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.

Commodity Market- MCX Gold, Copper futures end higher on Tuesday

MCX gold silver Gold futures ended higher on Tuesday since the US dollar headed lower and investors were keen to look at the Federal Reserve’s recent minutes of meeting due midweek from expecting for clues on plans for interest rates.

Gold futures for December delivery added USD 6.40 or 0.5% to settle at USD 1,281.70 per ounce on the primary market, Comex of the NY Mercantile, while spot gold was up 0.3% at USD 1,280.63 an ounce.

Conversely, Comex copper futures ended higher on Tuesday. Copper futures for December delivery rose 1.2% to settle at USD 3.129 a pound on the Comex metals division of NY Mercantile Exchange.

Meantime, oil extended gains after data showed a considerable draw in inventories. U.S. light crude added 25 cents to USD 57.08 while Brent crude oil was flat at USD 62.57.

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.

Best stock tips -Stocks today- Pharma stocks lead in the morning trade

Share market tips

Stocks of Pharma companies have been lending support to the in Nifty and Sensex on Friday morning trade, whereas HDFC and TCS shares fell. Nifty Pharma index is at pinnacle among the sectoral indices on NSE. The index is trading at 9083 level, up by 2.53 percent.

Sun Pharma, Aurobindo Pharma, Lupin and Divi’s Lab are also among the gainers in the index trading higher by above 2 percent, while other pharmaceutical stocks such as GlaxoSmith, Glenmark and Cadila are trading higher by above 1 percent.

At 10.20 am The BSE Sensex is trading up by 120.83 points at 31851.32, while the NSE Nifty is trading up by 35 points at 9952.85.