✍ MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS

US Gross domestic product grew at a 3.5 percent annual rate, the Commerce Department said on Thursday, beating economists' expectations for a 3.0 percent pace.
The State Council, China's cabinet, said on Wednesday it would promote consumption in sectors including e-commerce, new energy, housing, tourism, education and sport. China Railway Corporation said all 64 railway projects planned for this year had been approved and would start by the end of the year. The Fed pointed to strengthening labor markets, saying that slack in labor markets was "gradually diminishing."
Two of China's biggest banks reported sharply higher bad loans for the third quarter, with one adding that a credit crunch squeezing small companies in the country's export-oriented eastern provinces may be spreading westward.
The U.S. Energy Information Administration said utilities added 87 billion cubic feet of gas to storage last week, a little more than the 85-bcf build analysts forecast in a Reuters poll.

Precious Metals

Silver was down 3.7 percent at $16.41 an ounce on Thursday, having earlier hit its lowest level since March 2010 at $16.30 an ounce.
A smaller trade deficit and a surge in defense spending buoyed U.S. economic growth in the third quarter, but other details of Thursday's report hinted at some loss of momentum in activity. Gross domestic product grew at a 3.5 percent annual rate, the Commerce Department said on Thursday, beating economists' expectations for a 3.0 percent pace. While the pace of growth in business investment, housing and consumer spending slowed from the second quarter, all those categories contributed to growth.
Gold fell 1 percent to $1,200 an ounce and silver plunged to its lowest level in more than four-and-a-half years on Thursday, hit by strong third-quarter U.S. economic growth and worries the Federal Reserve might raise interest rates sooner than expected. A smaller trade deficit and a surge in defense spending buoyed U.S. growth in the third quarter, but domestic demand slipped, hinting at some loss of momentum, Commerce Department data showed. Follow-through selling continued in the gold market a day after the U.S. central bank gave upbeat comments about U.S. economic growth and ended its year-long, bond-buying stimulus program. Analysts said expectations the Fed could hike interest rates sooner than forecast, further strengthening the dollar, could increase the pressure on gold prices.

Base metal
Copper fell more than 1 percent on Thursday as the dollar rallied on strong U.S. growth data and the Federal Reserve's relatively hawkish tone on monetary policy.
A smaller trade deficit and a surge in defence spending buoyed U.S. economic growth in the third quarter to a better-than-expected 3.5 percent annual rate. That data plus a show of confidence from the Fed in the U.S. economy's prospects sent the dollar to a 3-1/2-week high. A strong dollar makes dollar-priced metals more costly for European and other non-U.S. investors. Also weighing on copper, two of China's biggest banks reported sharply higher bad loans for the third quarter, with one adding that a credit crunch squeezing small companies in the country's export-oriented eastern provinces may be spreading westward. Limiting losses in the metal, Chinese shares touched a 20-month high after the government said it would promote consumption in six sectors of the economy, including housing. China consumes about 45 percent of the world's copper. In positive news for zinc, which is used in galvanising steel, China Railway Corp said all 64 railway projects planned for 2014 had been approved and would start by the end of the year

Energy
Oil prices closed down 1 percent on Thursday, resuming their downtrend after a two-day climb, as the dollar rallied on bets of a sooner-than-expected U.S. rate hike and traders placed little hope on OPEC cutting output at its November meeting.
Both benchmark Brent and U.S. crude gained about 1 percent a day earlier as U.S. crude stockpiles rose less than expected last week, ending two weeks of builds that pressured the market. But sentiment in oil weakened again in the latest session as the dollar hit a three-week high after the Federal Reserve ended its long-running bond-buying stimulus on Wednesday. A stronger dollar makes commodities priced in the currency, including oil, costlier for buyers using other denomination.
A 3.5 percent annual rise in third-quarter U.S. gross domestic product reported on Thursday also reinforced investor confidence over the economy, lending to a more hawkish interest rate outlook.
U.S. natural gas futures ended 1 percent higher on Thursday on forecasts for colder-than-normal temperatures and strong heating demand over the next two weeks despite a slightly bigger-than-expected storage build. The U.S. Energy Information Administration said utilities added 87 billion cubic feet of gas to storage last week, a little more than the 85-bcf build analysts forecast in a Reuters poll. For the next five days, MDA Weather Services forecast that a strong autumn cold snap would blanket the eastern half of the United States

