08 June 2009

Market Talk : India soybean futures tad higher Outlook weak

India June NCDEX soybean futures tad higher at

INR2,599/100 kg, last close INR2,597.50 tracking firm CBOT soy futures, which
are up 1% at a new nine-month high. However, "prices could retreat later in the
session on weak demand for soymeal and on higher edible oil imports," says
trader; expects contract to test INR2,585 support. Normal monsoon, high soybean
prices likely to increase acreage, which will lead to higher supply and lower
prices.

Market Talk : India gold futures likely up on weak INR

India August MCX gold contract likely to open up on weak

INR, firm international spot gold. "If the rupee remains weak, it may help gold
touch INR15,000," says Gnanasekar Thiagarajan, director at Commtrendz Research;
expects contract to open INR14,650-INR14,675/10 grams, trade in
INR14,545-INR14,770 range. Contract last ended down 0.2% at INR14,635.

Market Talk : India wheat futures likely down; high supplies

India wheat June NCDEX futures likely down on increased

local supplies; Food Corporation of India bought record 24 million metric tons
wheat April 1-June 4, suggesting huge oversupply in market. "Market will be
subdued as demand still remains low and trading will be rangebound," says
trader; tips INR1,088-INR1,105/100 kg band vs INR1,098.00 last close. Volume
expected to shift to July contract before June expiry on June 19; open interest
for July at 7190 tons vs July 6350 tons.

India Apr 1 jun- 7 wheat buy 24.15 m Tons Up to 11% on yr-offcial

NEW DELHI - Local wheat purchases by state-run Food Corp. of India
between April 1 and June 7 rose by 11% on year to 24.15 million metric tons, a
government official said Monday.

Food Corp. bought in the same period last year.
The federal government's local wheat purchase target is fixed at 24.40 million
tons by end-June. Last year, Food Corp. bought a total of 22.6 million tons of
wheat after buying 21.83 million tons during the April 1-June 7 period.
It has bought nearly 94.5% of the wheat sold by farmers in the structured
local markets, as a high state-set purchase price of INR10,800/ton has
discouraged private traders from buying.

03 June 2009

Market Talk: India soybean futures likely lower on CBOT cues

India July NCDEX soybean futures likely to open lower on
weak overnight CBOT soy futures. CBOT July soybean lost 9.5 cents to end at
$12.09 a bushel. "The monsoon's progress seems normal, and that will weigh on
prices as well. The trend remains weak and any breach of the INR2,600 support
could trigger fresh selling," says Nirmal Bang Commodities analyst Deepa
Shakdwipee; normal monsoon could lead to higher output and force spot prices
lower. Shakdwipee expects soybean to trade INR2,600-INR2,645 intra-day; it last
closed at INR2,638.

Market Talk: India pepper futures likely to extend gains

India pepper June NCDEX futures likely up, extending
yesterday's gains, but weak local demand may limit rise. "Also, profit-taking
may bring down prices later in the session," says local trader; expects contract
to move in INR12,320-INR12,550/100 kg band; last close INR12,466.

Market Talk: India Wheat futures likely up: outlook weak

India wheat June futures on NCDEX likely to open up after
yesterday's late rebound; but, sharp gains unlikely on likely profit-taking.
Price may weaken later in session on increased supply, says local analyst; adds,
"Besides, there's no decision by the government yet on the lifting of export
ban;" tips INR1,090-INR1,115/100 kg band for day; last ended +0.8% at
INR1,105.20.

Market Talk: India Gold futures likely up on overseas cues

India August MCX contract likely to open up, tracking
gains in overseas spot gold, says Kunal Shah of Nirmal Bang Commodities; adds,
contract may touch INR14,940/10 grams today; "Gold is attracting a lot of
buying due to weakening dollar in the international market," Shah says; expects
contract in INR14,790-INR14,940 band; last ended up 0.3% at INR14,857.

