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Daily Commodity Report as on Thursday, March 26, 2015
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
1
Open
High
Low
Close
Precious Metals
Gold
Silver
26280
37870
26498
38340
Alum.
Copper
Lead
Nickel
Zinc
111.2
386
114.85
870.9
129.3
111.45
387.7
115.4
872
129.9
2982
173.1
3111
174.2
26212
37750
% Cng
OI
26483
38158
0.50
0.44
7389
8329
110.85
387.15
115.25
853.8
129.8
-0.49
-0.15
-0.26
-1.96
0.04
2782
14122
2595
12147
2533
3094
171
3.31
-1.72
20197
5257
Market Round up
Gold gained as upbeat German sentiment data helped drive the euro higher, and as expectations for an imminent
U.S. interest rate rise receded.
Base Metal
110.2
383.95
114.05
852
128.55
Energy
Crude
Nat. Gas
2961
169.2
26280
26498
26212
26483
0.50
Turmeric
Jeera
Dhaniya
977
7980
14600
8200
989.9
8120
14720
8262
943
7730
14425
7913
Nickel prices ended with losses as pressure seen after inventories hit an all-time peak.
949.1
7778
14510
8002
-2.80
-2.75
0.07
0.72
1104
16430
16422
20870
1412
1428
1405
1422
0.71
3350
Mentha oil prices gained on hopes of lower production this year along with declining acreage.
Oil and Oilseeds & Others
Soyabean
Ref. Oil
CPO
RMSeed
Menthol
Cotton
3363
586.5
443.4
3375
820
15380
3370
588.85
443.8
3384
839
15540
3351
583.4
441.2
3362
818.8
15350
3365
587.65
442
3377
834.8
15470
-0.09
0.29
-0.18
-0.09
1.73
0.85
70200
64025
4440
31470
4511
6392
Date :
62.37
68.35
92.80
52.15
62.50
68.62
93.11
52.32
62.33
68.05
92.62
52.05
Thursday, March 26, 2015
Soyabean prices dropped on weak demand for the crop in export market and on oversupply woes in global market.
Chana settled up on late short covering after prices dropped driven by rising supplies from the new season crop.
Turmeric prices ended with losses on rising supplies from the new season crop in southern states.
Currency
USDINR
EURINR
GBPINR
JPYINR
Natural gas dropped as market participants looked ahead to fresh weekly information on U.S. gas inventories amid
expectations for a modest withdrawal.
Ref.Soyaoil settled up as prices recovered on short covering after pressure seem on weak export demand and on
higher supply of the oil.
Cereals
Wheat
Copper prices ended with small losses as clouds over China's growth prospects curbed upside momentum.
7389
Spices
Cardamom
Crude prices gained as support seen after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen,
including airstrikes.
Zinc prices settled flat after U.S. orders for durable goods dropped in February, fueling demand concerns.
Pulses
Chana
Silver gained as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike.
62.41
68.57
92.98
52.23
0.13
0.17
0.07
0.07
612740
27992
16823
9015
Jeera prices gained on concerns over production due to untimely rainfall.
URL : www.achiieversequitiesltd.com
Page No -
2
MCX Gold Apr 2015
TRADING IDEA
OPEN
26280
SUP-2
26112
Gold trading range for the day is 26112-26684.
HIGH
26498
SUP-1
26298
Gold gained as upbeat German sentiment data helped drive the euro higher, and as
expectations for an imminent U.S. interest rate rise receded.
LOW
26212
P.P.
26398
Federal Reserve chair Janet Yellen sounded a cautious note last week on the U.S. economy
and potential interest rate increase.
CLOSE
26483
RES-1
26584
SPDR gold trust holdings dropped by 1.19 tonnes i.e. 0.16% to 743.21 tonnes from
744.40 tonnes.
% CNG
0.50
RES-2
26684
BUY GOLD APR @ 26350 SL 26200 TGT 26500-26750. MCX
Gold settled up 0.5% at 26483 end at a three-week high as investors sought the safe haven of the precious metal after most global equity markets declined. The precious metal was also supported by a weak dollar after some
soft durable goods data from the US. In some disappointing economic news from the U.S., new orders for U.S. manufactured durable goods decreased unexpectedly in February, with orders for transportation equipment
showing a notable pullback. The weak data further weakens the Fed's case for a rate hike any time soon. Meanwhile, the euro trended higher against the dollar after a report showed German business morale to have
improved for the fifth straight month to an eight-month high in March as firms expressed greater optimism about future developments. Softer economic growth could prompt the Fed to delay raising interest rates until later in
the year. Also supporting this expectation was last week's Fed meet, when the U.S. central bank sounded caution over growth and the pace of any rate hikes. Markets had expected U.S. rates, currently near zero, to be
increased by the Fed from June, but last week's caution has many thinking that a rate increase would not come until September. Higher rates would boost the dollar, but hurt gold, a non-interest paying asset. Meanwhile
Investors remained cautious over gold's outlook with SPDR Gold Trust, continuing to see outflows. The fund's holdings fell 0.2 percent to 743.21 tonnes on Wednesday. Technically market is under short covering as market
has witnessed drop in open interest by -6.63% to settled at 7389 while prices up 132 rupee, now Gold is getting support at 26298 and below same could see a test of 26112 level, And resistance is now likely to be seen at
26584, a move above could see prices testing 26684.
