Posts Tagged ‘U.S.’

Weekly Update 26th – 30th April 2010

Domestic markets started the week on a negative note on the back of the Greek debt issues and Goldman Sachs fraud issues, but managed to close in the positive terrain supported by firm US markets in line with less than expected hike in Policy Rates & Cash Reserve Ratio by RBI to tame the inflation; Policy rates and CRR increased by 25 bps each. The food price index rose 17.65% in the 12 months to April 10, marginally higher than an annual rise of 17.22% in the previous week. Moreover IMF announcement of India`s growth at 8.5% for the calendar 2011 boosted the sentiments.

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Additionally, announcement of government recapitalization of PSU banks stimulated banking sector and banking stocks were among the major gainers of the week. Good corporate numbers, expectation of good monsoon together with buying by foreign institutions kept the momentum intact for the rest of the week. Going forward market participants globally would be closely watching G20 finance chiefs plan to withdraw economic stimulus as the recovery strengthens.

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The IMF this week said that rising government debt is one of the biggest threats to the world economy.

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Forecast of normal monsoon season by Indian Meteorological department may keep the sentiments positive in the coming week but volatility may rise ahead of the expiry. On the global front, the UK’s economy grew at a slower than anticipated pace in the first quarter. In US, sales of new homes surged by 27 percent in March and orders for most durable goods climbed, indicating the U.S. economy is speeding ahead into the second quarter. Greece troubles that kept the markets jittery especially for the payments approaching in the month of May came to an end after it said that it has sought a relief aid from the European Union to save it from a default.

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US stock markets kept the rally intact which held the other world markets and did not let them fall.

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Shanghai remained under pressure as commodities saw some pressure and profit booking at higher levels. Indian stocks are seeing more strength in cash stocks and banking stocks. Nifty has support between 5200-5100 levels and Sensex between 17400-17200 levels.

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This week is full of event risk, especially from US economy side. Gradually, commodity is retreating from the higher levels but it will be too early to say that it is giving a clear indication for the approaching time. But yes, upside is limited.

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Negative expectation of US GDP figure for the first quarter may hammer the prices. If dollar index trades above the level of 82 then it would keep gold to be in sideways territory. Copper saw three weeks nonstop downside and it is expected to see more downside. Range trading in crude oil is indicating the saturation at the higher levels and market needs big news to see further upside..

Imposition of Addl. Margin on Turmeric

Hello Friends here we come up with the Latest Agri updates in the country.

Imposition of Addl. Margin on Turmeric

Imposition of Addl. Margin on Turmeric

Imposition of Addl. Margin on Turmeric

As per notification & NCDEX Bye laws, Rules and Regulations of the Exchange, in addition to existing margins, special margin of 10% on long side will further be imposed on all running contracts of Turmeric (Symbol : TMCFGRNZM), effective from the beginning of trading day November 4, 2009.

Thus the total special margin on the long side of all running contracts and yet to be launched contracts in Turmeric shall be 20% with effect from November 4, 2009.

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In Other major Agri Updates we can see that Corn, Soybeans have Dropped as rally to One-Week High may erode Demand whereas Strong Demand has kept Cardamom firm.

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Corn, Soybeans Drop as Rally to One-Week High

May Erode Demand :

Corn and soybeans declined for the first time in three days on speculation that their rally to one-week highs may reduce demand for U.S. supplies.

Wheat climbed. Corn gained 6.6 percent the past two days and the oil-seed rose 3.5 percent after wet, freezing weather delayed Midwest harvests last month.

As well production in the U.S. may be curbed by above factors. USA is the largest grower and exporter of both crops.

The U.S. Department of Agriculture will update its crop forecasts on Nov. 10.

The soybean crop will reach 3.325 billion bushels, less than the Oct. 7 forecast of 3.411 billion, the Linn Group said.

Last month, the USDA predicted a record 3.25 billion bushels, up from 2.967 billion collected in 2008.

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In another Update,

Demand keeps cardamom firm :

The average cardamom prices vacillated between Rs 670 and Rs 710 a kg during last week at auctions held in Kerala and Tamil Nadu and good demand despite heavy arrivals.

In fact, the arrivals at the KCPMC auction on Sunday at Vandanmettu were the highest with 75 tonnes, ever since the commencement of e-auction in December 2007.

Buyers both domestic and export were active.

Around 35 to 40 tonnes of cardamom was bought by exporters. North Indian buyers were covering for their requirements for the winter.

They were actively buying on the apprehension that the prices might go up further in the coming days due to a likely squeeze in supply once the peak harvesting season gets over.

The weighted average price as on November 1, 2009 stood at Rs 681.11 a kg as against Rs 593.83 a kg on the same day last season.

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India Moved Up in World’s Most Competitive Economies Ranking :)

Indian Economy Moves Up

On the strength of its energetic financial markets and a sound banking sector, India moved up one mark to the 49th spot in the World Economic Forum’s annual ranking of the world’s most competitive economies.

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However, according to ‘‘The Global Competitiveness Report 2009-10’‘, Switzerland took the top slot to topple the U.S. to the second position while the next 3 ranks were accounted for by Singapore, Sweden and Denmark to make up the top five among the 133 countries.

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However, the BRIC nations like, India, China and Brazil improved upon their position in the competitiveness index while Russia experienced a sharp drop.

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On the other hand, while India moved up one slot to 49 from 50 last year, China also upped its rank to 29 from 30 earlier while Brazil also moved up 8 places to 56 in the last ranking.

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However, Russia, lost ground and declined to the 63rd position from 51 last year.

Moreover, it is said that India”s cut throat performance continues to showcase a rather upturned development pattern and it precedes many advanced economies in terms of business sophistication and innovation capacity.

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Additionally, India also boasts active financial markets and a sound banking sector, supported by well-functioning institutions.

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However, taking the various parameters separately, India is ranked 16th in terms of its bustling financial markets, 25th in terms of a sound banking sector and has the 54th position for its well-functioning institutions.

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But on the other hand,as well, the country under performs on some of the basic determinants of competitiveness, namely health and primary education (101st), macroeconomic stability (96th)—though improving—and infrastructure (76th), the Global Competitiveness Report said.

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