27 May 2009

India May Gold Imports To reach 15 tons Vs 29 Tons Yr Ago-Exec

India's gold imports in May will fall by nearly 50% on
year to around 15 metric tons, as high prices have squeezed local demand, a top
industry official said.
Suresh Hundia, president of the Bombay Bullion Association, told Dow Jones
Newswires the rise of the equity markets have also hit investment demand in
gold.
Gold imports between January and March were only about 10 tons, but shot up in
April to 29 tons because of a dip in prices and demand due to the Hindu festival
of Akshaya Trithya.
"The import demand in May has not improved, though local demand was good in
April," he said.

Market talk India Sugar Futures Hit lower Limit after Ban

India June sugar contract on NCDEX hits lower limit of 4%
at INR2,215/100 kg, a day after suspension of fresh trading in futures.
"Sentiment is likely to remain subdued for the rest of the session," says
Ashwini Bansod, analyst with MF Global Commodities. Federal government suspended
fresh trading in sugar contracts until Dec. 31 to check rising prices. Trading
during day is not permitted at prices below 4% limit.

Market talk India Sugar Futures Hit lower Limit after Ban

India June sugar contract on NCDEX hits lower limit of 4%
at INR2,215/100 kg, a day after suspension of fresh trading in futures.
"Sentiment is likely to remain subdued for the rest of the session," says
Ashwini Bansod, analyst with MF Global Commodities. Federal government suspended
fresh trading in sugar contracts until Dec. 31 to check rising prices. Trading
during day is not permitted at prices below 4% limit.

Market Talk India Sugar Stocks Down on futures trading Ban

India June sugar contract on NCDEX hits lower limit of 4%
at INR2,215/100 kg, a day after suspension of fresh trading in futures.
"Sentiment is likely to remain subdued for the rest of the session," says
Ashwini Bansod, analyst with MF Global Commodities. Federal government suspended
fresh trading in sugar contracts until Dec. 31 to check rising prices. Trading
during day is not permitted at prices below 4% limit.

Market Talk India Suger Stocks Down on fitures trading Ban

India sugar stocks down, underperforming broad markets,
after federal government suspends futures trading until December 31. "There will
be no new positions and only squaring off of old contracts will be allowed,"
Rajeev Agarwal, member of Forward Markets Commission, says. "The government's
move will cool off sugar stocks by arresting the rise in domestic sugar prices,"
says Deven Choksey, MD of K R Choksey. Adds, stopping speculation in sugar
futures a positive move; though recent rally in sugar stocks to be halted, there
could be some medium term upside as sugar companies likely to report better 1Q,
2Q earnings. Says, standalone companies likely more affected vs companies with
diversified revenue streams like power generation, alcohol production. Shree
Renuka Sugars (532670.BY) down 1.6% at INR123.20, Bajaj Hindusthan (500032.BY)
down 3.3% at INR133.60, Balrampur Chini (500038.BY) down 3.1% at INR82.65.

India Jun sugar contract Hits 4% Lower Limit

India's June sugar contract opened 3% lower Wednesday at
INR2,238/100 kg, a day after the federal government suspended fresh trading in
sugar contracts until Dec. 31.
No new positions can be taken and only squaring up of positions will be
allowed in regard to existing contracts, according to the commodity futures
regulator.

Market talk: India Soybean Futures Likely to open Tad Up

India June NCDEX soybean contract likely to open slightly
up on weak supply, says Badruddin Khan, analyst with Angel Commodities; adds,
falling INR vs dollar may improve soymeal export demand, but "bearish sentiment
may come in agricultural commodities due to ban in sugar futures." Expects
contract to move in INR2,530-INR2,580/100 kg band today; it last ended flat at
INR2,549.50.

Indian Commodities Prices- Agriculture

MUMBAI - The following are Wednesday's prices of oilseeds, oilmeal,
edible oils and grains provided by traders in key trading centers.

