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Lead prices fell by 0.70 per cent on Friday at the domestic markets due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 16100 metric tonnes to 228525 metric tonnes as on March 13, 2015. At the MCX, Lead futures, for the March 2015 contract, is trading at Rs 113.40 per kg, down by 0.70 per cent, after opening at Rs 114.25, against a previous close of Rs 114.20. It touched an intra-day low of Rs 113.15 till the trading. Sentiment weakened further as a result of low demand for the commodity from battery-maker in the spot market in the midst of weak overseas trend.
Chana prices closed higher 0.49 percent on Thursday 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 2015 contract closed at Rs. 3,688 per quintal, up by 0.49 per cent, after opening at Rs. 3,674 against the previous closing price of Rs. 3,670. It touched the intra-day high of Rs. 3,690. 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.
Mustard seed prices closed higher by 0.15 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for April 2015 contract closed at Rs. 3,382 per quintal, up by 0.15 per cent, after opening at Rs. 3,375 against the previous closing price of Rs. 3,377. It touched the intra-day high of Rs. 3,394. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.
Barley prices closed higher by 0.9 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of strong demand from beer and cattle-feed making industries against restricted supply in physical markets. At the NCDEX, barley futures for April 2015 contract closed at Rs. 1,183.5 per quintal, up by 0.9 per cent, after opening at Rs. 1,177 against the previous closing price of Rs. 1,173. It touched the intra-day high of Rs. 1,186. The consumption demand for Barley in India mainly comes for malt, poultry and animal feed. Barley malt is majorly used for the production of alcoholic beverages in the country.
Maize prices closed higher by 0.86 per cent on Thursday 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 March 2015 contract closed at Rs. 1,296 per quintal, up by 0.86 per cent, after opening at Rs. 1,299 against the previous closing price of Rs. 1,285. It touched the intra-day high of Rs. 1,300 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.
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as US crude supplies climbed for the ninth week on the trot to a fresh record, raising fears over a widening supply glut. US crude stockpiles climbed by 4.5 million barrels to 448.9 million barrels in the week ended March 6, 2015. A third straight drop in US retail sales last month signaled a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. US retail sales fell by 0.6 per cent in February over the previous month when it declined 0.8 per cent . Investors cast aside a decline in the number of applications seeking unemployment benefits last week, signaling US labour market progress. US jobless claims fell to the lowest level in three weeks, down 36,000 to 289,000 in the week ended March 7, 2015. Oil may extend a decline today amid lingering oversupply fears. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,982 per barrel, down by 0.60 per cent, after opening at Rs 3,021, against the previous close price of Rs 3,000. It touched an intraday low of Rs 2,956 till the closing.
Zinc futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal as new loan growth in China, the world’s biggest metals consumer, topped estimates, lifting the demand outlook for zinc. Chinese banks and financial institutions created 1.02 trillion yuan worth of new loans in February, well above the 750 billion yuan expected by analysts. However, a 0.1 per cent drop in industrial output in the 19-member Euro area in January signaled a fragile economic recovery, dimming the demand outlook for zinc, curbing gains in the industrial metal. At the MCX, Zinc futures for March 2015 contract closed at Rs 125.65 per 1 kg, up by 0.31 per cent after opening at Rs 125.20, against the previous closing price of Rs 125.25. It touched the intra-day high of Rs 126.55 till the closing.
Gold futures closed lower in the domestic market on Thursday as an appreciation in the Indian rupee against the US dollar more than offset the gains witnessed in the precious metal in the overseas market. Stronger rupee tends to exert downward pressure on prices of the bullion in the domestic market. However, a firm trend in the overseas market curbed losses in the precious metal as a weaker dollar boosted the appeal of gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand. Bets of an imminent US interest rate hike by the US Federal Reserve were put to rest by a third straight dip in US retail sales last month, signaling slight weakness in the world’s biggest economy, boosting the lure for gold as a store of value. Gold may drop today as a dollar rebound dims appeal. At the MCX, Gold futures for April 2015 contract closed at Rs 25,655 per 10 gram , down by 0.12 per cent after opening at Rs 25,660, against the previous closing price of Rs 25,685. It touched the intra-day low of Rs 25,562 till the closing.
