MCX MARKET REPORT ON TURMERIC

Turmeric settled down by -3.98% at 9258 as the buyers are reported to be unresponsive towards bulk buying as they are waiting for new crop to enter in coming days and the farmers in the Western region are preparing to embrace the harvest season & hoping for a bumper harvest as the yield is expected to go up due to higher cultivation area

Trading Ideas:
Turmeric trading range for the day is 8944-9888.
Turmeric prices dropped as the buyers are reported to be unresponsive towards bulk buying as they are waiting for new crop to enter in coming days.
During the first six months of this fiscal, India exported 46,500 ton turmeric as against 44,406 ton a year ago.
Investors are expecting that fresh arrivals will hit the market by this month end as harvesting also running in full swing.

Cardamom dips on sluggish demand

Cardamom prices fell by 0.99 per cent on Tuesday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. 

At MCX, Cardamom futures for October 2015 contract were trading at Rs. 781.10 per kg, down by 0.99 per cent, after opening at Rs. 783 against the previous closing price of Rs. 788.90.

It touched the intra-day low of Rs. 778.50 till the trading. (At 10.45 AM today). Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity. 

Kerala (70 per cent), Karnataka (20 per cent) and Tamil Nadu (10 per cent) are the cardamom growing states in India while about 90 per cent of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.



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Oil Prices Rally On Reported Russian Moves

Oil prices rallied today amid reports that key producer Russia was willing to discuss the global supply glut situation that has been weighing on the market, analysts said.

 US benchmark West Texas Intermediate for delivery in November won USD 1.11 to USD 46.65 a barrel compared with Friday's close. Brent North Sea crude for November delivery jumped USD 1.38 to stand at USD 49.51 a barrel in late London deals. 

Crude futures were "supported by a softer US dollar and talks that Russia is ready to meet OPEC and non-OPEC crude oil producers in order to discuss the market", said Myrto Sokou, senior analyst at Sucden Financial Research. 

"The news provided strong upside momentum in the oil market, as Russia has been thus far unwilling to cut oil production and cooperate with the OPEC members in order to support the current low crude oil prices," she said in a note to clients. Russia is among the world's top oil producers alongside OPEC kingpin Saudi Arabia and the United States.


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Oil Extends Gains in Asia

Oil extended gains in Asia on Monday as a decline in US drilling pointed to a slowdown in production, but concerns over demand remain after a disappointing US jobs report. 

A report from Baker Hughes Inc. said the number of active rigs in the United States fell by 26 to 614 last week, the lowest in five years, helping ease concerns over the global crude oversupply that has depressed prices.

 But poor unemployment data from the US continued to weigh on the market. The US Labor Department said on Friday that jobs growth in the world's biggest economy and top oil consumer faltered in September and the labour market weakened across the board. This has stoked concerns about demand for the commodity at a time when the Chinese economy is also slowing down amid a crude supply glut, analysts said.

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Crude rises sharply, as U.S. oil rigs fall to lowest levels since 2010

U.S. crude futures rose considerably on Friday, as oil rigs nationwide fell sharply last week providing signals that the wide gulf in the domestic supply-demand balance might be narrowing.
On the New York Mercantile Exchange, WTI crude for November delivery traded in a tight range between $44.00 and $45.80 a barrel, before closing at $45.55, up 0.81 or 1.81% on the day.
For the week, Texas Long Sweet futures were virtually flat after opening on Monday just below $45.40 a barrel. Although the price for the front month of WTI future contracts has not reached $50 a barrel since mid-July, the November contract has only fallen by roughly 1% over the last month of trading.
On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $46.94 and $48.50 a barrel, before settling at $48.17, up 0.48 or 1.01% on the session.

 After opening on Monday around $48.30 a barrel, brent futures fell less than 1% on the week. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at $2.62, below Thursday's level of $2.92 at the close of trading.




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General Mills Announces Recall of Frozen Green Beans Amid listeria Scare

General Mills (NYSE:GIS) announced on Friday that it is recalling 60,000 bags of its Cascadian Farm frozen green beans after a single package tested positive for the presence of listeria, marking the second time the company has had to recall the brand in the last three months. 

The recall pertains to frozen 16-ounce bags of Cascadian Farm green beans with the label "better if used by" June, 2017. The contaminated package in question was produced in June.

 In August, General Mills recalled 60,000 bags of 10-ounce Cascadian Farms frozen green beans produced in March. Eating food contaminated with listeria can lead to listeriosis, a rare, serious illness marked by fever and muscle aches, according to the U.S. Food and Drug Administration. 

