Commodity Updates India

NCDEX Updates

Guar Seed futures are trading on good exports demand. However, advancement of Monsoon towards Rajasthan kept the uptrend limited as rains are critical for the sowing process to start. Further, rains at this time can be beneficial for the crop sowing and that could affect the sentiments temporarily.

Chana futures have made a good bounce back on Monday, supported by some short covering after witnessing some profit booking in the last week. Traders are expecting that a rise in demand at the lower levels from the festive season in coming months may support the rates of Chana. However, the rates had moved up significantly over last few weeks and some more short term corrections too are not being denied.

Turmeric futures were showcasing divergent trend for the second consecutive trend as they were trading mixed on NCDEX. The contract for the near term delivery was trading in green on the back of pickup of the buying activity at lower levels. However, reports of higher production likely to pressurize the prices of the commodity in the near term future.

MCX Commodity Trend

Gold Trend

Spot gold traded lower today mainly on the back of strength in the US dollar and falling crude oil prices which affected inflation-led demand for gold. But further decline was cushioned due to poor global market sentiments coupled with deepening Euro Zone worries. On the MCX, gold rose 0.3 percent on account of Rupee depreciation and was hovering around at `22,521/10 gms till 4.00 pm IST. Spot silver slipped more than 2 percent mainly taking cues from downside in the base metals.

Crude Oil trend

Nymex crude oil prices came under pressure today due to a stronger dollar coupled with rising concerns over European debt issues. Additionally, poor global market sentiments also kept prices under check. It touched an intra-day low of $93.55/bbl and were trading at $94.24/bbl till 4.00 pm IST. The American Petroleum Institute (API) will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are expected to decline by 2 million barrels in the w/e 8th July 2011.

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