Nickel on MCX settled down -0.65% at 654.10 as sign of comfort in the Chinese nickel market is that inventories monitored by the Shanghai Futures Exchange are still at relatively high levels. Prices are under pressure on the sign that there is no shortage of Nickel in China, China is still getting all of the nickel it needs, simply by increasing the amount it buys in more refined forms. Chinese customs classifies nickel imports into refined nickel and alloy, ores and concentrates, and ferronickel. Imports of ferronickel surged 60 percent in 2016 from the prior year, with Indonesia storming back with a 250 percent increase to 747,097 tonnes, a 71 percent share.
Zinc on MCX settled down -1.61% at 183.65 tracking weakness from LME Zinc which fell to a one-week low, down 1.5 percent at $2,814 a tonne despite a spate of mine disruptions. A 3-1/2-week strike at Noranda Income Fund's zinc processing facility in Quebec is showing no signs of ending, with no talks set between workers and management. Noranda Income Fund said on Thursday zinc output at its Quebec plant, the second-largest in North America, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on. Yesterday metals prices pulled back from a session high after US trade weighed by a rise in the dollar, as new home sales data confounded expectations while initial jobless claims rose faster than expected.
Copper on MCX settled up 0.51% at 383.85 while traded in the range near one-week lows on news that operations at the world's top producing copper mine in Chile would resume. LME Copper ended 0.2 percent higher at $5,825 a tonne, after briefly touching a session low of $5,768. It hit the lowest since March 10 at $5,715 the previous session. Traders are eyeing on the fresh update from the workers at BHP Billiton's Escondida mine agreed to go back to work on Saturday, ending a 43-day stoppage. The striking union and BHP Billiton are meeting to resume conversations. Also, the union received approval from its rank-and-file to invoke certain provisions of Chile’s labor code that would halt the current negotiation process and maintain the benefits of the current contract for 18 months.
Naturalgas on MCX settled down -0.3% at 197.60 as prices turned lower after data showed that natural gas supplies in storage in the U. S. fell broadly in line with market expectations. The U. S. Energy Information Administration said in its weekly report that natural gas storage in the U. S. declined by 150 billion cubic feet in the week ended March 17, matching forecasts. That compared with a withdrawal of 53 billion cubic feet in the preceding week, a build of 15 billion a year earlier and a five-year average drop of 21 billion cubic feet. Total natural gas in storage currently stands at 2.092tcf, according to the US EIA, 16% lower than levels at this time a year ago but 12.7% above the five-year average for this time of year.
Crudeoil on MCX settled down -0.66% at 3143 because of investor concerns that OPEC-led supply cuts were not yet reducing record U. S. crude inventories. Traders said the slight lift in prices came as a report that Saudi Arabia's crude exports to the United States in March would fall by around 300,000 barrels per day (bpd) from February, in line with OPEC's agreement to reduce supply. The United States imported about 1.3 million bpd of Saudi oil in February, according to U. S. Energy Information Administration data. In the United States, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U. S. oil production by over 8 percent since mid-2016 to more than 9.1 million bpd.
Silver settled flat as dollar steadied, amid a mixed batch of U. S. economic data, ahead of a key House vote on a healthcare bill to repeal and replace Obamacare. San Francisco Federal Reserve President John Williams said Thursday that the economy is in a good place and that the U. S. central bank should continue to raise interest rates this year as fast as or faster than it has signaled it would. Dallas Federal Reserve Bank President Robert Kaplan said the U. S. central bank should be moving "deliberately but patiently" to remove monetary policy accommodation, as long as the economy continues to make progress toward the Fed's goals.
Gold on MCX settled down -0.29% at 28800 amid a firmer dollar as markets waited to see if U. S. President Donald Trump will face hurdles on his economic agenda. Dallas Federal Reserve Bank President Robert Kaplan said Thursday that the U. S. central bank should be moving "deliberately but patiently" to remove monetary policy accommodation, as long as the economy continues to make progress toward the Federal Reserve's goals. In a talk at the Chicago Council on Global Affairs, Kaplan reiterated his economic forecast for above 2 percent growth for this year, and said the U. S. labor market is relatively tight and the economy is making reasonable progress toward the Fed's 2-percent goal. U. S.
New Delhi [India], Mar 23 : IBM on Thursday announced a strategic partnership to offer 'RetailSmart', an end-to-end fully integrated solution that will enable local 'Kirana' (unorganized) stores to become ecommerce ready.
Powered by IBM Cloud, the solution allows Kirana stores to deliver a convenient online shopping experience to consumers and pay safely using a convenient payment mode (irrespective of the size of the purchase).
According to industry reports, the current number of Kirana stores in India is pegged to be at 15 million.
New Delhi [India], Mar. 23 : Oh Snap! Aren't you on Snapchat yet?
It has been six years since Snapchat was introduced as a new Social Media platform. Earlier established as a platform for teens for merely sharing pictures and videos, this app has come a long way.
An estimated active user base of 150 million, it is one of the fastest growing social media platforms. An average snap chatter spends around 25-30 minutes on this app every day. Its inception created a buzz among the users of bracket 18 to 34 years which is no longer the case, as the app has transcended the age barrier over time.
