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.
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.
Soyabean prices gained tracking firmness in spot demand on limited supply in local mandis. Prices also seen supported supported by lower arrivals as farmers are reluctant to sell crop below Rs 2,800 per quintal in the local mandis. The supplies have been decreased drastically this week compared to previous week. As per data, arrivals of soybean during 27-31 Mar were about 24,979 tonnes Vs 80,092 tonnes during previous week. The mills have procured large volumes of soybean earlier in the season lower levels which helps in more competitive prices of meals for record exports. The market may get support at lower levels from news of Govt to allow export of edible oils including soya oil.
Menthaoil prices dropped on fresh selling after the speculation that sowing activity had been increased in key production area of UP. The weather looked good and everything seemed fine as of now as farmers are still under stress, as they have already suffered a lot because of demonetization. As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year.
Aluminium on MCX settled down -0.36% at 125.85 on profit booking after prices gained on expectations of a tighter market , but rising prices are likely to mean producers restart capacity and fill any gap between supply and demand. China early last month ordered steel and aluminium producers in 28 cities to slash output during the winter months in a bid to curb noxious smog. Focus on falling stocks of aluminium in LME approved warehouses, which at nearly 1.9 million tonnes are down nearly 20 percent since mid-January. Cancelled warrants -- metal earmarked for delivery -- at 46 percent are also a concern for those wanting to trade on the LME. LME stocks fall 14,250 tonnes to fresh low since December 2008.
Nickel on MCX settled up 2% at 652.20 dragged up by gains in the steel sector after a cyclone in Australia damaged transport routes for coking coal. Indonesian Mining Ministry official said the ministry has issued export recommendation to allow Antam to export 2.7 million tonnes of nickel ore. 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. But, the export quota of 2.70 million WMT is much below its application amount of 6 million WMT, raising market doubts over 2017 nickel ore shipments from Indonesia, world’s number one nickel ore supplier before its 2014 export ore ban. The U.S.
Zinc on MCX settled up 1.8% at 178.55 tracking gains from LME Zinc prices which have bounced after touching a three-week low closed up 1 per cent at $US2,736, recovering from a low of $US2,702, the weakest since March 14, and after falling 2.2 per cent on Monday. London Metal Exchange zinc has risen 11 percent so far this year to $2,861 a tonne, having soared 60 pct last year, after prices touched seven year lows last January. Yesterday prices also seen support after the a cyclone in Australia damaged transport routes for coking coal, fuelling a jump in prices.
Copper on MCX settled up 0.53% at 376.65 recovered from the Monday’s fall tracking gains from LME copper which ended 0.4 per cent higher at $US5,778, after slipping to its lowest since March 27 at $US5,730. On Monday, it broke below the 100-day moving average at $5785, and ended with a 1.5 per cent loss. As pressure seen after the world's biggest copper mine Escondida has restarted production but is still some way from a return to full capacity after a strike that ended in late March, a senior executive from mine owner BHP Billiton, said. Chinese markets were out on holiday for a second day, draining the market of liquidity and direction in yesterday session also.
Naturalgas on MCX settled up 4.21% at 212.8 rose to a two-month high Tuesday, a move likely tied to falling output and rising power-plant outages that could lead to more demand for gas-fired power. The jump is part of a monthlong rally that already has lifted gas 28% from its low of 2017. A glut that has lingered for years and often led to historically low prices finally appears to be causing output cuts and new demand to reverse the market. Also a strong spring storm with heavy showers and thunderstorms will track across the southern and east-central U.S. and then across the Northeast in the first half of the coming week, according to forecasters at NatGasWeather.com. However a strong spring storm with heavy showers and thunderstorms will track across the eastern US today.
Crudeoil on MCX settled up 1.46% at 3325 gained tracking firmness from Nymex Crude which settled above $51 mark for first time in month supported by an unplanned production outage in the North Sea and expectations of a drawdown in U.S. crude and product inventories. In the North Sea, production of crude oil from Britain's 180,000 barrel per day Buzzard field was temporarily halted while repair work is carried out at an onshore processing terminal, noting normal output should be restored in the coming day or two. Earlier in the session, WTI dipped below $50, before oil futures regained their footing. Crude oil prices was also supported after a larger than expected draw in industry estimates of U.S.
