NCDEX Turmeric bearish on weak spot demand
Turmeric prices at India’s National Commodities and Derivative Exchange (NCDEX) were down by 2.05%. Turmeric June is now trading around Rs 5900-6070 per qtl levels.On Friday trade, Turmeric rose to a high of 6070 Rs/qtl at 12.14 am IST and is expected to trade negative in the near term. Support is at 5940, 5860 levels and resistance at 6120 & 6180, analyst said.
Normal rain at Tamil Nadu and Andhra Pradesh has impacted turmeric prices. Quality concern over warehouse stocks also reflected prices. We expect NCDEX Turmeric to trade on bearish note.
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NCDEX Refined Soy Oil edges up despite physical markets
Refined Soy Oil prices at India’s National Commodities and Derivative Exchange (NCDEX) witnessed a positive phenomenon. Soy Oil June is now trading around Rs 705.30-707.70 per 10 kg levels.On Friday trade, soy oil rose to a high of 707.70 Rs/10 kg at 11.36 am IST and is expected to trade positive in the near term. Support is at 701, 698 levels and resistance at 709 & 711, analyst said.
Availability of edible oils on Indian ports which can pressurize the market sentiments. However a lot will also depend upon the demand in near future. We expect NCDEX Soy Oil to trade on bullish note.
NCDEX Turmeric, Coriander, Maize positive; further gains expected near term
For intra-day, support for the commodity is seen at 5750 while 6350 is the resistance. Traders may buy around 5950 with the stop loss of 5750 for the target of 6350. NCDEX turmeric for June delivery was seen trading up by 0.73% at Rs.6040 per 100 kgs as of 11.29 AM IST on Thursday.WE CHANGE YOUR TRADING EXPERIENCE
MCX Silver sideways; traders await US data releases
For intra-day, support for the commodity is seen at 42500 while 43500 is the resistance and the futures are expected to trade range bound. MCX silver futures for July delivery was seen trading down by 0.08% at Rs.43192 per kilogram as of 04.57 PM IST on Thursday.Gold inches down on profit-taking
Gold
futures traded modestly lower during Friday's Asian session as traders
booked profits in the yellow metal following a solid showing Thursday's
U.S. session.
Oil falls below $94 on weak outlook for demand
The price of oil was knocked lower Friday by a combination of ample supplies and lukewarm demand.
Benchmark oil for July delivery was down 40 cents to USD 93.85 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.
The contract fell three cents to close at USD 94.25 a barrel in New York on Thursday. The price sank as low as USD 92.21 in the morning after weak manufacturing data from China raised questions about the strength of oil demand in the world's No. 2 economy.
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