Listeriosis can also be preceded by diarrhea and other gastrointestinal symptoms, the FDA said. 

The symptoms can appear anywhere from a few days to a few weeks after consumption of the contaminated foods.



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Daily Mcx Tips Update - Zinc Market News

Zinc settled up 0.86% at 111.15 rallied on Wednesday after sliding to multi months lows, but concerns lingered over slumping commodities prices and China's cooling economy. Since this week Zinc continued its downward slide hit a 5-year low last Monday due to fears about rising stocks and falling demand in China. The base metal fell by its maximum daily limit of 5% in trading on the Shanghai Futures Exchange as a result, reported the Financial Times. The rising stocks can be placed at London Metal Exchange warehouses in New Orleans, which climbed nearly 60% over the past month, showcasing just how much zinc could be unloaded in the market. Zinc had some of the strongest fundamentals to begin 2015, signaling it as one of the strongest performers of any metal.
Zinc trading range for the day is 108.9-112.7.
Zinc prices bounced off as market players looked ahead to a pair of manufacturing reports due out of China.
Japanese big manufacturers' confidence worsened in the three months to September and companies were cautious on the outlook.
Zinc daily stocks at Shanghai exchange came down by 1851 tonnes.
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Mcx Market Update

Silver settled down -1.17% at 34547 tracking weakness from Comex Silver which was down 0.6 percent at $14.52 an ounce and closed the quarter down nearly 8 percent hit its lowest level in two weeks and recorded its biggest quarterly loss in a year on Wednesday as U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise. While Comex Gold seen worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997.
The metal has come under pressure from expectations that the U.S. Federal Reserve is set to hike interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. In economic news, a report from payroll processor ADP on Wednesday showed stronger than expected private sector job growth in September, reflecting strong job growth at large businesses. The upbeat jobs data could be a catalyst for the Fed to move towards a hike in interest rates with focus now on Friday's employment data, despite some persistent global economic headwinds led by China.

Silver trading range for the day is 34086-35230.

Silver prices dropped as optimistic U.S. employment data bolstered hawkish arguments for an interest rate hike by the U.S. central bank.

Data showed U.S. companies hired workers at a solid clip in September, adding a more-than-expected 200,000 jobs.

Holdings at ishares silver trust gained by 0.36% i.e. 35.61 tonnes to 9907.38 tonnes from 9871.77 tonnes.


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Synalloy, others seek dumping duties on Indian steel pipes

Steel products maker Synalloy Corp and its U.S. competitors have urged regulators to apply anti-dumping duties on welded stainless pressure pipes from India, the company said.
Imports of the pipes from India have increased at an "unbelievable rate" over the past three years at prices well below U.S. market prices, Synalloy said on Wednesday.
Synalloy's unit Bristol Metals LLC, along with Felker Brothers Corp, Outokumpu Stainless Pipe Inc and Marcegaglia USA, has petitioned the Department of Commerce and the U.S. International Trade Commission (ITC) to take action.

Welded stainless pressure pipe imports from India jumped to 12,101 tons from 281 tons between 2012 and 2014.
ITC is required to make a preliminary ruling on the companies' petition within 45 days.
The Commerce Department will likely issue preliminary duty rulings in early 2016, with final rulings by both agencies due by late 2016, the company said.
A group of U.S. steel pipe producers had sought duties in July on imports of a certain type of welded carbon steel pipes from South Korea, Mexico and Turkey.
On Sept. 3, U.S. officials said they found reasonable evidence U.S. producers of steel pipes and tubes are injured by these imports, taking the complaint a step closer to import duties.

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क्रूड में कमजोरी बढ़ी, सोने पर दबाव

अमेरिकी क्रूड इन्वेंटरी में कमी आने की उम्मीद से कल क्रूड में तेजी आई थी लेकिन आज एशियाई कारोबार में कच्चे तेल में दबाव दिख रहा है। नायमैक्स पर कच्चा तेल 1.02 फीसदी गिरकर 45 डॉलर के नीचे कारोबार कर रहा है। वहीं ब्रेंट क्रूड 0.50 फीसदी घटकर 48 डॉलर के नीचे फिसल गया है।

उधर सोने में भी दबाव बना हुआ है। सोने का भाव 0.20 फीसदी की गिरावट के साथ 1120 डॉलर के करीब है। वहीं चांदी मामूली बढ़त के साथ 14.60 डॉलर के आसपास दिख रही है।


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Crude Futures Jump Nearly 2%, Ahead of Weekly API Supply Report

Crude futures rose considerably on Tuesday erasing most of their losses from the previous session, ahead of the release of the American Petroleum Institute's weekly crude supply report after the close of trading. 

