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Copper Sharply Down 3.6% On Thursday

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Copper diluted in a single day and settled at Rs 389.10 per kg, down 3.6%. The decline in Copper brings the metal towards a low of 2 Feb 2017. This is also a critical level which if broken can take prices close to Rs 379 per kg.

In a seperate news, U.S. central bank gave no firm signal on the timing of its next rate move, with policymakers noting uncertainty over economic policy under the Donald Trump administration. Meanwhile, markets were also in a wait-and-see mode in anticipation of President Donald Trump’s address of a joint session of Congress on Tuesday next week, at which he is expected to announce tax policies.

Chile´s Escondida copper mine, the world´s largest, said on Tuesday it would not begin replacing striking workers for at least 30 days into a work stoppage to show its commitment to dialogue.

Canadian pulse crop sales to India dry up over pest-control plan

Canadian exporters are slowing sales of peas and lentils to India, threatening C$1.1 billion ($762.95 million) in annual trade of the food staples, over risk that New Delhi may reject shipments under its tougher approach to pest control.fore more update www.ripplesadvisory.com

 India requires shippers to fumigate crops with methyl bromide, an insect-killing gas, in the country of origin, but has historically made an exception for Canada, the world’s biggest pulse exporter. Methyl bromide, an ozone-depleting substance, is not made in Canada, but is allowed for use in limited situations.

Canada’s exemption, allowing crops to be fumigated on arrival in India, is set to expire on March 31, overlapping with the 30-40 days it takes for shipments to reach India from Canada. “It’s just a completely dead market right now for us,” said Tamara Khoma, trader at Providence Grain. The company rerouted a pea shipment to China that had been headed for India.

IGC Raises Global Grain Forecast For 2016-17

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As per the International Grains Council (IGC), the forecast for global total grains production to 2.102 billion tonnes, up from 2.094 billion tonnes in January, and up from 2.006 billion in 2015-16. If realized, it would be the first time output has exceeded 2.1 billion tonnes. Total consumption was raised to 2.069 billion tonnes from 2.062 billion tonnes.

The IGC forecast world wheat production in 2016-17 at 752 million tonnes, unchanged from January and compared with the record outturn of 737 million tonnes in 2015-16. World wheat ending stocks were forecast at a record 236 million tonnes, up from 235 million tonnes in January and up 15 million tonnes from 221 million tonnes in 2015-16.

The IGC forecast 2016-17 maize production at 1.049 billion tonnes, up from 1.045 billion tonnes in January and compared with 973 million tonnes in 2015-16. The consumption projection was raised to 1.035 billion tonnes from 1.028 billion tonnes in January.Improved weather in South America led the IGC to raise its forecast for world soybean production, to 336 million tonnes, from 334 million in January. The consumption projection, meanwhile, was raised to 334 million tonnes from 333 million. The IGC said global trade is expected to increase to 139 million tonnes.

Gold steady as investors look for rate hike clues from Fed

 Gold held firm on Wednesday after falling as much as 1 percent the session before, with investors waiting for minutes from the Federal Reserve’s latest meeting for clues on the timing of interest rate hikes.

 Spot gold was steady at $1,236 per ounce at 0336 GMT, while U.S. gold futures eased 0.2 percent to $1,237. Spot gold looks neutral in a range of $1,233-$1,240 per ounce, and an escape could suggest direction, according to Reuters technical analyst Wang Tao.

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Gold has only risen since the beginning of this year, the market has some hesitation in moving up further but still (prices) have some way to go up.””Gold held up rather impressively on Tuesday despite a rising dollar (particularly against the euro) and soaring U.S. equity markets,” said INTL FCStone analyst Edward Meir.

Gold is highly-sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while also boosting the dollar. 

OPEC sec gen says `too early` to say if supply deal should be extended

While confidence has returned to the oil market due to agreed output curbs, it is too early to say whether the landmark OPEC/non-OPEC supply deal should be extended, the group’s secretary general said on Tuesday.

“I think it would be very premature for the fact that the market is so dynamic it is becoming increasing challenging to forecast,” Mohammed Barkindo told reporters in London when asked about the possibility of a deeper cut when OPEC meets on May 25.

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 It is too early for us to begin second guessing what the chairman (Kuwait’s minister of oil) will eventually submit in his report to this conference,” he said. Barkindo also said he expected non-OPEC countries to raise their compliance.

COMMODITY MARKET UPDATE NEWS

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Menthaoil trading range for the day is 1009-1025.2.Mentha oil spot at Sambhal closed at 1147.20 per 1kg. Spot prices was up by Rs.0.60-.Mentha oil prices ended with losses amid muted demand in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil pricesPressure also seen on the speculation the area under cultivation can increase this year resulting good production.

Naturalgas trading range for the day is 162-191.8.Natural gas dropped as forecasts continued to call for mostly warmer-than-normal weather in key regions across the U.S. for the rest of the winter.Prices of the heating fuel are down a whopping 29% so far this year as forecasts for warm winter weather weighed on heating demand expectations.Total natural gas in storage currently stands at 2.445 trillion cubic feet, according to the U.S. EIA, 12.4% lower than levels at this time a year ago.

क्रूड में तेजी, सोने में दिखा दबाव

 
अंतर्राष्ट्रीय बाजार में क्रूड में तेजी से एनर्जी शेयरों में उछाल आया है। डॉलर इंडेक्स भी 5 हफ्ते के उच्चतम स्तर पर पहुंच गया है जिसके चलते डॉलर में सोने में दबाव देखने को मिल रहा है।

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  1. कच्चा तेल एमसीएक्स: खरीदें – 3640 , स्टॉपलॉस – 3610, लक्ष्य – 3695.
  2. सोना एमसीएक्स: बेचें – 29350, स्टॉपलॉस – 29450, लक्ष्य – 29100.

Oil and Natural Gas Corp takes profit hit from royalty payments

Oil and Natural Gas Corp will take a 16 billion rupee ($239 million) hit to its quarterly earnings to account for previous royalty payments to two states, the oil exploration company’s finance head A. K. Srinivasan said.

ONGC has already made a 25 billion rupee payment to the two states as royalty on crude oil produced from April 2014, but had not reflected this because it was under litigation, Srinivasan said on Tuesday.

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The Supreme Court has asked the federal government to compensate Gujarat and Assam for 150 billion rupees in lost revenues due to lower royalties paid by state-run explorers ONGC and Oil India Ltd. Indian law requires companies to pay 20 % of the market value of oil produced as royalty to states where oil blocks are located. 

April 2008 the oil ministry asked ONGC and Oil India to pay royalty based on lower prices, as the two firms had given a hefty discount on crude sales to state refiners, in order to keep a lid on local fuel prices. However, last year the oil ministry asked the two firms to settle royalty dues from April 2014 based on the market value of oil produced.