Today's Chana Market Update By MarketMagnify

Chana prices closed higher 2.03 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. 

At the NCDEX, chana futures for April 2016 contract closed at Rs. 4,614 per quintal, up by 2.03 per cent, after opening at Rs. 4,520 against the previous closing price of Rs. 4,522. 

It touched the intra-day high of Rs. 4,615. Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices. 

India is the largest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 per cent of the total world production.

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Today's Natural Gas Market Update

Natural Gas ended in the red in the domestic and overseas market on Friday as investors and speculators cut positions in the energy commodity on worries that the market remains oversupplied.

 At 2.468 trillion cubic feet in the week ended March 25, 2016, total gas storage levels in the US remain nearly 52 per cent above average for this time of year as a moderate winter suppressed demand for the heating fuel while rising US production also bolstered supplies. 

At the MCX, Natural Gas futures for April 2016 contract closed at Rs 129.7 per mmBtu, down by 0.15 per cent, after opening at Rs 130.2, against the previous closing price of Rs 129.9. It touched an intra- day low of Rs 128.8.

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Gold futures tumbled by almost 2 per cent in the domestic market on Friday tracking weakness in the yellow metal overseas as better than expected US jobs data infused optimism over the health of the world’s biggest economy, eroding the safe haven appeal for the bullion, while keeping the door open for further tightening of interest rates by the US Federal Reserve later this year following a maiden hike in borrowing costs since 2006 in December, dimming the lure for gold as a store of value.

 The US economy added 215,000 jobs in March, compared to a revised 245,000 in February, and topping analysts’ estimates of 205,000. Meanwhile, a US factory gauge expanded for the first time in seven months in March, also offering evidence of strength in the American which may convince the Fed to proceed with gradual rate hikes. 

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Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while US output remains stubbornly high. Front month US West Texas Intermediate (WTI) crude futures were trading at USD 36.38 per barrel at 0302 GMT, down 1.1 percent or 41 cents cents from their last settlement. 

International Brent futures were down 0.9 percent or 34 cents at USD 38.33 a barrel. The falls extended a 4 percent tumble on Friday when Saudi Arabia said it would only participate in a global freeze of its output if its rival Iran also took part, something Tehran has so far dismissed. 

Adding to concerns of a global glut which has pulled down prices by as much as 70 percent since 2014, US production has remained high despite steep cuts in drilling for new reserves as well as a jump in bankruptcies.

Today's Crude Oil Market Update By MarketMagnify

Crude oil futures closed lower in the domestic market on Wednesday as investors and speculators cut positions in the energy commodity after storage levels in the US shot up to the highest level since 1930, raising concerns over a growing global supply glut. 

The EIA said that US crude inventories climbed by 2.3 million barrels to 534.8 million barrels last week, while supplies at Cushing, the biggest US oil storage hub, fell by 272,000 barrels to 66 million barrels. However, refineries operated at 90.4 per cent of capacity in the week ended March 25, 2 percentage points higher than the prior week. 

Oil production in the US fell by 16,000 barrels per day to 9.02 million barrels per day last week, the lowest since November, supporting crude. Meanwhile, reports emerged that Iran will attend talks in Doha in April with other major crude producers including OPEC giant Saudi Arabia, without participating in a proposal to freeze output. 

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Natural Gas futures advanced in the domestic and overseas market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for a late cold front in early April across the US Northeast and Midwest bolstered the demand outlook for the heating fuel and eased concerns over oversupplies. 

Energy Aspects said that US natural gas output has fallen 2 per cent from a recent high of 73 billion cubic feet while the EIA on Thursday, may show a 24 billion cubic feet withdrawal in US gas supplies in the week ended March 25, 2016. 

At the MCX, Natural Gas futures for April 2016 contract closed at Rs 132.8 per mmBtu, up by 0.53 per cent, after opening at Rs 132, against the previous closing price of Rs 132.1. It touched an intra- day high of Rs 133.8.

Today's Lme Inventory Report

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Copper stocks -3675 MT to 145450, 

Aluminum Stocks -15925 MT to 2798875 MT,

 Nickel Stocks -2178 MT to 432672 MT, 

Zinc Stocks -850 MT to 435800 MT, 

Lead Stocks -1075 MT to 156075 MT.

Today's Maize Market Update By MarketMagnify

Maize prices closed higher by 0.73 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries.

 At the NCDEX, maize futures for April 2016 contract closed at Rs. 1,241 per quintal, up by 0.73 per cent, after opening at Rs. 1,232 against the previous closing price of Rs. 1,232. 

It touched the intra-day high of Rs. 1,241. 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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Gold futures rebounded in the domestic and overseas market on Tuesday as investors and speculators cheered comments from Fed Chair Janet Yellen who signaled caution over raising interest rates in the near-term amid worries over a global slowdown hurting growth in the world’s biggest economy, bolstering the lure for the yellow metal as a store of value. 

Yellen called for a slower pace of US interest rate tightening as she stressed that the rate of inflation in the US hasn’t yet proven to be sustainable in the wake of rising global risks that could slow growth in the American economy. 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,743 per 10 gram, up by 1 per cent after opening at Rs 28,389, against the previous closing price of Rs 28,458. It touched the intra-day high of Rs 28,782.

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Gold futures ended lower in the domestic market on Monday as investors remained jittery over the trajectory for US interest rates. Federal Reserve Bank of San Francisco President John Williams said that global economy was having a significant impact on measures that Fed officials gauge to determine interest rates. 

 

At the same time, an upward revision in US fourth quarter growth to 1.4 per cent annualized pace from 1 per cent earlier signaled more optimism over the strength in the world’s biggest economy, bolstering the case for further interest rate tightening in the coming months. 

 

Traders stuck to a cautious tone ahead of key US reports on employment, manufacturing, housing, consumer confidence and Fed Chair Janet Yellen’s speech this week, which may offer further clues over the course of US interest rates. 

 

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