Crude palm Oil on MCX settled down by -1.36% at 531.2 tracking weakness in spot demand and overseas prices due to cut in the tariff charges coupled with sufficient stocks with stockists and pipeline. Government has cut base import prices (tariff charges) for palm products in India for the second successive fortnight making prices cheaper to import. For 1 st half of Mar, the prices of CPO and RBD palm oil cut by $30 and $11 a tonnes respectively. Palm oil production in February is seen declining from a month ago according to poll, which pegged output to fall 4.5 % to 1.22 mt. Malaysia's palm oil inventories likely fell to their lowest in six months at the end of February.
Ref.Soyaoil on NCDEX settled down by -1.11% at 647.75 tracking weakness in spot demand and overseas prices. Cut in import tariff also pressurize the futures price. Domestic edible oil in 2016/17 will be 72.8 lt, up 25.5% compared to last year’s production of 58 lt. The government has cut the base import price of soyoil by $33 per tonnes for first half of March which is the steepest cut among other edible oils. The base import price of crude soyoil is now at $814. India's booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as near record domestic oilseed output boosts supplies, industry executives said.
Soyabean on NCDEX settled down by -0.99% at 2900 due to reports adequate supplies in the domestic physical markets. The oil millers are active at lower prices. Soybean in spot market gets some boost from increase in meal exports. According to a release by the Soybean Processors Association of India, soymeal exports rose over sevenfold to 207,977 tonnes in February 2017, compared to 29,951 tonnes in February 2016 showing 7-fould increase in exports. Overseas prices remained in range due to mixed fundamentals of record soybean production during 2016/17 and signs of good US export demand amid shipping slow-downs in key supplier Brazil. The USDA’s reported weekly export inspections of soybeans totaled 921,779 tonnes, up from 706,267 a week earlier.
Mentha oil on MCX settled down by -0.42% at 1036.8 amid muted demand in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Pressure also seen on the speculation the area under cultivation can increase this year resulting good production. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels.
Aluminium on MCX settled up 0.12% at 125.25 as recovered to end with small gains on short positions after large inventory flows into exchange warehouses weighed on prices. Japan's gross domestic product growth was revised up in the fourth quarter as capital expenditure grew at the fastest pace in almost three years, welcome news for policymakers as they begin to discuss how to wind down years of massive stimulus. A flurry of data in coming weeks is expected to show China posted solid economic growth in February, even as the government trimmed its growth target for the year to focus on containing the risks from a rapid build-up in debt. Last week China pressed on with plans to cut output by 30 percent.
Nickel on MCX settled down -3.79% at 710.90 as a result of a strengthening greenback, and tracking weakness from LME Nickel which tumbled 4.1 percent to close at $10,645, the biggest one-day fall in nearly two months, after further news from top ore exporter the Philippines. President Rodrigo Duterte said he hopes there would be a "happy compromise" between the mining industry and protecting the environment while his environment minister has asked for a halt of a second review of 28 mines that she ordered closed or suspended. US dollar gains strength it reduces demand for the commodity from holders of international currencies. The US dollar has appreciated on mounting support for the Fed to increase interest rates at its two-day policy-setting meeting next week.
Zinc on MCX settled down -1.7% at 179.40 tracking weakness from LME Zinc which slid 1.7 percent to end at $2,693, the lowest since Jan. 17, as investors awaited more evidence that closures and suspensions of major mines last year were tightening the refined market. In zinc the story has not changed much since last year. The concentrate market is likely at peak levels of tightness; however, so far this year, refined tightness has yet to fully arrive. A flurry of data in coming weeks is expected to show China posted solid economic growth in February, even as the government trimmed its growth target for the year to focus on containing the risks from a rapid build-up in debt.
Copper on MCX settled down -1.29% at 386.80 as pressured by the sudden surge of supply into the London Metal Exchange’s warehouses. LME copper stocks surged by 38,825 tonnes across mostly Asian warehouses, data showed on Monday, following a bumper build in weekly Shanghai Futures Exchange inventories on Friday. On-warrant copper inventories in London Metal Exchange warehouses - those not earmarked for shipment and availa ble to investors - have soared by 74 per cent this week after inflows into mostly Asian depots, LME data showed. On Friday a weekly 23,974-tonne build in Shanghai Futures Exchange stocks took total inventories to just shy of 320,000 tonnes, the most since last April.
Naturalgas on MCX settled down by -3.71% at 189.30 in the line of expectation as it was expected that prices won’t extend Monday’s gains and should retreated from two-week highs on concerns that underlying warm temperatures would curb demand and prevent more than a limited decline in stockpiles. Commodity prices overall remained on the defensive which curbed any potential support for gas, especially with markets continuing to anticipate an increase in the Federal Funds rate at next week’s FOMC meeting which helped underpin the dollar.
Crudeoil on MCX settled up 0.23% at 3558 while traded in the range holding in the middle of an exceptionally prolonged trading range between $50 and $55. Prices may see drop in today's session as industry figures showed a larger than expected build in U.S. oil inventories, though gasoline supplies dropped more than expected limiting the downside movement. The API said Tuesday that crude inventories jumped 11.6mbls at the end of last week, far more than the expected 1.66mbls build seen, while gasoline stocks dropped 5mbls, compared to a dip of 1.28 million barrels forecast. Distillate supplies eased 2.9 million barrels, compared to a 880,000 barrels draw seen, while stocks at the Cushing, Oklahoma, oil hub rose by 800,000 barrels.
