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The big news

Edible oil outlook: Smriti Commodity

27 January 2015

Though India is counted amongst the largest producers of oil seeds in the world but it has to import a substantial chunk of edible oil to meet its domestic requirement as oil consumption is much bigger than its production in the country.

  

Edible oil imports may increase over 60 % to $15 billion in 2014-15 due to decline in oilseeds output during kharif season. "India's import bill on account of edible oils is expected to touch $15 billion as against $9.3 billion during 2013-14, due to 10 % shortfall in the oilseeds production in kharif, impacted by the El Nino (phenomena) effect,"

 

With rise in import by 60%, the country is expected to import 11.3 million tons of edible oil this year. Government officials looking into the matter said while they are considering the industry's request seriously, they're also evaluating the impact on consumers as edible oil price may become costly if import duties increase.

Bumper oil seed production globally caused panic in Indian edible oil industry, which asked the government to hike import duty on the commodity by a large amount in order to prevent dumping leading to losses of Rs 607.89 ($10) billion for the Indian sector, putting its health at stake.

 

Cheaper import

Imported edible oil is cheaper than its domestic product. That is why traders prefer to import edible oil rather to buy it from domestic producers. Hence, Industry is suffering losses and oilseed growers of the country are not getting even the remunerative prices of their produce. This is a matter of concerns.

 

The growth in the domestic production of oilseeds has not been able to keep pace with the growth in the demand in the country and has led to high imports of edible oil in the nation. Thus the industry has gained much importance in the country and holds immense growth potential in the near future.

 

Global soyabean output estimated to enhance

The United States Department of Agriculture (USDA) has estimated that the World Soybean Production in 2014-2015 will be 312.06 million metric tons, around 0.86 million tons more than the previous month's projection. US Department of Agriculture’s National Agricultural Statistics Service (NASS) estimated a record high 84.8 million acres of soybeans planted in the United States for 2014, up 11 percent from last year. Soybean Production last year was 285.01 million tons. This year's 312.06 estimated million tons could represent an increase of 27.05 million tons or a 9.49% in soybean production across the world.

 

In Argentina’s farmer may sow 20.6-20.9 million hectares of soybean in the 2014-15 seasons, up from 20.2 million hectares last year. Sowing prospects looks better owing to favorable weather over key soybean growing regions of Argentina.


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Base metals decline on weak China demand, edge up in Indian market

27 January 2015

Most of the base metals dropped in the global market amid speculation of a weak demand in China, the largest consumer of the base metals, as the data showed the rate of industrial profits. However, prices of base metals edged up in the domestic market on Tuesday.

 

Nickel dropped as much as 1.4 %, dropping for the third time in four days. The metal for delivery in three months declined 1.3 % to $14,555 a ton on the London Metal Exchange. Aluminum slid 0.6 % to $1,867 a ton. Copper in London was unchanged at $5,580 a ton ($2.53 a pound) while futures for March delivery in New York fell 0.6 % to $2.528 a pound. Lead and zinc fell on the LME.

 

Base metals edge up on MCX

Most base metals edged up on the MCX on Tuesday. Nickel for Jan contracts rose more than 2% and was trading near 892.30 per kg, while it had closed at Rs.872.40 in the last session. Lead for Jan delivery was trading near Rs.113.45 against its previous closing of Rs.112.25 per kg. Copper for February contracts was trading near Rs.343.60, while it remained at Rs.341.35 per kg at the end of the last session.

 

China’s industrial profit grows at 3.3%

China’s Industrial profits in 2014 grew at 3.3 %, the weakest in records going back to 2000, according to data released by the National Bureau of Statistics in Beijing on Tuesday. The figure contracted for a third month in December, falling 8 %.


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Jeweler arrested for kidnapping infant

27 January 2015

A jeweler has been arrested in connection to kidnapping the one and half year old son of a businessman of Gandhi Nagar in east Delhi. The accused has been identified as Ravi Verma, 25, a resident of Vishwas Nagar, Shahdara in east Delhi was arrested from Hordoi in Uttar Pradesh on 23 January. According to the police, the accused was in dire need of money to repay his loans which he had taken for business purpose.

