MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
✍ Bullion
Gold prices rallied to new 15 months high on Friday as the dollar continued to slip against the basket of currencies after the Bank of Japan decided to skit any fresh stimulus in its economy in the latest monetary policy. Gold prices tested highs of $1296/ounce on Friday to end the session up by almost 2 %. Separately, the speculators cut their net long position in gold futures and options, taking it off a 3-1/2-year high. The U.S. Mint sold 105,500 ounces of American eagle gold coins in April, up 177.6 percent from the previous month, according to the latest data.The yen hit an 18-month peak versus the U.S. currency and was on course for its biggest weekly gain since the 2008 financial crisis, with poor U.S. growth and the Federal Reserve's cautious stance this week weighing on the dollar. The Fed's policy statement on Wednesday, after leaving interest rates unchanged, also supported gold. The U.S. central bank showed little sign it was in a hurry to tighten monetary policy. Gold is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, fell to a six-month low on Friday of 71.8, down from 81.3 at the start of the month.
Silver prices continued to extend gains on Friday and marked an increase of 1.30% on Friday. Prices almost tested $18/ounce on Friday before settling at $17.8/ounce.Meanwhile, Hedge funds and money managers added to their bullish stance in COMEX silver for the third straight week, taking it to a record high in the week to April 26, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. For the day we expect a range bound trade in silver

✍ Energy
Oil prices ended steady on Friday after hitting 2016 highs but finished April trading about 20 percent higher, with Brent crude having its best monthly gain in seven years. A weaker dollar and optimism that a global oil glut will ease have lifted crude futures by more than $20 a barrel since they plumbed 12-year lows below $30 in the first quarter. With prices less than $5 away from $50 a barrel, investment bank Jefferies said the market "is coming into better balance" and would flip into under supply in the second half of the year. But others warned that the rally was driven by investors holding large speculative positions, while oil stockpiles were still high, with a Reuters survey showing OPEC output in April rising to its most in recent history. Technical analysts said crude could cruise to $50 a barrel but stiffer resistance before $55c. Crude oil prices continued its uptrend for the fourth continuous week, making a new high of 2016 in recent trading sessions ,With declining U.S. crude production levels and bit stable demand inside the domestic market, International crude prices gained support .On weekly basis, WTI International for June contract gained around 5%, whereas Brent crude oil for July contract posted around 5.10% gains.MCX crude oil prices on weekly basis, showed gains around 3.50% .As per Friday’s closing, WTI International June contract crude slumped slightly by around 11 cents registering at $45.92/bbl, whereas July contract Brent crude oil showed losses around 40 cents, registering at $47.37/bbl. MCX crude oil for May contract moved down by Rs.29 on Friday, registering at Rs.3035/ bbl U.S. natural gas futures rose about 5.0 percent to near three-month highs on Friday, helped by increased usage by the power sector amid persistent production declines.With stockpiles at record highs after a warm winter, analysts said gas prices would have to remain low through 2016, which could lead to more production cuts and

✍ Base Metal
Base metals sector last week showed zig zag movements before and after the FOMC and BoJ meets. On weekly basis, every metal posted gain at MCX while at LME only copper showed some mild declines. Nickel outperformed rest metals last week by posting around 4% gains after the International study group showed deficit in refined nickel market this year. As per the report, output of nickel is expected to drop to 1.913 million tonnes in 2016 from 1.983 million tonnes in 2015. .Aluminium hit a nine-month peak on Friday as speculators pushed prices higher thanks to a weaker dollar, but analysts were wary about a possible retreat. Copper and other industrial metals also clawed higher ahead of new economic data in China that investors hope will confirm that a recovery there is gaining strength. CTAs or Commodity Trading Advisors largely run speculative funds with trading decisions usually based on momentum and other technical factors. Even though aluminium inventories are high, nearly all of them are locked up in financing deals, reducing material available to the market. Also supporting the wider industrial metals complex was a softer dollar index, which fell for a fifth session to an eight-month low as data on Friday showed U.S. inflation barely rose in March. Data due on May 1 is expected to show that activity in China's manufacturing sector expanded modestly in April for the second month in a row, according to a Reuters poll, adding to hopes that a prolonged slowdown in growth in the world's second-largest economy is easing.

✍ NCDEX - WEEKLY NEWS LETTERS
✍ Turmeric
Turmeric futures opened lower; however, they traded on higher note during previous trading session. Profit booking at lower levels and expectations of export demand supported the market sentiments. However, expectation of higher supplies from Tamil Nadu in coming days limited the gains. May futures closed the trade at Rs.8362/quintal, up by 0.50% from its previous close. At Erode market, finger and bulb traded at Rs.8600-8800/quintal and Rs.8400-8600/quintal respectively and arrivals were reported at 11000 bags. Arrivals are decreasing gradually in Nizamabad market. NCDEX accredited warehouses have 3709 MT of valid stock and 140 MT of stock in process as on 29th Apr 2016.

✍ Jeera
Jeera futures traded in range bound levels during previous trading session. May futures traded higher in morning session on declining arrivals and constant export demand. However, it could not sustain at the gains as they traded lower during closing session on profit booking at higher levels. Hence, jeera May futures closed the trade at Rs.17400/quintal with a marginal loss of 0.4%. On spot market front, jeera prices remained unchanged at Rs.17500/quintal and arrivals were reported at 2000 bags at the Unjha market. Stock positions at the NCDEX accredited warehouses are 3328 tonnes and 171 MT are in process as on 29th Apr 2016.

✍ Chana
Amid paucity of stocks on restricted supplies from producing regions and rising demand at domestic spot market, chana prices rose by 2.92 per cent to Rs 5,470 per quintal in futures trade. During Friday’s trading session NCDEX Chana May opened positive and traded upside during most duration of the session and closed upside by taking strong cues from spot market.NCDEX Chana May futures ended the day at Rs 5520 per quintal which is about 1.96% up against the previous day. India is the world's largest producer of pulses, but its domestic demand has exceeded from production. The shortfall is met through imports, which rose to 5.79 million tonnes in 2015-16, from 4.58 million tonnes in the previous year. As per sources, pulses price has been shot up due to adverse weather conditions and the rise in demand on account of rise in population, rise in per capita income and change in food habits among others. The production of pulses is estimated to have risen to 17.33 MT in 2015-16, as against 17.15 MT in the previous year. Indian Council of Agricultural Research (ICAR) is making continuous efforts and has taken a number of Research and Development (R&D) initiative towards pulses in the country. As a result, there has been about one-and-half-times improvement in the yield of pulses during the last 60 years from 500 kg/ha in 1954-55 to 728 kg/ha in 2014-15.

✍ Coriander
Coriander futures traded in range with negative bias on correction as traders booked profits at higher levels. Coriander futures settled the trade at Rs. 7160 with 1.2% losses from its previous close. According to sources, stocks of around 60-65 lakh tonnes have been reported across major spot markets. At Kota market, coriander Seed Eagle traded at Rs. 7300 per quintal and Badami variety traded at Rs. 6900 per quintal. On arrivals front, at Kota market total arrivals hovered in the range of 8000-11000 bags. Stock positions at the NCDEX accredited warehouses are 219 tonnes and 0 MT are in process as on 29 th Apr 2016.

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