Commodities

Commodities

Rubber prices to move with a negative bias

Natural rubber prices have been taking cues from the monsoon and the crude oil price movement in the past few months. As tapping gets resumed after monsoon, the fundamentals look weak for the commodity for the next few weeks.
In January, rubber prices were trading high around Rs 165 per kg. In March, prices were at Rs 145 per kg. Prices have been coming down as the macro economic factors affecting the global money market had a bearing on the rubber market too.

Pepper prices wait for monsoon updates

Pepper prices have been on a downward trajectory for the past one year. The fundamentals do not lend much support for any major upside. But the market is waiting for the monsoon updates to see whether the rains turn out to be favourable for the current crop.

Sugar rates look southwards

International prices of raw sugar have nose-dived. So much so, that it makes sense for Indian sugar companies to import raw sugar even at a 40 per cent import duty. That’s why the Indian Sugar Mills Association (Isma), the body of the sugar millers, recently demanded that the import duty be raised to 60 per cent. It feels that without an increase, domestic sugar prices will fall significantly.

Grocery purchase may soon get you an insurance cover

You don’t have to reach out to an agent, or a broker anymore to get an insurance cover. Buy groceries, make a bank transaction, get a phone recharge or an oil refill — transactions that entail a free loyalty product — and you can get an insurance cover.
IndiaFirst Life Insurance will soon make insurance cover a loyalty product, which will be available with your day-to-day purchases.

Gold extends losses, sheds Rs.15 on fall in demand

Gold prices moved down further for the fourth straight day at the domestic bullion market today on low demand from local jewellers and retailers even as the metal strengthened overseas.
Silver followed suit and lost another Rs.215 per kg on lack of buying support from industrial units.
Standard gold (99.5 purity) fell by Rs.15 to finish at Rs.28, 550 per 10 grams from Monday's closing level of Rs.28, 565.
Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs.28, 700 per 10 grams compared to Rs.28, 715.

Pulses sowing down by 38% so far

Amid fall in prices, farmers have sown pulses in 2.22 lakh hectare so far in the 2017-18 Kharif season, down 38 percent from the last season, but the planting is likely to pick up from the next month with south-west monsoon reaching more parts of rainfed areas.
Much of the Kharif crops sowing is undertaken during the monsoon period, between July and September. However, farmers are sowing early in some parts with assured irrigation.

Agri commodity prices take a knock on forward market

Prices of nearly all agricultural commodities took a beating on the futures market on Wednesday. The bearish trend is likely to continue for some more time, potentially putting a spanner in the government’s plan to double farmers’ income.
Coriander and turmeric dropped 4 per cent while jeera declined 3.66 per cent and castor seed 3.87 per cent on commodity exchange NCDEX platform (see table).

Gems & jewellery exports grow by 9.85% in 2016-17

After two years of falling exports, the gems and jewellery sector has caught back the upward trajectory as the shipments grew by 9.85 per cent. This was largely aided by cut and polished diamonds and silver jewellery, while gold jewellery exports were almost flat in FY17.

Gold demand might have doubled in March quarter

Gold demand has shot up ahead of GST rollout, it seems. Data indicates the March quarter sales of gold could have gone up by more than 100 per cent compared to the last year quarter.
The imports touched 236 tonne in the March quarter, according to data from the precious metals agency GFMS. During the quarter, recycled gold too had come into the market. Hence, the market expects the demand to have gone up to 250 tonne. The industry expects this demand to be robust in the coming months as well.

Castor seed up 25% since re-launch of futures market

Weak production forecasts and good export demand have seen castor seed surging more than 25 per cent since its re-launch in the futures market in January. Though prices saw some corrections in the second week of April, they have made some recovery and are expected to remain firm in the coming months, especially after the end of the harvest season.
Most active castor seed futures for May delivery in the National Commodity and Derivatives Exchange (NCDEX) rose to yearly high of Rs 5,190 per quintal during the first week of April from Rs 3,993 per quintal after relaunch of contracts.

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