1/13/2011 06:30:00 PM
Your Advisor
Commodity MCX Trend
All the base metals came under pressure due to strength in the US dollar and mixed sentiments in the global equity markets today. Copper was the worst performer of the day, as the metal prices declined more than 1 percent on the LME today. Prices touched an intra-day low of $9573/tonne on the LME and were hovering around $9578/tonne till 4.00 pm IST. On the MCX, the red metal prices witnessed less declines due to depreciation of the Indian Rupee today.
Crude oil prices traded lower in today’s session, mainly taking cues from strength in the US dollar and mixed sentiments in the global financial markets today. Prices declined around 0.2 percent and touched an intra-day low of $91.61/bbl till 4.00 pm IST today. But, depreciation of the domestic currency led oil prices to trade higher around 0.7 percent on the MCX around the same time.
Commodity NCDEX Trend
Guar futures may trade firm in the intraday on expectations of improved demand from local stockists. Prices may also trace the arrival pattern, which have been lower this week. In the short term, we expect Guar prices to recover gradually from the current level as the arrivals will decline further whereas demand from the overseas market would improve in the coming weeks. In the medium term, prices would depend on the final crop estimates of Guar by the Rajasthan farm department and the demand from the overseas markets.
Chana prices may trade firm with reports of crop damage in M.P and demand from the domestic stockists. In the short to medium term (1 month), price gains may be capped on positive reports of sowing and fresh arrivals from Karnataka. Long term trend in Chana futures may depend on the crop estimates of rabi Chana. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
Turmeric prices in the intraday will trace arrivals in the domestic mandi. 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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