MCX Silver May 2015
TRADING IDEA
OPEN
37870
SUP-2
37493
Silver trading range for the day is 37493-38673.
HIGH
38340
SUP-1
37826
Silver gained as weak data on U.S. durable goods strengthened the case for delaying a
potential interest rate hike.
LOW
37750
P.P.
38083
Prices pared some of its gains after U.S. data showed an uptick in underlying inflation
pressures and gains in home prices
CLOSE
38158
RES-1
38416
A survey on German business morale fueled expectations that a euro zone economic
recovery is strengthening.
% CNG
0.44
RES-2
38673
BUY SILVER MAY @ 37900 SL 37600 TGT 38200-38500.MCX
Silver settled up 0.44% at 38158 tracking firmness from Comex Silver which was at $16.96 an ounce after rising to a five-week high at $17.11 as upbeat German sentiment data helped drive the euro higher against the
dollar, and as expectations for an imminent U.S. interest rate rise receded. The euro was up 0.4 percent versus the U.S. currency after a survey on German business morale fueled expectations that a euro zone economic
recovery is strengthening, extending gains after U.S. durable goods data missed expectations. Bullion's six-day rally, its longest since August 2012, came after Federal Reserve chair Janet Yellen sounded a cautious note last
week on the U.S. economy and potential interest rate increase. But since the Fed meet last week, consensus expectations for a U.S. interest rate increase have shifted, with most of Wall Street's top banks now expecting the
central bank to hold off until at least September, compared with previous expectations of June. Investors rushed to cut long dollar positions after the Fed's dovish steer on interest rates, sending the greenback crashing back
from multiyear highs. The dollar stabilised against a basket of major currencies on Wednesday. Bullion investors will be closely monitoring U.S. economic data and comments from Fed officials this week for clues on the
timing of the rate hike. Fed policymaker James Bullard said on Tuesday that a first rate hike "sometime in the summer" would still leave monetary policy extremely accommodative, and that market expectations should be
better aligned with those of the Fed considering the current "boom time" for the U.S. economy. Technically market is getting support at 37826 and below same could see a test of 37493 level, And resistance is now likely to
be seen at 38416, a move above could see prices testing 38673.
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
3
MCX Crudeoil Apr 2015
TRADING IDEA
OPEN
2982
SUP-2
2905
Crudeoil trading range for the day is 2905-3205.
HIGH
3111
SUP-1
2999
Crude prices gained as support seen after Saudi Arabia and its Gulf Arab allies began a
military operation in Yemen, including airstrikes.
LOW
2961
P.P.
3055
In its weekly report, the EIA said that U.S. crude inventories for the week ending Mar. 20,
increased by 8.2 million barrels from the previous week.
CLOSE
3094
RES-1
3149
Fighting in Yemen raised concerns about the security of oil shipments from the Middle
East.
% CNG
3.31
RES-2
3205
BUY CRUDE OIL APR ABV 3120 SL 3070 TGT 3160-3210-3240. MCX
Crudeoil settled up 3.31% at 3094 ended higher for a fourth straight session despite the official weekly oil report from the EIA showed crude stockpiles to have risen more than expected last week. It for an eleventh straight
week oil stockpiles have increased in the US. Crude oil prices also found support with the dollar weakening against a basket of major currencies after some disappointing durable goods data from the U.S. A run to 12-year
highs for the dollar weighed on commodities for the past few months, but prices have risen this week as the buck relented versus the euro. In economic news from the U.S., new orders for U.S. manufactured durable goods
decreased unexpectedly in February, with orders for transportation equipment showing a notable pullback. Market attribute the surge in oil prices to the ongoing chaos and fighting in Yemen which many believe is the
beginning of a civil war in the troubled Middle-East country. Earlier in the week, Shiite rebels in Yemen urged its followers to fight forces loyal to the nation's embattled president in a bid to take full control. The development
comes in wake of a U.S. decision to evacuate its troops from a southern airbase in Yemen after militants seized adjoining areas. Yesterday a weekly report from the U.S. EIA showed U.S. crude oil inventories to have surged
8.2 million barrels in the week ended March 20, Stockpiles have been climbing every week since the week ended January 9. Gasoline stocks dropped by 2mbls last week, Inventories of distillate, including heating fuel,
remained unchanged. Technically market is getting support at 2999 and below same could see a test of 2905 level, And resistance is now likely to be seen at 3149, a move above could see prices testing 3205.
