Market News For Commodity and Forex

Market News for Mustard seed: prices ended higher by 0.98 % on Saturday at the National Commodity & Derivatives Exchange Limited as a result of the decreased in the supply for the commodity in the major markets. Mustard seed futures for April 2015 contract ended at Rs. 3,392/quintal, upward by 0.98 %, after opening at Rs. 3,361 against the last ending price of Rs. 3,359. It touched the intra-day maximum of Rs. 3,394. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is maintained for scatter and direct consumption as the seed which leaves about 4.8 to 5.1 million MT for crushing and extracting oil. As per Market News.

Barley prices ended higher by 0.31 % on Saturday at the National Commodity & Derivatives Exchange Limited as a result of strong desired from beer and cattle-feed making industries against crampes supply in physical markets. Barley futures for April 2015 contract ended at Rs. 1,141.5 / quintal, upward by 0.31%, after opening at Rs. 1,136 against the last ending price of Rs. 1,138. It touched the intra-day maximum of Rs. 1,145.5. The consumption desired for Barley in India mostly comes for malt, poultry and animal feed. Barley malt is frightfully used for the production of alcoholic beverages in the country. 

Chana prices ended lower by 0.59 % on Saturday at the National Commodity & Derivatives Exchange Limited as a result of the steady scattering progress of pulses along with big supplies in major producing states. Chana futures for April 2015 contract ended at Rs. 3,685/quintal, downward by 0.59 %, after opening at Rs. 3,701 against the last ending price of Rs. 3,707. It touched the intra-day low-lying of Rs. 3,672. India is the biggest producer of chickpea followed by Pakistan and Turkey. India produces around 6 to 8 million tonnes and contributes around 70 % of the total world production. 

Maize prices closed lower by 0.16 % on Saturday at the National Commodity & Derivatives Exchange Limited as a result of heavy selling activity by the traders on account of bigger global supplies and weak off takes from the local buyers. Maize futures for March 2015 contract ended at Rs. 1,254/quintal, downward by 0.16 %, after opening at Rs. 1,254 against the last closing price of Rs. 1,256. It touched the intra-day low of Rs. 1,252. Sentiment weakened further as a result of a decreased in the desired for the commodity from bio-fuel making industries tracking the weaker global markets. 

Jeera prices ended lower by 0.51 % on Saturday at the National Commodity & Derivatives Exchange Limited on account of a outburst in the supply from the producing regions in the midst of a decreased in the export desired. Jeera futures for March 2015 contract ended at Rs. 14,550 / quintal, downward by 0.51 %, after opening at Rs. 14,700 against the last ending price of Rs. 14,625. It touched the intra-day low of Rs. 14,400. Global throughput of Jeera is around 2.2 lakh MT/year, of which India produces about 1.5 lakh MT / year. India exports Jeera mostly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey. 

Crude oil futures closed higher in the domestic market on Saturday as investors and speculators booked new positions in the energy commodity after US rig count slide for the twelfth straight week, signaling lower production, which may help ease a over supply that has pushed prices to the lowest level in six years. 

US rig count slide by 33 to 986 in the week closed 27 February 2015, the lowest level since June 2011. However, tepid US economic data which showed a downward revision in US Q4 growth, a slide in US consumer sentiment from an eleven year highs and contraction in business activity in February signaled a slowdown in the world’s largest economy, clouding the desired outlook for the fuel. The American economy expanded at an annualized rate of 2.2 % in Q4 2014, downward from a last reported 2.6 %t, while the index measuring US consumer confidence slide for the first time in seven months, downward to 95.4 in February from 98.1 in January. 

The Chicago Business Barometer, a proxy for US business activity slide to the lowest level since July 2009 last month to 45.8 from January’s 59.4 with a reading below 50 signaling contraction. 

Oil may extend gains profit today after China’s manufacturing regaining into positive terrain last month while the country’s central bank cut interest rates for the second time in less than four months. Crude oil futures, for the March 2015 contract, ended at Rs 3,064/barrel, upward by 0.99 %, after opening at Rs 3,035, against the last close price of Rs 3,034. It touched an intraday max of Rs 3,070 till the ending. 

Gold futures ended higher in the domestic market on Saturday as investors and speculators booked new positions in the precious metal as weaker than expected US economic data signaled a cooling regaining in the world’s largest economy, raising bets that the US Federal Reserve may hold off monetary tightening in the near-term, bolstering the appeal of the bullion as a store of value. US Q4 GDP growth was revised downwards to 2.2 % annualized pace from 2.6 % earlier, while consumer sentiment in the US withdraws from an eleven-year max in February 2015. Meanwhile, India abstains from raising the import duty on gold at 10 %, signaled brighter prospects for bullion desired in the world’s largest bullion consumer. Gold futures may extend profit gains today amid a bullish physical desired outlook and fresh policy easing in China. Gold futures for April 2015 contract ended at Rs 26,477/10 gram, upward by 0.76 % after opening at Rs 26,200, against the last ending price of Rs 26,227. It touched the intra-day maximum of Rs 26,515 till the ending. 

Natural gas futures ended lower in the domestic market on Saturday as investors and speculators exited positions in the energy commodity as forecasts for warmer weather in the US faded the demand outlook for the heating fuel. Natural Gas futures for March 2015 contract ended at Rs 167.70/1 kg, downward by 1.29 % after opening at Rs 169, against the last closing price of Rs 169.90. It touched the intra-day low of Rs 167.30 till the closing. 

Zinc futures closed higher in the domestic market on Saturday as investors and speculators booked new positions in the industrial metal as strong physical desired for zinc in the domestic spot market boosted sentiment. Further, contracts to buy US existing homes increased to the highest level since August 2013 in January 2015, signaling a rise up in the housing market of the world’s largest economy, lifting the desired outlook for industrial metals. The index of US pending home sales rose 1.7 % in January 2015 following a 1.5 % drop in the prior month. Zinc futures for March 2015 contract ended at Rs 127.7/1 kg, upward by 0.31% after opening at Rs 127.4, against the last ending price of Rs 127.30. It touched the intra-day maximum of Rs 128 till the ending. 

About Forex Market News

Dollar extends profit gains after US growth data 

The dollar extended its gains profit in Asia on Monday as better-than-anticipated revised US economic growth data and an interest rate cut by China boosted confidence. In Tokyo, the dollar conveyed 119.87 yen, compared with 119.63 yen in New York and well upward from 119.17 yen in Tokyo earlier Friday. The euro slided to $1.1174 and 133.91 yen from $1.1195 and 133.93 yen in US trade.

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