Awareness, Interest and Evaluation are three key elements of the marketing funnel and Snapchat helps in achieving the second brilliantly i.e. interest the most.
Washington D.C. [USA], Mar.23 : What the CRAB!
The scientists have found a new species of terrestrial crab, climbing trees on the eastern coast of Hong Kong.
The species is described in the open access journal ZooKeys.
All specimens spotted during the survey have been collected at a height of approximately 1.5 - 1.8 m, walking on the bark of the branches at ebbing and low tides.
The characteristics of the newly found species are squarish predominantly dark brown carapace, very long legs and orange chelipeds.
The species is less than a centimetre long, with the studied specimens measuring between eight and nine millimetres, irrespective of their sex.
The chelipeds of the males appear stout, while in females they are distinctly leaner.
New Delhi [India], Mar 23 : ExportersIndia on Thursday announced 56 percent boost in its business exclusively via its mobile app.
The company witnessed significant increase in business over the period of 2015 to present, retaining its position as India's largest searchable B2B marketplace and exporters' directory that connects manufacturers, exporters, suppliers, and buyers to generate value from unlimited online trade opportunities and buyer enquiries.
New Delhi [India], Mar 23 : Real estate startup Square Yards on Thursday announced the launch of an International property portal (global.squareyards.com) for enabling global cross border real estate investments.
This is notably the first and only portal by any Indian tech startup focusing exclusively on global real estate.
Square Yards is already the largest player by revenues (annual revenue run rate in excess of USD 25M) in the Indian real estate and has a virtual monopoly in some of the key NRI diaspora markets. It is now replicating its Indian success in international markets by acquiring multi country real estate licenses and entering into collaborative arrangements with leading International developers for exclusive cross-border marketing and selling rights.
New Delhi [India], Mar 23 : In a feat of sorts, Droom, India's pioneering online automobile transactional marketplace today became India's largest hyper local marketplace by bringing a whopping number of 500 cities, under its aegis. The watershed moment came soon after the company announced that it has achieved 1 lakh auto dealers on its online platform.
In order to reach this target, Droom has been aggressively running seller affiliation and community building programmes to increase its network base.
L&T Technology services unveils new delivery center for leading German original equipment manufacturer (OEM) in GermanySubmitted by Ashok Rawat on Thu, 03/23/2017 - 16:56
New Delhi [India], Mar 23 : L&T Technology Services Limited, a leading global pure play engineering services company inaugurated its new center of excellence dedicated for a leading German Original Equipment Manufacturer (OEM) in Munich Germany, its fourth delivery center for the customer following R&D hubs in Mumbai, Bangalore and Mysore in India.
The accredited near shore center will provide engineering and R&D services for the company's suite of infotainment consoles and its family of hybrid electric vehicles. The proximity to the said organization's campus will enable L&T Technology Services to test a variety of solutions and offer services in real time.
Indians are big dreamers, but poor financial planners, reveals Aviva Life Insurance 'Plan India Plan' Survey 2017Submitted by Ashok Rawat on Thu, 03/23/2017 - 16:53
New Delhi [India], Mar 23 : Indian's are big dreamers, but when it comes to financial planning they lag behind by a distance reveals Aviva Plan India Plan survey 2017, a one of its kind survey conducted by Aviva Life insurance. However, millennial are better financial planners, while women are catching up fast with men on financial awareness and planning.
Cotton on MCX settled up by 1.37% at 21450 due to expectation of export demand to China. Though, some gains were limited on good arrivals from major producing belts. The cotton trade body maintains a higher crop size of 34.1 against 33.8 million bales, prices are unlikely to cool off in the near future. With an opening stock of about 4.5 million bales at the beginning of the 2016-17 season, the Cotton Association of India (CAI) has projected a total demand of 29.5 million bales for the year, against 38.2 million bales last year. CAI's estimates put available the surplus at 11.2 million bales. However, looking at the trends in cotton arrivals at mandis, as much as 70 per cent of the crop is believed to have already hit the market.
Cardamom on MCX settled up by 1.35% at 1389.5 on good buying amid a squeeze in supply at auctions held in Kerala and Tamil Nadu. 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. Consequently, prices moved up by Rs. 20-30 a kg last week. 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. Though the south-west monsoon was declared “normal” last year after two consecutive years of drought, the cardamom growing areas received poor rains.
Maize on NCDEX settled down by -1.27% at 1404 tracking weakness in spot demand and 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.
Jeera on NCDEX settled up by 1.5% at 17220 on reports of lower production estimates in the producing belts of Gujarat. 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. Turkey and Syria, India’s key competitors in the international market, are less likely to add supplies as the production in these countries is believed to hover at around 12,000 tonnes and 20,000 tonnes, respectively.
Turmeric on NCDEX settled down by -1.39% at 6260 due to increasing in the face of weak domestic and weak export buying. Tight money market and reports of increased production the back of favorable weather may pressurize prices. Arrivals are increasing on weekly basis and higher than last year as a result of higher production. India's Apr-Dec turmeric output grew 6% to 68,500 ton. Turmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable. At Nizamabad market estimated market supply was at 16000 quintals, lower by 2000 quintals from previous day’s arrivals. At Erode market total arrivals are at 7000 quintals, up by 3000 quintals from previous trading day.