The Optimistic Undertone In Castor Seed Futures - June 30,2008

Mumbai: The optimistic undertone in castor seed futures is hoped to continue as the arrivals likely to shrink further in the coming days. Castor seed is sown in July and August and harvested in January. The inflow into Gujarat spot markets has fell to 30,000 bags (of 75 kg each) during the week from 80,000 bags. Prices of castor seed in the spot markets are on the increase amidst strong export demand and are quoted at about Rs 570 for a 20 kg bag. Export price of castor seed oil meal is quoted at $150 a tonne. India is one of largest exporters of castor seed and its derivatives like oil and oil meal. The weakness in barley futures is hoped to remain in the short term. The steady decline in open interest and low volumes amidst softening prices indicate that the market is in overbought position.

Increases Coonoor Tea Rates For Demand - June 30,2008

Coonoor: Despite a immense offer of 13.82 lakh kgs the highest for any single auction in more than two years prices increased Rs 2 a kg on the average at Sale No: 26 of the auctions of Coonoor Tea Trade Association (CTTA) on June 27 because demand was adequate to absorb the volume. Exporters said that Pakistan found it advantageous to acquire here in the context of tight supplies and high prices at Kenya's Mombassa auctions where it is used to pick up the bulk of its requirements. CIS bought blacker smaller sorts paying Rs 50. Internal purchasing was generally strong. Western Indian buyers operated actively on the bright liquoring teas.

Whole leaf orthodox grades were dearer by Rs 3-4 a kg. Brokens and fannings got Rs 2 more. High-priced CTC teas were up by Rs 1-2. Primary orthodox dusts got Rs 3-5 more. Its BOPF grade got Rs 110 a kg, the highest price for any CTC tea from bought-leaf sector at the auction. Darmona was the only factory to remain in Rs 100 and plus category. Homedale Estate received Rs 97, Hittakkal Estate and Shanthi Supreme Rs 90 each, Professor Rs 87, Vigneshwar Estate, Ella Estate and Kannavarai Estate Rs 86 each, Highfield Estate Special, Aroma Estate and Green View Estate Rs 85 each, Deepika Supreme and Sree Tea Supreme Rs 84 each, UPASI Rs 83, Garswood Estate Rs 82, Selva Ganapathy Supreme Rs 80.

Extremely Optimistic During The Weekend Session - June 30,2008

Kottayam: The rubber prices ended higher on June 28. RSS 4 increased further to Rs 131 from Rs 130 a kg as covering groups continued to procure the raw material offering better quotes. Supply worries and intensified monsoon rains kept the market mood extremely optimistic during the weekend session. Spot prices (Rs a kg) were RSS-4: 131 (130), RSS-5: 129.50 (127.50), ungraded: 127 (125), ISNR 20: 130 (128.50) and latex 60 per cent: 89 (88).

Crude Prices Record On Gold Futures Surge - June 28,2008

Gold futures surged above $930 an ounce Friday as a record high in crude oil, persistent weakness in the U.S. dollar and a recent plunge in the U.S. stock market encouraged investment demand for the precious metal. Gold for August delivery rallied $16.20 to end at $931.30 an ounce on the New York Mercantile Exchange. The precious metal posted a weekly gain of $27.60 from last Friday's closing level of $903.70.

MCX Gold August expiry closed the session at Rs 12871 per 10 grams. The next target for Gold will be 13 k when it resumes its journey with COMEX on Monday. Today’s session is expected to be less volatile.

Crude-oil futures climbed to a fresh record of nearly $143 a barrel in Friday afternoon on NYMEX, a weekly gain of more than 5%.

Copper Prices Fresh Breakouts The Trading Session - June 28,2008

Copper prices gave fresh breakouts in the trading session last night. This has made Copper a new contender for the rally ahead of Aluminium which is getting dull on the rise of inventories.

The price of copper rose to a one-month high above $8535 per tonne in LME futures trade on Friday as a weaker dollar, falling warehouse stocks, and possible labor issues in Peru helped provide the underpinnings for the stronger price action. The dollar extended declines against the euro on Friday after U.S. stock markets accelerated their losses.

