MCX | NCDEX Market Updates 31-May

MCX

MCX Silver consolidated on strong dollar

Silver prices at India’s Multi Commodities Exchange (MCX) witnessed a range bound phenomenon. The July Contract is now trading around Rs 44203-44660 per kg levels.

In COMEX markets, silver is trading down at $22.65 per oz at 03.24 am CT.

On Friday trade, silver July contract rose to a high of 44660 Rs/kg at 02.26 pm IST and is expected to trade negative in later session. For intra-day, support is now seen at 44200, 43600 levels and resistance at 45000 & 45650, analyst said.

Gold extends gains; rises on hopes that Fed stimulus will stay

Gold prices extended gains, rising by 0.34 per cent on Friday at the domestic markets as weak US economic data raised hopes that the US Fed may maintain the current pace of its monthly bond buying plan, bolstering the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. US Q1 GDP growth lagged estimates, jobless claims rose while pending home sales grew at a slower pace last month, underscoring economic weakness. Gold futures for June 2013 contract, at MCX, were trading at Rs. 27,250 per 10 grams, up by 0.34 per cent after opening at Rs. 27,176 against the previous closing price of Rs. 27,158. It touched the intra-day high of Rs. 27,308 till the trading. (At 11.28 AM today). Sentiment improved further as investors and speculators created fresh positions in the precious metal tracking gains in overseas markets However, gains in the yellow metal were curbed on reports that gold demand in China, the world's largest consumer after India, may slow in the second half of this year after surging in April. At the Commodity Exchange (COMEX), gold future for June 2013 delivery traded at US$1,418.3 per ounce, up by 0.45 per cent. It opened at US$1,412.9 against the previous closing price of US$1,412. It touched the intra-day high of US$1,421.6. (At 11.31 am IST).

NCDEX 

NCDEX Wheat extends upside move on new season harvest

Wheat prices at India’s National Commodities and Derivative Exchange (NCDEX) was up by 0.94%. Wheat June is now trading around Rs 1585-1608 per qtl levels.

Wheat arrivals across the country touched 28.44 MT and procurement by government agencies at 24.96 MT.  In Delhi spot market, wheat prices gained Rs 5 to end at 1580 rupees per 10 kg.

On Friday trade, Wheat rose to a high of 1608 Rs/qtl at 12.27 pm IST and is expected to trade positive in the near term. Support is at 1580, 1572 levels and resistance at 1613 & 1622, analyst said.

Soybean future fall for the third consecutive day

The prices of Soybean future fell on Friday for the third consecutive day as investors and traders offloaded their positions due to decline in the demand of the commodity. Moreover, increase in the supply of the commodity also supported the prices to fall further. At the NCDEX, Soybean future for June 2013 contract traded at Rs. 3819 , down by 0.21 per cent after opening at Rs. 3838 against the previous close of Rs. 3827. It touched the intra-day low of Rs. 3806 till the trading. (At 02:03 PM today)

Mentha oil extends losses; falls for third day on low demand

Mentha oil prices extended losses, falling for the third day on Friday at the domestic markets as a result of the increased arrivals of the commodity in the physical market from the major producing belts in Uttar Pradesh. At MCX, Mentha oil futures for May 2013 contract, at MCX, were trading at Rs.914.60 per kg, down by 0.29 per cent after opening at Rs. 918.30 against the previous closing price of Rs. 917.30. It touched the intra-day low of Rs. 911.80 till the trading. (At 12.35 PM today). Sentiment weakened further as the investors indulged in profit-booking in the midst of a fall in demand in the spot market. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

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