Agri Commodity NCDEX Soyabean, Turmeric, Cardamom Live Updates

Soyabean :- Soybean futures are expected to trade on weaker note as prices may track cues from increasing arrival volume at major trading centres. Beside, expanding harvesting activities amid tumbling global prices may impact market sentiments negatively. However, demand is likely to improve due to ongoing festive season which may arrest the major losses.

Turmeric :- Trend remained weak for Turmeric with prices unable to hold onto the higher levels as traders waited for dips before initiating fresh demand in the mandi. . However in coming weeks, demand is expected to pick up at current rates that are quite low. Approaching festivals and rise in export demand from the Gulf countries will be supportive in near term. Latest reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year.

Cardamom :- Cardamom futures are expected to trade in range bound levels for the day. Recent rainfall in Idukki district has been supportive for the crop that may weigh down the cardamom futures prices. Further, buying at the spot market has slow downed a bit due to higher prices and this may weigh the cardamom futures prices down. However, fall is expected to be limited on overall bullishness in the market. Expectations of good export demand for the Indian cardamom due to new crop as compared to old crop of Guatemala may support prices to trade higher.

MCX Agri Sugar updates for Today

Sugar Futures closed unchanged on Tuesday but the trend is looking positive on anticipation of good festival demand and reports that country may see tight supplies despite a 20% rise in output expected in 2017-18 (Oct-Sep), as ending stocks are seen tumbling to multi-year lows.

Moreover, imposing stock limits on sugar mills government is likely to allow import of 300,000 tn of raw sugar at 25-30% import duty. 

Indian Government Prepared to provide cheap gold to jewelers

In order to provide Gold easily to jewelers, interest rates on gold loans can be reduced and there is a possibility of importing gold on lease. The Prime Minister's Office has recommended this to the Finance Ministry.

According to sources, the proposal sent by the Prime Minister's Office to the Finance Ministry has recommended that interest rates on Gold loans should be low, not to charge premium on gold loan, to provide a Gold Loan for a longer period and Gold on Lease Allow importing. According to the PMO, allowing the import of gold on lease will not be required to pay the full price of gold and there will be a significant reduction in current account deficit. Explain that jewellers take a gold loan from the bank. At present, gold lends 2 to 4 per cent interest on loan.

Gold Silver Trading Volatile for Today

In the international market, the pressure of profit booking has been seen in Gold and there is a slight weakness in gold prices. In fact, the figures of jobs in GDP growth and private sector in the US have been better than the estimates.

At present MCX Gold  is trading at Rs 29420 with a drop of 0.5%. MCX Silver is trading below 0.65 per cent below Rs 39,500.