Thursday, 16 March 2017

Commodity News Update By Ripples Advisory Pvt Ltd

Mentha oil

Mentha oil on MCX settled down by -1.96% at 1003.9 on fresh selling after the speculation that sowing activity had been inceresed in key production area of UP. Pressure also seen on account of muted demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.


Trading Ideas:

*Mentha oil trading range for the day is 985.3-1035.3.

*Mentha oil spot at Sambhal closed at 1153.30 per 1kg. Spot prices was down by Rs.-2.40/-.

*Mentha oil prices dropped on fresh selling after the speculation that sowing activity had been inceresed in key production area of UP.

Soyabean

Soyabean on NCDEX settled up by 0.98% at 2885 on short covering boosted by increase in meal exports. Reports from SEA showed that India exported 207,977 tonnes soymeal in February, up from 29,950 tonnes in the year - ago period. Further, higher prices in international markets for soyabean too added support to domestic soyabean prices.

Trading Ideas:

*Soyabean trading range for the day is 2848-2910.

*Soyabean prices ended with gains on short covering boosted by increase in meal exports.

*Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January.

*NCDEX accredited warehouses soyabean stocks gained by 1159 tonnes to 216028 tonnes.

Turmeric

Turmeric on NCDEX settled down by -1.03% at 6550 as arrivals may gather further momentum amid weak domestic and export buying. Demand from stockists is unlikely to pick in the near term as they are expecting prices to decline further in view of bumper output reports.

Trading Ideas:

*Turmeric trading range for the day is 6444-6712.

*Turmeric prices dropped as arrivals may gather further momentum amid weak domestic and export buying.

*NCDEX accredited warehouses turmeric stocks gained by 278 tonnes to 647 tonnes.

Cardamom

Cardamom on MCX settled up by 0.17% at 1394.8 on late short covering after prices dropped due to weak demand and report of availability of Guatemala cardamom in some parts of north India. At present demand from stockists is poor because of year-end consideration though stocks are tight with them. However, some exporters active in producing centres hoping fresh export contract for the coming Ramzan festival.

Trading Ideas:

*Cardamom trading range for the day is 1374.3-1410.3.

*At present demand from stockists is poor because of year-end consideration though stocks are tight with them.

* Cardamom prices in spot market dropped by 5.00 rupees and settled at 1430.40 rupees.

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