Turmeric on NCDEX settled down by -1% at 6558 on heavy arrivals from the producing belts. Though, some losses were capped on rising domestic as well as exports demand at the spot market. New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha. The arrivals of the new season turmeric in recent weeks have improved but the demand is not matching. The turmeric arrivals in the country increase to 54,641 tonnes during Feb 27- Mar 4 compared to 28,454 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data.
Mustard Seed on NCDEX settled down by -0.57% at 3844 tracking other oil complexes despite of lower arrivals in the market. New mustard seed arrivals across the country totalled at 505,000 bags against 550,000 on previous session. India's mustard output is estimated to rise to 6.9 mln tn in 2016-17 (Jul-Jun), from 5.8 mln tn a year ago, due to better yield and favourable weather, a survey done by the Central Organisation for Oil Industry and Trade and Mustard Oil Producers Association showed. Mustard output in Rajasthan, the largest producer, is seen at 3.1 mln tn this year, up from 2.6 mln tn last year, the survey showed.
CPO on MCX settled down -1.31% at 527.20 as downward pressure build from May as output picks up in Indonesia and Malaysia. Global palm oil production is forecast to increase by 6 million tonnes in 2017. A rebound in palm oil production this year is forecast to drag down prices of the tropical product in the second half, with additional pressure coming from an expected slowdown in demand from top importers India and China. Tight supplies following a drought in 2015-16 are expected to support the market over the next two months, but downward pressure should build from May as output picks up in Indonesia and Malaysia. Earlier this week Benchmark Bursa Malaysia crude palm oil futures fell to their lowest since early November last week on slowing demand and the outlook for higher production.
Ref.Soyaoil on NCDEX settled down by -1.54% at 641.2 on increasing supply in spot markets. Prices of soyoil were down as supply in local market has risen due to robust crop in the country, which has resulted in better availability of soy oil. Also, mustard oil supply is improving as this year production of mustard seed is higher than last year which is also weighing on soy oil prices. India oilmeal exports in the month of February jumped more than doubled on robust demand, data released from Solvent Extractors Association of India (SEA) showed. Bumper output in domestic market have made Indian oil meal prices competitive in export market which will lead to robust export number in Feb.
Soyabean on NCDEX settled up by 0.1% at 2883 after prices seen supported amid firm spot demand due to increase in exports of soybean meal. The reports from SOPA stated that, the export of soybean meal and its other value added products during February 2017 is pegged at 2,07,977 tonnes compared to 29,951 tonnes in February 2016 showing an increase of 594.40 per cent over the same period of last year. Though, lower prices in international markets following expectations of ample South American production, limiting some gains in soyabean prices. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association.
Mentha oil on MCX settled down by -0.21% at 1024.3 on fresh selling after the speculation that sowing activity had been inceresed in key production area of UP after the delay due to on going Elections activity. 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 -0.24% at 124.70 tracking weaknesss from LME Aluminium which closed 0.5 per cent down at $US1,868 fairly steady. Stock declines continue to be offset by re-warranting – Net inventories are down 16,750 tonnes to 2,084,800 tonnes and cancelled warrants fell 16,475 tonnes to 786,550 tonnes. The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.
Nickel on MCX settled down -0.13% at 678 tracking weakness from LME nickel prices which eased 0.8 percent on the possibility that the Philippines’ hardline environmental minister may not be confirmed by Congress, opening the door to a new minister who may be more permissive of the mining sector. But Regina Lopez said on Thursday that President Rodrigo Duterte would reappoint her if a decision is delayed, giving her more time to press her case on mine closures. Pressure also seen after the Domestic stainless steel prices in China have fallen over the past week on thin trading and a softening nickel market.
Zinc on MCX settled down -0.58% at 178.95 with a bunch of bearish fundamentals hitting the market, triggering a sell-off this week. Sentiments turned negative this week for Zinc prices after the update that China's zinc production will grow in March, As some smelters will conduct maintenance in February which will affected the output nearly 21,000 tonnes will restart. Meanwhile the union representing striking workers at the Noranda Income Fund's zinc processing facility in Quebec, vowed on Thursday to take the company to court over the alleged use of strikebreakers. The market is watching the strike as zinc prices have more than doubled since the beginning of last year due to a shortage tied to mine closures and shutdowns.
Copper on MCX settled down -0.95% at 381.70 as supply fears eased and more stocks arrived into LME sheds. Copper in yesterday's session dropped below 380 level at one point of time after solid U.S. jobs data increased the likelihood of an interest rate hike this month and on signs that a disruption at the world's biggest copper mine may soon ease. While London Metal Exchange copper fell 1.1 percent to $5,701 a tonne after ending a tad lower in the previous session. The metal earlier touched $5,688, its lowest since Jan. 19. Last month Supply fears had helped propel the copper price above $6,200 per tonne, but these fears have faded this week. Freeport Indonesia aims to resume copper concentrate production on March 21, according to Reuters.
Naturalgas on MCX settled down -0.15% at 196.50 traded in the range while prices bounce up again from the day's low helped by cooling weather, stable production and a larger-than-expected draw from storage last week. Natural gas is now up in seven of the past eight sessions. Prices are still down about 20% year-to-date because of a historically warm winter that sapped heating demand, but some expect big changes in the gas market--notably lower production growth and new sources of demand--to keep prices in check. Yesterday the U.S. EIA said in its weekly report that natural gas storage in the U.S. fell by 68bcfin the week ended March 3. That compared with a build of 7bcfin the preceding week, a decline of 57 billion a year earlier and a five-year average decline of 136bcf. Total U.S.
