Sugar prices at futures counter closed lower on Wednesday on profit booking by the market participants expecting government interventions. The government has asked sugar mills to ensure adequate supplies to consumers. There are reports of 15% drop in sugar output till February 15’ 2017 compared to last year production.
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Meanwhile, Yusco decided to remain its domestic prices for 300 and 400 grades stainless steel products unchanged for March. Yusco increased its export prices the main reason is due to higher production costs adjustment accordingly.
The almost imminent renegotiation of the North America Free Trade Agreement (NAFTA) has put US-Mexico denim trade at risk. It is because nearly half of the jeans sold in the US are made in Mexico. Over 2,000 denim manufacturers spread through states of México, Durango, Puebla and Guanajuato together make second largest supplier base of jeans to the US.The bilateral trade of denim products consists mainly in the Mexican plants sewing jeans from fabric imported from the US. The final products are again shipped back for sale in the US market. There are also some companies that purchase denims that are 100% made in Mexico and sell them in the US. Mexico’s National Chamber of the
Apparel Industry (Canaive) estimates this annual denim trade at over $8 billion.This manufacturing-trade relation provides livelihood to over 125,000 people in Mexico and another 64,000 in the US, particularly in the states of North and South Carolina and Georgia, according to the American Apparel & Footwear Association (AAFA).Hence, the call given by US president Donald Trump to renegotiate NAFTA, especially US’ bilateral trade relations with Mexico, has put nearly 189,000 jobs at risk. Further, it would also mean that US buyers would end up paying more if the Trump administration imposes tariffs on products imported from Mexico.
The recent report from World Bureau of Metal Statistics mentioned that copper market recorded a surplus of 58 tonnes in January to December 2016 which follows a surplus of 141000 tonnes in the whole of 2015. Reported stocks rose during December and closed 59.1 tonnes higher than at the end of December 2015. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
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World mine production in January to December 2016 was 20.66 million tonnes which was 6.9% higher than in the same period in 2015. Global refined production rose to 23.46 million tonnes up 2.1 % compared with the previous year with a significant increase recorded in China (up 476 tonnes) and Spain (up 14 tonnes).
Global consumption for January to December 2016 was 23.40 million tonnes compared with 22.83 million tonnes for the same months of 2015. Chinese apparent consumption in January to December 2016 rose by 289 tonnes to 11642 tonnes compared to the same months of 2015 and represented just under 50 % of global demand. EU28 production fell by 1.5 % and demand was 3443 tonnes, 3.2 % above the January to December 2015 total. In December 2016, refined copper production was 1994.5 tonnes and consumption was 1970.8 tonnes.
Spot Jeera fell near a two month low of Rs 18500 per quintal after the massive gains in prices over last few days. The latest official data reveals that Jeera sowing in Gujarat, which is almost over by now, is lagging behind last year.
As on January 23rd, the acreage under Jeera was 2787 thousand hectares, down about 5.60% compared to the same time last year. This is just about 82% of the normal area. However, traders are reporting that some arrivals have started flowing in from the new crop.
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पेट्रोलियम एवं प्राकृतिक गैस मंत्रालय के अधीनस्थ पेट्रोलियम नियोजन एवं विश्लेषण प्रकोष्ठ (पीपीएसी) द्वारा मंगलवार को यह जानकारी दी गई। रुपये के संदर्भ में भारतीय बास्केट के कच्चे तेल की कीमत मंगलवार को बढ़कर 3671.16 रुपये प्रति बैरल हो गई, जबकि शुक्रवार को यह 3640.09 रुपये प्रति बैरल थी। रुपया मंगलवार को मजबूत होकर 68.08 रुपये प्रति डॉलर के स्तर पर बंद हुआ, जबकि शुक्रवार को यह 68.09 रुपये प्रति डॉलर था।
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The markets want to hear whether the Trump economy could jolt the Fed into a faster pace of interest rate hikes, but there’s little chance the Fed will send that message Wednesday, when it is expected to raise interest rates for the second time in 10 years. Fed watchers say the Fed is unlikely to tip its hand or tell a different story than it already has for next year, though it may give a nod to a better economy based on recent data and the low unemployment rate at 4.6 percent in November.
The markets have been widely expecting the Fed to raise the Fed funds target rate by a quarter point, the first rate hike in a year. The Fed also is expected to release its economic and interest rate forecasts at 2 p.m., when it releases its statement. At 2:30 p.m., Fed Chair Janet Yellen speaks to the press.
A unit of Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.
The unit, ONGC Videsh Ltd, and two other state companies, GAIL and Engineers India Ltd, first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh’s managing director.
“Myanmar is sending gas to China through an existing pipeline … if Russia can provide equivalent gas to China, then we can reverse the flow of gas from Myanmar to China and bring that gas to India,” Verma told reporters on the sidelines of India’s Petrotech energy conference.
“For that we’ll need a pipeline from Myanmar to India.”
He said this was the best way of getting Russia to help India with its gas needs, but would need the cooperation of China and Myanmar.
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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Mentha oil futures little changed during morning trade in the domestic market on Friday as participants build up fresh bets in the agri-commodity amid surge in physical demand for mentha oil from major consuming industries in the domestic spot market.