Jeera on NCDEX settled down by -0.29% at 16920 on heavy arrivals from the producing belts. Though, some losses were capped on expectation of rising exports demand at the spot market. Jeera output during 2017 is estimated up at 5.83 million bags of 55 kilogram each from 4.21 million bags a year ago. Though jeera output may rise but prices are likely to decline due to higher export demand, opined most of the traders in the seminar. Jeera export in next fiscal is estimated around 100,000 ton. Reports showed that 9,901 tons of jeera arrived during February 27-March 4 compared to 6,273 tons in the previous week.
Turmeric on NCDEX settled down by -0.3% at 6624 as the supplies are adequate in the physical market. Though, some losses were capped on rising domestic as well as 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. The turmeric arrivals in the country increase to 54,641 tons during February 27- March 4 compared to
Mustard Seed on NCDEX settled up by 0.73% at 3866 tracking firmness in spot demand despite of oversupply woes. Mustard Oil Producers Association (MOPA) in its 38th All India Rabi Oil Trade and Industry Seminar held in Raipur hiked its mustard seed 2016-17 output forecast by 19.31%. India's mustard seed output during 2016-17 is estimated at 6.92 million ton as against 5.8 million ton on thanks to higher acreage and favourable weather, said MOPA. 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.
Crude palm Oil on MCX settled up by 0.56% at 534.2 on short covering after prices dropped amid weak spot market on sluggish demand. Malaysia palm oil exports during Feb 1-28 fell by 14.2% compared to a month earlier on subdued demand from China, European Union, India & Subcontinent and Middle East, data showed. Malaysia's palm oil exports India during Feb 1-28 slumped by 18.11% to 181,860 tons as compared to 222,100 tons imported during Jan 1-31. However, investors kept close watch on Palm and Lauric Oil Prices Outlook Conference & Exhibition (POC). World palm oil output is forecast to climb 11% to 65 million tonnes this year from 58.3 mln tonnes a year ago as near-perfect weather boosts yields, a senior industry official said.
Ref.Soyaoil on NCDEX settled up by 0.53% at 651.2 on short covering after prices dropped amid higher supply in global market. However upside seen limited on demand worries as soybean crushing disparity were at Rs 600 per tons due to higher prices in last month which refrains buying activity by crushers. However, market participants expected demand in spot market to rise in coming days on account of holi festivals. India's agriculture department in second advance estimates pegged 2016-17 soybean crops at 14.125 million tons as compared to 8.570 million tons reported in the previous year. Pricse were also under pressure tracking globla cues amid higher Brazilean bena production forecast.
Soyabean on NCDEX settled down by -0.69% at 2880 due to weak demand against ample supplies in the domestic markets. Further, lower soyabean prices in international markets with expectations of silo-bursting Brazilian supplies too added pressure on domestic prices. Though, increase in exports of soybean meal capped some losses. The reports from SOPA stated that, 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. 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 -0.99% at 1026.5 tracking muted demand from consuming industries at the spot market. Further, higher supplies from major producing belts of Chandausi in Uttar Pradesh also fuelled the downtrend. Pressure also seen on prices on the speculation the area under cultivation can increase this year resulting good production. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint product's exports which declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year. Exports of mint products stood at 21,150 tonne in FY16 valued at RS. 2,577.59 crore against 25,750 tonne valued at RS. 2,689.25 crore in FY15.
Aluminium on MCX settled down -0.2% at 125 while recovered from the day's low as support seen from the LME Aluminium prices which ended up 0.1 percent at $1,877 holding well above recent support levels. Aluminium prices got support in recent past and prices on LME hit a two-year high of $1,957 a tonne last week as China pressed on with plans to cut output by 30 percent over the winter heating season. Now support also seen after Aluminium stocks at three major Japanese ports fell slightly from the previous month to 273,100 tonnes at the end of January, but were down from 368,100 tonnes a year ago.
Nickel on MCX settled down -4.5% at 678.90 as selling triggered by a higher dollar and sentiments remain weak for prices which hit a two-week low on expectations the Philippines may soften mine closure plans. ShFE nickel ended Wednesday's session down 3.3 percent. Nickel prices to ease over a three-to-nine month horizon, as Indonesia resumes exports and as major nickel mines in the Philippines, the world's top exporter, manage to maintain production. Although environmental policies in the Philippines have threatened the closure of up to 20 nickel mines, market remain confident that there will not be any significant output declines in the Philippines in 2017 compared to 2016 as most major miners will avoid the regulatory crackdown.
Zinc on MCX settled up 0.33% at 180 as support seen on short covering after fresh update that a 3-1/2-week strike at Noranda Income Fund's zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. The two sides met with a Quebec government-appointed mediator last Friday but no progress was made in settling a dispute over pension cuts and no further meetings arranged, United Steelworkers of America Local 6486 President Manon Castonguay said. The market is keeping a close eye on 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. The price of zinc gained 0.6 percent to $2,710 a tonne on Wednesday.