MCX Copper Apr 2015
TRADING IDEA
OPEN
386.0
SUP-2
382.5
Copper trading range for the day is 382.5-390.1.
HIGH
387.7
SUP-1
384.9
Copper prices ended with small losses as clouds over China's growth prospects curbed
upside momentum.
LOW
384.0
P.P.
386.3
Torrential downpours in the north of Chile, have forced companies to suspend operations
at several of the area's major mines.
CLOSE
387.2
RES-1
388.7
China’s refined copper imports posted a 24.23% fall on the year in February this year, to
211,609 tonnes, Customs data indicates.
% CNG
-0.15
RES-2
390.1
BUY COPPER APR @ 385 SL 381 TGT 389-393.50. MCX
Copper settled down -0.15% at 387.15 as clouds over China's growth prospects curbed upside momentum. Torrential downpours in the north of Chile have forced companies to suspend operations at some major mines,
putting an estimated 1.6 million tonnes of capacity of the red metal on hold. Supply challenges should dominate although the Chinese numbers remain a little bit of a drag on demand. Floods may disrupt Chilean supply short
term, but are unlikely to quell a supply threat that has come from a long drought in world's biggest copper producer. Losses on metals markets were also limited by the dollar, which fell further against a basket of currencies
after weaker than expected U.S. durable goods data for February weighed, and after a robust German business sentiment survey boosted the euro. US durable goods orders excluding transporting section, fell 0.4% in
February, down for five months in a row, a sign that US companies remained cautious towards purchase against sluggish demand globally. IFO business climate index for Germany in March hit its highest of 107.9 since July
2014. But this failed to boost European stocks. Technically market is under long liquidation as market has witnessed drop in open interest by -6.08% to settled at 14122 while prices down -0.6 rupee, now Copper is getting
support at 384.9 and below same could see a test of 382.5 level, And resistance is now likely to be seen at 388.7, a move above could see prices testing 390.1.
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
4
MCX Zinc Mar 2015
TRADING IDEA
OPEN
129.3
SUP-2
128.0
Zinc trading range for the day is 128-130.8.
HIGH
129.9
SUP-1
128.9
Zinc prices settled flat after U.S. orders for durable goods dropped in February, fueling
demand concerns.
LOW
128.6
P.P.
129.4
U.S. business investment spending plans fell for a sixth straight month in February, likely
weighed down by a strong dollar and weak global demand.
CLOSE
129.8
RES-1
130.3
Zinc daily stocks at Shanghai exchange came down by 199 tonnes.
% CNG
0.04
RES-2
130.8
BUY ZINC MAR ABV 130 SL 128.50 TGT 131.20-132.50. MCX
Zinc settled flat after U.S. orders for durable goods dropped in February, fueling demand concerns. Losses on metals markets were also limited by the dollar, which fell further against a basket of currencies after weaker than
expected U.S. durable goods data for February weighed, and after a robust German business sentiment survey boosted the euro. Major economic indicators released yesterday were mixed. Investors returned cautious on
growing geopolitical tensions. US durable goods orders in February were sluggish, falling far short of market expectations, which dropped 1.4% MoM. This offset market optimism that the Fed will not increase interest rate
any time soon. US stocks slid across the board. The Nasdaq Composite Index slumped 2.4%, its largest daily losses since April 2014. US Q4 GDP and household spending slated for release this Friday will also be a focus of
markets. IFO business climate index for Germany in March hit its highest of 107.9 since July 2014. But this failed to boost European stocks. LME zinc prices opened at USD 2,085/mt, then fell to USD 2,067/mt, but rallied to
USD 2,080/mt and closed at USD 2,082.5/mt, down USD 2.5/mt. Trading volumes were down 2,718 to 8,077 lots, and total positions decreased 36 to 285,331. LME zinc inventories fell 25 to 520,175 mt. Technically market
is under short covering as market has witnessed drop in open interest by -6.67% to settled at 2533 while prices up 0.05 rupee, now Zinc is getting support at 128.9 and below same could see a test of 128 level, And
resistance is now likely to be seen at 130.3, a move above could see prices testing 130.8.
MCX Nickel Mar 2015
TRADING IDEA
OPEN
870.9
SUP-2
839.3
Nickel trading range for the day is 839.3-879.3.
