Turmeric on NCDEX settled down by -0.22% at 6264 due to rising arrivals on the back of increased output. Demand from stockists and masala manufacturers remained weak as they are expecting prices to decline further in view of bumper crop. India's Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period. In the Delhi spot market turmeric single polish gattha was traded weak at Rs 7,300-7,400 per quintal on weak demand. Turmeric farmers and traders have been hit hard by poor sales during peak season. Many traders and farmers expected good sales of turmeric during the peak period, which started a month ago.
Mustard Seed on NCDEX settled down by -0.59% at 3869 tracking weakness in sprot demand on higher supply. Prices of seed will be down as Solvent Extractors Association of India hiked its output forecast for 2016-17. India's mustard output in 2016-17 is estimated at 7.2 million tons (including 120,000 tons of taramira and toria), up from 5.8 million tons a year ago as favourable weather led to better yield, the SEA of India reported citing a data on a field survey conducted by Neilsen India. India's mustard output in 2016-17 is estimated at 7.2 million tons (including 120,000 tons of taramira and toria), up from 5.8 million tons a year ago as favourable weather led to better yield, the SEA of India reported citing a data on a field survey conducted by Neilsen India.
Ref.Soyaoil on NCDEX settled down by -0.58% at 619.25 on robust supply in local market along with lower tariff rates. Prices seen under pressure after International Grains Council in its report hiked soybean output forecast for 2016-17 by 5 million tons to 341 million tons and for 2017-18 output seen at 345 million tons. Moreover, according to market participant import of soybean oil for May is in parity of Rs 28-30 per 10 kilogram which will further put pressure on soy oil prices. Additionally, Celeres Consultancy raised its estimate of Brazil's soybean crop to 113.8 million tons from 109.65 million tons last month. Meanwhile, broker INTL FCStone also lifted its projection for the Brazilian crop to 111.6 million tons from 109.07 million tons previously.
Soyabean on NCDEX settled down by -0.48% at 2913 tracking weakness in spot demand on oversupply woes despite of hope of higher demand from crushers and in export market. Prices remained under pressure on expectation of bumper output in India and other top producers of the world. In, India production of yellow bean is expected to rise to 8.90-9.10 million tons as compared to 7.1 million tons in the previous year Production in the United States, Brazil and Argentina, the world's top producers, is also expected to rise. US Department of Agriculture reported that US farmers are likely to increase soybean acreage by 7.25 million acres to 89.48 million acres in 2016-17.
Mentha oil on MCX settled down by -0.57% at 988.8 on speculation that the area under cultivation can increase this year resulting good production. However downside seen limited amid tight stocks position on restricted supplies from producing belts. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes. Unfavourable weather conditions during harvesting period led to the drop in production. On the demand side, the seasonal demand emerges during winter season, especially from the pharma sector. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.
Aluminium on MCX settled down -1.59% at 123.75 as supply concerns eased and demand remained weak in top metal consumers such as China. LME stocks are falling at a fast pace and physical premiums are rising, although as ever with aluminium appearances can be slightly deceptive. The deficit in the global aluminium market to widen further in CY2017 as a result of up to almost 3 million metric tonne (MMT) of production cutbacks in China, post the imposition of a new air pollution control regime in Beijing. China’s inventories of aluminum ingot registered the first decline after the 2017 Chinese New Year holiday. Last week, total aluminum inventories in the five major trading markets fell 4,000 tonnes, according to data.
Nickel on MCX settled down -0.73% at 652 traded in the range while LME Nickel price ended unchanged at $10,180, balanced by potentially bullish and bearish news. A suspended Philippine nickel miner has asked the president to allow it to ship ore stockpiles after some cargoes were seized. Cyclonic winds and heavy rain buffeted New Caledonia, prompting residents of the French South Pacific territory to seek shelter and halt mining of nickel, its most important export. China has been the target of anti-dumping lawsuits, and this is expected to be a hot topic in the meeting of the two world leaders.
Zinc on MCX settled down -2.06% at 168.40 dropped tracking weakness from LME Zinc which hit a three-month low on Monday as supply concerns eased and demand remained weak in top metal consumers such as China. LME Zinc prices touched a peak of $2,980.50 a tonne in mid-February on worries that major mine closures last year would lead to severe shortages. London Metal Exchange three-month zinc slid 2.7 percent to close at $2,618 a tonne, the weakest since Jan. 6. Also pressuring the market was weakness in Chinese steel prices and news that two flood-hit mines in Peru were ready to restart. Chinese smelters may prove less resilient in the coming months after they announced that 540,000 tpy of capacity would be put on maintenance for unspecified period.
Copper on MCX settled down -0.93% at 372.55 as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply. LME copper dropped 1.5 percent to end at $5,747 a tonne, adding to small losses in the previous session, having broken support at its 100-day moving average at $5,800 a tonne. Prices have faltered since shipments resumed from BHP Billiton's Escondida mine in Chile and since Freeport McMoRan Inc said it was awaiting final details on a temporary export permit in Indonesia, ending lengthy disruptions. The supply disruptions that we have seen were short-term dynamics and did not create real tightness in the market.
Naturalgas on MCX settled down -0.29% at 209.40 fell in yesterday’s session continuing a small retreat from 2 1/2-month highs on mild weather may limit demand and the market’s ability to keep rallying. Natural gas prices appear to have found solid resistance at the 215.20 level, while according to natgasweather.com, temperatures vs normal averaged over the next 7-days are expected to be warmer than normal over a majority of the US besides the West Coast/NW. This will result in limited demand for heating over the northern US, while only minor demand for cooling over the relatively warm southern US. A rather bearish map in terms of temperatures vs normal even as numerous weather systems traverse the country with rain and snow. They just aren’t very cold besides along the West Coast.