Oilseeds in INR/ton: Wednesday Tuesday
Groundnut (Saurashtra) N.A 21,300
Soybean (Indore, ex mandi) 25,190 24,000
Rapeseed (Jaipur, ex mandi) 25,165 26,400
Sunflower Seed (Karnataka) N.A 24,500
Castor Seed (Gujarat) 23,460 24,000
Sesame Seed (Saurashtra) 60,840 60,000

Extractions for export in dollars/ton, free alongside ship, Kandla:

Soybean Meal (Yellow) 48%-2.5% N.A. 460
Rapeseed Meal 38%-2.5% N.A. 250
Oils in INR/ton:

Groundnut Oil N.A. 54,000
Rapeseed Oil (Rajasthan) 44,675 46,800
RBD Palm Olein 41,025 40,700
Crude Degummed Soyoil N.A. 43,500
Crude Palm Oil (Kandla) 36,440 35,600
Crude Palm Olein - -
Refined Oils in INR/ton:
Groundnut Oil N.A. 59,000
Rapeseed Oil N.A. 50,000
Soybean Oil 48,085 45,800
Sunflowerseed Oil N.A. 47,000
Prices of wheat and corn, in INR/ton:
Wheat 10,908 10,960
Corn 8,346 8,354

26 May 2009

India News Highlights :- Top Resources stories of the day

SICOM, NCDEX INK CROSS-MARKET COOPERATION PACT
The Singapore Commodity Exchange and the National Commodity and Derivatives
Exchange of India signed Tuesday an agreement of proposed cooperation in a move
market observers said is aimed at giving both markets a bigger presence amid
increasing regional competition.

OIL INDIA TALKING TO BANKERS OVER INITIAL SHARE SALE
Oil India Ltd. said Tuesday it has started talks with bankers for an initial
sale of shares as the federal government revives plans to sell stakes in
state-run companies to generate revenue and reduce a widening fiscal deficit.

INDIA 09-10 SUGAR OUTPUT FROM MAHARASHTRA MAY RISE
20% Maharashtra, India's largest sugar producing state, may boost output by 20%
in the crop year beginning Oct. 1 as farmers are planting cane over a larger
area to take advantage of better prices, a senior industry official said
Tuesday.

INDIA NALCO CUTS ALUMINUM PRICES BY UP TO INR5,000/TON-EXEC
India's National Aluminium Co. Ltd. cut prices of its aluminum products by
up to INR5,000 per metric ton in line with global rates, a company official said
Tuesday.

SUZLON ENERGY EXEC: MAY SEE PRICING PRESSURES OVER 3-6 MONTHS
Indian wind-turbine maker Suzlon Energy Ltd.'s chief operating officer said
Tuesday the company may see some pricing pressure over the next three-six
months.

INDIA OCT 1-MAY 23 COTTON ARRIVALS 27.67M BALES, DN 9.3% ON YR
India's cotton arrivals in local markets in the crop year that began Oct. 1
fell 9.3% on year to 27.67 million bales as of May 23, data from state-run
Cotton Corp. of India showed Tuesday.

Indian Commodity Market Talk :-

1. Market Talk India Gold Futures Up 0.3% ; Weak INR
India June MCX gold contract up 0.3% at INR14,635/10
Grams on weak INR; but fall in overseas markets likely to limit gains. "The only
Supporting factor for domestic gold is the rupee, and it can rally to INR14,800
in the next couple of days," says Devarsh Vakil, head of research at Anagram
Capital; expects contract to trade INR14,570-INR14,720.


2. India Wheat Futures Down 0.5 % on Higher Supply
India wheat June contract on NCDEX down 0.5% at
INR1, 103/100 kg on increasing local supplies. "Warehouses are saddled with
Stocks and the weak spot market is putting pressure on futures prices," says
Vandana Bharti, analyst with SMC Comtrade; expects contract to trade in
INR1,100-INR1,115 range today.

3. India futures flat; likely down later
India June soybean contract on NCDEX little changed at
INR2,543/100 kg; likely to trade down later in session on reduced demand, good
Monsoon. "Normal progress of monsoon is expected to boost the production of
Soybean, which may weigh on the prices," says Mehul Agrawal, analyst with
Sharekhan Commodities; expects contract to trade in INR2,530-2,560 range today.

4. India Sugar futures may open Dn on Higher Output
India sugar futures likely to open down on expectation of
Improvement in production due to early arrival of monsoon, higher imports.
"Local demand has also started falling due to the end of the summer season,"
Says Tejas Seth, analyst with SMC Comtrade; expects June contract on NCDEX to
Trade in INR2,290-INR2,320/100 kg; last ended down 0.5% at INR2,311.

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27 February 2009

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