 

The crime came into light on 17 April, when Khairul Malik, a businessman and resident of Gandhi Nagar registered a case with the police informing that his son had been kidnapped by his friend Ravi Verma. After registering a case of kidnapping, the police came into action and the abducted boy was recovered from Shahdara next day as the accused had left him at Loni Road to police pressure. Since then Verma was eluding.

 

According to the police, the complainant told that on April 16, Verma had come to his shop and asked for some money. He did not give him the money. Next day, Khairul’s wife called him up to tell him that Verma had forcibly taken away their son Arif. In the meantime, Verma called Khairul and demanded R 4 lakh for his son’s release. He threatened to kill the boy if the family informed the police about his crime.


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Rupee opens at 61.50 per dollar

27 January 2015

Rupee slipped 8 paise against its closing last week and opened at 61.50 a dollar on Tuesday. The Indian currency had appreciated against dollar last week and closed at 61.42 per dollar on Friday.


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Sensex continues to climb a new peak

27 January 2015

The Indian equity shares resumed to scale up on Tuesday after opening with a positive note to firm Asian cues as the BSE Sensex surged a new peak in early trade. The 30-share BSE index Sensex touched over 29,400 during the session and was trading last at 29,377.

 

The 50-share NSE index also rose near 15.50 points and was trading at 8,851.50

Asian share markets remained almost firm on Tuesday and the euro clung to rare gains, relieved that European equities had weathered Greece's election outcome without much disruption.  

Over the past week, the Sensex and the Nifty continued the bull run as the BSE Sensex closed above  29,000-mark and NSEX Nifty  remained over 8,800-leve.


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Gold, silver decline ahead of Fed meeting

27 January 2015

Gold and silver dropped before Federal Reserve policy makers assemble and as European finance ministers agreed to work with the new Greek prime minister to keep the country in the euro. Prices of bullion were also slacking in the domestic market on Tuesday.

 

Bullion on MCX

Gold for February delivery was trading near Rs.27,710 per 10 grams, while it had closed at Rs.27,864 in the last session. Silver for March contracts was trading near 39,390 per kilogram on Tuesday. The metal remained at Rs.39,965 per kg at the end of the last session.

Gold for immediate delivery lost as much as 0.7 % to $1,272.44 an ounce, the lowest price since Jan. 19, and was trading near $1,277.71 in the global market. The metal climbed on Jan. 22 to $1,307.62, the highest level since Aug. 15, as the European Central Bank expanded stimulus, and a third day of declines would be the longest losing run since the period to Nov. 28. Silver for immediate delivery declined 0.4 % to $17.8514 an ounce.

 

Fed may consider on timing of interest rate hike

A 2-day meeting of the Federal Open Market Committee is to commence today. The Federal Reserve policy makers may consider on the timing of an interest-rate hike in the meeting. Finance ministers in Europe are deliberating how to mend Greece’s rescue program as they have signaled their willingness to do a deal with Alexis Tsipras as long as he drops demands for a debt write-down.

 

The “gold market’s focus may shift to the upcoming FOMC meeting,” according to James Steel, an analyst at HSBC Securities (USA) Inc. as per the analyst opinion, the market’s focus has been more so on global monetary policy expectations and less so on Greek developments. In the near term, bullion may continue to consolidate from gains made earlier in the year.

 

The Netherlands joined Russia and Kazakhstan in adding gold to reserves in December, data from the International Monetary Fund showed. Turkey and Mexico were among nations that reduced holdings, according to the data.


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Crude oil prices hold near 6-year low after OPEC warns risk of jump

27 January 2015

Crude oil remained around the lowest level in almost past six years after the OPEC Secretary General warned of a risk of a spike in oil prices to $200 a barrel if new investment in production failed to shift the market’s focus from immediate SIGNS OF global stockpiles.

 

West Texas Intermediate (WTI) for March delivery was trading at $45.24 a barrel in electronic trading on the NYMEX. The contract lost 44 cents to $45.15 on Monday, the lowest close since March 2009. Brent for March settlement was 13 cents higher at $48.29 a barrel on the London-based ICE Futures Europe exchange. It fell 63 cents to $48.16 on Monday.

 

Oil may rebound to $200 a barrel: OPEC

A spike to $200 a barrel is possible without spending for the long term, according to OPEC Secretary-General Abdalla El-Badri. OPEC, which supplies about 40 percent of the world’s oil, is open to a meeting with non-member producers to tackle the global glut. He didn’t offer a time-frame for when oil could reach $200 a barrel and said the market will be brought back into balance by a reduction to supply, rather than an increase in demand.


