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Commodity market updates :- today commodity market is open at negative note after a fall on saturday.
NCDEX Chana Updates :- Chana June futures at National Commodity and Derivatives Exchange of India (NCDEX) declined 0.60% last week to Rs 4115 per 100 kg although fundamentals are supportive of a bullish trend in pulses. India’s pulses production is pegged at 17.02 mn tonnes in 2011-12 as against 18.24 mn tonnes in 2010-11. However, the short-fall has been made up by increased imports according to data from Departmenr of Commerce. In April 2011 to February 2012 period, India’s import of pea rose 42%, chickpea (chana) 99% and tur 27%. Recently, NCDEX had imposed additional margins on the long side to curb volatility in pulses.In the current week, prices may remain under downside pressure on higher prospects of sowing of summer and Kharif pulses.
Pepper trading range for the day is 37843-39443. Support for the Pepper is seen at 38347 and below could see a test of 37843. Resistance is now likely to be seen at 39147, a move above could see prices testing 39443. Pepper June contract gained Rs 580 and settled at Rs 38850/quintal as a squeeze in local supplies and dwindling stocks due to lower output supported prices. The contract touched the intraday high of Rs 38940/quintal while low of Rs 38140/quintal.
NCDEX Pepper Updates :- Pepper prices in the intraday are expected to trade rangebound as lower stocks in the domestic market might support prices while lacklustre demand from the overseas buyers and commencement of fresh arrivals from Malaysia and Indonesia are likely to resist prices from trading higher. However, in the medium term Pepper prices are expected to find support on account of lower availability of Pepper in the domestic market. According to the latest updates from IPSTA, Kochi, Pepper arrivals in Kochi Mandi decreased to 170 quintals from 200 quintals, meanwhile off-takes jumped to 140 quintals from 100 quintals.
MCX Updates For gold :- Limited scope for further declines in U.S. bond yields may increase gold’s popularity with investors seeking a quality asset, said HSBC, British multinational bank, in a commodity research note.
MCX Gold Tips Today : - Sell gold around 30300 / 30325, with stop loss 30500, for target of 30100 / 30000.
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