6/09/2011 06:13:00 PM
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MCX Commodity Updates
The base metals complex traded in the red on the LME today mainly due to expectations of rate hike in July from the ECB and choppy sentiments in the global equity markets. Additionally, demand concerns on account of global economic slowdown also exerted pressure on the metal.
Copper, the leader of the base metals declined 0.7 percent on the LME and around 0.6 percent in the MCX today as Codelco, the world’s largest copper producer, has increased the workforce in its EI Teniente copper mine in Chile. This has boosted production by 60 to70 percent and has eased supply concerns.
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NCDEX Commodity Updates
The government's food grain stocks swelled to a record high of 65.59 mln tn at the start of this month, up from 60.88 mln a year ago and 59.27 mln a month ago, according to data on the Food Corp of India website.
MMTC Ltd bought 12,000 refined, bleached and deodorised palmolein against its latest tender that expired Monday.
The commodity futures turnover of five national exchanges and 16 regional exchanges rose 49.47% on year to 6.02 trln rupees in the fortnight to May 31.
MMTC Ltd today invited bids to sell 1,000 tn lemon tur and 650 tn moong, both imported from the 2010 crop in Myanmar, the company said in a website notice.
Cotton arrivals in India's wholesale markets rose 3.4% on year to 29.82 mln bales (1 bale = 170 kg) during Oct 1-Jun 5, data on the Cotton Corp of India website showed yesterday.
Rubber prices may decline in the spot markets of Kochi and Kottayam over the next few days if the monsoon remains weak in Kerala as it will increase tapping and raise supply.
The government yesterday hiked the minimum export price of common varieties of onion to $200 per tn from $170 earlier with immediate effect. In a Directorate General of Foreign Trade notification, the government also kept the export floor price for Bangalore Rose and Krishnapuram varieties of onion
unchanged at $350 a tn.
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