NCDEX, MCX News Update: Turmeric futures Edge Lower on NCDEX

TurmericIn the National Commodity and Derivatives Exchange (NCDX), Turmeric futures edged lower on Wednesday, 6 December 2017, on anticipation of onset of new season crop and lower exports figures. Supplies from the govt auctions and new arrivals of medium quality supplies have forced the price further.

Turmeric futures contract for December delivery was trading Rs. 7,290.00, edged lower by 0.25 percent or Rs 18.00 from its last closing of Rs. 7,308.00. However, the open interest (OE) of the contract remained at 2,735 lots.

The contract for April delivery was being traded at Rs. 7,304.00, reduced by 0.76 percent or Rs 56.00 from its earlier closing of Rs. 7,360.00. The OE of the contract stood at 7, 275 lots on the NCDEX.

Oil & Gas Stock Rallies, Post Lunch Hours

crude oil Oil & Gas company stocks are rising up with Oil and Natural Gas Corporation, Indian Oil Corporation, Castrol India and Petronet LNG, on buying and selling momentum, in the afternoon hours on Thursday. The BSE Oil & Gas index used to be buying and selling 0.38 up at 15,632. However, stocks of Indraprastha Gas, Bharat Petroleum Corporation, Oil India, GAIL (India) and Hindustan Petroleum Corporation have been buying and selling.

Among the 51 stocks within the Nifty 50 index, 36 stocks have been buying and selling within the inexperienced, whereas 14 socks have been within the pink. Infosys, State Bank of India, Reliance Industries, Tata Consultancy Services, Tata Motors and NTPC have been among the top gainers within the Sensex index.

Commodity Tips- MCX Crude & Palm, Gold Silver Price today

crude palm oil

MCX Crude Palm Oil futures are doubtful to grow much given the overhang of inventories in Malaysia, where price of vegetable oil rose 3.9% month on month to hit 2.02 million tonnes in September, as per latest update.

The increase took stocks to their peak since February 2016. However, the local production declined for a second consecutive month. As per latest data, it is shown that a fall of 1.7% to 1.78m tonnes. MCX Crude Palm Oil futures closed at Rs 539.50 /10 kg in last session and could face selling on moderate rallies.

Meantime, Oil prices eased on Thursday as US fuel inventories rose in spite of efforts by OPEC to cut production and tighten the market. WTI crude futures were trading at USD 50.98 /barrel today, down 0.6 percent, from their last settlement.

Brent crude futures were at USD 56.58, down 0.6% from the previous close.  Starting the current year, the OPEC and other oil producers including Russia agreed to cut output by 1.8 mn. BPD /day to prop up prices.