Crudeoil on MCX settled down -4.5% at 3271 sank to the lowest since November. It was the worst 2-day drop in more than a year. Crude oil bulls have seemingly capitulated, losing a tug of war near $53 that lasted for months. Crude oil prices continued to collapse as U.S. inventories added to record highs, with facilities brimming at storage facilities across the nation. The plunge came even as representatives from the OPEC this week touted high compliance among the output-cut agreement participants since the start of the year. OPEC Secretary-General said that the commitment among output cut pact countries “remains high.” But in U.S., which isn’t part of the pact, the latest data revealed that crude production last week reached a more than one-year high. This week the U.S.
Silver on MCX settled down -1.44% at 40834 as investors become increasingly certain that U.S. interest rates will rise this month. Strong U.S. economic data and comments by Federal Reserve officials have reinforced expectations of a March U.S. rate hike. Prices struggled to take advantage of a pull-back in the dollar, after initial jobless claims missed analysts’ forecasts while investors’ expectations of a March rate hike grew ahead of key non-farm payrolls report due to be released on Friday. U.S. Department of Labor said Thursday, initial jobless claims increased by 20,000 to 243,000 in the week ending March 4 from the previous week’s total of 223,000.
Gold on MCX settled down -0.64% at 28446 amid increasing confidence the Federal Reserve will raise interest rates at its upcoming policy meeting next week. The ADP National Employment Report showed its biggest increase in over a year in February, suggesting the U.S. economy remains on solid ground. The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labour market continues to tighten amid a sharp drop in job cuts in February. Markets dramatically adjusted expectations for U.S. interest rate hikes this year following hawkish comments from several top Fed officials last week. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.32 percent on Thursday.
New Delhi [India], Mar 10 : Opteamix LLC (Opteamix), a global technology firm, today announced that they have been recognized by World HRD Congress as one of the Dream Companies to Work for in 2017.
Opteamix was ranked 46th in this category which hadover750 companies from multiple industries across India. In addition to the Dream Company ranking, Opteamix was also recognized and ranked 8thfor"Innovative HR Practices" and 3rdin the category of "Corporate Social Responsibility Practices."
Opteamix was awarded these three prestigious awards at the 25thWorld HRD Congress that was presented in association with Times Ascent in Mumbai on February 15, 2017.
New Delhi [India], Mar. 10 : Dharmesh Arora, who is currently the President and CEO of the Schaeffler Group in India (parent company of FAG Bearings India Ltd), has taken charge as the Managing Director of FAG Bearings India Limited, effective March 6, 2017. He will also continue to be the Managing Director of INA Bearings India Pvt Ltd, another group company of Schaeffler in India.
"Arora is a veteran of Automotive Industry having worked with Maruti Suzuki, General Motors and with Schaeffler Group in various leadership positions across geographic regions of the world. We welcome him to this new position to steer the organization to greater heights," said Avinash Gandhi, Chairman of FAG Bearings India Ltd.
New Delhi [India], Mar. 10 : In order to strengthen the Centre's fight against the menace of black money stashed in offshore accounts, India and Belgium have signed a Protocol amending the existing agreement and protocol between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
The protocol was signed by Chairman Central Board of Direct Taxes (CBDT) Sushil Chandra and Ambassador of Belgium to India Jan Luykx.
The protocol will broaden the scope of the existing framework of exchange of tax related information. This in turn will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes.
Cotton on MCX settled up by 0.42% at 21550 due to improved supplies from major growing regions. Besides, exports to China may slow down due to reserve stocks auctions, also fuelled the downtrend. In addition to this, China sold 30,169 ton in the its auction, indicating strong demand. Arrivals in local mandis were estimated at 180,000 bales including 45,000 from Gujarat and 67,000 from Maharashtra. The Cotton Corporation of India (CCI) sold nearly 1,100 bales of cotton through e-auction on Monday, said source. The government agency offered 3,600 bales for sale. CCI sold cotton at Rs 44,500-44,600 per candy from its godowns in Maharashtra, Telangana and Karnataka. A huge volume of cotton stocks in China is set to be sold via auctions from March 6th to the end of August 2017.
Cardamom on MCX settled up by 2.01% at 1434.3 on account of good buying support from both exporters and upcountry buyers. Supply continued to show a shrinkage following the continued dry spell. Harvesting is nearly complete and hence arrivals are unlikely to pick up. Exporters and north Indian dealers have slowed down because of the higher prices. Exports of small cardamom during April-September 2016 have dropped by 20 per cent in volume and 22 per cent in value realisation from that of the same period the last fiscal. Shipments during the first six months of the current financial year stood at 1,625 tonnes valued at Rs. 139.25 crore against 2,026 tonnes valued at Rs. 179.32 crore in the corresponding period in 2015-16, according to Spices Board sources.
Maize on NCDEX settled down by -0.28% at 1431 tracking weakness in spot demand and overseas prives as expectations for bumper South American production weighed. Good rains and prospects for a bumper crop have pulled South African maize prices to 2-1/2 year lows. Corn prices dropped after the government Crop Estimates Committee forecast a 2017 harvest of 13.918 million tonnes, 79 percent more than in 2016. That forecast was 6 percent higher than expectations of 13.11 million tonnes. Cold weather, rains and resilient genetically-modified crops (GMO) have also limited the damage caused by an armyworm outbreak. The region offers potential export markets. Neighbouring Zimbabwe has been hit by the fall armyworm, an invasive South American species, denting crop output. The U.S.