Aluminium on MCX settled down -0.35% at 126.8 on profit booking tracking LME aluminium closed down 0.5 percent at $1,962.50 a tonne, but still posted its biggest quarterly gain in 6-1/2 years, up nearly 16 percent. The metal hit its highest since December 2014 on Thursday ahead of the Chinese manufacturing data. Meanwhile LME stocks of aluminum sank below the 2 million-tonne level earlier this month and at a current 1,886,400 tonnes are at their lowest since December 2008. Excluding the metal that is awaiting load-out, the on-warrant total of 1,003,275 tonnes is the lowest since May 2008. Japan's quarterly premiums, which act as a benchmark across much of the Asian region, are in part a reflection of local market conditions.
Nickel on MCX settled down -0.31% at 651 after LME prices dropped by 1 percent at $10,030 on prospects of rising Indonesian supply. Indonesia's state-owned miner Aneka Tambang (Antam) has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 months, a mining ministry official said. There was news that 4 Indonesian nickel ore mining firms are applying for ore export quotas, and Antam got the initial clearance for Indonesian nickel ore exports.
Zinc on MCX settled down -2.88% at 178.85 as LME zinc finished the day down 3.1 percent at $2,770 due to concerns over failure in output cut by zinc smelters. Zinc prices standouts among a brightening outlook for base metals, with supply constraints and China-driven demand set to lift prices in coming months. Zinc mines in Huayuan County, Hunan Province were forced to slash or suspend production recently since the region stepped up environmental protection. Some mines that had passed inspections were also affected by this round of environmental protection and will delay restarts until late April or early May.
Copper on MCX settled down -0.79% at 380.75 as the end of a strike at Peru's biggest copper mine dampened fears of reduced supply that had driven the metal higher this quarter. Activity in China's manufacturing sector unexpectedly expanded at the fastest pace in nearly five years in March, adding to evidence that the world's second-largest economy has gained momentum early this year, an official survey showed. Freeport McMoRan Inc's Indonesian unit is close to reaching a deal that would allow the world's biggest publicly listed copper producer to temporarily resume concentrate exports, Indonesia's mining minister said.
Naturalgas on MCX settled down -0.68% at 205.8 as investors began to contemplate how much natural gas will be added to storage as spring begins. Meanwhile, traders continued to monitor shifting early-spring weather forecasts. Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air as they play out spring-like, according to forecasters at NatGasWeather.com. There remains potential for a bit colder system from April 7 through the 10th and will be dependent on how a weather system tracking over the southern U.S. phases with a cold blast over the Midwest. Total natural gas in storage currently stands at 2.049 trillion cubic feet, according to the U.S.
Crudeoil on MCX settled up 0.46% at 3284 on a growing sense that OPEC and non-member Russia would extend their production cut, seeking to drive the market higher. The U.S. energy department released supply and demand figures for January, the latest month available, saying the country's oil demand for that month was up 0.9 percent at 19.234 million barrels per day, while production rose 60,000 bpd to 8.835 million barrels. Energy services firm Baker Hughes said U.S. oil rigs increased by 10 to 662 in the week, making the first quarter the strongest for oil rig additions since mid-2011.
Silver on MCX settled up 0.42% at 42326 buoyed by a weaker dollar, after the release of mostly negative economic data while uncertainty over the outcome of the European elections continued to increase demand for the metals. Prices remained steady with global political uncertainty, the upcoming elections in Europe in particular, seen supporting prices of the metal, driving the metal to its best quarter in a year. Prices recovered from a dip earlier in the session, as the dollar slumped to lows, after the latest batch of economic data revealed a slowdown in personal spending and consumer sentiment. The University of Michigan said its consumer sentiment index slipped to 96.9 in March from an initial estimate of 97.6, which was well below forecast of an unchanged reading.
Gold on MCX settled up 0.28% at 28742 as uncertainty over U.S. President Donald Trump's tax and investment plans and elections in Europe fuelled demand for bullion as a safe haven. Gold rebounded from early losses as the dollar turned flat after a Federal Reserve official's seemingly dovish remarks and uninspiring data on the U.S. economy tamped down the sanguine mood from earlier in the week. Earlier in the session, gold had dropped by the most in over than three weeks. It failed to break resistance at its 200-day moving average, triggering early technical selling. An index of world stocks dipped on Friday as investors locked in profits, also boosting gold. Data showing the largest annual increase in U.S.
Cotton on MCX settled down -0.65% at 21310 as traders are avoiding major buying as cotton price that was increasing steeply until the end of February, has become firm during the last 20 days. As the gap in the international and domestic prices has narrowed down, now imported cotton appears to be attractive due to better yarn realisation, productivity and quality. Also traders are eyeing on muted speculative activity ahead of a federal acreage report due next week. From International side Cotton closed higher after holding Support above $76 as market was anticipating another strong week of export demand. Cotton remains mostly a demand story as US export demand has been stronger than any trade expectations so far this year.
