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Barclays’ exit from energy trading stirs concerns over liquidity

British bank Barclays (LON:BARC) Plchas joined the list of top banks to exit energy trading, an exodus that analysts say raises concern among oil producers that falling liquidity means they cannot use derivatives for their basic function: to hedge risk by locking in future prices.

Wall Street firms have scaled back in commodity markets since the 2008 financial crisis from owning physical assets or taking positions in the market in the face of regulatory scrutiny. The banks were big players in the market for derivatives years into the future.

The departure of Barclays exacerbates the scarcity of counterparties for trade when producers are trying to hedge their production for 2018 and beyond, potentially raising the cost to lock in that output.

That increase could force cash-strapped producers to forgo protection altogether, putting them at risk if the market takes another leg down.

Some producers seek to lock in future profits and fund expansion through selling as much as 80% of production years into the future.

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Not stars, this Indian startup is aiming for the moon

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A bunch of co-founders are excited — there’s no reason for them not to be. Team Indus — their startup — is now officially eligible to be the first team from India to send a spacecraft to the moon. Team Indus, India’s only entry for Google Lunar XPRIZE, last week signed a verified commercial launch contract with Indian Space Research Organisation (ISRO) for its mission. Soft landing on the moon has been done by only three countries so far — the US, Russia and China. Funded with USD 15 million, Team Indus has designed a spacecraft and has announced a launch window for the same.

The journey will start on December 28, 2017. The polar satellite launch vehicle will inject a spacecraft into an orbit 880 km x 70,000 km around the earth. The spacecraft will then undertake a 21-day journey to soft land in Mare Imbrium, a region in north-western hemisphere of the moon.

Nestle India declares third interim dividend

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Nestle India Ltd ⧭ has informed BSE that the Board of Directors of the Company at its meeting held on December 05, 2016, has declared third interim dividend of Rs.16/- (Rupees sixteen only) per equity share for the year 2016 on the entire issued, subscribed and paid up share capital of the Company of 9,64,15,716 equity shares of the nominal value of Rs. 10/- each.

The third interim dividend for 2016 will be paid on and from December 22, 2016 to those members whose names appear on the Register of Members of the Company and as beneficial owners in the Depositories, determined with reference to the Record Date of December 13, 2016.The meeting of the Board of Directors commenced at 9:00 hours and concluded at 9:40 hours.

Ripples Advisory Maize NCDEX Market News

 Maize on NCDEX settled down -0.28% at 1446 on profit booking amid expectations of large supplies. The U.S. Department of Agriculture reported export sales of U.S. corn in the latest week at 761,600 tonnes, below a range of trade expectations. Maize crops raised in 1.20 lakh acres in and around Kunnam and Veppanthattai taluks in Perambalur districthave failed to yield for want of sufficient water, forcing farmers to cut down the crops to use as fodder for their cattle. Various farmers’ bodies have appealed to the state government to announce Rs 20,000 per acre compensation for crop loss. India exported 4005 MT maize during the week ended 26th November’16 against 3652 MT previous week ending 20th November’16.

                                 Maize has been exported at an average FoB of $ 258.65 / MT. Indian maize is exported mainly to Nepal followed by UAE through Raxaul LCS and JNPT Sea. At Naugachia market in Bihar estimated market supply was at 1667 Quintal, higher by 834 Quintal as compared to previous day. At Khanna market in Punjab arrivals were reported at 5250 Quintal, up by 2250 Quintal from previous trading day.

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Turmeric Trading Range For The Day is 6824-7004

Turmeric on NCDEX settled down -1.01% at 6892 as there are reports of good production from new season crops as the harvesting begins in the next month. Currently the supplies are for medium and poor quality in December till new crop arrives. On the export front, country exported about 51,147 tonnes of turmeric during April-August period up by 32% compared last year, as per government data.

After a few months, the price of the spice touched Rs. 9,000 a quintal today and 1,300 bags arrived for sale and 80 per cent was sold. The price of the finger variety increased by Rs. 200-400 a quintal and that of the root variety by Rs. 50-200. At the Erode Turmeric Merchants Association, the finger turmeric traded at Rs. 5,531-9,088 a quintal; the root variety Rs. 5,314-8,008. Of the 608 bags offered, 299 were sold. After a severe drought and a subsequent good monsoon, farmers have cultivated turmeric in around 30,000 acres across the Nizamabad.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.84% to settled at 7195 while prices down -70 rupee, now Turmeric is getting support at 6858 and below same could see a test of 6824 level, And resistance is now likely to be seen at 6948, a move above could see prices testing 7004.

Crude oil futures rise on hopes of OPEC deal success

Crude oil futures were trading higher during afternoon trade in the domestic market on Monday as traders held out hope for the success of OPEC’s output deal to help shrink the world’s glut of crude supplies. Oil prices got an added boost on news that the U.S. Senate has approved a bill that will extend sanctions against Iran’s missile development and weapons program that was not part of last year’s nuclear pact. At the MCX, crude oil futures for December 2016 contract is trading at Rs 3,547 per barrel, up by 1.34 per cent, after opening at Rs 3,488, against a previous close of Rs 3,500. It touched the intra-day high of Rs 3,554.

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Lead rises on pick up in demand

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Lead futures were trading higher during morning trade in the domestic market on Monday tracking a firming trend in the base metals pack at the London Metal Exchange (LME) and pickup in demand at the domestic markets. Market analysts said apart from strong demand from battery-makers in spot market where lead set for its strongest finish since 2011, mainly influenced lead futures.

At the MCX, lead futures for December 2016 contract is trading at Rs 156.50 per kg, up by 1.95 per cent, after opening at Rs 155.90, against a previous close of Rs 153.50. It touched the intra-day high of Rs 157.30.

Gold prices ease, surrender gains on dollar strength

Gold prices dipped on Monday, giving up early gains as the U.S. dollar rose on expectations that the U.S. Federal Reserve will raise interest rates at its policymaking meeting next week.  Click here and watch out the best Share and Stock Market recommendations or One missed call on @9303093093.

The losses, however, remained modest amid jitters over the resignation of Italian Prime Minister Matteo Renzi after he lost a referendum on constitutional reform.

Spot gold slipped 0.1 % to $1,175.81 an ounce by 0458 GMT. U.S. gold futures were steady at $1,177.80 per ounce.

“Looks like people are buying the U.S. dollar and that is in turn prompting selling in gold,” said Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo.

“People bought gold after the Italian referendum and it looks like they are selling back.”

Govt extends MIP on 19 steel products for 2 months: Reports

In order to protect domestic steel industry from below-cost imports, The Indian Government has said that it has extended further the minimum import price (MIP) on 19 products for two months, till February 4, in order to protect domestic steel industry from below-cost imports. Commenting on the issue, the Directorate General of Foreign Trade told the media, “The Central Government hereby extends the applicability of MIP beyond 04/12/2016.for further two months, i.e., till 4th February, 2017.” The MIP ranges between $ 643-752 per tonne.

                       The 19 products include semi-finished products of iron or non-alloyed steel, flat-rolled products of different widths, bars and rods. As per reports, to guard domestic steel producers against in-bound shipments that are sold at below-cost rate, the government in February had imposed MIP, ranging between USD 341 to USD 752 per tonne, on 173 steel products for six months. As per reports, the Government in August decided to extend the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier. This was further extended for two months in October, till today.

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