellow metal prices see-sawed between gains and losses through the session as investors turned cautious after they shifted their attention on the challenges in implementing new measures to resolve the region’s debt trouble.

Gold futures for December delivery eased $0.50 or 0.03% to settle at $1,747.20 an ounce, after trading as high as $1,754 and as low as $1,733 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices shed $2.3 to $1,743.40 an ounce.

Copper Extends Gaining Streak On Hopes Of Improvement In Demand Prospects : 31-10-11

2011-10-31T10:17:00.002+05:30

Copper prices extended the gaining streak for yet another session on Friday and even climbed to the highest levels in around five weeks as marketmen continued to pile positions in the industrial metal amid expectations that the European deal would prevent the global economy from dipping into recession and improve the metal’s demand prospects. However, the upside in the red metal prices was capped as reports that Japanese manufacturing activity declined in September for the first time since the devastating March earthquake, exerted some pressure.

Copper futures for December delivery increased 1.40 cents or 0.4% to settle at $3.706 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange added $30 to end at $8,175 a tonne.

Copper Furthers Rally Mood On Upbeat Chinese PMI Data : 25-10-11

2011-10-25T10:35:00.001+05:30

Copper prices snapped yet another session with colossal gains of around seven percent on Monday after investors showed hefty buying interest in the industrial metal as China’s Flash PMI indicated that resilient manufacturing activity in the country accelerated in October after a three-month contraction as new orders and new export orders strengthened. The red metal prices also got boosted by reports that Euro-Zone policy makers were moving closer to resolve the region's debt crisis.

Copper futures for December delivery rocketed 22.60 cents or 7% to settle at $3.4490 per lb after trading as high as $3.47 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange zoomed by $490 or 7% to end at $7,635 a tonne.

Gold extends Winning Momentum For Second Straight Session : 25-10-11

2011-10-25T10:30:00.001+05:30

Gold prices extended the winning momentum for the second straight session on Monday, as investors’ risk appetite improved after Euro-zone policy makers in their weekend meeting closed in on concrete blueprint to rescue the region from debt trouble. The depreciation in American greenback made the dollar priced yellow metal even more lucrative for foreign investors as a safe haven from currency market volatility.

Gold futures for December delivery surged by $16.2 or 1% to settle at $1,652.3 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices climbed by 1% to $1,653.30 an ounce.

Mentha Oil Under Pressure On Higher Arrivals : 25-10-11

2011-10-25T10:19:00.001+05:30

The higher rates could not be sustained for Mentha Oil as increasing arrival pressure kept trend weak for the commodity.

Demand failed to rise significantly as traders waited for further dips. This caused some selling pressure in the markets as arrivals have started rising.

Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile with traders waiting for further dips before initiating fresh queries.

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

Some export queries from China and European countries reportedly supporting the market rates. Reports of a fall in production had been keeping the sentiments firm.

Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.

Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.

Crude Prices Surges On European Optimism : 25-10-11

2011-10-25T10:12:00.002+05:30

Crude prices surged on Monday and the Nymex crude gathered gains of over 4 percent for the day on hopes that European leaders were edging closer to a solution to the euro zone debt crisis. The euro rose against the US dollar, hitting six-week highs and supported the crude. On the same time encouraging manufacturing data from China too encouraged investors to buy riskier assets.

China's manufacturing sector expanded moderately to a reading of 51.1 in October from September's 49.9, ending three months of contraction.

Benchmark crude for December delivery settled at $91.27 a barrel, gaining $3.87, or 4.43 percent, after trading in a range between $87 and $91.88 on the New York Mercantile Exchange. In London, Brent crude for December settled at $111.45, up $1.89, or 1.73 percent on the ICE.

Physical Rubber Prices Improve On Monday : 25-10-11

2011-10-25T10:02:00.002+05:30

Physical rubber prices made some improvement on Monday after staying steady for last couple of days. The prices surged in early trade along with the futures, but pared gains with the decline there. The European Union summit has sent some positive signals across the markets and the global trend too firmed up.

Spot prices for RSS-4 variety closed at Rs 212/kg compared with its previous closing of Rs 210/kg, while the RSS-5 variety closed at Rs 210/kg compared to its previous closing of Rs 206/kg.

In the futures market, the contract of November delivery declined to Rs 209.90 compared to its previous closing of Rs 211.90, while the contract of December delivery closed at Rs 209.11 compared to its previous closing of Rs 212.10 on National Multi Commodity Exchange.

Refined Soya Oil Futures Trade In Green On NCDEX : 24-10-11

2011-10-24T18:53:00.002+05:30

Refined Soya oil futures are trading higher tailing the overall positive trend. Meanwhile, import of edible oil increased by 12% during September as compared to the previous month. It is expected that fresh crushing will help increasing domestic availability of edible oils now.