Copper inventories in Shanghai fell 3 percent to 32,401 tonnes in the week ended Thursday, compared with 33,417 tonnes the previous week. London Metal Exchange (LME) copper warehouse stocks fell by 150 tonnes to 122,900 tonnes on Friday -- down nearly 40 percent since the start of the year.

MCX Copper which hovered around 360 mark gave fresh breakouts touching a new all time Rs 367 per kg before closing at Rs 366.8 per kg. MCX Copper June expiry gained 1.2% during the week. Today the movements are expected to be light as the international markets are closed.

Spot Rubber Made A Smart Gain - June 28,2008

Kottayam: Spot rubber made a smart gain on June 27. RSS 4 went up to Rs 130 a kg from Rs 128 a kg as covering groups remained extremely aggressive on the grade during the session. Major manufactures were purchasers on sheet rubber up to Rs 128 a kg but they failed to procure the raw material as it was traded much above their preferred levels. The grade ended at Rs 139.73 (139.65) a kg at Bangkok spot. Spot prices (Rs per kg) were RSS-4: 130 (128.00) RSS-5: 127.50 (125.50) Ungraded: 125 (124) ISNR 20: 128.50 (127) and latex 60%: 88 (86.50).

Maize Futures On NCDEX Touched The Upper Circuit - June 27,2008

Mumbai: Maize futures on NCDEX touched the upper circuit at Rs 973 a quintal on strong domestic and world demand. Turmeric closed up 2.27 per cent at Rs 4,427 a quintal on the back of fresh purchasing in the spot markets. Short covering pushed pepper futures high by 1.74 per cent at Rs 14,180 a quintal. Jeera increased 1.67 per cent at Rs 12,051 a quintal on good export demand. Castorseed increased by 1.46 per cent to Rs 578 a quintal on declining arrivals in Gujarat spot markets and delay in sowing in Andhra Pradesh due to less rains. Chilli futures recorded a loss of 1.04 per cent at Rs 5,255 a quintal on heavy selling amidst increased arrival. While cardamom touched the upper circuit of 3 per cent at Rs 694 a kg, mentha oil declined 1.63 per cent to Rs 494 a kg.

Good Export Demand For Coimbatore Tea Auctions See - June 27,2008

Coimbatore: Despite higher volume on offer, tea rates were dearer last week with exporters picking quality teas. Though internal purchasers were active in select counters, Hindustan Unilever Ltd was absent. The total offerings at the weekly auction held at the Tea Trade Association here on June 27 totaled to 6.47 lakh kg with leaf grades accounting for 2.33 lakh kg and the balance 4.14 lakh kg of dust grades. CIS exporters and purchasers for the West Asian market lent fair support. There was good support from internal purchasers. The demand was generally good for the CTC leaf grades. Clean and blacker teas were quoting dearer by up to Rs 2.

Market Feeling The Shortage Of Raw Material - June 27, 2008

Kottayam: Physical rubber prices increased further on June 26. RSS 4 closed firm at Rs 128 against Rs 127.50 a kg on covering buys. The market seemed to be feeling the shortage of raw material once again as south-west monsoon started to strengthen all over the plantation areas. The absence of major manufacturers on the purchaser's side and the slip in world indices were the dominating factors restricting the day's price movements. The grade declined to Rs 139.65 from Rs.140.08 a kg at Bangkok. The per kg spot prices were:RSS-4 : 128 (127.50); RSS-5 : 125.50 (125); ungraded : 124 (123); ISNR 20 : 127 (126) and latex 60% : 86.50 ( 86).

Rubber Sees Steady Trend - June 26, 2008

Kottayam: The rubber market ruled steady on June 25. RSS 4 increased to Rs 127.50 from Rs 127 a kg as covering groups remained active on the grade. Spot prices (Rs a kg) were: RSS-4 : 127.50 (127); RSS-5: 125 (124.50); ungraded : 123 (122.50); ISNR 20: 126 (125.50) and latex 60%: 86 ( 86).