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Mentha oil: Fibonacci holds the key

As can be seen from the adjacent chart MCX Mentha oil topped out at the high of Rs981.40. From there the agri commodity had entered correction mode. The fall formed deep retracement of the July rally. It found support near 78.6% retracement of the rally.

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From that key Fibonacci level the oil entered pullback mode. On the way up it crossed a falling trendline & retraced 61.8% of the fall. Bears have restricted the pullback near that Golden Ratio mark.

Thus unless the swing high of Rs930.30 is crossed Mentha oil can fall back towards the key DMAs i.e. Rs893-885.

Gold Firm Ahead Of Final U.S. Presidential Debate

Gold prices were stable early on Thursday, after rising 0.5 percent in the previous session, with markets keeping a close watch on the final U.S. presidential debate between candidates Hillary Clinton and Donald Trump.

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                               FUNDAMENTALS
* Spot gold was broadly steady at $1,268.85 an ounce by 0053 GMT.
* U.S. gold futures were little changed at $1,270.00 an ounce.
* U.S. Republican presidential nominee Donald Trump faces a formidable challenge when he and Democrat Hillary Clinton face off in their third and final debate at 0100 GMT Thursday at the University of Las Vegas Nevada.
* The dollar was steady in early trading on Thursday, as investors awaited the final debate before next month’s U.S. presidential election as well as a European Central Bank meeting later in the day. [USD/]
* The dollar index , which measures the greenback against a basket of currencies, was down 0.02 % at 97.90.
* Gold prices in India swung to a premium for the first time in nine months on Wednesday as jewellers and dealers in the world’s No.2 consumer of the metal ramped up purchases ahead of major festivals.

Farmers` Unions Call For Nod to GM Mustard For Arid Regions

Farmers from 16 states in a signed petition to Prime Minster Narendra Modi have urged him to commercialise the Genetically Modified (GM) Mustard in dry areas, claiming that it would give direct benefit of Rs 1,800 crore to them.

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Rashtriya Progressive Kisan Association (RPKA), an umbrella consortium of seven farmers’ unions, submitted the petition at the Prie Minister’s Office with signatures from about 1,38,000 farmers.

Favouring to roll out the GM Mustard in India’s arid and semi-arid regions, farmers also criticised the anti-GM lobby, asserting “it’s claims are unscientific”.

“No one is listening to the 80 million farmers who will, among many others, benefit by the GM Mustard. It would profit the mustard growers by directly Rs 1,800 crore,” Hari Singh Yadav, a Rajasthan-based farmer who heads RPAK, told IANS.

He said of total edible oil imported by India last year, about 60 % was mustard oil.”That was supposed to be Indian farmers’ share. That oil is too coming from a different version of GM Mustard,” Yadav said, adding that due to water scarcity in Rajasthan and other parched regions, the production of mustard has dropped. The GM Mustard would boost the production by about 22-30 %.

Daily Commodity Report

MCX Gold price has shown breakdown of its falling channel pattern at 29890 levels on hourly chart.

On the other hand, prices have been trading below 100 HEMA on hourly chart . In addition, COMEX Goldprice has shown breakdown of its horizontal trend line at $ 1260 levels . Moreover, Momentum Indicator RSI is hovering near 50 levels on hourly time frame. For now we expect prices should move lower towards 29450 levels in the coming trading sessions.

 

  

On hourly chart, MCX Silver prices have witnessed breakout of its Symmetrical Triangle formation

at 42185 levels. On the other hand,COMEX Silver prices are trading In a  cup & handle  formation on hourly time. Moreover,Momentum indicator RSI is trading above 60 levels on hourly basis . For now we expect prices to move higher towards 43000 levels in few trading sessions.

For news on Indian Stock Market Tips,Mcx Commodity Trading Tips please visit us at http://ripplesadvisory.com or call at 9303093093.

Nigeria Expects 22 % Jump In Oil Output By End-December

 OPEC member Nigeria expects its oil production rate to jump by 22 percent by the year-end to 2.2 million barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January.