LME Inventory 17-10-2014

✍ NCDEX - WEEKLY NEWS LETTERS
Jeera
Jeera November traded on a positive note on Thursday on overseas demand and firm exports data and settled 0.4% higher. However, huge carryover stocks capped sharp gains. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Production is also expected to fall in Syria and Turkey due to crop failure.
Exports of Jeera between Apr-July 2014 stood at 58,000 tn, up 40% as against 43,898 tn between Apr-July 2013. (Source: Spices Board) .According to IBIS India’s Jeera exports have crossed 1,00,000 tonnes till Feb’14. Production of Jeera in 2013-14 is expected around 45-50 lakh bags (55 kgs each), higher than 40-45 lakh bags last year.

SOYABEAN / REFI. SOYA
Indian oilseed complex prices closed mixed yesterday with Soy oil moving lower as traders booked profits after the recent sharp rally. Rupee closed lower.
• Traders estimate this year’s crop between 9 – 10 million MT. USDA estimates Indian Soybean crop at 11.0 million MT.
• According to 1st Advance estimates for 2014-15 released by GoI, India’s output for Soybean is estimated at 11.82 million MT.
• Soy meal exports from India fell to 868 MT in September from 2,778 MT in August. India's oil meal exports in September 2014 were 82K MT vs. 136K MT in previous month. CBOT Soy complex prices ended mixed yesterday with bean and meal falling after the recent surge in prices.
• USDA said on Thursday morning that weekly old-crop export sales of soybeans were 1.326 million MT, in line with market forecasts. Soy meal export sales came in at 147,800 MT, slightly below trade forecasts for 150,000 to 300,000 MT.
• As of 26 October, US Soybeans were 70% harvested vs. 53% a year ago.
• According to CFTC CoT report, for the week ending 21 October, non commercial traders reduced their net short positions in CBOT Soybeans.
• ICE Canola prices closed higher yesterday

CHANA
Chana futures surged higher on Thursday. Total Volumes and OI increased on Thursday compared to previous trading day.Arrivals increased in the spot markets and capped upside.Prices were influenced on speculation that prices in the spot markets moved higher on strong demand against tight supplies from producing belts.Stock position of Chana at NCDEX approved warehouses as on 30 October 2014 was 34,097 MT.
Chana allocated and delivered on NCDEX in October: - 16,710 MT and 16,710 MT respectively. NCDEX Chana Indore – NCDEX Mumbai Yellow Peas Spot spread is trading at Rs. 660.35/100Kg.
In other news, the Cabinet Committee on Economic Affairs has approved the Minimum Support Price (MSP) for Chana to be revised from 3100/Qtl to 3175/Qtl. As per the 1st Advance Estimates from Ministry of Agriculture production of Kharif Pulses is forecasted to be 5.20 million MT in 2014-15 compared to 6.02 million MT (4th Advance estimates) and 5.91 million MT in 2012-13.
As per data released by Directorate of Economics & Statistics, acreage under Rabi Pulses as on October 24, 2014 has declined to 3.31 lakh hectare as compared to 3.78 lakh hectare during the corresponding period of last year.
They added that production of Tur is forecasted to be 2.74 million MT compared to 3.29 million MT (4th Advance estimates) and 3.02 million MT in 2012-13. Production of Urad is forecasted to be 1.15 million MT compared to 1.07 million MT (4th Advance estimates) and 1.43 million MT in2012-13.

For Quick Trial – 0896200022
Or mail us here: [email protected] or visit
http://www.ways2capital.com/
Contact 0731-6554125
Or
http://www.ways2capital.com/free-trial.php