Cotton prices are trading firm on good export demand for the good quality cotton. As per Cotton Corporation of India (CCI), around 30 lakh bales of cotton have been exported from the country as against a planned target of some 50-60 lakh bales this cotton season.
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Turmeric prices are trading steady on speculative buying by the market participants. Supplies have improved in the spot market. The demand for exports has also improved. On the export front, country has exported about 74,524 tonnes, up by 32% during April-Nov period compared to last year exports of 56,471 tonnes, as per government data.
Oil prices fell about 1 % on Friday as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with output curbs.
But crude prices were on track for a weekly rise as traders have begun to pull out barrels from pricey storage, with physical markets showing signs of tightening.U.S. drillers added oil rigs for a sixth consecutive week, extending a nine-month recovery, energy services firm Baker Hughes Inc said.
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Brent crude oil settled down 59 cents, or 1.04 %, at $55.99 a barrel, while U.S. West Texas Intermediate ended the session 46 cents lower at $53.99 a barrel.
“The oil market remains focussed on the global rebalancing act, with attention centred on OPEC compliance and U.S. production growth,” said Michael Tran, director of energy strategy at RBC Capital Markets in New York. “The push-pull situation between stock draws relative to price-elastic U.S. shale remains paramount to the rebalance.”
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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.
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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.
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.
Gold prices held steady on Friday near 3-1/2-month highs hit in the previous session amid tempered expectations of a U.S. rate hike in March and as investors awaited clarity on President Donald Trump’s economic policy.
Spot gold was mostly unchanged at $1,249.37 per ounce at 0326 GMT after hitting its highest since Nov. 11, 2016 at $1,251.14 in the previous session. The metal has gained more than 1 % so far this week. U.S. gold futures were also firm at $1,250.80. www.ripplesadvisory.com.
Spot gold may gain more to $1,278 as it has more or less broken above a resistance at $1,249, Reuters technical analyst Wang Tao said.
“Thursday’s action showed us that gold bugs assumed that the U.S. Federal Reserve will likely stand pat in March and may not move until much later,” INTL FCStone analyst Edward Meir said.
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.
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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.