On the New York Mercantile Exchange, WTI crude for November delivery traded in a tight range between $44.35 and $45.70 a barrel, before settling at $45.27, up 0.82 or 1.83% on the session.

 It came one day after NYMEX oil prices slid more than 2%, amid stronger indications from the Federal Reserve that it will raise interest rates before the end of the year. 

U.S. crude futures have now closed higher in three of the last five sessions. While WTI crude has gained more than 2.25% in value over the last month of trading, it still remains only slightly above its late-August level when it crashed to fresh six and a half year lows. 

On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $47.27 and $48.62 a barrel, before closing at $48.27, up 0.92 or 1.95% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $3.00, slightly above Monday's level of $2.98 at the close.


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Oil prices volatile in Asian trade

Oil prices were volatile in Asian trade on Tuesday as equities tumbled over concerns the slowing Chinese economy could weigh on global economic growth. 

US benchmark West Texas Intermediate for November was up seven cents to USD 44.50 and Brent crude for November added four cents to USD 47.38 in late-morning trade, but prices were swinging in positive and negative territory. 

"We think the prices of key commodities, such as oil and copper, are close to finding a floor, but sluggish demand growth and battles among producers for market share will keep prices under pressure for some time to come," Barclays bank said in a market commentary. 

Analysts said the bearishness in equities was spilling over into the oil market, with resources firms leading a sell off in Asian stock markets today. 

Demand has been hit hard by a slowdown in China, the world's top energy consuming nation, while other Asian countries have also seen their economic growth shaved. 

Profits at China's major industrial companies yesterday fell almost nine per cent in August from a year ago, the biggest decline since 2011, in the latest sign of weakness in the world's second biggest economy.



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MCX Silverm February contract declines

MCX SILVERM November contract was trading at Rs 36009 down Rs 86, or 0.24 percent. The SILVERM rate touched an intraday high of Rs 36021 and an intraday low of Rs 35941.

 So far 1744 contracts have been traded. SILVERM prices have moved down Rs 7051, or 16.37 percent in the November series so far. MCX SILVERM February contract was trading at Rs 36737 down Rs 92, or 0.25 percent.

 The SILVERM rate touched an intraday high of Rs 36745 and an intraday low of Rs 36646. So far 35 contracts have been traded. 

SILVERM prices have moved down Rs 764, or 2.04 percent in the February series so far.


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Oil prices fall on slowing global economic growth outlook

Oil prices dropped in Asian trading hours on Monday despite a fourth weekly fall in US drilling activity, with analysts pointing to the weak economic outlook as the main reason for low crude prices. 

China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent. 

The International Monetary Fund is likely to revise downwards its estimates for global economic growth due to slower growth in emerging economies, IMF head Christine Lagarde said in a newspaper interview. 

In line with bearish sentiment, Brent crude futures LCOc1 were down almost 1 percent, or 45 cents, at USD 48.15 per barrel at 0138 GMT (2038 EDT). 

US West Texas Intermediate (WTI) futures CLc1 were also 1 percent lower, or 47 cents, at USD 45.23 a barrel.


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Gold futures rise 0.13% on global cues

Gold prices rose 0.13 percent to Rs 26,502 per 10 gram in futures trade today as speculators created fresh positions, taking positive cues from global markets.

 At the Multi Commodity Exchange, gold for delivery in October was up by Rs 35, or 0.13 percent, to Rs 26,502 per 10 gram in a business turnover of 15 lots. 

The metal for delivery in far-month December moved up Rs 36, or 0.13 percent, to Rs 26,720 per 10 gm in a turnover of 15 lots. 

Market analysts said rise in the precious metal at global markets ahead of a speech from Federal Reserve chief Janet Yellen, which will provide more clarity on the bank's plans for an interest rate hike, influenced gold prices at futures trade here. Meanwhile, gold climbed as much as 0.42 percent to USD 1,135 an ounce in Singapore today.

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US oil slumps 4.1%, at $44.48 a barrel

Oil futures fell sharply on Wednesday after initially extending gains as government data showed a second consecutive weekly fall in US crude oil inventories. 

However, a build in gasoline inventories following the end of the US summer driving season and falling refinery runs at the start of maintenance period offset the crude drawdown, John Kilduff, founding partner at Again Capital said. US light crude closed down USD 1.88, or 4.06 percent, at USD 44.48 a barrel. Benchmark Brent crude tumbled about 3 percent to USD 48.50 a barrel. 

