Commodity Market updates today, on 23-2-2016

India's overseas gold purchases are likely to fall to 25 tonnes in February.

In 2013, India imposed a record by taking high duty of 10% on gold imports. However, the duty only helped the return of smugglers.
 
India's Gold imports are likely to reduce to over 2 year low in Feb. Industry experts told that surge in prices and hopes of import tax cuts are what keep the buyers away.

According to the estimation that India's overseas gold purchases are likely to fall to 25 tonnes in February. The news is positive for the Narendra Modi government as the imports cost the country $36 billion in 2015.

Daily Market Report:

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	669	682	Sell @ 680-681, TP 660, SL 691
2	Sugar ICE	Mar-16	12.49	12.74	Sell @ 12.75-12.80, TP 12.30, SL 13.15
3	Sugar NCDEX	Mar-16	3068	3100	Sell @ 3100-3105, TP 3050, SL 3130
4	Soyabean NCDEX	Mar-16	3708	3775	Sell @ 3765-3770, TP @ 876, SL @ 885
5	Soyabean CBOT	Mar-16	882	888	Sell @ 882, TP 876, SL 885
6	Maize NCDEX	Mar-16	1356	1360	Sell @ 1363-1364, TP 1340, SL 1372
7	Cotton MCX	Feb-16	16238	16319	Sell @ 16310-16320, TP 16100, SL 16420
8	Kapas NCDEX	Apr-16	772	777	Sell @ 780-781, TP 765, SL 786

Bullion Market today on 10 February 2016

Gold prices on Tuesday traded at a one-and-a-half-year high in Mumbai’s spot market following a sharp recovery in international markets. However, buyers were absent within the market and costs were to be quoted at a huge discount to the cost of imports.

In Zaveri Bazar, gold price for 995 purity opened on Tuesday at Rs 28,205 for 10 gram, that is the highest after june 2014, against Monday’s closing price of Rs 27,775. On Tuesday, it closed at Rs 27,995, that is additionally highest once Jan 31, 2015. In international markets, gold touched $1,200 an ounce on Monday, which corrected to $1,188 on Tuesday.

At a level of Rs 28,000, “buyers aren't seen within the market despite price is quoted at $18-20 (per ounce) discount to cost of import,” said Ketan Shroff, director, Penta Gold. This interprets into a discount of Rs 400 for 10 gram. He added that supply of scrap gold increased in the market.

According to traders, those holding gold, which was imported earlier, are selling it at whatever value available. In January, 70 tonnes of gold was imported, compared to 100 tonnes every in November and December 2015.