Soyabean on NCDEX settled down by -2% at 3979 on subdued demand for the Indian soymeal in export market and on hope of higher supply from Brazil and in domestic market.
Prices were down on higher supply hope after Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. Prices of the bean were also down on higher supply on hope of good monsoon rains after the India Meteorological Department said southwest monsoon will be above normal in 2016, after two straight years of deficient rainfall, boosting prospects of higher economic growth.
Prices were down on higher supply hope after Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. Prices of the bean were also down on higher supply on hope of good monsoon rains after the India Meteorological Department said southwest monsoon will be above normal in 2016, after two straight years of deficient rainfall, boosting prospects of higher economic growth.
Soybean oilmeal exports plunged 99.06% to 430 tons in March compared to 45,917 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed.
Total soybean supply is estimated to stood at 8 million tons of which one million tons of yellow bean retain for sowing, SOPA said. At the Indore spot market in top producer MP, soybean dropped -35 rupee to 4083 rupee per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -7.08% to settled at 76780, now Soyabean is getting support at 3941 and below same could see a test of 3902 level, And resistance is now likely to be seen at 4037, a move above could see prices testing 4094.
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Trading Ideas
- Soyabean trading range for the day is 3902-4094.
Soyabean prices dropped on subdued demand for the Indian soymeal in export market and on hope of higher supply from Brazil.
India's soybean production during Oct-Mar is estimated by 7.388 million tons while carry forward stocks are estimated at 612,000 tons.
NCDEX accredited warehouses soyabean stocks gained by 853 tonnes to 16101 tonnes.
At the Indore spot market in top producer MP, soybean dropped -35 rupee to 4083 rupee per 100 kgs
Gold jumped to a seven-week high and silver soared to a 15-month high
on Friday, as the dollar remained downbeat after the Bank of Japan
surprised markets by standing pat on policy.
The
dollar and euro posted their biggest daily losses against the yen in
more than five years on Thursday after the BOJ policy decision. The yen
set an 18-month high against the dollar on Friday, and the greenback
fell 0.4 percent against a basket of major currencies.
Spot gold climbed to as high as $1,280.60 an ounce, its highest since
March 11. It pared gains to trade up 0.7 percent at $1,274.41 by 0341
GMT. For the week, the metal is up 3.5 percent in what would be its
biggest weekly jump since the week ended Feb 12.
SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.19 percent to 804.14 tonnes on Thursday.
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GOLD
SUPPORT: 29350/29500
RESISTANCE: 29800/29950
TREND: UP
SILVER
SUPPORT: 40400/40700
RESISTANCE: 41500/42000
TREND: UP
CRUDE OIL
SUPPORT: 2950/3010
RESISTANCE: 3100/3150
TREND: UP
COPPER
SUPPORT: 318/321
RESISTANCE: 327/330
TREND: SIDEWAYS
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Nickel on MCX settled up 0.21% at 610.7 supported by a weaker dollar and strong oil prices.
Global nickel markets ended in small deficit of 4,400 tonnes in January-February 2016 with apparent demand exceeding production. The calculated full year surplus had stood at 10.8 kt during the whole year 2015, according to the latest data released by the World Bureau of Metal Statistics (WBMS). Technically market is under short covering as market has witnessed drop in open interest by -6.16% to settled at 11854 while prices up 1.3 rupee, now Nickel is getting support at 604.5 and below same could see a test of 598.3 level, And resistance is now likely to be seen at 615.9, a move above could see prices testing 621.1.
Trading Ideas
Nickel trading range for the day is 598.3-621.1.
Nickel prices ended with gains supported by a weaker dollar and strong oil prices.
Global nickel demand will slightly outpace supply this year, the International Nickel Study Group said, ending four years of surplus.
Output of nickel will drop to 1.913 million tonnes in 2016, although consumption will increase to 1.962 million tonnes, it said.
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Silver on MCX settled up 0.93% at 40565 after advancing overnight as investors awaited the Federal Reserve’s monetary policy statement for fresh guidance on the future path of U.S. interest rates. Slowing silver supplies combined with firm manufacturing and investment demand could give silver prices strong support in 2016.
The Fed said short-term interest rates remain unchanged and suggested a gradual path for future interest-rate increases. As U.S. economic data have improved, traders have begun to reconsider the possibility of a rate rise at the next meeting, scheduled for June.
