Cabinet okays MoU with UAE for cooperation in agriculture

 

The government has approved the signing of an agreement between India and the United Arab Emirates in the area of agriculture and allied sectors.

"The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval for signing of Memorandum of Understanding (MoU) between India and the United Arab Emirates in the field of agriculture and allied sectors," an official statement said.

"It will promote understanding of best agricultural practices in the two countries and will help in better productivity at farmer fields as well as improved global market access leading to equity and inclusiveness," it said.

The cooperation in agricultural technology would lead to innovative techniques for increasing productivity leading to strengthening of food security, the statement said.

 

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Commodity Important Updates for 19 Dec 2016

Aluminium trading range for the day is 115.5-119.5.Aluminium prices dropped tracking LME Aluminium closed down at $1,717 a tonne amid signs of softer demand from China. New residential construction in the U.S. saw a steep drop in the month of November, according to a report. Japanese stocks have been steadily decreasing since reaching a record high of 502,200 tonnes in May 2015.

Jeera trading range for the day is 17075-18015.Jeera prices dropped on profit booking after prices gained amid dwindled supplies and good demand for exports. In 2016-17 Jeera sowing completed around 180300 hectares as compared to last year same period 127600 hectares, as on now. NCDEX accredited warehouses jeera stocks gained by 108 tonnes to 281 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -38.45 rupees to end at 18461.55 rupee per 100 kg.

Turmeric trading range for the day is 6900-7072.Turmeric dropped amid expectation of good crop next season and as damage to the turmeric crop in recent rains is not significant. The availability of good quality is quite low and crop arriving currently is of medium to low quality. NCDEX accredited warehouses turmeric stocks dropped by 556 tonnes to 1372 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7761.25 rupees dropped -25.65 rupees.

Soyabean trading range for the day is 3010-3110.Soyabean prices ended with losses tracking weakness in spot demand amid increase in supplies in December and January. There is an expectation that the arrivals of soybean in the domestic market keeping the supplies more than the demand. NCDEX accredited warehouses soyabean stocks gained by 1924 tonnes to 122131 tonnes. At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3045 rupee per 100 kgs.

Menthaoil trading range for the day is 984.7-1019.7.Mentha oil spot at Sambhal closed at 1069.20 per 1kg. Spot prices is down by Rs.-2.80-.Mentha oil settled up amid increasing demand in the domestic spot market. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels.

Nickel trading range for the day is 743.6-780.4.Nickel prices dropped as pressure seen on prices after update the global nickel market moved to a surplus. Data showed the global nickel market moved to a surplus of 900 tonnes in October from a deficit of 500 tonnes a month before. News that the Philippines government had cancelled permits for another three mines on environmental grounds did little to support the metal.

Zinc trading range for the day is 178.9-192.7.Zinc prices dropped on profit booking triggered by a rising dollar that cast doubt over demand strength and expectations of tighter supply. There is also idle mine capacity that can be reactivated to alleviate the supply deficit. ILZSG data for January-October shows zinc mine output fell 1.9% to 10.887 million tonnes, a drop of some 205,000 tonnes.

Copper trading range for the day is 379-395.2.Copper prices fell as rising stocks in London Metal Exchange warehouses and signs of softer demand from major consumer China. Upbeat economic data from China suggests demand should be positive next year, but rising inventories put the metal under pressure. Mining companies in Peru, are accelerating their production of copper to take advantage of better prices for the red metal.

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Mentha oil futures flat on muted physical demand

 

Mentha oil futures were flat during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market.

Further, trimming of positions by traders in the spot market was due to sluggish physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on significant supplies from producing regions, influenced mentha oil prices at futures trade.

At the MCX, mentha oil futures for December 2016 contract is trading flat at Rs 1,006.80 per kg after opening at Rs 1,006, against the previous closing price of Rs 1,006.80. It touched the intra-day low of Rs 1,004 .

 

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Ministry Recommends Anti-Dumping Duty on Chinese products

The commerce ministry has said that it has suggested imposition of anti-dumping duty on imports of steel wire rods from China to guard the interest of domestic players from cheap in-bound shipments.

In its initial findings, the directorate general of anti-dumping and allied duties (DGAD) has recommended the duty.

As per reports, DGAD has suggested that for certain Chinese companies, the duty should be the difference between the landed value of the steel products and USD 499 per tonne while for others, it should be the gap between the landed value and USD 538 per tonne.

As per reports, the duty was recommended on imports of 'wire rod of alloy or non-alloy steel', which is used in many applications and sectors such as automotive components, welding electrodes, fasteners, including nuts and bolts, nails, railway sleepers, general engineering, binding wires for construction industry and armoured cables.

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Mentha oil futures up by 0.39% on rising demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday as participants indulged in building up of fresh positions in the agri-commodity amid a rise in physical demand from major consuming industries for mentha oil in the domestic spot market.

Further, an increase in demand for mentha oil futures was attributed to fresh positions build up by traders in the spot market, buoyed prices of mentha oil at futures trade. At the MCX, mentha oil futures for August 2016 contract were trading at Rs 909 per kg, up by 0.39 per cent after opening at Rs 905.10, against the previous closing price of Rs 905.50. It touched the intra-day high of Rs 910 .

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Top Headlines For Todays Stock Market

                                                         Stock Market Headlines

• Sensex, Nifty open weak; Adani Ports falls 5%, Hindalco down.
• Jindal brothers sign $976 million power deal .
• Asian markets mostly lower, ASX down 1.2%, HK down 1%.
• Wall Street loses ground on growth fears, oil slide .
• Global sell-off a passing phase, rally to resume later .
• Trump wins Indiana primary; becomes GOP presumptive nominee .
• Brexit could 'loom large' over June policy meeting: Lockhart .
• GST, land reforms key to boost India's economic growth:
• See Brent at $50/bbl by year-end; weak $ to aid gold rally.
• Bulls Eye: Buy HDIL, Jet Airways, Voltas, Tata Comm, Biocon .
• Stocks in news: JSW Energy, JSPL, NTPC, Future Retail, IFCI.
• Are IPOs back in vogue? So far 2016 has been a mixed bag.
• Call drops: Telecom companies under heavy debt, SC told .
• MRF Q4 net profit up 13% to Rs 376 crore .
• Proposal to ensure air ticket for Rs 2,500 for 1-hr journeys .
• Nawaz Sharif vows to quit if proved guilty in Panama case.
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Agro Tips - Maize Closes Lower On High Selling Pressure

Maize prices ended lower by 0.16 per cent on Wednesday 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 May 2016 contract closed at Rs. 1,242 per quintal, down by 0.16 per cent, after opening at Rs. 1,246 against the previous closing price of Rs. 1,244. It touched the intra-day low of Rs. 1,241.
 

Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.
 

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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