The contract for November delivery was trading at Rs 616.30, up by 0.37% or Rs 2.30 from its previous closing of Rs 614.00. The open interest of the contract stood at 113510 lots.

The contract for December delivery was trading at Rs 615.90, up by 0.06% or Rs 0.35 from its previous closing of Rs 615.55. The open interest of the contract stood at 78960 lots on NCDEX.

Crude Oil Futures Increasing On Above Normal Winter Expectations In US : 24-10-11

2011-10-24T18:49:00.001+05:30

Crude oil futures are expected to open higher in Indian futures segment after smooth opening seen in early Asian trades on NYMEX Crude. Demand for fuel oil is a key concern at the moment though Energy information Administration was of the view that the demand for fuel and heating oil will be higher this winter.

The expectation in the short term outlook was after considering the fact that the winters in US will be above normal. Overall the prices of NYMEX crude have been lower by almost 5% this year. The contract rose 1.6% to $87.40 on October 21, the highest close since October 18.

For the week, crude gained 0.7%. For the month of September, oil futures lost 11%, and for the quarter, crude incurred losses of 17%. Last week, Crude oil inventories increased by 1.3 million barrels while a decline of 300000 barrels was expected by the markets. Meanwhile, OPEC has revised down the world oil demand by 0.18 million barrel per day in 2011 to 0.9 million barrel per day.

Gold May Witness Gain On Mcx : 24-10-11

2011-10-24T18:35:00.002+05:30

MCX Gold may note some gains tracking cues from international exchange however upside is limited. COMEX gold trades higher today extending the gains noted in the previous session. Gold is gaining support from strength in commodities in general and weakness in dollar.

However safe haven demand for the metal has taken a backseat limiting upside in the metal. Gold may continue to move in sync with larger markets in the near term. Focus will continue to be on progress over changes in Euro-zone aid fund. Focus today will be on Euro-zone manufacturing PMI and US Chicago Fed activity index.

Mixed data could limit upside in commodities in general and thereby gold. Support for MCX Gold Oct contract is seen at Rs 26500 while Resistance is seen at Rs 26995.

NCDEX Turmeric Slumps 2.68% On Higher Stocks : 24-10-11

2011-10-24T16:13:00.001+05:30

Turmeric futures declined Monday as traders reduced their positions due to higher stocks from the producing areas amid expectations of higher production in the coming months.

At NCDEX turmeric November contract is trading at Rs.4930 per quintal, lower by 2.68 per cent on 14:20 IST against the previous close.

In the morning session the contract traded at a range of Rs.5050-4902 per quintal. Open interest of the contract is 10840 lots and volume traded is 5330 lots for the time being.

Better crop prospects, good stocks and low export demand are expected to pressurize the market sentiments in the short term as traders also expect exports to rise in coming months.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

Chana Futures Continue To Trade Higher On Festive Demand : 24-10-11

2011-10-24T16:09:00.001+05:30

Chana futures continue to trade in green, though marginally on the back of good festive season demand. Traders are of the view that lower production prospects in Indian and International markets may support the market sentiments.

The contract for November delivery was trading at Rs 3,331.00, up by 0.15% or Rs 5.00 from its previous closing of Rs 3,326.00. The open interest of the contract stood at 142120 lots.

The contract for December delivery was trading at Rs 3,430.00, up by 0.20% or Rs 7.00 from its previous closing of Rs 3,423.00. The open interest of the contract stood at 122710 lots on NCDEX.

NCDEX Pepper Tumbles 3.40% On Profit Booking : 24-10-11

2011-10-24T16:00:00.001+05:30

Pepper futures fell Monday on profit booking by the speculators on the back of weak demand from the overseas buyers. Weak domestic demand also capped the gain of futures.

At NCDEX pepper November contract is trading at Rs.34335 per quintal, lower by 3.40 per cent on 14:15 IST against the previous close.

In the morning session the contract traded at a range of Rs.35550-34125 per quintal. Open interest of the contract is 9941 lots and volume traded is 10023 lots for the time being.

According to Spices Board of India, exports of Pepper during April 2011- August 2011 stood at 8,750 tonnes as compared to 7,800 tonnes in 2010- 11, rise of 12%.

According to International Pepper Community (IPC) exports of Black Pepper from Indonesia during January to September 2011 witnessed a sharp fall of 42.6% and stood at 19,000 tonnes as compared to 33,100 tonnes in the last year.

Turmeric Tumbles Rs. 300 In Nizamabad : 24-10-11

2011-10-24T15:28:00.001+05:30

Turmeric arrivals in the Nizamabad mandi were around 15,000 bags with prices quoting down by Rs. 300 to Rs. 5,900 per quintal.

There were no arrivals reported in the Erode mandi as market closed. Prices quoted at last at Rs. 5,000, down Rs. 200 and the Salem crop traded last at Rs. 5,800, down by Rs. 200 per quintal.

