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Maize trading range for the day is 1431-1441

Maize prices settled flat as pressure seen from ample global supplies. In India, maize has been sown in around 13.95 lakh hectares which is higher than 12.87 lakh hectare covered during corresponding period last year. Total maize crop area could be around 15 lakh hectares for the Rabi season during 2016/17. Due to cash crunch in the market, farmers are bringing less stock in the market as traders are not able to pay the farmers. Traders are hoping for the situation to be under control soon but currently, market trades are badly affected.

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Technically market is under fresh buying as market has witnessed gain in open interest by 0.07% to settled at 14420 while prices up 1 rupee, now Maize is getting support at 1434 and below same could see a test of 1431 level, And resistance is now likely to be seen at 1439, a move above could see prices testing 1441.

Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts

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OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable.

The Organization of the Petroleum Exporting Countries is planning to cut its output by 1.2 million barrels per day to 32.50 million bpd from Jan. 1. Russia and other non-members are planning to cut about half as much.

 

OPEC and the independent producers are cutting production to remove a global glut and prop up prices, which at $56 a barrel are half their level of mid-2014, hurting the revenue of exporting nations.”Compliance won’t be 100 percent, it never is,” said an OPEC source, who added that an overall rate of 50 to 60 percent would be good enough, based on past compliance levels.

LME Inventory Data Today – 13/01/2017

The London Metal Exchange (LME) is the futures exchange with the world’s largest market in options and futures contracts on base and other metals. LME Inventory Reports Contains Previous Day Closing Stock of Commodities held in London Metal Exchange. Below are the Updated LME Inventory Today Report. Here is Todays MCX LME INVENTORY LEVEL Which contains Lme Copper, Zinc, Aluminium, Nickel, Lead & Tin.
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Latest Turmeric News Update

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Turmeric on NCDEX settled up by 0.18% at 6620 on anticipation of rising physical as well as export demand at the spot market.  According to trade sources turmeric output is expected to be around 600,000 ton. Retailers are buying as per their requirement while bulk buyers are waiting for further fall in prices.

Turmeric crop is in good condition and production is expected to be higher next season. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favourable weather conditions. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by commerce ministry.

Trading Ideas 

  1. Turmeric trading range for the day is 6578-6666.
  2. Turmeric prices gained on anticipation of rising physical as well as export demand at the spot market.
  3. According to trade sources turmeric output is expected to be around 600,000 ton.
  4. Retailers are buying as per their requirement while bulk buyers are waiting for further fall in prices.
  5. In Nizamabad, a major spot market in AP, the price ended at 7292.85 rupees dropped -19.65 rupees.

Saudi airline flynas in USD 8.6 bn Airbus deal

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Riyadh, Jan 12 (AFP) Saudi low-cost carrier flynas has concluded an USD 8.6 billion purchase deal with Airbus, a major shareholder said today. Kingdom Holding Co, which owns a 34 percent stake in the airline, said flynas has finalised the “deal with Airbus for the purchase of new aircraft.”

The statement gave no details of the number or type of planes that flynas will acquire. The 10-year-old airline operates both domestic and international routes.

Silver dips on weak global cues

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Silver futures were trading lower in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market.

 Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.

At the MCX, silver futures for March 2017 contract were trading at Rs 40813 per kg, down by 0.11 per cent, after opening at Rs 40,757, against a previous close of Rs 40,859. It touched the intra-day low of Rs 40,755.

Digital sector to cross Rs 20,000 crore mark by 2020

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The Indian digital sector is expected to cross the Rs 20,000-crore mark by 2020 from Rs 8,490 crore at present, largely led by OTT and digital advertising. “The Indian digital sector is on the cusp of a strong phase of growth. With mobile penetration in excess of 100 percent and traditional internet and TV subscription services below world average, the Indian digital media market provides a unique opportunity.

The sector is poised to witness the entrance of newly acquired internet users with internet using population expected to reach approximately 746 million by 2020 and a large number of consumers expected to get introduced to using digital platforms.

India, Kenya should increase trade ties

 

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President Pranab Mukherjee has called for increasing and diversifying economic linkages with Kenya as he underlined that trade between India and Kenya is below potential. Welcoming President of Kenya Uhuru Kenyatta to the Rashtrapati Bhavan, Mukherjee highlighted centuries-old relationship between Kenya and India. “India and Kenya fought together as brothers against colonialism.

 

The two countries are bound by common belief in democratic values and traditions. India’s first Prime Minister Jawaharlal Nehru had a special relationship with Kenyan President’s father, President Jomo Kenyatta who laid the foundation of the Kenyan nation.

Global IT spending to grow 2.7% in 2017

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Global IT spending is projected to reach $3.5 trillion in 2017, a 2.7 per cent increase from 2016. Worldwide devices spending (PCs, tablets, ultramobiles and mobile phones) is projected to remain flat in 2017 at $589 billion, 2017 was poised to be a rebound year in IT spending.

However, some of the political uncertainty in global markets has fostered a wait-and-see approach causing many enterprises to forestall IT investments. However, a replacement cycle in the PC market and strong pricing and functionality of premium ultramobiles will help drive growth in 2018.