Castorseed dips on adequate arrivals

Castorseed prices fell by 0.54 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies as well as strong production estimates. +

At the NCDEX, castor seed futures for September 2015 contract was trading at Rs. 4,072 per quintal tonnes, down by 0.54 per cent, after opening at Rs. 4,077 against the previous closing price of Rs. 4,094. It touched the intra-day low of Rs. 4,071 till the trading. (At 12.45 PM today). 

Castor oil, extracted from castor seed is the largest vegetable oil exported out of India. India is the biggest exporter of castor oil holding about 70 per cent share of the international trade in this commodity followed by China & Brazil.


For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

DAILY MCX MARKET UPDATE

GOLD

Gold firmed near a two-week high on Friday and was on track to snap a three-week losing streak after the Federal Reserve decided to hold US interest rates steady due to worries over the global economy.
* Spot gold was flat at USD 1,130.70 an ounce at 0036 GMT, not far from a two-week high of USD 1,133.20 reached in the previous session.
The metal is headed for a 2-percent weekly gain, following three weeks of losses.
* US gold GCcv1 gained 1 percent to USD 1,130.40, also near a two-week high * Bullion got a boost on Thursday after the Fed kept interest rates unchanged following a two-day policy meet, in a bow to worries about the global economy, financial market volatility and sluggish inflation at home.
* But the US central bank maintained its bias towards a rate hike sometime this year, while lowering its long-term outlook for the economy
. * Gold had been weighed down all year on fears the Fed would soon hike interest rates from record-lows for the first time in nearly a decade. Higher rates could dent demand for non-interest paying bullion, while boosting the dollar.
CRUDE OIL

Oil prices dipped early on Friday on fresh signs the Middle East will continue to prioritise market share over prices, while the United States kept interest rates at historic lows on worries over the health of the global economy.
US West Texas Intermediate (WTI) crude futures CLc1 were trading at USD 46.70 per barrel at 0049 GMT, down 20 cents from their last settlement. Brent prices were little changed at USD 49.14 per barrel. Kuwait, a key producer of the Organization of the Petroleum Exporting Countries (OPEC), said on Thursday that the oil market would balance itself but that this would take time, indicating support for the producer group's policy of defending market share despite falling prices.
This view was confirmed by sources at OPEC who said they expected oil prices to rise by no more than USD 5 a barrel a year to reach USD 80 by 2020, with a slowing in rival non-OPEC production growth not enough to absorb the current oil glut. The lower prices came despite the US Fed keeping interest rates at historic lows.



For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

NCDEX CHANA UPDATE

Chana settled down by -1.71% at 4299 as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side. Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region impart bearish sentiments.

 However, the duty concession on chickpea, or chana, extended only until this December to ensure remunerative prices to farmers and encourage them to plant the crop. 

According to the latest govt data, country has imported about over 1.52 lakh tonnes of chana in during first three months of MY 2015-16. The current zero duty on pulses ends on September 30.

 The agriculture ministry has suggested 10% import duty on pulses to boost domestic production and encourage farmers to bring more irrigated areas under pulses production. As per 4th Advance Estimates for 2014-15, Chana production is estimated at 7.17 million tonnes (mt) against 7.59 mt in 3rd estimate Latest Govt figures put kharif Pulses sown area till 11th Sept 2015 at 110.08 lakh ha, vs 99.14 lakh ha.

Chana trading range for the day is 4176-4466.
Chana prices ended with losses as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side.
Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region.
NCDEX accredited warehouses chana stocks dropped by 5339 tonnes to 88436 tonnes.
In Delhi spot market, chana dropped by -14.7 rupee to end at 4500 rupee per 100 kgs.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips

Today Gold And Crude oil Update

CRUDE OIL

Oil prices extended gains in early trading in Asia on Wednesday after US prices were boosted by a stockpile draw, while a warning by OPEC producer Iraq that it may slow spending on new fields pushed up international crude contracts.

 US crude futures rose after industry group the American Petroleum Institute (API) reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. 

A surge in American gasoline prices was also supportive. Outside the United States, international crude contracts rose on reports that Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices.

GOLD
Gold struggled to break out of a tight range near its one-month low on Wednesday, as investors waited to hear on the outlook of US interest rates from a Federal Reserve policy meet that kicks off later in the session. 

 * Spot gold eased 0.1 percent to USD 1,103.95 an ounce by 0037 GMT. The metal has not made any significant move this week, after dropping to a one-month low of USD 1,098.35 last week.

 * US gold GCcv1 was little changed at USD 1,103.30. 

* Traders are waiting to see if the US central bank will raise rates this week for the first time in nearly a decade.

 * The Fed will begin its much awaited two-day policy meeting on Wednesday, with a statement expected on Thursday. 

