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Sunday, 19 March 2017

Wheat

Wheat is trading at Rs 1,900 a quintal in the Delhi market. Prices are expected to trade lower towards Rs 1,800, given the approaching harvesting period in north India and arrival pressure in central and western regions. Strengthening of the rupee would also put pressure on prices.

Castor seed

Castor seed prices have surged almost 11 per cent in the past 10-12 trading sessions on lower supply and good demand for castor oil. The surge might attract liquidation by stockists and/or long positions, in futures market, leading to a correction. In the current week, prices in the futures segment are expected to move towards Rs 4,280 per quintal from the current Rs 4,391 at the Deesa market.

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Friday, 17 March 2017

Best Commodity Tips

After Thursday's strong rally, gold prices slipped by Rs 150 to Rs 28,950 per ten grams, largely on its global weakness amid subdued demand from local jewellers.

Silver also dropped by Rs 350 to Rs 41,000 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at current levels mainly led to decline in gold prices.

Globally, gold fell by 0.01 per cent to USD 1,225.70 an ounce and silver by 0.26 per cent to USD 17.25 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 150 each to Rs 28,950 and Rs 28,800 per ten grams respectively. It had surged Rs 450 yesterday.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams.

Following gold, silver ready fell by Rs 350 to Rs 41,000 per kg and weekly-based delivery by Rs 265 to Rs 40,745 per kg.

Silver coins, however, remained unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

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Wednesday, 15 March 2017

Best Commodity Tips
Gold hits one-week high as Fed signals only gradual rate hikes

Gold prices rose to a one-week high on Thursday as the dollar fell after the US Federal Reserve stuck to a less hawkish stance on further interest rate hikes this year.

Spot gold rose 0.3 per cent to $1,222.20 per ounce, the highest since March 7, at 0028 GMT. US gold futures climbed 1.72 per cent to $1,221.3.

Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.53 per cent to 839.43 tonnes on Wednesday from 834.99 tonnes on Tuesday.

The US Federal Reserve raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target.

However, the central bank said in its policy statement that further hikes would only be "gradual," with officials sticking to their outlook for two more rate hikes this year and three more in 2018.

The dollar wallowed at a one-month low early on Thursday after the Fed sounded less hawkish, while the euro stood tall as Dutch election exit polls gave the country's prime minister a big lead over his far-right rival.

The dollar index against a basket of major currencies extended losses from the previous day, when it slid more than 1 per cent, to touch 100.490 , its lowest since Feb. 17.

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Tuesday, 14 March 2017

BULLION

Gold April future is marginally down at $ 1,201 per ounce.Platinum April delivery is up 0.2 percent at $ 941.Silver May contract is slightly up at $ 16.938.

ENERGY

WTI Crude Oil April expiry is trading on a strong note - up almost 2 percent at $ 48.59 a barrel.Brent Oil May future has also jumped 1.5 percent at $ 51.68.Natural Gas April delivery is down 0.10 percent at $ 2.944.

BASE METAL

Copper May delivery is unchanged at $ 2.643.

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Thursday, 9 March 2017

Best Commodity Tips

Gold falls below key level of $1,200 ahead of US jobs data

Gold prices dropped below the key level of USD 1,200 an ounce on Friday to hit their lowest in over five weeks, pressured by a stronger dollar ahead of US jobs data later in the day.

Spot gold was down 0.2 percent at USD 1,197.90 per ounce at 0118 GMT, after touching its weakest since Jan. 31 at USD 1,197.02 earlier in the session. The metal was set for a weekly loss of about 2.8 percent.

US gold futures fell 0.4 percent to USD 1,198.10 an ounce.The dollar index was up 0.1 percent at 101.94.

Investors are waiting for February non-farm payrolls data on Friday as a barometer of the US economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up. Her comments were seen as cementing plans for an increase at the Fed's March 14-15 meeting.

The Fed will raise interest rates next week in response to a series of strong economic data, according to all of more than 100 economists polled by Reuters, with two more hikes likely to follow later this year.

The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labour market continues to tighten amid a sharp drop in job cuts in February.

Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.32 percent on Thursday.

A supply deficit in platinum markets is expected to persist this year, an industry report showed on Thursday, but the shortfall is seen shrinking for a fourth consecutive year as declining investment and jewellery buying outweigh lower supply.

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Wednesday, 8 March 2017

Best Commodity Tips

US oil prices rise supported by OPEC output cut compliance

US oil prices rose in Asian trade on Thursday as high compliance with OPEC's production cuts lent support, although US record crude inventories weigh on market sentiment.

US benchmark West Texas Intermediate (WTI) crude futures climbed 33 cents, or 0.66 percent, to USD 50.61 a barrel at 0032 GMT, after plummeting 5.38 percent to USD 50.28 per barrel in the previous session, hitting the lowest level since December.

International Brent crude futures were yet to trade after closing 5 percent lower at USD 53.11 a barrel.

Crude inventories in the United States, the world's top oil consumer, surged last week by 8.2 million barrels, handsomely beating the forecast of a 2 million barrel build.

"When combined with the huge speculative long positions in the market, it’s not surprising that prices sold off so strongly,"

Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC's compliance with an oil output cut exceeded a target, standing at 140 percent in February, while non-OPEC embers compliance was 50-60 percent.

OPEC and other major oil producers including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.

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Tuesday, 7 March 2017

Best Commodity Tips
BULLION

Gold and Platinum April futures are marginally up at $ 1,218 per ounce and $ 962, respectively.Silver May delivery is slightly down at $ 17.517.

ENERGY

Crude Oil April and Brent Oil May series have declined over 0.5 percent each at $ 53 and $ 55.63 a barrel, respectively.Natural Gas April expiry is almost unchanged at $ 2.835.

BASE METAL

Copper May delivery is quoted at $ 2.622 - up 0.2 percent.

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