Gasoline demand was "the only thing keeping us alive there for the summer in terms of prices holding up," Kilduff said.

 "The downward press just keeps reemerging." The Energy Information Administration reported US commercial crude stockpiles fell by 1.9 million barrels in the last week, compared with analysts' expectations for an decrease of 533,000.

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Ncdex soyabean Market Update

Soyabean settled up by 0.28% at 3235 on improvement in demand from China and on supply worries from United States. China January-August soybean imports 52.4 million tons, up 9.8% on year while August soybean imports 7.78 million tons, up 29% on year, government data showed. USDA trimmed its forecast for 2014-15 US soybean ending stockpiles to 450 million bushels compared to 470 million bushels in the previous month and 210 million bushels a year ago. 

Reviewing the current market situation of India, ongoing harvest season and bearish cues from September 11 USDA report shall be seen as bearish price driver for domestic soybean. 

Despite the fact mentioned above, some support will be observed from reports of below monsoon performance this month, and rising possibility of hike in custom duty on edible oil imports. Sources say that this year's monsoon could end up as among the worst three in nearly three decades. U.S. oilseed production for 2015/16 is projected at 116.1 million tons, up 0.7 million from last month on increased soybean, cottonseed, and peanut production. 

Similarly, US Soybean production is forecast at 3,935 million bushels, up 19 million due to a higher yield forecast. The 2015/16 U.S. season-average soybean price is projected at $8.40 to $9.90 per bushel, unchanged from last month.
At the Indore spot market in top producer MP, soybean gained 16 rupee to 3357 rupee per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 52070 while prices up 9 rupee, now Soyabean is getting support at 3217 and below same could see a test of 3200 level, And resistance is now likely to be seen at 3252, a move above could see prices testing 3270.


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Gold Under Pressure As Dollar Gains On U.S. Rate Hike Hopes

Gold struggled on Wednesday to recover from its losses over the previous two sessions, as the dollar hit its highest in nearly three weeks on expectations the Federal Reserve would hike U.S. interest rates this year.

Spot gold was little changed at $1,124.30 an ounce by 0330 GMT, after dropping 1.3 percent over the past two days.

The metal's slide follows a rally last week that took it to a near three-week high after the Fed's move to stand pat on interest rates. However, the U.S. central bank has also said it would move to increase rates later this year for the first time in nearly a decade.

Higher rates would dent demand for non-interest-paying gold, while boosting the dollar. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

"Persistent dollar strength will hamper the precious complex, whilst the timing of the first Fed interest rate rise will also add to the uncertainty and continued volatility," said MKS Group trader James Gardiner.

The Fed will likely hike interest rates in December, according to economists polled by Reuters who assigned a 60 percent probability of it happening. This has buoyed the dollar, which on Wednesday hit 96.484 against a basket of currencies, its strongest level since Sept. 4.

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Oil Price Rally Reverses As Dollar Ticks Higher

Oil prices fell in Asia today, reversing sharp gains in the previous session, hit by a strong dollar and persistent concerns over a global supply glut. 

US benchmark West Texas Intermediate for October delivery, which expires at the end of the trading day, eased 39 cents to USD 46.29 in late-morning trade after spiking 4.1 per cent at its close in New York yesterday. 

Brent crude for November dipped 37 cents to USD 48.55 a barrel following a 3.1 per cent surge in London.

 "A resurgent US dollar weighed on crude prices. However, an improved risk tone could cushion oil prices on the downside," said Bernard Aw, market strategist at IG Markets in Singapore. 

The dollar climbed after three Federal Reserve presidents put the argument for borrowing costs the rise by year's end, in a bid to soothe concerns about the global economy that were stoked by the bank's decision to hold fire Thursday.

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Mcx Silver Trading Update

MCX SILVERM November contract was trading at Rs 36080 down Rs 16, or 0.04 percent. The SILVERM rate touched an intraday high of Rs 36111 and an intraday low of Rs 35973.

 So far 2167 contracts have been traded. SILVERM prices have moved down Rs 6980, or 16.21 percent in the November series so far. MCX SILVERM February contract was trading at Rs 36818 down Rs 10, or 0.03 percent.

 The SILVERM rate touched an intraday high of Rs 37000 and an intraday low of Rs 36706. So far 111 contracts have been traded. 

SILVERM prices have moved down Rs 683, or 1.82 percent in the February series so far.

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