Crudeoil on MCX settled up 1.94% at 3424 climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions, the price of crude oil showed a notable upward move during trading on Monday. Support also seen after the update that Libya's Sharara oilfield was shut after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after a week-long stoppage ending in early April. The outage added to a rally that started late last week after the United States fired missiles at a Syrian government air base. While Syria produces only small volumes of oil, the Middle East is home to more than a quarter of the world's oil output.
Silver on MCX settled down -0.03% at 41366 tracking weakness from Comex Silver which dropped to settled at $17.88 a troy ounce extending last week’s slide as a stronger dollar weighed on precious metals. The US dollar index rose to more than three-week highs against a basket of other major currencies. Renewed dollar support late on Friday undermined bullion and defensive support for precious metals was curtailed by relief over the US trade stance during President Trump’s meeting with Chinese President Xi. Silver held steady while support can be seen as growing geopolitical tensions continued to drive safe-haven demand. Top aides to U.S. President Donald Trump differed on Sunday on where U.S. policy on Syria was headed after last week's attack on a Syrian air base, while U.S.
Gold on MCX settled up 0.19% at 28739 prices recovered from the day's low while prices dropped in the morning session as the US dollar continued to remain supported by Federal Reserve policy tightening expectations. Recovery in the prices seen in late session with markets keeping a close eye on geopolitical risks and noting comments from the Fed chief that suggested the central bank is on track with plans to hike rates as forecast. The Federal Reserve's plans to raise U.S. interest rates gradually are aimed at sustaining full employment and near-2-percent inflation without letting the economy overheat, Fed Chair Janet Yellen said on Monday. Also Yellen repeated earlier comments that the economy is expected to continue to grow at a moderate pace.
Cotton on MCX settled down -1.13% at 20960 on profit booking after prices gained on reports of higher local consumption and export demand amid lower output in southern Indian region. Domestic consumption of the fibre is expected to climb to 29.5 million bales compared to 29 million bales in the previous year, Cotton Association of India (CAI) said. China is expected to increase import of premium quality fibre from India for blending as quality of auctioned cotton is poor. China is expected to increase import of premium quality fibre from India for blending as quality of auctioned cotton is poor.
Rmseed on NCDEX settled up 0.73% at 3982 on speculation of crop damages in domestic market. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. The carry-forward stock from the previous season was around 0.15 mt. The Ministry of Agriculture expects 8.5 mt of mustard seeds to be produced in the current rabi season against 6.8 mt a year ago, as per its 4th advanced estimates. Higher price levels seen before sowing, favourable weather and a hike of over 10.4 per cent in MSP to Rs. 3,700/Q (including Rs. 100 bonus) explain the increase in acreage by over 9 per cent to 7.05 million hectares.
Turmeric prices ended with gains on rising exports demand at the spot market. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. The turmeric arrivals in the country is on higher side during second half of March to 79,534 tonnes compared to 63,965 tonnes during last month same period, as per the data.
Maize on NCDEX settled up 1.83% at 1443 tracking firmness in spot demand and overseas prices. Corn plantings were reduced by 4 percent to 90 million acres, slightly below market expectations. Corn stocks as of March 1 were a record 8.616 billion bushels, topping the 8.248 billion bushels reported in March 1987. The USDA said users burned through a record 3.770 billion bushels of corn from Dec. 1 to March 1. The USDA data showed weekly U.S. corn export sales of 716,000 tonnes for shipment during the current marketing season, below estimates for 900,000 to 1.2 million tonnes. Farmers may harvest at an estimated 14.32-million tonnes of maize in 2017‚ which represents the third-biggest maize crop on record.
Jeera prices gained backed by rising domestic and export demand at the spot market. Moreover, restricted supplies in the domestic spot market due to reports of lower production estimates in Gujarat too supported the uptrend. A recent assessment by the Federation of Indian Spices Stakeholders in Udaipur, Rajasthan, has forecast India’s cumin seed production at 5.83 million bags of 40 kg each (233,280 tonnes) this year against 4.20 million bags of 40 kg each (168,320 tonnes) last year. The latest spell of rainfall last week is estimated to have spoiled 30 per cent of the standing crop. Production estimates for 2016-17 are lower due to a decline in the jeera acreage in Gujarat.
CPO on MCX settled up 0.43% at 519.7 on increasing demand and speculation of lower supply from top producers. Palm oil refiners in Malaysia are boosting purchases of Indonesian crude palm oil to meet festive demand as there is tight local supply. Prices of palm oil will be up on increasing supply worries after the Malaysian Metrological Department hinted on returning of el-nino. Weather outlook report released by Malaysia Meteorological Department showed increasing odds for El-Nino toward second half of this year, with a 50-55% chance of it developing from about July-Dec. Further, prices will also be up after Malaysia palm oil exports during Mar 1-31 rose by around 7% compared to a month earlier on strong demand from European Union and India & Subcontinents.
Ref.Soya oil on NCDEX settled down -0.34% at 626.55 amid robust supply in local market along with lower tariff rates. International Grains Council in its report hiked soybean output forecast for 2016-17 by 5 million tons to 341 million tons and for 2017-18 output seen at 345 million tons. Moreover, according to market participants and traders soyoil port stock at various ports of the country totalled at 121,000 ton in the week ended on March 19 as compared to 94,000 tons a week ago, which is sufficient to meet the demand. For soyoil Indian importers, prices of oil in India are Rs 577 per 10 kilogram as compared to that cost from Argentina is Rs 570.61 per 10 kilogram.