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.
Cardamom on MCX settled down by -1.37% at 1389.5 as stockists are on the fence due to tight money market though stock position is tight. However, warmer weather in the all the producing centres of south India may check price fall. Poor South West and North East monsoon is likely to impact adversely on the production of cardamom for the coming season as well. Cardamom prices are likely to trade range bound to firm for the coming couple of weeks, the report added. Harvesting of cardamom is over and arrivals are likely to decline in the coming days. According traders estimates, cardamom production for the current year is around 18,000 ton down from 28,000 tons a year ago showing a fall of 35.7% on year.
Maize on NCDEX settled up by 2.99% at 1445 on short covering after prices dropped due to new crop arrival pressure. Some quantity of new crop of maize arrived into the market, contains 20% moisture level. New crop arrival pressure will emerge after Holi festival. 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.
Jeera on NCDEX settled down by -0.24% at 16670 amid hopes of up in arrivals from across the major growing regions but empty pipeline would limit the aggressive price fall. Jeera arrivals have started rising in all the major markets of Gujarat while demand continued to be slack. Arrivals are likely to rise in the coming days after Holi festival farmers may hold stocks if prices continue to decline. A section of trade is expecting lower output due to fall in output due to fall in sowing in Gujarat. In Gujarat, jeera sowing fell to 278,000 hectares from 295,000 hectare, state government data showed. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year.