Posts Tagged ‘Tokyo’

Uncertainty over stocks leads to price volatility in turmeric futures

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe.

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Uncertainty over stocks leads to price volatility in turmeric futures:

In an unusual situation this week, far-term turmeric contracts were trading much below near-term ones, offering a big arbitrage opportunity for hedgers and speculators, on the National Commodity & Derivatives Exchange (NCDEX).

The price difference was 39 per cent.

Last year’s carryover stock is estimated to have declined steeply, at around 150,000 bags (a bag is 70 kg) as of today, as compared to around 700,000 bags around the same time last year.

Arrivals at the Erode market were 2,000 bags and sold at Rs 10,900-11,000 a quintal.

In Duggirala, prices were placed at Rs 9,800-10,500 a quintal and in Warangal at Rs 9,900-10,500 a quintal.

Turmeric exports climbed seven per cent to 4,000 tonnes in October 2009 from the same period last year.

Weak turmeric futures put downward pressure on spot markets, to send the product down by Rs 800 a quintal.

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In Other major Commodities Updates also read Soybeans and Wheat Drop as Dubai Default Risk Dents Confidence of the Investors.

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Soybeans, Corns and Wheat Drop as Dubai Default Risk Dents Confidence:

Soybeans, corn and wheat slumped after Dubai’s bid to reschedule debt sent equities tumbling and eroded investor confidence in commodities.

Soybeans for January delivery dropped as much as 2.7 percent to $10.2625 a bushel, the lowest level since Nov. 19, in electronic trading on the Chicago Board of Trade and were at $10.385 at of 10:50 a.m. Tokyo time.

The contract has lost 0.7 percent this week, the first such drop in three weeks.

Wheat for March delivery in Chicago lost as much as 2.4 percent to $5.5775 a bushel before trading at $5.595.

The grain dropped 3.7 percent this week, falling for the first time in four weeks.

Production may be around 21 million metric tons, down 2 percent from last harvest and lower than the 23 million tons forecast in October,2009.

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Gold Breaks 16K Mark, Silver Hit New Highs :)

Gold Breaks 16K Mark, Silver Hit New Highs

Gold Breaks 16K Mark, Silver Hit New Highs

Due to constant festive demand in the midst of rise in the overseas markets, benchmark Gold prices increased by Rs 105 per 10 grams to break the Rs 16,000-mark in the bullion market while silver continued to hit new highs.

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However, due to higher international advices, silver went to a record peak on constant industrial demand while on the Comex division of the New York Mercantile Exchange, gold for October delivery rose to $1,064.20 an ounce.

Moreover, the contract had previously touched a high of $1,068.40 an ounce and December silver futures closed at $17.84 an ounce from $17.82.

Additionally, in Tokyo, gold was below the all time high levels as dollar decreased to fresh 14-month lows against its major rivals.

On the other hand, in the local market, benchmark gold increased by Rs 105 per 10 grams to restart at Rs 16,035 from Monday’s closing level of Rs 15,930.

Similarly, pure gold also rose by a similar margin to Rs 16,110 from Rs 16,005 while silver ready hardened by Rs 95 per kg to Rs 28,150 from Rs 28,055 previously.

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