Aluminum 2195100 -7250
Copper 224025 -5050
Nickel 383784 +4290
Lead 189750 +0
Zinc 388800 -2050
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.
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.
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.
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.
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As per latest release by Agriculture , the sowing of wheat grew by 7%, while the increase in pulses was 11% and in oilseeds it was 6% as compared to last year. As a result, we are expecting 221.4 LMT record production in pulses. Similarly the wheat production is expected to be 965 LMT.
Union Government has framed a policy to transfer the MSP directly to the accounts of farmers in a transparent manner. Government has increased the MSP of pulses and oilseeds considerably and there is steady increase in the MSP of paddy and wheat.
The minister told that during the ongoing Kharif Marketing Season a record 444 LMT of paddy has been procured from the farmers. The minister said that farmers have produced record pulses, however, there were complaints that they were not getting even then MSP for Moong and Arhar.
The Government immediately responded, first, by increasing the buffer stock of pulses from 1.5 MT to 20 LMT in order to protect farmers’ interests. Further the Government has engaged 3 central agencies viz. FCI, NAFED and SFAC to procure pulses directly from farmers which is still going on.
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The Food Department has set the procurement target at 330 LMT for the ensuing Rabi Marketing Season 2017-18. Extensive preparations have been made for procurement operations and Government will make necessary arrangements for payment of MSP to farmers.
Special attention has been given to the farmers of Eastern States. Government has recently removed import duty on wheat to increase its availability in domestic market. In a span of around 2 months, 40 LMT Wheat has been imported and this year more than 55 LMT wheat imports have happened in total.
Fresh wheat crop is expected to come by mid-March. It has been experienced when there is price-rise the benefit is taken by the traders and consumers are exploited. However, when fresh crop hits the market prices fall and the farmers have to take the loss. The Government will take all necessary steps to ensure payment of MSP to farmers and may review the import duty on wheat if required.