Silver on MCX settled up 0.59% at 42570 as investors turned their attention to U.S. trade data ahead of President Donald Trump's meeting with Chinese President Xi Jinping. Prices also seen supported as investors parsed through mixed manufacturing data and weaker-than-expected auto sales numbers. The ISM survey of manufacturing-sector activity showed growth slowing, albeit no more than expected. Meanwhile, the Commerce Department said February U.S. construction spending increased 0.8% to its highest level in more than ten years, but it missed expectations of 1% rise. The main focus for markets this week centers on President Donald Trump's first meeting with Chinese counterpart Xi Jinping on Thursday and Friday.
Gold on MCX settled up 0.42% at 29016 buoyed by a weaker dollar on tepid economic data from the United States and as investors turned to safe-haven assets on worries over geopolitical tensions. Supporting gold was geopolitical tension sparked by U.S. President Donald Trump who on Sunday held out the possibility of using trade as a lever to secure Chinese cooperation against North Korea. A measure of U.S. manufacturing activity retreated from a 2-1/2 year high in March amid a decline in production and an inventory drawdown. Hedge funds and money managers raised their net long position in COMEX gold by 33,179 to 99,150 lots in the week to March 28, the highest in more than three weeks.
New Delhi [India], Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.
The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.
It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.
New Delhi [India], Apr 5 : Largest hotel network OYO on Wednesday announced its partnership with Ola Money, the digital payment solution from Ola, India's most popular mobile app for transportation.
Under the partnership, OYO customers will be enabled to make one-touch payments for their hotel rooms through Ola Money wallet for both web and app bookings.
New Delhi [India], Apr. 5 : The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.
The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
New Delhi [India], Apr 4 : Whirlpool has announced the launch of its most innovative range of Air Conditioners in the Indian market with a lineup of ACs includes Whirlpool 3D cool Inverter range and Fantasia Inverter, which are at par with the 2018 Bureau of Energy Efficiency (BEE) norms.
The leading home appliance company, Whirlpool has also launched its new Magicool AC 5 star range to make energy efficient products available to consumer at entry price points. Whirlpool's 3D Cool range has been designed keeping in mind the extreme humid conditions in India and the capability to perform during temperature of 52-55 degrees C.
New Delhi [India], Apr. 4 : Accenture acquired UK-based Genfour, a pure play automation service provider with deep domain expertise and industry experience in assessing, implementing and managing automation solutions. The acquisition strengthens Accenture's capabilities as a leading provider of intelligent automation services. Terms of the transaction were not disclosed.
The addition of Genfour expands Accenture's ability to apply intelligent automation solutions that help clients transform and re-engineer their business processes. Clients can take advantage of data-driven insights that enable faster, more informed business decisions and better quality of service to their customers.
New Delhi [India], Apr. 4 : JobsForHer (JFH), a connecting portal that enables women on a professional break to restart their careers, announced its Returnee Drive with some large women-friendly organisations.
These organisations, namely Sapient, Intuit and PayPal, extended support to help progress the gender agenda by making a strong commitment to increasing female participation in the workforce.
As business leaders, they recognise the industry's need to have a balanced workforce and enable career advancement for women. They know that gender-balanced companies with more engaged workforces achieve greater economic results.
New Delhi [India], Apr 4 : India's leading innovative solar solutions provider and one of the largest solar power EPC and Development companies RaysExperts on Tuesday announced that it has commissioned a 5.5 MV solar project for Delhi Metro Rail Corporation (DMRC).
This will be one of the largest distributed rooftop solar plants setup across India.
RaysExperts' solar installation will supply power to multiple metro stations, cleaning bays, parking yards and other metro rail supporting facilities. The project has the capacity to produce 87 million units of power every year.