JEERA NCDEX UPDATE

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Jeera settled up 0.51% at 13915 as the overall acreage of jeera is likely to decline by 15-20 percent. In Gujarat state, current year, sowing completed 2,68,400 hectares, Normal area is 3,52,300 hectares. Last year Jeera sowing reported 2,66,700 hectares. Jeera sowing reported higher by 1700 hectares in Gujarat as compared to last year area, sowing almost completed in Gujarat current year. Farmers reveled that, Jeera sowing delay in Gujarat as compared to Rajasthan around 25-30 days. Weather in growing areas remain a very important factor for the near term market sentiments.

Trading Ideas:
Jeera trading range for the day is 13685-14065.
Jeera prices gained as the overall acreage of jeera is likely to decline by 15-20 percent.
Jeera sowing reported higher by 1700 hectares in Gujarat as compared to last year area, sowing almost completed in Gujarat current year.
India's total carryover stock is currently estimated between 0.7-0.8 million bags versus 2.5 million bags a year ago.
In Unjha, a key spot market in Gujarat, jeera edged up by 1.35 rupees to end at 14705 rupee per 100 kg.

Zinc Newa Latest Update

Zinc settled down -1.57% at 100.15 as more equity losses in Shanghai increased concern that demand will slow in China. Industrial metals retreated as Chinese shares extended the world’s worst selloff this year, with data showing the country’s inflation in December stayed at about half of the government’s 2015 target. U.S. retail sales unexpectedly fell in December as unseasonably warm weather undercut sales of winter apparel and cheaper gasoline weighed on receipts at service stations, adding to signs that economic growth braked sharply in the fourth quarter

Trading Ideas:
Zinc trading range for the day is 98.6-102.
Zinc prices dropped as more equity losses in Shanghai increased concern that demand will slow in China.
The US Commerce Department said retail sales slipped 0.1 percent after an upwardly revised 0.4 percent gain in November.
Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 9,900 to 325,200 tonnes this past week, due mainly to growing outward shipments.

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Oil Price News latest

Oil prices hit their lowest since 2003 in early trading on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend. 

On Saturday, the UN nuclear watchdog said Tehran had met its commitments to curtail its nuclear program, and the United States immediately revoked sanctions that had slashed the OPEC member's oil exports by around 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.


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GOLD NEWS TODAY---Gold glitters to hit over 2-mth high on global cues

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Gold prices surged Rs 340 to hit over two-month high of Rs 26,550 per ten grams at the bullion market today, taking positive cues from global market amid pick up in buying by jewellers to meet wedding season demand. 

Silver too recovered and reclaimed the Rs 34,000-mark by rising Rs 220 to Rs 34,015 per kg on increased offtake by industrial units and coin makers. A weaker rupee, which plunged to hit fresh 28-month low of 67.59 against the dollar yesterday that made imports costlier also supported the upside in gold prices.

CASTOE SEED NEWS

Castorseed prices rose by 1.26 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings.

At the NCDEX, castor seed futures for January 2016 contract were trading at Rs. 3,465 per quintal tonnes, up by 1.26 per cent, after opening at Rs. 3,445 against the previous closing price of Rs. 3,422. It touched the intra-day high of Rs. 3,465 till the trading. (At 12.35 PM today). Castor is a non-edible oilseed crop; basically a cash crop, with average 46 per cent oil recovery.


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CHANA NEWS TODAY

Chana settled down by -0.82% at 4360 on hopes of rise in arrival of new crop in the coming days coupled with pressure of imported crop. Reports subdued demand at higher prices as the standing chana crop is developing well in Rajasthan and MP also weighed. As per data release by Agriculture Ministry, Chana planted 81.08 lakh tonnes (lt) so far, compared with 79.95 lt last year.

Trading Ideas:
Chana trading range for the day is 4304-4458.
Chana prices dropped on hopes of rise in arrival of new crop in the coming days coupled with pressure of imported crop.
Reports subdued demand at higher prices as the standing chana crop is developing well in Rajasthan and MP also weighed.
As per data release by Agriculture Ministry, Chana planted 81.08 lakh tonnes (lt) so far, compared with 79.95 lt last year.
In Delhi spot market, chana remains unchanged at by 0 rupee to end at 4850 rupee per 100 kgs

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MENTHA OIL REPORT

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Mentha oil settled up by 1.45% at 881.7 supported by firming trend at the spot markets on pick-up in demand from consuming industries. Further, restricted arrivals from major producing belts of Chandausi in Uttar Pradesh, too fuelled the uptrend. Reports of lower quality arrivals leading to lack of export demand too kept trend sideways. Traders said that the day-to-day consumption of menthol declined from 200 drums to 100-120 drums in present term. At Rampur market sources reported arrivals at 5 Drums(1-drum=180kg), steady as against previous day’s arrival.
Trading Ideas:
Menthaoil trading range for the day is 858.2-895.2.
Mentha oil spot at Sambhal closed at 1024.40 per 1kg. Spot prices is up by Rs.1.50/-.
Mentha oil prices ended with gains supported by firming trend at the spot markets on pick-up in demand from consuming industries.
Further, restricted arrivals from major producing belts of Chandausi in Uttar Pradesh, too fuelled the uptrend.
The day-to-day consumption of menthol declined from 200 drums to 100-120 drums in present term.

Gold eases for second day on uptick in risk appetite

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Gold lost more ground on Friday, falling for five out of six sessions as a rebound in oil and equity markets reduced the precious metal's safe haven appeal. Gold has dropped 2.5 percent this week, its biggest weekly decline since early November. 

FUNDAMENTALS 

* Spot gold slid 0.1 percent to USD 1,076.88 an ounce by 0007 GMT while US gold futures gained 0.3 percent to USD 1,076.8. 

*A bounce in global stock markets and oil prices added pressure on precious metals. 

* The metal hit two-month highs at USD 1,112 last week as volatility in Chinese stocks battered appetite for risk, but trading has since fallen as expectations of further US interest rate increases lowers demand for the non-interest-paying asset. 

* The Fed raised rates in December and attention has shifted to how many hikes will follow in 2016.

US crude falls as market braces for more Iranian oil

US crude oil futures fell in early Asian trade, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market. 

West Texas Intermediate (WTI) was down 33 cents at USD 30.87 a barrel at 0103 GMT (2003 EDT). On Thursday the contract rose 72 cents, or 2.4 percent, to settle at USD 31.20. It hit a 12-year low of USD 29.93 earlier this week. 

WTI is on track to post a third consecutive weekly loss, down more than 6 percent. The contract is down nearly 18 percent from a 2016 high on January 4. Brent crude was yet to trade. 

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