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

Commodity Market Updates Today on 22-2-2016

Bullions Update

Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market. Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers. Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

Read more at: http://www.moneycontrol.com/news/commodities/gold-slips-below-29000weak-global-cues-tepid-demand_5591441.html?utm_source=ref_article

Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market. Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers. Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

Read more at: http://www.moneycontrol.com/news/commodities/gold-slips-below-29000weak-global-cues-tepid-demand_5591441.html?utm_source=ref_article

Gold prices fell by Rs 280 and reached to Rs 28,970 from Rs. 29,000 per ten grams at the bullion market today, tracking a weak demand from jewellers at domestic spot market. 
Silver also followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers.

Commodity Market Recommendations:

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	677	688	Sell @ 687-688, TP 669.95, SL 694.95
2	Sugar ICE	Mar-16	12.44	12.66	Sell @ 12.65-12.70, TP 12.20, SL 13
3	Sugar NCDEX	Mar-16	3057	3106	Sell @ 3095-3100, TP 3040, SL 3130
4	Soyabean NCDEX	Mar-16	3765	3799	Trading Range 3750-3810
5	Soyabean CBOT	Mar-16	880	883	Buy @ 883, TP 890, SL 880
6	Maize NCDEX	Mar-16	1344	1354	Sell @ 1356-1357, TP 1340, SL 1362
7	Cotton MCX	Feb-16	16261	16394	Sell @ 16380-16390, TP 16200, SL 16470
8	Kapas NCDEX	Apr-16	768	789	Sell @ 780-781, TP 765, SL 786

Wholsale Price fall's in the month of January

Wholesale prices fell for a 15th straight month in January, declining an annual 0.90 percent, driven down by tumbling oil prices, government data showed on Monday.

The pace of fall, however, was slower than a 0.15 % annual decline forecast by economists in a poll. In December, the index fell a tentative 0.73 percent.

The wholesale fuel costs dropped 9.21 % from a year ago in January, while prices of manufactured goods declined 1.17 % year on year.

Food prices last month, however, gained 6.02 % year-on-year, compared with a provisional 8.17 % gain in December.