* The uncertainty over the timing of a rate hike has weighed on gold all year, sending it down over 6 percent. Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar. 

* Data on Tuesday showed US consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Fed to hike interest rates on Thursday. 

* While other data showed continued weakness in manufacturing, economists said that was unlikely to have much impact on the US central bank's decision.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips.

DAILY MCX TIPS UPDATE

GOLD

Gold edged down on Monday to just above a one-month low, as European stocks rose ahead of a Federal Reserve policy meeting that will be scrutinized for clarity on when the US central bank will raise interest rates.

 Spot gold fell 0.3 percent to USD 1,103.68 an ounce by 1148 GMT. It had fallen to USD 1,098.35 on Friday, the lowest since August 11. US gold GCcv1 for December delivery was unchanged at USD 1,103.20, also close to its lowest in a month.

 The Fed will kick off a two-day policy meet on Wednesday.

 Though some in the market still reckon a "lift-off" could come this week, the view is gathering steam that faltering global growth could push that back even into next year. [FRX/] "There has been so much anticipation (about the Fed rate hike) that we are now anticipated out," Macquarie analyst Matthew Turner said. 

"I don't think that not raising rates in September could feel like a complete change of policy," Turner said, adding that one concern for gold could be if the dollar resumes its upward move against developed market currencies. 

The dollar recovered from an almost three-week low against a basket of major currencies, while European shares rose, showing resilience to weak China data published over the weekend. 

 Gold has benefited in recent years from ultra-low rates, which cut the opportunity cost of holding non-yielding gold while weighing on the dollar, in which the metal is priced.

CRUDE OIL
Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session. Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.

 A broker said Tuesday's gains were mainly driven by market participants with short positions locking in profit following Monday's falls, while other traders took the price fall as an opportunity to place new orders. Front-month U.S. crude futures CLc1 were trading at USD 44.30 per barrel at 0029 GMT on Tuesday, up 30 cents from their last settlement. 

Internationally traded Brent futures LCOc1 were up 32 cents at USD 46.69 a barrel. 

"This morning's trading is not representative of fundamentals, but instead a digestion of yesterday's moves," said the broker.

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips.

Poor Buying Sentiment Weakens Gold

Gold prices weakened further at the domestic bullion market here due to lack of buying interest at existing levels as well as volatile overseas situation ahead of Fed policy meet. 

Elsewhere, silver also declined owing to subdued demand from industrial users. Standard gold (99.5 purity) moved down by Rs 15 to settled at Rs 25,945 per 10 grams from last Saturday's close of Rs 25,960.
Pure gold (99.9 purity) also softened by a similar margin to end at Rs 26,095 per 10 grams against Rs 26,110 earlier.
Spot gold was little changed at USD 1,105.90 an ounce in early European trade, while silver quoted at USD 14.40 an ounce. 

For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips.

MCX MARKET UPDATE

GOLD

Gold extended losses on Monday to trade near its lowest in a month, as investors waited for a Federal Reserve policy meeting later this week for clarity on when the US central bank will hike interest rates.
* Spot gold had dropped 0.2 percent to USD 1,105.40 an ounce by 0024 GMT, after losing 0.3 percent on Friday.
The metal had fallen to USD 1,098.35 in the previous session, its lowest since August 11.
* US gold edged up 0.2 percent to USD 1,104.90.
* The Fed will kick off a two-day policy meet on Wednesday, with a statement expected on Thursday.
* Gold prices have been hurt this year by uncertainty over the timing of the Fed's first rate hike in nearly a decade.

CRUDE OIL
Oil markets edged up in early Asian trading on Monday, with US crude contracts receiving support from reduced American drilling, although weakening demand weighed on international markets.
US crude futures CLc1 were trading at USD 44.86 per barrel at 0215 GMT, up 23 cents from their last settlement, pushed by a slight fall in drilling activity.
The global crude benchmark Brent LCOc1 was trading at USD 48.18 a barrel, up 4 cents from its last close. "Baker Hughes reported US oil rig count fell 10 to 652 last week.
The consecutive second decline suggests a low price environment coupled with low oil price hedge is starting to impact US supply," ANZ bank said on Monday.
The International Energy Agency (IEA) said on Friday that a cut in production from non-OPEC suppliers, especially from the United States, would lead to a rebalancing of the market by next year. The outlook for oil markets outside the United States remained weak, however, as high production clashed with stalling demand, creating a market in which more oil is produced than needed.


For More Information : Bullion Tips, McxTrading Tips, Mcx Tips, Commodity Market Tips,Bullion Trading Tips,mcx market tips,Mcx Trading Tips,commodity tips,Commodity market tips.