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Electronic warehousing registry can be biggest game changer: Samir Shah

24 January 2015

The electronic warehousing registry can be the single biggest game changer for the industry as it provides for transparency and tracking of commodities in every single warehouse, NCDEX MD& CEO Samir Shah said.

 

The National Commodities and Derivatives Exchange (NCDEX) has considered a proposal for the launch of an electronic warehousing registry that can manage warehouse receipts issued across the country just as dematerialized equities traded in the stock market.

 

The proposal comes when commodity market regulator Forward Markets Commission is taking interest in the idea of having a single clearing house to settle trades across commodity markets.

 

According to Samir Shah, “The warehouse financing is a crucial enabler in the holistic development of agricultural markets and there is a perceived trust deficit that the banks have as far as the sector goes.”


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Rainfall intensifies wheat, oilseed sowing at season ending

24 January 2015

There appeared a little improvement in the acreage of wheat and oilseed at the end of the rabi season as the farmers sowed crops after the rainfall over many parts of the country in January.

 

Wheat, coarse cereals acreage expands 2 lakh ha

As per the latest data released by the central agriculture ministry, the wheat acreage rose near 2lakh ha during 16-23 Jan. The acreage was 303.51 lakh ha till 16 Jan, which rose to 305.6 lakh ha as of 23 January. No addition in acreage was registered during the said period last year as the acreage of wheat was recorded 313.69 lakh ha till 16 Jan last year and the figure remained same on 23 Jan.

 


Apart from wheat, sowing area of coarse cereals also swelled after the rainfall. Coarse cereals acreage was 54.34 lakh ha till 16 Jan but it expanded thereafter and recorded 56.43 lakh ha as of 23 Jan. The acreage rose more than 2 lakh ha this year but it was recorded one lakh ha in the corresponding period a year ago.

 

Oil seed acreage increases 1 lakh ha 

Even oil seed acreage rose due to rainfall this month. Till 16 Jan, oil seed sowing area was 77.45 lakh ha, while it was recorded 78.47 lakh ha as of 23 Jan. In the same period a year ago, there was no addition in the acreage of oil seed in the country. Mustard acreage has rose beyond 65 lakh ha. However, it was 70 lakh ha a year ago.


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Gold tumbles to trim 3-week rally as Goldman cuts forecast

24 January 2015

Gold futures dropped, trimming gains from a three-week rally, as Goldman Sachs Group Inc. has cut metal’s forecast amid low inflation and higher interest rates in the US.

Gold futures for February delivery dropped 0.6 % to settle at $1,292.60 on the Comex in New York. On Thursday, the price reached $1,307.80, the highest for a most-active contract since Aug. 15.

 

Goldman cuts forecasts

Goldman pegged the metal at an average $1,089 an ounce for 2016 and $1,050 in 2017, both down from $1,200 forecasts. Gold will be supported at current levels for the next few months because of weaker-than-expected US economic data and more stimuli from the European Central Bank.

 

ECB launches stimulus plan

The European Central Bank launched an aggressive bond-buying program to boost the economy of the euro zone. ECB President Mario Draghi pledged to buy 60 billion euros ($67 billion) of debt a month through September next year.


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MANDI/SPOT PRICE

Gold(Mumbai) 26,980 [+270] Gold(Delhi) 27,100 [+270] Gold(Chennai) 27,050 [+260Gold(Jaipur) 26,850 [+200] Silver(Delhi) 39,190 [+330] Silver(Mumbai) 39,190 [+330] Silver(Chennai) 39,190 [+330] Silver(Jaipur) 39,500 [+900] Chana(Rajkot) 2,550 [00Chana(Bikaner) 2,651 [+18] Dhaniya(Rajkot) 9,750 [+250] Jeera(Rajkot) 9,000 [00] Mustard Seed(Rajkot) 3,000 [00] Maize(Rajkot) 1,325 [-25] Wheat(Rajkot) 1,500 [-25] Wheat(Indore) 1,480 [00] Guar Seed(Bikaner) 5,537 [+228]

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Gold and silver dropped before Federal Reserve policy makers assemble and as European finance

The Indian equity shares resumed to scale up on Tuesday after opening with a positive note to firm



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