Soyabean on NCDEX settled up by 0.1% at 2879 tracking firmness in spot demand on lower arrivals in local mandis. Large South American production this season has stoked expectations of ample global supply, while US farmers are expected to sow larger amounts of the oilseed next season. The pressure on soyabean prices has deepened after the US Department of Agriculture (USDA) recently raised its global production forecast for the 2016-17 fiscal, driven by higher output estimate for Brazil. In India too, production is set to rise sharply, after two years of drought. Over the past year, soyabean has lost about 24 per cent, after peaking at Rs. 4,200/per quintal at the beginning of the year.
Mentha oil on MCX settled up by 0.53% at 983.5 on some buying after prices remained under pressure amid of reports that carryover stocks are huge against the current consumption level, while the stocks is also been sufficient. Short term outlook remain weak as first of all prices are trading below 1000 level mark while the huge carryover stock of mentha oil and also prices trading with weakness leading to a glut with synthetic mint oil garnering larger share of the market. Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco procusts)is witnesing slow down in demand.
Cardamom on MCX settled down by -0.71% at 1379.6 amid subdued physical demand for cardamom in the domestic spot market. Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions too fuelled the downtrend. Upcountry dealers as well as exporters were covering as it has become clear that no arrival of fresh cardamom will take place till the next season picking begins, by mid-June. This sentiment has prompted all stakeholders to become active in the market. Quality of the capsules arriving were not up to the mark and there was a shrinkage in supply. Arrivals last week stood at 295 tonnes as against 390 tonnes the previous week. The auction average moved up, vacillating between Rs. 1,192 and Rs. 1,280 a kg.
Aluminium on MCX settled up 0.76% at 126.05 buoyed by brighter data from the United States, and expectations of seasonally improving second-quarter demand. Sentiment was also boosted by secondary economic data in China that showed March activity was strong. The China Satellite Manufacturing Index rose to 51.8, its strongest level in five years, while a measure of sales manager activity also rose strongly. U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism while the goods trade deficit narrowed sharply in February, indicating the economy was regaining momentum after faltering at the start of the year.
Nickel on MCX settled up 1.73% at 648.1 on short covering tracking LME prices gained by 2.3 percent after prices dropped amid receding worries about supply shortages. The Philippines said it would allow miners who had been ordered shut on environmental concerns to export stockpiled material. The permission is aimed at limiting the potential build up of silt in nearby waters, an official with knowledge of the order said, rather than the government toning down its campaign, according to the report. The volume of nickel ore stocks from the mines may well exceed 1 million tonnes, or about a month's worth of consumption by top buyer China, said the official, who declined to be named because he is not authorized to discuss the matter publicly.
Maize on NCDEX settled up by 0.36% at 1409 on short covering after prices dropped amid overseas prices on pressure from record South American supplies. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The U. S. Department of Agriculture reported weekly export sales of old-crop U. S. corn at 1.255 million tonnes, above a range of trade expectations and the most in seven weeks. The U. S. Department of Agriculture reported export inspections of U. S. corn in the latest week at 1,547,022 tonnes, at the high end of a range of trade expectations. Private analytics firm Informa Economics raised its projection of U. S.
Zinc on MCX settled up 1.78% at 182.8 as prices regains to end with gains as some investors refocused on Trump's promised tax reforms and strong economic data. China's central bank said it would provide financial support to help manufacturers upgrade and modernize, including measures to increase the scope for insurance companies to invest in the manufacturing sector. The market focus is on New Orleans, warehouses' on-warrant stocks have dropped to 183,800 tonnes after a further 21,300 tonnes of cancellations or metal earmarked for delivery. On-warrant zinc stocks -- metal available to the market -- have fallen 42 percent this year to the lowest levels since November 2008.
Copper on MCX settled up 1.64% at 385.15 on U.S-led buying after data showed a surge in U.S. consumer confidence to a 16-year high. China's central bank said it would provide financial support to help manufacturers upgrade and modernize, including measures to increase the scope for insurance companies to invest in the manufacturing sector. Speculative long positions in copper were 6.6 percent of market open interest on Friday, down from a peak of 38 percent in mid-January. Workers are returning to work this week at the world's biggest copper mine in Chile after a strike that began on Feb. 9. Lost output from the strike and a long-drawn-out production restart at Escondida could amount to 230,000 tonnes, helping keep prices around $5,950 a tonne in the second quarter.
Jeera on NCDEX settled up by 3.98% at 17905 on rising domestic as well as exports demand at the spot market. Further, reports of lower production estimates in the producing belts of Gujarat too fuelled the uptrend. Reports showed that production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt. Lower carryover stock coupled with higher export demand may push up jeera prices, as traders fear tight supply conditions in the coming months. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said.
Naturalgas on MCX settled up 0.93% at 207 regaining strength as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air as they play out spring-like, according to forecasters at NatGasWeather.com. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Nearly 50% of all U.S. households use gas for heating.
Turmeric on NCDEX settled up by 2.94% at 6444 on rising exports demand at the spot market. On the export front, country exported about 82,115 tons during April-December period, up by 28% compared to last year exports of 64,105 tons. Though, some gains were capped as the turmeric arrivals in the country are higher at 115,205 tons during March 1-20 compared to 30,945 tons during previous month. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. According to trade sources turmeric output is expected to be around 7.5-8 million bags. India's Apr-Sept turmeric export stood at 59,000 ton up 47% on year, according to Spices Board data. Demand for new turmeric increased.