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Commodity Trends: Pulses rise on demand, oilseeds on global cues

India’s pulses and oilseeds market witnessed an uptrend while spices market showed a weak trend sluggish export demand. The soybean complex was well supported by the news that US soybean planting is set to drop from 77.144 million acres 77.404 mn in the season that stars from September 1. Soybean acreage will reduce by 0.3% as farmers shift to corn.

Commodity Trends: Pulses rise on demand, oilseeds on global cues
24 January 2011 - 09:10

India’s pulses and oilseeds market witnessed an uptrend while spices market showed a weak trend sluggish export demand. The soybean complex was well supported by the news that US soybean planting is set to drop from 77.144 million acres 77.404 mn in the season that stars from September 1. Soybean acreage will reduce by 0.3% as farmers shift to corn.

Soybeans may rise 6.2 percent to $15 a bushel in Chicago, peaking before the USDA issues its acreage report at the end of March, Blooberg quoting Bill Biedermann, a senior vice president at Allendale said.
Indian pulses market witnessed an uptrend due to delayed arrivals on adverse weather conditions in growing regions and stocking by traders ahead of the marriage season beginning February to March. This led chana futures at National Commodity and Derivatives Exchange to touch record high.

Precious Metals

Precious metals dropped this week end on speculation that borrowing costs will rise as the economy recovers, eroding the metal’s appeal as an alternative investment. The Federal Reserve has kept the benchmark interest rate at zero percent to 0.25 percent since December 2008 to bolster the economy. U.S. equities have been rising on optimism for the U.S. recovery.

On Friday, gold futures for February delivery fell $3.80, or 0.3 percent, to $1,342.70 an ounce on the Comex in New York. The metal is down 1.3 percent for the week.

Gold may rise next week after prices dropped, making the precious metal more attractive to investors, according to a Bloomberg News survey.

Silver futures for March delivery fell 27.3 cents, or 1 percent, to $27.20 an ounce on the Comex. The metal is set for a third weekly drop, the longest losing run since March.

Platinum futures for April delivery climbed $8.40, or 0.5 percent, to $1,827 an ounce on the New York Mercantile Exchange. Palladium for March delivery fell $5.85, or 0.7 percent, to $810 an ounce.
MCX February Gold Futures opened in the week at 20,285, started declining and closed at Rs 20,069 in the weekend, lower by 1.064%. MCX Silver March tumbled by 2.66% to Rs 42708.

Crude Oil

Crude oil fell this weekend on rising U.S. stockpiles and speculation China will increase interest rates to curb inflation.

On Friday, Crude for March delivery slipped 48 cents to settle at $89.11 a barrel on the New York Mercantile Exchange. The March contract in New York declined 3.7 percent this week. The February contract expired yesterday after dropping 2.2 percent to $88.86, the lowest settlement since Jan. 7.

Brent crude oil for March settlement climbed $1.02, or 1.1 percent, to end the session at $97.60 a barrel on the London- based ICE Futures Europe exchange.

At MCX, Crude oil February contract fell from Rs.4230 to Rs.4099, lower by 3.096 per cent whereas the March contract declined by 2.45 per cent to Rs.4191.

OPEC raised its forecast for 2011 crude production from outside the group on increases from Russia and China. Non-OPEC supply will climb by 410,000 barrels to 52.62 million barrels a day next year, OPEC said in its monthly.

Base Metals

In global market, Copper rebounded this week end on signs that the global economic recovery will strengthen, boosting demand for the metal used in buildings and electricity-transmission grids. India copper also gained this weekend tracking overseas market.

On Friday, Copper futures for March delivery rose 3.70 cents, or 0.9 percent, to close at $4.309 a pound on the Comex in New York. The metal slid 2.3 percent this week.

On the London Metal Exchange, copper for delivery in three months added $86, or 0.9 percent, to $9,441 a metric ton ($4.28 a pound).

Also on the LME, tin climbed 2.9 percent to $27,745 a ton after reaching an all-time high of $27,750, on speculation that a shortfall of the metal used to make solders may worsen.

At MCX, Copper February contract declined from Rs 445.85 to Rs 437 levels, lower by 2.02 per cent. Other metals such as aluminium, tin, and nickel prices also gained on the LME, while lead and zinc declined.
Major Headlines

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Food inflation puts squeeze on RBI

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FMC unlikely to extend paid up capital deadline

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Commodity futures market may stagnate soon: Experts

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Ace sets settlement price for 5 farm commodities

Kotak Group-promoted Ace Derivatives and Commodity Exchange has announced the final settlement price of five agriculture commodity futures contracts which expired on Thursday. This is the first settlement price for the newly launched sugar contract.

Tyre makers to raise prices again

Tyre manufactures may increase prices again due to the sharp rise in natural rubber (NR) prices. It will be the fourth increase in the current financial year. The quantum may vary from company to company but the range may be two-five per cent.


 

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