Silver on MCX settled down -1.15% at 41943 tracking weakness from Comex Silver which was down by 1.9 percent in yesterday session settled at $17.44 an ounce, the lowest since Feb. 6 as the dollar strengthened and expectations for a U.S. interest rate hike this month weighed, though moves were muted ahead of U.S. payroll data this week. The precious metal has fallen in five out of the last six sessions as expectations for the Federal Reserve to push ahead with a U.S. rate increase this month ramped up. Markets dramatically adjusted expectations for U.S. interest rate hikes this year following hawkish comments from several top Fed officials last week, including Chair Janet Yellen.
Gold on MCX settled down -0.67% at 28751 as the dollar strengthened and expectations for a U.S. interest rate hike this month weighed, though moves were muted ahead of key U.S. data. Markets dramatically adjusted expectations for U.S. interest rate hikes this year following hawkish comments from several top Fed officials last week. The U.S. economy is on track to grow at a 1.3 percent annualized pace in the first quarter following the latest data on domestic vehicle sales and factory orders, the Atlanta Fed's GDP Now forecast model showed. China's gold reserves were unchanged at 59.24 million fine troy oz at the end of February, the country's central bank said on Tuesday.
New Delhi [India], Mar. 7 : Teradata, a leading analytics solutions company, announced Teradata IntelliCloudâ„¢, its next-generation secure cloud offering that provides data and analytic software-as-a-service (SaaS).
It is available with new deployment choices including Teradata IntelliFlexâ„¢, the company's flagship enterprise data warehouse platform that Teradata will deploy and manages in its own data centers, and global public cloud infrastructure from Amazon Web Services (AWS) and later, from Microsoft Azure.
New Delhi [India], Mar 7 : Credit rating agency ICRA on Tuesday released its view on the draft compensation norms for revenue losses related to the transition to the much-awaited goods and services tax (GST) would impart an element of certainty for budgeting at the state level, given that the transition may turn out to be temporarily disruptive, and that the pace of growth of central transfers to state governments is forecast to halve in the coming fiscal.
New Delhi [India], Mar. 7 : Ahead of International Women's Day, Ayurvedic healthcare company Dabur India Ltd has taken up the cause of health and safety for its women employees.
As part of its efforts to create a healthier workplace, Dabur will be hosting special 'Yoga @ the Workstation' classes for its women employees to help them reduce work-related stress and inspire them towards a better work-life balance along with insights on nutrition. Additionally, the women employees at Dabur would also undergo a special training on proactive safety and security for self.
New Delhi [India], Mar 7 : PayPal, one of the world's leading payments platforms today announced an extension of its merchant partnership with MakeMyTrip, leading Indian online travel booking company, to facilitate hotel and holidays booking in addition to airline tickets.
As a global leader in digital payments, we are committed to put our customers at the centre of everything. Our strong on risk and security has enabled us to become a payment choice for millions of consumers around the world.
The partnership with MakeMyTrip will help foreign tourists continue to enjoy the seamless and secure PayPal experience to book hotels and holiday packages and tide through the recent challenges they are facing post the demonetization of select Indian currencies.
New Delhi [India], Mar. 7 : Digital payment gateway Paytm announced a 'zero cancellation charge' policy that will allow users to claim 100 percent refund on their bus tickets, even if they cancel the ticket as late as six hours before departure.
For a nominal fee starting from Rs. 34 per ticket, customers will have the option of planning their trips well in advance without the fear of exorbitant cancellation charges in case of any last minute changes. The additional fee would go as a premium to Paytm's insurance partner and enable instant refund to customers' Paytm wallet in case of ticket cancellation.
New Delhi [India], Mar 7 : Kotak Mahindra Bank (KMB) on Tuesday announced that it has become India's first bank to launch access to DigiLocker on the Bank's Net Banking platform.
Through this platform, customers can eliminate the use of physical documents as Aadhaar-linked documents can be automatically fetched from Digilocker partner institutions. Customers can also download pre-verified documents themselves by providing some details.
New Delhi [India], Mar 7 : Snapdeal today announced a major benefit for its sellers by reducing its seller payment cycle by 40 percent, thereby becoming the e-commerce platform that offers the fastest payment schedule in the country.
Snapdeal's announcement is a welcome move for the 3,00,000 sellers on its platform. Faster payments will enable them to use their working capital more efficiently and generate additional business without needing to invest additional funds. For sellers who are working on the SD+ model, today's announcement will mean a whopping 40 percent faster payment, which is also the best in class in Indian e-commerce industry.
Cotton on MCX settled up by 1.65% at 21520 due to rising domestic as well as export demand in the spot market. Though, reports of higher global cotton production capped some gains in cotton prices. A huge volume of cotton stocks in China is set to be sold via auctions from March 6th to the end of August 2017. The Chinese government is expected to offer about 30,000 tonnes of cotton a day for sale over the next several months. ICAC predicts that around 2.6 million tonnes of China's cotton stocks will be sold by the government this year. China's total stocks, including those in the private sector, are estimated to down to around 9.3 million tonnes at the end of this financial year, representing about 53% of world cotton stocks.