Natural gas futures plunged in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as mild weather threatens to curb consumption of the heating fuel in the world’s biggest fuel consumer. Weather forecasts called for above normal temperatures in the next two weeks in the US Midwest and South. A polar blast has been followed by warmer than usual weather in the lower 48 states this week. Investors cast aside data which showed that last week’s storage withdrawal was in line with analysts’ estimates. US gas supplies fell 198 billion cubic feet in the week ended March 6, 2015 to 1.512 trillion, against an expected decline of 191 billion cubic feet. At the MCX, Natural Gas futures for March 2015 contract closed at Rs 172 per 1 kg, down by 3.7 per cent after opening at Rs 177.90, against the previous closing price of Rs 178.60. It touched the intra-day low of Rs 171.50 till the closing.
Cardamom prices rose by 0.12 per cent on Friday at the Multi Commodity Exchange (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. At MCX , Cardamom futures for April 2015 contract were trading at Rs 1016.20 per kg, up by 0.12 per cent, after opening at Rs. 1013.50 against the previous closing price of Rs. 1015. It touched the intra-day high of Rs. 1018.60 till the trading. (At 10.35 AM today). Sentiment improved further as a result of firm demand in the market against restricted arrivals from producing belts of Chandausi in Uttar Pradesh. 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.
Coriander prices rose by 4.28 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the limited stocks on account of restricted arrivals from the major growing belts . At the NCDEX, coriander futures for April 2015 contract was trading at Rs. 6,990 per quintal, up by 4.28 per cent after opening at Rs. 6,956 against the previous closing price of Rs. 6,703. It touched the intra-day high of Rs. 7,105 till the trading. (At 11.30 AM today). Sentiment improved further as the investors enlarged their holdings tracking the surge in the demand for the commodity. Coriander is common in South Asian, Middle Eastern, Central Asian, Mediterranean, Indian, Tex-Mex, Latin American, Portuguese, Chinese, African, and Scandinavian cuisine.
Copper prices rose by 0.62 per cent on Friday at the domestic markets after the number of people who filed for unemployment assistance in the U.S. last week fell more than expected, fuelling optimism over the strength of the labor market which raised the demand outlook for the metal. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 7 decreased by 36,000 to a seasonally adjusted 289,000 from the previous week’s total of 325,000. At the MCX, copper futures for April 2015 contract were trading at Rs.373.50 per 1 kg, up by 0.62 per cent, after opening at Rs. 372.65 against the previous closing price of Rs. 371.20. It touched the intra-day high of Rs. 374.50 till the trading. (At 11.40 AM today).
Crude oil prices rose by 0.37 per cent on Friday at the domestic markets following the re-opening of the Houston Shipping Channel for oil imports. The channel closed after a vessel collision between a tanker and a Liberian bulk carrier earlier this week prompted a refinery rate cut. Elsewhere in Houston, progress in negotiations between a union representing refinery workers and the Shell Oil Company provided encouraging signs that the two sides could end a 40-day work stoppage. At the MCX, crude oil futures for March 2015 contract were trading at Rs. 2,971 per barrel, up by 0.37 per cent, after opening at Rs. 2,964 against the previous closing price of Rs. 2,982. It touched the intra-day high of Rs. 2,974 till the trading.
Gold futures rose by 0.62 per cent on Friday at the domestic markets with attention turned to next week's Federal Reserve meeting and prospects for any physical demand support in China and India. However, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 25,814 per 10 gram , up by 0.62 per cent after opening at Rs 25,720, against the previous closing price of Rs 25,655. It touched the intra-day high of Rs 25,846 till the trading.
Castorseed prices rose by 0.91 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 March 2015 contract were trading at Rs. 3,655 per quintal tonnes, up by 0.91 per cent, after opening at Rs. 3,639 against the previous closing price of Rs. 3,622. It touched the intra-day high of Rs. 3,670 till the trading. (At 11.52 AM today). Castor is a non-edible oilseed crop; basically a cash crop, with average 46 per cent oil recovery.
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