The NCDEX turmeric November contract moved in the range of Rs. 5050-4902 and the contract is currently trading lower at Rs. 4944, down Rs. 134 or 2.64% over the last close.

Guar Seed Up In Jodhpur On Lower Arrivals : 24-10-11

2011-10-24T12:21:00.001+05:30

The spot price of Guar Seed quoted up Rs. 75 at Rs. 4,675 per quintal in the Jodhpur mandi. Arrivals were reported at 15,000 bags. The Guar Gum traded up by Rs. 100 to Rs. 13,500 mark.

The NCDEX Guar Seed November contract moved in the range of Rs. 4,150-4,085 and is currently trading at Rs. 4,096 per 100 kg, down Rs. 37 or 0.90 % over the last close.

Chana Unchanged At Major Mandies , Buying Continues In Futures : 24-10-11

2011-10-24T12:10:00.002+05:30

The spot prices of chana in all the major mandies were still unchanged today. The prices of Akola quality at Delhi mandi were reported at Rs. 3600 per quintal while Chapa quality chana were at Rs. 3650 per quintal, unchanged from the previous day. The total arrivals of around 15000 bags were reported today, down 15000 bags from the previous day.

In futures market, chana futures December Benchmark contract increased by Rs. 17 per quintal, trading at Rs. 3440 per quintal today.

Chilli 334 Up Rs. 200 In Guntur : 24-10-11

2011-10-24T11:59:00.002+05:30

According to the market sources, Red Chilli arrivals stood at 50,000 bags Monday (5,000 bags Khammama Teja). The 334 variety moved up Rs. 200 at Rs. 9,000 per quintal in Guntur mandi.

	Variety	Prices ( Rs. per quintal )	Change from the previous day
Guntur ( Andhra Pradesh )	334	9,000	200
	Teza	9,600
	No-341	9,500	200
	Chandramukhi	9,000	200
	Vyadi	12,200
	No-5	8,500	200
	Khammam Teja	9,100

The NCDEX Chilli November contract moved in the range of Rs. 8,390-8,350 and is currently trading at Rs. 8,352, down Rs. 22 or 0.26% over the last close.

Jeera To Witness Volatile Trend On Weak Fundamentals : 24-10-11

2011-10-24T11:54:00.002+05:30

Low trading activities in the mandis failed to support the market sentiments for Jeera.

With the Spot markets to be closed for most of this week, a high volatility cannot be ruled out for the commodity. Exporters are reportedly waiting for the prices to fall before initiating fresh demand in the markets.

Firmness in International market rates from Turkey and Syria could support the Indian rates as per traders.

Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.

Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.

Export demand from US and EU could also rise at these lower levels in coming weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.

Pepper Likely To Move Further Higher On Limited Stocks : 24-10-11

2011-10-24T11:48:00.003+05:30

Pepper rates recovered strongly after falling over last few days. There are expectations of demand picking up in the coming days on the domestic and the export front that could support the markets.

Overall Fundamentals remained firm however as lower stocks and lower production amidst expected rise in export demand in coming weeks could support prices in medium term

Exports and domestic demand from North India remained good. Demand from North India too has been regularly there ahead of the Festive season.

Traders expect that with low stocks, lower global production and rising export demand, trend is likely to remain Bullish for the commodity from a medium to long term point of view.

Strengthening in the Dollar vs Re rates could have beneficial impact on the export front. But short term correction possibilities remain.

Traders expect that good demand and a firm trend in Vietnam could support the rates further. Good demand from Gulf countries supporting the rates. Demand from China and West Asia also reported.

IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.

Vietnam is having low stocks as per reports. The production there too is expected to fall this year as per some estimates. Brazil and Indonesian crop expected to be lower. Low carryover stock in Brazil and Indonesia is likely to raise exports here in coming months.

Reports of farmers shifting to other more profitable crops have affected the production aspects for the crop in India.

Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.

India Turmeric May Edge Higher On Strong Fundametals : 24-10-11

2011-10-24T11:44:00.003+05:30

Sentiments remained slight weak for Turmeric as no strong market sentiments emerged.

Better crop prospects, good stocks and low export demand are expected to pressurize the market sentiments in the short term as traders also expect exports to rise in coming months.

Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.

Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production as per traders.

Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.

Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.

Mentha Oil Under Pressure On Rising Fresh Arrivals : 24-10-11

2011-10-24T11:40:00.002+05:30

Mentha Oil rates remained stable in absence of strong factors. Demand failed to rise significantly as traders waited for further dips. This caused some selling pressure in the markets as arrivals have started rising.

Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile with traders waiting for further dips before initiating fresh queries.

Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.

Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.

Some export queries from China and European countries reportedly supporting the market rates. Reports of a fall in production had been keeping the sentiments firm.

Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.

Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.