12/03/2010 06:01:00 PM
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Commodity MCX Updates
Gold futures on the MCX succumbed to the rising Rupee and were trading in the red till 4.00 pm IST today, despite prices in the international markets trading
in the green. Spot gold prices in the international markets gained more than 0.5% in the afternoon trade and traded at 1392.09/oz at 4.15 pm IST. The Indian
Rupee continued to gain against the US dollar today, a third consecutive gain in this week. On the equity front, the domestic indices witnessed some profit
booking ahead of the weekend after two sharp rallies in the earlier two sessions. The European indices were trading on a flat note in the afternoon trade,
with Germany’s DAX marginally up by 0.1%.
Copper prices continued to receive support on the back of decline in the US dollar. The red metal prices gained around 0.5% in the Asian trade today and
were hovering above $8700/tonne on the LME at 4.15 pm IST. The dollar continued to decline against the Euro on speculation that the European Central
Bank (ECB) is buying the Irish as well as Portuguese bonds in its effort to help the economies tackle their debt problems. On the MCX, gains in copper prices
were tempered on the back of stronger Indian Rupee.
Crude oil prices were trading on a flat note on the Nymex today after a spectacular rally in this week. Oil prices are currently trading near its 2‐year high of $88.63/bbl on the Nymex. However, ahead of the weekend, not much upside is seen as investors remain skeptical over such higher prices as uncertainty with
regard to Euro zone concerns continue to persist.
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Commodity NCDEX Updates
In the short term (1-2 week) , Prices are expected to move southwards on arrival pressure of fresh crop and poor export demand of guar gum at these levels. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar. In the short term (1-2 week) , Prices are expected to move southwards on arrival pressure of fresh crop and poor export demand of guar gum at these levels. In the medium term trend would depend on the pace of arrivals, the demand from the overseas markets and the movement of Indian Rupee against US dollar.
January Chana prices fell slightly on profit taking after sharp rise in the last week. However, it could sustain lower levels, after touching a low of 2559 levels, an hour before closing the market prices went up on short covering and managed to lose at 2571 levels. Delay in sowing due to unseasonal rains and resowing in some growing areas may support Chana prices to remain firm in the coming weeks. However, in the short to medium term (one month), Prices may gains may be capped due to rising arrivals of Kharif pulses. Long term trend in Chana futures may depend on the reports sowing of Rabi Pulses which is presently expected to be higher due to increase in MSP of Pulse. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
Lower stocks of jeera with the domestic stockists and delay in the sowing on account of unseasonal rains will support prices in the coming weeks. Jeera prices in the intraday will trade firm due to expected demand from the overseas and domestic buyers. In the short term (till mid of December), trend will depend on jeera price parity of various origins in international market and stocks of jeera with local stockists. In the medium to long term (December end onwards) prices are likely to take cues from sowing progress in India and demand from the overseas and domestic buyers.
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