Today's Mustard Seed Market Update

Mustard Seed prices closed lower by 0.68 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal.

 At the NCDEX, Mustard Seed futures for April 2016 contract closed at Rs. 3,923 per quintal, down by 0.68 per cent, after opening at Rs. 3,950 against the previous closing price of Rs. 3,950. 

It touched the intra-day low of Rs. 3,916. Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the commodity. EU-27 accounts to about 34 per cent of worlds RM seed production, others major producers are China (23 per cent), Canada (19 per cent), India (14 per cent), Australia (3 per cent), Ukraine (2 per cent). India produces 5.5 million MT to7 million MT annually

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Natural Gas futures advanced almost 2 per cent in the domestic market on Tuesday tracking a rally in the energy commodity internationally as forecasts for cooler weather across the eastern parts of the US next week raised hopes of a pickup in gas-fired heating demand in the world’s biggest fuel consuming nation. 

About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season. The focus now shifts to the EIA’s US storage report due on Thursday which will offer further cues over the state of demand for the fuel in the country. Inventories had declined by 43 billion cubic feet in the same week last year, while the five-year average change for the week is a withdrawal of 71 billion cubic feet. 

At the MCX, Natural Gas futures for March 2016 contract closed at Rs 125.3 per mmBtu, up by 1.95 per cent, after opening at Rs 122.5, against the previous closing price of Rs 122.9. It touched an intra-day high of Rs 128.

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World oil prices fell further today on doubts over a consensus between producer nations to limit output in an oversupplied market, dealers said.

 At around 1700 GMT (2230 IST), US benchmark West Texas Intermediate (WTI) for delivery in April dived USD 1.71 to USD 36.79 per barrel. 

Brent North Sea crude for May delivery sank USD 01.27 to USD 39.12 a barrel compared with Friday's close. Oil had rallied Friday after the International Energy Agency said that after the market's 20-month long rout, there were signs prices may have "bottomed out".

 However, prices hit reverse gear today after Iran reportedly announced over the weekend that it would not join a proposed output freeze by crude producers.

Best Agri Maize Market Update

Maize prices ended lower by 1.63 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. 

At the NCDEX, maize futures for March 2016 contract closed at Rs. 1,391 per quintal, down by 1.63 per cent, after opening at Rs. 1,417 against the previous closing price of Rs. 1,414. It touched the intra-day low of Rs. 1,379. 

USA, China and Brazil are the top three maize producing countries in the world while the prominent exporters of maize are USA, Argentina and Brazil. Chief importers are Japan, EU, Malaysia, Taiwan, Indonesia etc.

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Today's Jeera Agri Market Update

Jeera prices closed higher by 0.84 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. 

At the NCDEX, jeera futures for March 2016 contract closed at Rs. 15,080 per quintal, up by 0.84 per cent, after opening at Rs. 14,885 against the previous closing price of Rs. 14,955. It touched the intra-day high of Rs. 15,215. 

Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. 

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Oil prices rebounded in Asia today but doubts over a planned meeting between producer giants including Russia and Saudi Arabia this month to discuss an output freeze held back gains. 

Questions over the proposed March 20 meeting emerged after Iran declined to agree to any output cap as it ramps up production following the lifting of nuclear-linked sanctions in January. 

And even if a meeting does takes place, analysts are not optimistic an agreement would be reached. 

The idea of freezing output surfaced in discussions led by OPEC kingpin Saudi Arabia and Russia in February after an increase in global production January added to a supply glut that has sent prices plunging by 70 from mid-2014 peaks.

Mcx Gold and Silver Market Update

Gold

Gold on MCX settled down -0.71% at 29598 dropped sharply as weaker Euro and the stronger Dollar are weighing on gold prices. Worries about the expected monetary policy easing from the ECB and the possibility that the Fed may raise interest rates perhaps as early as June are encouraging investors to take profits.

Trading Ideas:

Gold trading range for the day is 29122-29956.Gold fell as oil prices and world stock markets rose, and expectations for further monetary easing from ECB prompted some investors to take profits.Headwinds in the global economy are likely to deter U.S. policymakers from raising interest rates soon after hiking them in December.

Silver

Silver on MCX settled down -0.55% at 37223 slipped as Comex Silver dropped to closed at $15.26 an ounce dropped in the steady session as dollar advanced on expectations of more stimulus from the ECB to bolster economies in the euro zone.

Trading Ideas:

Silver trading range for the day is 36671-37649.Silver dropped amid rallies in global equity markets, dampening the demand ahead of a critical meeting by the European Central Bank's Governing Council.In the U.S., wholesale inventories rose by 0.3% in January, increasing by the highest level since last June and halting a three-month streak of negative moves.

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Mcx Natural Gas Live Updates

Natural Gas futures surged by nearly 4 per cent in the domestic market on Wednesday tracking a bullish trend internationally as the sharp retreat in the energy commodity in recent sessions paved way for bargain buying in the fuel by investors and speculators, at existing levels. 

The focus is now on the EIA’s weekly storage data on Thursday which may show a withdrawal of 51 billion cubic feet in US gas supplies, up from a 48 billion cubic feet storage drop in the prior week, and a decline of 43 billion cubic feet in the same week last year and a five-year average dip of around 71 billion. 

At the MCX, Natural Gas futures for March 2016 contract closed at Rs 119.7 per mmBtu, up by 3.82 per cent, after opening at Rs 116.6, against the previous closing price of Rs 115.3. It touched an intra-day high of Rs 120.4.

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Oil rallied as dealers digested the latest snapshot of commercial crude reserves in top global consuming nation the United States. Around 1715 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April jumped USD 1.49 to USD 37.99 a barrel. Brent North Sea crude for May delivery won USD 1.26 to USD 40.91 a barrel compared with yesterday's close. 

The market had already risen in earlier deals despite festering concerns over the global economy, in particular weak Chinese growth. 

The US government's Department of Energy (DoE) reported today that commercial crude stockpiles gained almost 3.9 million barrels in the week ending March 4. 

That beat market expectations for a build of 3.5 million barrels, according to analysts polled by Bloomberg News. However, it was far less than the 10.4-million-barrel jump posted the previous week.

Daily Crude palm Oil Market Update

MCX settled up by 0.29% at 490.3 supported by pickup in demand at the spot market. Further, firming trend in the overseas market too fuelled the uptrend. Malaysia should scrap export duty rates for processed palm oil products to help its refining sector, which is losing market share to the world's biggest palm producer Indonesia, a Malaysian industry body said. Malaysian shipments of palm oil products have fallen for five consecutive months since October, according to data from cargo surveyors.

Trading Ideas:

CPO trading range for the day is 483.8-494.8.

Crude palm oil prices gained supported by pickup in demand at the spot market.

Shipments from Malaysia for the vegetable oil fell 17-18 percent during Feb compared with the corresponding period a month ago.

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