Import Tax on Wheat may likely to increase

India is probably going to increase a wheat import tax beyond March to protect its domestic farmers from low cost imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources said on Monday.

After consulting the food, farm and trade ministries, the finance ministry now looks likely to increase the duty until September, the sources, who requested anonymity because they are not authorised to talk to the media, said.

India, the world's biggest wheat producer after China, imposed an import tax of 10 % in August last year, reinstating it when a gap of eight years following big wheat imports from overseas.

In October, the govt. raised the import tax, which expires on March 31, to 25 %.Once the tax is extended, Prime Minister Narendra Modi's ministers will review the decision in June when they will have a clear plan regarding the size of this season's crop, the sources said.

Food ministry spokesman N.C. Joshi declined to comment.

Indian farmers, who grow only one wheat crop in a year, will begin their harvests from end of March and april, after planting the crop in October and November.

There has been some concern from farmers and consultants regarding the dimensions of the crop because of wet weather, b

ut Farm Minister Radha Mohan Singh expects India to harvest a minimum of 92 million tonnes of wheat in 2016, almost in line with the previous government forecast.

Output last year was 86.53 million tonnes, down from 95.85 million tonnes in the previous year, due to rains and hail flattening the crop in February and March.

On March 1, wheat stocks at government warehouses totalled 16.9 million tonnes against a minimum demand of 13.80 million tonnes.

Commodity Market Updates Report, 3-3-16

Market Updates

Refined soya oil prices rised up by 0.22% to Rs 599.55 per 10 kg in futures market today.

At NCDEX, Refined Soya oil for delivery in Mar rose high by 0.22% or Rs. 1.30, and reached Rs 599.55 per 10 kg with an open interest of 31,030 lots.

Daily Market Updates:

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Nickel MCX	Mar-16	585.90	597.10	Sell @ 595-596, TP 580, SL 605
2	Copper MCX	Apr-16	326.60	329.30	Trading Range 325-331
3	Zinc MCX	Mar-16	121.8	122.9	Sell @122.80-122.90 TP 121.20 SL 123.80
4	Soyabean NCDEX	Mar-16	3577	3636	Sell @ 3625-3630 TP 3570 SL 3660
5	Soyabean CBOT	Mar-16	858	864	Sell @ 864, TP 857, SL 867
6	Maize NCDEX	Mar-16	1431	1450	Buy @1430-1428, TP 1460 SL 1410
7	Cotton MCX	Mar-16	15828	15939	Sell @ 15950-15960 TP 15800 SL 16020
8	Kapas NCDEX	Apr-16	780	787	Sell @ 788-789 TP 765 SL 800
9	Gold Comex	Apr-16	1232.8	1247.3	Sell @ 1243-1244 TP 1228 SL 1251
10	Gold MCX	Apr-16	29198	29428	Sell @ 29490-29500 TP 29100 SL 29640

Commodity Market Updates Report, 2-3-16

Gold prices fell Rs 91 and reached to Rs 29,135 per 10gm in futures trade today as participants trimmed their positions. At MCX, Gold for delivery in April was trading lower by Rs 91, or 0.31%, at Rs 29,135 per 10gm, in a business turnover of 474 lots. Also, the metal for delivery in June shed Rs 89, or 0.30%, to Rs 29,379 per 10gm in 15 lots.

Daily Market Updates

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	643	655	Sell @ 656-657, TP 630, SL 670
2	Sugar ICE	Mar-16	14.23	14.74	BUY @ 14.25-14.20, TP 14.80, SL 13.90
3	Sugar NCDEX	Mar-16	3196	3230	BUY @ 3200-3195, TP 3250, SL 3170
4	Soyabean NCDEX	Mar-16	3644	3688	Sell @ 3695-3700 TP 3640 SL 3730
5	Soyabean CBOT	Mar-16	855	862	Sell @ 861, TP 855, SL 864
6	Maize NCDEX	Mar-16	1416	1444	Sell @ 1425-1424 TP 1460 SL 1405
7	Cotton MCX	Feb-16	15912	16081	Sell @ 16060-16070 TP 15850 SL 16170
8	Kapas NCDEX	Apr-16	783	792	Sell @ 792-793 TP 775 SL800

Commodity Market Updates Report, 1-3-16

Gold prices reduced by Rs 5 and reached to Rs 29,400 per 10 gm at the commodity bullion market on Tuesday as there is lack in demand from jewellers at the domestic spot market.

Silver prices hiked by Rs 300 and reached to Rs 36,800 per kg following buying support from industrial units.

Daily Market Report

S.No	Commodity	Contract	Support	Resistance	Recommendation
1	Cardamom MCX	Mar-16	632	650	Sell @ 650-652, TP 630, SL 661
2	Sugar ICE	Mar-16	14.23	14.74	BUY @ 14.25-14.20, TP 14.80, SL 13.90
3	Sugar NCDEX	Mar-16	3184	3207	Trading Range 3170-3220
4	Soyabean NCDEX	Mar-16	3643	3697	Sell @ 3685-3690 TP 3620 SL 3720
5	Soyabean CBOT	Mar-16	860	863	Buy @ 863, TP 855, SL 867
6	Maize NCDEX	Mar-16	1409	1417	Trading Range 1395-1426
7	Cotton MCX	Feb-16	15853	16177	Trading Range 15850-16100
8	Kapas NCDEX	Apr-16	773	795	Trading Range 772-786

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.

Rising Demand increases the price of Aluminium by 0.4%

Aluminum costs were up by 0.39% to Rs 103.20 per kg in futures trade as traders enlarged positions, driven by pick up in demand at the commodity exchange amid firm global trend.

At the Multi commodity exchange, aluminum for delivery in March month affected by 40 paise, or 0.39% to Rs 103.20 per kg in business turnover of 10 lots.

Likewise, the metal for delivery in February contracts edged up by 30 paise or 0.29% to Rs 102.40 per kg in 92 lots.

Analysts said increasing of positions by participants due to pick up in demand from consuming industries at domestic spot markets and a firm global trend mainly led to rise in aluminum prices at futures trade.

Meanwhile, aluminum gained 0.3% at the London Metal Exchange.

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. 

Commodity Market report

 Gold: Gold  hit 3 month  highs  on Wednesday,  buoyed  by  a  slower  U.S. services sector and sinking dollar, prompting investors to seek shelter in assets perceived as safer as future Fed rate hikes appeared less possible.
U.S.  services  sector  activity  slowed  to  a close to 2 year  low  in January,  suggesting  that  economic  growth  weakened additional  at  the begin  of  the first quarter.

Silver: Silver was up 2.3 percent at $14.62 an ounce. 

Activity within the huge U.S. services sector slowed to a close to 2 year low in January, suggesting  that  economic  growth  weakened further  at  the  start of the first quarter even as the market place remains resilient.

Crude Oil: Oil costs jumped 8 percent higher on Wednesday, snapping a 2-day rout, after investors took advantage of a weaker U.S. dollar and shrugged off information showing an sudden massive surge in U.S. crude inventories to record highs.

Natural Gas: U.S. natural gas futures listed among a few cents of unchanged on Wednesday because the market took a possibility when collapsing twelve percent over the prior two days on mostly steady weather forecasts.