 For news on Indian Stock Market Tips,Mcx Commodity Trading Tips please visit us at http://ripplesadvisory.comor call at 9303093093.

Emmanuel Ibe Kachikwu, on a visit to New Delhi, also said Nigeria was likely to sign a cash-raising oil deal with India for $15 billion by the end of this year. India’s oil ministry said that Nigeria, whose economy has been hit hard by low oil prices and militancy, had requested an upfront payment.

“Nigeria has a bit of a cash flow problem right now. Our reserves are not as strong as we want them,” Kachikwu told reporters on Monday. “The impact of that is the value of the naira (currency) is coming down. So what we are trying is to leverage on the assets we have to receive immediate cash.”

He said the Organization of the Petroleum Exporting Countries, which has agreed to cut world output to rescue prices, has however allowed a production window of 1.8 million bpd to 2.2 million bpd for recession-hit Nigeria.

In the last fiscal year ended March 31 Nigeria accounted for nearly 12 % of all crude oil imports by India, one of the fastest growing economies and energy markets in the world.

क्रूड 3% ऊपर, सोना रिकॉर्ड उंचाई पर पहुंचा

यूएस फेड के ब्याज दरें न बढ़ाने के फैसले के कारण क्रूड में करीब 3 फीसदी की तेजी आई है। नायमैक्स पर क्रूड का भाव 45.62 डॉलर और ब्रेंट पर 47 डॉलर के करीब पहुंच गया है। वहीं सोना भी 9 सितंबर के बाद सबसे ऊंचे स्तर पर पहुंचा। कॉमैक्स पर सोने का भाव 1,333 डॉलर है।

  सोना एमसीएक्स: खरीदें – 31300, स्टॉपलॉस – 31200, लक्ष्य – 31550.

  • चांदी एमसीएक्स: बेचें – 47500, स्टॉपलॉस – 47200 लक्ष्य – 48100.

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MORNING TREND UPDATE NEWS

GOLD

SUPPORT: 30700/30800

RESISTANCE: 31000/31150

TREND: SIDEWAYS

SILVER

SUPPORT: 45400/45700

RESISTANCE: 46400/46800

TREND: SIDEWAYS

CRUDE OIL

SUPPORT: 2870/2920

RESISTANCE: 3020/3080

TREND: SIDEWAYS

COPPER

SUPPORT: 319/321

RESISTANCE: 326/328

TREND: UP

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Unilever to buy U.S.-based Seventh Generation

Unilever will buy Seventh Generation, a U.S.-based maker of “green” home and personal care goods, it said on Monday, its latest deal aimed at boosting the faster-growing part of its business. Vermont-based Seventh Generation’s products include recycled tissues, organic tampons and dish soap with plant-based ingredients.
Its focus on sustainability echoes that of Unilever, which has tried to put environmental concerns at the forefront of its business. Unilever has said its more sustainably minded brands, such as Dove soap and Ben & Jerry’s ice cream, outperform its other brands, which range from Lipton tea to Knorr soups.
In recent years, the company has divested slow-growing food brands and acquired higher-margin, higher-growth skincare and personal care brands.
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SpiceJet to Increase Flights, connect Kolkata to Bangladesh Cities

Low-cost airline SpiceJet is increasing its flights from the city to many domestic destinations from October and also connect Kolkata to international destinations like Dhaka and Chittagong in Bangladesh from December, a company official said on Monday.
The airline, which achieved an average load-factor of 92 per cent in the last 14 months, is also exploring the possibility of launching flights from Kolkata to Yangon in Myanmar and Dubai and Sharjah in the Middle East. “We will start a significant number of flights from Kolkata. The company is poised to grow in a meaningful way. One of the first places we chose to start growing from was Kolkata because Bengal is moving forward vary rapidly,” said airline’s founder-Chairman Ajay Singh.
“The airline will increase its network by 40 per cent from October, with flights from Kolkata to Silchar, Aizwal, Guwahati and Vizag. From December, the city will be connected to international destinations,” he said. He said the airline is “exploring some other opportunities from Kolkata”.
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