Market Overview (2-September-2014) On domestic front, Bullions prices traded on quieter note following the closure of U.S. market. Buoyant U.S. economic numbers hammered safe heaven appeals of yellow metals resulting in dampening bullish bets to the lowest level since June. Crude oil prices traded sideways to lower on disappointing china’s manufacturing PMI coupled with increasing production of OPEC cartel which has been climbed by 0.9 million barrels to 31 million barrels. Entire Base metals segment traded with negative bias on the wake of discouraging china’s manufacturing number which once again fueled concerns over country’s growth. Most of the Agro commodities ended down: Castorseed dropped to 6-month low on revival of monsoon rains in Gujarat, Rajasthan and north Indian states; Soybean & Soyoil continued its retarding trend; RMseed recuperated after making an intraday low of 3501; Turmeric lost 1.6% increased acreage in Andhra Pradesh and reports of higher arrivals in the spot markets; Jeera declined on prospects of sufficient supply in the domestic market; Chana ended marginally up by 0.45% Khariff Crop report: Khariff acreage YoY deficit narrows to 3.32% at 96.6 million hectares; The area under oilseeds was down 7.8% on year at 17.22, million hectares, while pulses area was down 5.2% at 9.54 million hectares. IMD weather report: India June 1– September 1 rainfall 601.7 mm, 16% below normal. Research Desk Globe Commodities & Currency
Posted on: Tue, 02 Sep 2014 04:00:09 +0000
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