Copper on MCX settled down -0.37% at 385.35 traded with weakness as fresh selling seen in yesterday's session and prices slipped on Wednesday to a one-month low on selling triggered by a higher dollar, lower imports of the metal by top consumer China and rising inventories. Growing expectations the U.S. Federal Reserve will hike rates next week have boosted the U.S. currency which could mean weaker demand. Copper prices have been dragged down by a surge in exchange inventories that has fanned concern about demand strength in Asia. LME copper stocks have jumped by one-third in the past week to the highest since late January at about 262,000 tonnes.
Naturalgas on MCX settled up 3.96% at 196.80 on short covering and amid of bullish technical signals just one day before the US EIA is scheduled to release its weekly inventory update. The inventory data will be closely watched in the aftermath of the EIA’s report of a historic build in natural gas stocks in the week ended Feb. 24. This was only the second time since the EIA began collecting data that there has been an inventory injection in the high demand period of December-January. Another bearish fundamental for natural gas, the EIA on Tuesday reduced its 2017 price forecast for Henry Hub spot prices by 12% due to a warmer winter. The EIA is expecting natural gas demand in February to be its lowest for the month in eight years.
Crudeoil on MCX settled down -3.74% at 3425 after a report showed U.S. crude inventories rose for a ninth straight week. Oil prices added to losses sustained in the previous session, after the Energy Information Agency (EIA) reported a much larger increase than expected in U.S. crude inventories. The EIA said that crude oil inventories rose by 8.209 million compared to estimates of an increase of 1.967 million barrels. Gasoline inventories decreased by 6.555 million against expectations for a draw of 1.4 million barrels while distillate stockpiles fell by 2.676 million barrels, compared to expectations of a 0.9 million decline.
Silver on MCX settled down -1.22% at 41430 after data showed companies in the U.S. added jobs at a blistering pace in February. Payroll processing firm ADP said nonfarm private employment rose by 298,000 payrolls in February, well above forecasts for an increase of 190,000. The big number could cause economists to adjust their expectations for Friday's key nonfarm payrolls number. The market currently expects the report to show growth of about 190,000 jobs. The upbeat report added to already strong expectations that the Federal Reserve will raise rates at its upcoming policy meeting next week. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.
Gold on MCX settled down -0.42% at 28629 as the dollar gathered strength on the prospect of a U.S. interest rate hike. Markets dramatically adjusted expectations for U.S. interest rate hikes this year following hawkish comments from several top Fed officials last week. The ADP National Employment Report showed its biggest increase in more than a year in February, suggesting the U.S. economy remains on solid ground. Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Her comments were seen as cementing plans for an increase at the Fed's March 14-15 meeting.
New Delhi [India], Mar 9 : Credit rating agency ICRA in its report noted that it expects higher oil and gold imports to enlarge India's current account deficit to ~USD 30 billion (1.2 percent of GDP) in FY2018 from ~USD 20 billion in FY2017 (0.9 percent of GDP), arresting the trend of moderation recorded for four consecutive years since FY2014. However, the pressure related to the financing of a larger current account deficit would abate with the resumption of NRI deposits in FY2018.
New Delhi [India], Mar 9 : Fintech platform delivering flexible EMI-free loan products to salaried professionals LoanTap participated in an esteemed '3rd Festival of Innovation' at the office of the President of India to recognize, respect and reward grassroots innovations and foster a supportive eco-system for them.
The event which was held at Rashtrapati Bhavan, witnessed Vikas Kumar, Founder and CTO of LoanTap leveraged the opportunity to pitch his innovative business idea in front of venture capital investors and accelerators.
Held in the month of March at The President's House, 'Festival of Innovation' is an annual event to promote creativity and innovation in India.
New Delhi [India], Mar 9 : Enthused by the profitable and effective tryst with 'Data Loops', Jugnoo unveils this best in breed technology for its fellow business owners and marketers. Primarily a Geo Analytics technology, 'Data Loops' is a terminology used for a continuous, iterative process of capturing and analyzing data, getting valuable insights, translating into action items and 'looping' the process all over again.
It is a Software Development Kit (SDK) and interested businesses can avail this service through Tookan, a B2B product from Jugnoo.
New Delhi [India], Mar 9 : Google has announced a new strategic partnership with SAP, focused on developing and integrating Google's best cloud and machine learning solutions with SAP enterprise applications.
The partnership will enable certification of the in-memory database SAP HANA on Google Cloud Platform(GCP), new G Suite integrations, Google's machine learning capabilities, and data governance collaboration, offers Google Cloud, SAP and customers more scope, scalability, and the exciting opportunity to create new products.
New Delhi [USA], Mar. 9 : The Fashion Design Council of India (FDCI), in keeping with its commitment of staying true to the Indian ethos, will be dedicating the first day of the upcoming Amazon India Fashion Week AW'17, in association with Maybelline New York, to the celebrations of indigenous handlooms and textiles.
The event will be held from March 15-18 at the Jawaharlal Nehru Stadium, Lodhi Road.
Taking this further, in an attempt to pay homage to the unsung heroes- the weavers who spin magic, six shows with 71 style aficionados will translate their vision through heady ensembles on the first day of the fashion spectacle.