MCX TIPS, NCDEX PEPPER UPDATE, TEA UPDATE, CRUDE OIL TIPS, GOLD AND SILVER TIPS, NCDEX WHEAT TIPS, NATURAL RUBBER UPDATE.
Today, market seems bearish for the commodity products. Yesterday, the Market was closed Flat Nifty was closed at 6074.80. There is a lot of pressure can be seen over the traders as the market is working in a rough note. All seems bearish with red flag.
Currently NCDEX Wheat seems positive for Feburary delivery. The commodity looking bullish. Short term support is seen at 1530 level. At 11: 25 am its trading on a negative note at Ra 1566 with the change of 0.06%. India’s Wheat output is relatively close to last year record level of 93.90 million tons. Globally it may expand by 10%.
On Tuesday the Rupee rules steadly over US dollar at 53.92. Gold price drop as the rupee rising. Yesterday, gold for jewellery closed at 30365 and pure gold slid at 30505.
The NCDEX Cardamom price for future is decline by Rs. 3.20 to 1070.20 per kg same as spice traded lower by Rs. 2.20 or 0.21% to Rs 1101.10 per kg.
Crude Oil for feb delivery gains Rs 8 or 0.23%. For march delivery Oil moved up by 0.23% with the total volume of 361 lots.
According to the Tea Board of India The price of Tea have risen by 40% from last 5 years. It was expected that the production of tea grow by 1.87% annually.
The feburary contract of NCDEX Pepper decreased by Rs 870, March and April dropped by RS 420 and Rs 15 respectively. Spot price market fell by Rs 300.
Natural Rubber market is highly Volatile for present condition. World’s NR production and consumption would be 11.77 and 11.59 million tonnes in 2013. Its closing Stock for 2012-13 is 290,000 tonnes.