MCX Updates
Bullion Trend
Precious Metals took some beating yesterday amid better than expected U./S. Jobless data and extended their losses as the greenback got stronger.COMEX Gold Aug futures fell by 0.11 percent to close at $1,613.4 per troy ounce from $1,615.1 per troy ounce made on 27 th July, 2011. Gold prices are expected to trade higher today as weak sentiments in the global market due to US debt concerns will boost safe-haven demand for gold. But sharp gains will be
capped on account of dollar strength.
Base Metal Trend
We expect Crude oil prices to trade with a sideways bias today as concerns with regard to US debt worries will lead weak sentiments in the global market. Additionally, a stronger dollar will also exert further pressure. However, any news or development on the hurricane front in the US could support sharp downside in prices.
NCDEX Updates
NCDEX Guar Aug futures slipped sharply yesterday as profit booking was seen on the counter yesterday after prices touched a new high of 4,834 rupees per quintal. Guar futures slid by 3.79 percent yesterday.
NCDEX Chana Aug futures declined yesterday amid profit booking by traders coupled with weak local demand. The area under pulses cultivation has seen a significant decline of over 15 percent this season. According to the Farm Ministry, acreage under pulses as on July 22, 2011 stood at 4.54 million hectares as compared to 4.96 million hectares a year ago.
NCDEX Turmeric futures witnessed strong selling today in the wake of strong production in the current year along with restricted buying by traders and exporters. As per market sources, the total Turmeric production in the current year is likely to be around 90-95 lakh bags against 48 lakh bags that were
reported last year in the same year. This was due to strong sowing in Andhra Pradesh and Maharashtra. Moreover, strong current stock position of around 42 lakh bags might also witness the stockiest selling at higher levels. This was almost 20% higher than the previous year on the same period.
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