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Trading Ideas
Silver trading range for the day is 39842-41260.
Silver extended gains after advancing overnight as investors awaited the Fed’s monetary policy statement for fresh guidance on the future path of U.S. interest rates.
Slowing silver supplies combined with firm manufacturing and investment demand could give silver prices strong support in 2016.
Pending home sales in the U.S. rose more than expected in March, bolstering optimism over the health of the housing sector, industry data showed.
Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production and strong investor appetite could push prices higher.
International Brent crude futures were trading at $47.02 per barrel at 0045 GMT, down 16 cents from their last settlement, and U.S. West Texas Intermediate (WTI) futures were down 12 cents at $45.21 a barrel.
U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels, traders said. U.S. crude futures were down 0.2 percent in early Asian trading at $45.17 a barrel, after hitting their 2016 high of $45.62 following the Fed's decision. Brent also rose to the highest for this year at $47.45, but shed 0.3 percent in Asian trade to $47.04.
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Gold eased on Thursday, after the Federal Reserve kept the door open for an interest rate hike in June, although it indicated it was in no hurry to take such a step.
Spot gold had eased 0.1 percent to $1,244.50 an ounce by 0043 GMT. The metal has gained about 1 percent in the last three sessions.
Gold rose as far as $1,250.09 on Wednesday, but pared gains after the Fed statement.
U.S. short-term interest rate futures contracts swung down, then up on Wednesday after the Fed's statement. Prices currently reflect the expectation the Fed will wait until September before raising rates, the same as before the Fed's meeting.
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Copper prices fell by 0.70 per cent on Wednesday after Japan’s all industries activity index fell last month, official data showed on Wednesday signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, Japanese Ministry of Economy, Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -1.2 per cent, from 1.2 per cent in the preceding month whose figure was revised down from 2.0 per cent.
At the MCX, copper futures for April 2016 contract were trading at Rs.326.75 per 1 kg, down by 0.70 per cent, after opening at Rs. 328 against the previous closing price of Rs. 329.05. It touched the intra-day low of Rs. 326.25 till the trading. (At 3.50 PM today). However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 275 metric tonnes to 152200 metric tonnes as on April 27, 2016.
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Jeera on NCDEX settled down by -1% at 16765 due to decline in the export demand at the spot market. Though, some losses were capped as the crop may witness some damage due to the extended dry spell in the growing regions of Gujarat and Rajasthan. Trade sources expect increased demand on fears of crop damage because of the recent unseasonal rains. Market players are still expecting some more export enquiries on reports of good quality jeera production this year but the demand is still lower. As per the final rabi sowing report, Gujarat has planted more cumin compared to last year sowing progress.
At Patan market in Patan (Guj.), sources reported arrivals at 118 quintals, lower by 97 quintals from previous trading day. At Gondal (Guj.) market in Rajkot sources reported arrivals at 2500 quintals, down by 1500 quintals as compared to previous day. At Rajkot market in Rajkot total arrivals are at 1520 quintal, higher by 320 quintal from previous day’s arrivals.
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Crude oil futures rose around half a dollar on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although analysts warned this month's bull-run could soon run out of steam.
International Brent crude futures were trading at $46.24 per barrel at 0535 GMT, up 50 cents, or 1.1 percent from their last settlement.Brent and WTI were near respective 2016 highs of $46.49 and $44.83 hit in the previous session.
U.S. West Texas Intermediate (WTI) crude was up 46 cents, or 1 percent, at $44.50 a barrel.
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Chana on NCDEX settled down by -1.54% at 5368 due to profit booking and as the arrival season having got under way. Meanwhile, centre has told to State governments to avail this benefit and utilize the available stocks for managing the prices of pulses in their respective States. Centre has decided to release 10,000 tons of pulses and it asked state government to place their order. On Saturday, Odisha government told that it would purchase 5,000 tons of pulses from the central government to check the skyrocketing price of the pulses in the state.
Trading Ideas
Chana trading range for the day is 5217-5643.
Chana prices ended with losses due to profit booking and as the arrival season having got under way.
Centre has told to State governments to avail this benefit and utilize the available stocks for managing the prices of pulses in respective States.
NCDEX accredited warehouses chana stocks dropped by 137 tonnes to 3399 tonnes.
In Delhi spot market, chana gained by 46.15 rupee to end at 5546.15 rupee per 100 kgs.
