1/18/2011 05:16:00 PM
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Commodity MCX, NCDEX Review
The GFMS Ltd. said that gold investment globally rose to a fresh record of $63.7 billion in 2010, a rise of 9 percent in value terms year-on-year. Global bar hoarding increased sharply with demand increasing 52percent in China, the world's largest bar hoarding market. A major reason behind such huge demand from China is the rising inflation which increased 5.1percent in November 2010.
On an intra-day basis, we expect gold prices to take support today ahead of skepticism regarding further developments in the Euro zone. Moreover, the US-China meetings which begin from today also remain a crucial watch as on one hand China refrains from accepting itself as a currency manipulator and on the other hand, US authorities may force Chinese President to take adequate steps to lead the Yuan to appreciate.
Commodity NCDEX Review
Chana prices in the intraday may trade firm with reports of crop damage in M.P and demand from the domestic stockists. In the short to medium term weather would be an important factor to term, be watched for as the final estimates on the crop would mainly depend on the weather conditions during the crop development period
Sugar prices are expected to remain under pressure in the intraday due to sufficient supplies in the domestic markets. Currently, Sugar prices at Kolhapur are trading around Rs. 2800 per qtl levels. We expect Spot prices at Kolhapur to trade in the range of Rs. 2750 and Rs. 3000 per qtl levels for the rest of the month. Ongoing crushing may put some pressure on the prices. However, any significant decline in the prices due to crushing may be treated as a good buying opportunity for the medium term. In the medium to long term domestic Sugar prices are expected to recover due to supply tightness in the global markets amidst higher parity of the international Raw as well as white sugar.
Turmeric prices in the intraday will range bound due to lacklustre trades. Price trend in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers. In the medium to long term prices are likely to trade bearish due to increase in the arrivals ahead of better production.
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