Browse Category: commodity tips

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.

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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.”

Cotton Market Update News By Ripples Advisory

Cotton on MCX settled up by 0.58% at 19170 due to rising demand in the domestic market. Though, news on Pakistan suspending cotton imports from India due to failed in fulfillment of

phyto-sanitarycertification, capped some gains in cotton prices. For the current season, cotton arrivals in the country are pegged at 45.43 lakh bales (lb) as on 27

November,2016. As per data, during November about 34 lakh bales has arrived in the country. According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16. A rebound in India’s yield is expected to offset a 10-percent reduction in

cottonarea this season. On the production front, industry is estimating 355 lakh bales (170 kg each) for the season 2016-17 (Oct-Sep), as against the government’s first estimate of 321.2 lakh bales.

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Trading Ideas Cotton trading range for the day is 18977-19297.

According to USDA, production in India is forecast at 26.5 million bales (5.77 mt), up marginally from 2015/16.

Cotton prices in spot market gained by 40.00 rupees and settled at 18900.00 rupees.

Gold rises from 10-month lows as dollar sags

 Gold recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of U.S. payrolls data due later in the day.

FUNDAMENTALS

Spot gold was up 0.3 % at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since Feb. 5 at $1,160.38 in the previous session.

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Gold was trading down 0.7 % for the week, on track to post a fourth consecutive weekly decline.

U.S. gold futures gained 0.6% at $1,176.50 per ounce.

The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming U.S. jobs report that could set the tone in coming days.

U.S. factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 1.54 % to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.

Spot Demand Lifts Lead Futures By 1.13%

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Lead futures rose during morning trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal amid surge in physical demand for lead, from battery-makers, in the domestic spot market.

Further, an upward trend in physical demand from battery-makers in the domestic spot market, supported prices of lead at futures trade. At the MCX, lead futures for December 2016 contract is trading at Rs 161.60 per kg, up by 1.13 per cent, after opening at Rs 162.05, against a previous close of Rs 159.80. It touched the intra-day high of Rs 162.20

Asia’s October imports of Iranian oil more than double from year ago

 Imports of crude oil by Iran’s four major buyers in Asia in October more than doubled from a year ago as the producer continued to recoup market share lost under sanctions, pushed higher as the two biggest buyers India and China each took in nearly 800,0000 barrels per day.

Iran’s top four Asian buyers, China, India, South Korea and Japan, imported 1.99 million barrels per day (bpd) last month, up 147.9 %on year, government and ship-tracking data showed, marking the highest volumes since at least 2010, according to data by International Energy Agency.

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The volumes were in line with the OPEC member’s crude oil and condensate export plans. Tehran has been battling to raise its output and export levels since economic sanctions targeting Tehran’s disputed nuclear programme were lifted in January.
Japan’s trade ministry on Wednesday released official data showing its imports rose 32.1 % from a year earlier to 202,000 bpd in October.

India’s imports grew more than fourfold from a year earlier to 789,100 bpd, the highest in at least 15 years, and topping China’s imports of 773,860 bpd, which were more than double from a year ago. Imports by third-biggest buyer South Korea rose 73.2 %.

Rio seeks iron ore premium from China mills in likely pricing war revival, sources say

Australian miner Rio Tinto is asking Chinese steel mills to pay a premium for its highest grade iron ore product for the first time since an annual pricing system collapsed in 2010, two sources familiar with the situation said.

 The demand by the world’s No. 2 iron ore miner comes as Chinese steel producers recover from years of losses, buoying demand for the steelmaking raw material, but could revive tensions between miners and mills over pricing that they seemed to have ditched six years ago.

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Rio is seeking up to $1 per tonne more than the index price for its Pilbara iron ore product, or PB fines, from Chinese mills on long-term contracts for 2017, the sources said, in a break from a years-long trend of pricing at spot values. Previously, Rio was selling the ore at a premium only to traders.

The miner has also pushed up the premium it seeks from traders to between $2 and $2.50 per tonne over the index price for the same product for January to April, they said.

That would be a record high and up from a premium of $1.50 for the four-month period through December this year, said one of the sources who works closely with Rio in China.