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Spot gold had risen 0.2 % to USD1,245.40 an ounce by 0041 GMT, following a 0.4-% gain in the previous session.
Gold prices that hit a 13-month high last month are likely to fall back in the short term because of a slump in demand from key Asian consumers, GFMS analysts at Thomson Reuters said in a report on Tuesday.
Global gold demand tumbled by 24 % year on year to 781 tonnes in the first three months of the year, its weakest quarter in seven years, as buying from leading consumers India and China plummeted, GFMS said in the first-quarter update to its Gold Survey 2016.
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Trading Ideas
Gold trading range for the day is 28893-29441.
Gold prices dropped but recovered some of its losses as weaker-than-expected U.S. durable goods data knocked the dollar.
Many in the market anticipate the pace of increases to be gradual amid concerns over global economic growth and divergent monetary policies.
GOLD
SUPPORT: 28900/29050
RESISTANCE: 29350/29500
TREND: UP
SILVER
SUPPORT: 39400/39700
RESISTANCE: 40500/40900
TREND: UP
CRUDE OIL
SUPPORT: 2840/2890
RESISTANCE: 2990/3040
TREND: UP
COPPER
SUPPORT: 323/326
RESISTANCE: 332/335
TREND: SIDEWAYS
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Silver on MCX settled up 0.29% at 40102 on the back of rising uncertainty on the markets as demand for safe havens increased. U.S. new home sales unexpectedly fell in March, dampening optimism over the health of the housing market, official data showed. In a report, the U.S. Commerce Department said new home sales declined by 1.5% to a seasonally adjusted 511,000 units last month. New home sales in February were revised to show a 0.4% decline to 519,000 units, from the prior reading of a 2.0% gain.
Trading Ideas:
Silver trading range for the day is 39391-40731.
Silver prices gained on the back of rising uncertainty on the markets as demand for safe havens increased.
U.S. new home sales unexpectedly fell in March, dampening optimism over the health of the housing market, official data showed.
Data showed hedge funds and money managers raised their bullish position in COMEX silver contracts to a record high in the week to April 19.
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Turmeric on NCDEX settled up by 0.61% at 8592 due to increasing demand by participants on anticipation of good export demand. Though, heavy arrivals from the producing belts, capped some gains. Farmers are holding good quality stocks hoping prices to go up in the coming months.
The traders are keen in buying the quality turmeric, which is held by farmers on expectation on higher prices later in the season.Spot turmeric prices increased at Erode markets due to quality arrivals. Traders procured quality turmeric by quoting increased price for their orders. Still they are waiting for fresh upcountry demand. The hybrid turmeric fetched good price.
Trading Ideas:
Turmeric trading range for the day is 8438-8778.
Turmeric prices ended with gains due to increasing demand by participants on anticipation of good export demand.
Farmers are holding good quality stocks hoping prices to go up in the coming months.
NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 3614 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 8779.55 rupees gained 72.05 rupees.
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Spot gold had edged up 0.1 percent to $1,238.76 an ounce by 0051 GMT, after gaining 0.5 percent in the previous session.
The U.S. dollar slipped against the yen on Monday as traders took profits from the greenback's recent rally against the Japanese currency, while the dollar weakened against other major currencies on expectations for a dovish Fed.
SPDR
Gold Trust, the largest gold-backed exchange-traded fund, fell 0.3
percent to 802.65 tonnes on Monday, though remained not too far off a
two-year high reached earlier this year.
SUPPORT: 28950/29100
RESISTANCE: 29400/29550
TREND: SIDEWAYS
SILVER
SUPPORT: 39400/39700
RESISTANCE: 40500/40900
TREND: SIDEWAYS
CRUDE OIL
SUPPORT: 2790/2840
RESISTANCE: 2920/2980
TREND: SIDEWAYS
COPPER
SUPPORT: 325/328
RESISTANCE: 334/337
TREND: SIDEWAYS
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SUPPORT: 28950/29100
RESISTANCE: 29400/29550
TREND: SIDEWAYS
SILVER
SUPPORT: 39400/39700
RESISTANCE: 40500/40900
TREND: SIDEWAYS
CRUDE OIL
SUPPORT: 2790/2840
RESISTANCE: 2920/2980
TREND: SIDEWAYS
COPPER
SUPPORT: 325/328
RESISTANCE: 334/337
TREND: SIDEWAYS
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