HIGH
872.0
SUP-1
846.6
Nickel prices ended with losses as pressure seen after inventories hit an all-time peak.
LOW
852.0
P.P.
859.3
US durable goods orders in February fell 1.4% MoM, falling far short of market
expectations.
CLOSE
853.8
RES-1
866.6
Manufacturing in China slowed to an 11-month low in March, the preliminary reading of a
private Purchasing Managers’ Index showed.
% CNG
-1.96
RES-2
879.3
SELL NICKEL MAR @ 865 SL 878 TGT 854-840. MCX
Nickel settled down -1.96% at 853.8 as pressure seen after inventories hit an all-time peak. US durable goods orders in February fell 1.4% MoM, falling far short of market expectations. Revised January durable goods orders
in the country were down to 2.0%. Growing geopolitical turmoil allowed crude oil prices to surge. This offset market optimism that the Fed will not increase interest rate any time soon. US stocks slid across the board. US Q4
GDP and household spending slated for release this Friday will also be a focus of markets. IFO business climate index for Germany in March hit its highest of 107.9 since July 2014. But this failed to boost European stocks.
The DAX inched down following the release of this economic indicator, with major European stocks falling mostly. German business morale improved for the fifth straight month to an eight-month high in March as firms
expressed greater optimism about future developments. The business climate index rose more-than-expected to 107.9 in March from 106.8 in February, results of a survey by Munich-based Ifo Institute showed Wednesday.
This was the highest score since July 2014 when the reading was 108. It was forecast to rise to 107.3. LME nickel prices opened at USD 13,965/mt, then fluctuated between USD 13,950-14,000/mt. During European and US
trading session, LME nickel prices inched down and closed at USD 13,670/mt, down 2.04%. LME nickel inventories grew 2,490 to 433,980 mt. Technically market is under fresh selling as market has witnessed gain in open
interest by 49.06% to settled at 12147 while prices down -17.1 rupee, now Nickel is getting support at 846.6 and below same could see a test of 839.3 level, And resistance is now likely to be seen at 866.6, a move above
could see prices testing 879.3.
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
5
NCDEX Chana Apr 2015
TRADING IDEA
OPEN
3613
SUP-2
3579
Chana trading range for the day is 3579-3657.
HIGH
3635
SUP-1
3601
Chana settled up on late short covering after prices dropped driven by rising supplies from
the new season crop.
LOW
3596
P.P.
3618
Delayed sowing and un-seasonal rains and hailstorms will affect the quality and yield of
chana in Madhya Pradesh.
CLOSE
3624
RES-1
3640
Chana production is estimated in the range of 5-6.2 million tons by the Industry, year on
year down by 20%.
% CNG
0.22
RES-2
3657
BUY CHANA APR @ 3625 SL BELOW 3585 TGT 3668-3700-3735. NCDEX (BTST)
Chana settled up by 0.22% at 3624 on late short covering after prices dropped driven by rising supplies from the new season crop. Domestic demand for chana is weak in local mandis as the quality available is of inferior
variety. Chana production is estimated in the range of 5-6.2 million tons by the Industry experts, year on year down by 20%. Kabuli chana production estimated at 450,000-500,000 tons. As on Feb 2015 opening stock for
the season estimated at 600,000-700,000 tons. Yellow peas acreage estimated higher year on year by 3% to 796,000 hectare and as compared to 832,000 hectare by the government estimates and production expected
slightly better at 445,000-545,000 tons. According to the ABARES, March quarter 2015 report, the Australian chana production in 2015-16 is expected to surge 636000 tonne from 517000 forecasted for 2014-15 on higher
planted area. The field pea production is also expected at 327000 tonnes, up from 302000 tonnes forecasted for 2014-15 on higher planted area. In 2014-15, the Production of pulses estimated at 18.43 million tonnes is
lower by 4.36% from 19.5 million tonnes produced in 2013-14. India is likely to harvest 16% lower chana in 2014-15 from last year on lower planted area (down 16% Y-O-Y). Meanwhile, the decline in tur production due to
erratic rainfall conditions during the monsoon season-2014. In Delhi spot market, chana dropped by -14.85 rupee to end at 3600 rupee per 100 kgs.Technically market is under short covering as market has witnessed drop
in open interest by -2.65% to settled at 138230 while prices up 8 rupee, now Chana is getting support at 3601 and below same could see a test of 3579 level, And resistance is now likely to be seen at 3640, a move above
could see prices testing 3657.
NCDEX Turmeric Apr 2015
TRADING IDEA
OPEN
7980
SUP-2
7486
Turmeric trading range for the day is 7486-8266.
HIGH
8120
SUP-1
7632
Turmeric prices ended with losses on rising supplies from the new season crop in southern
states.
LOW
7730
P.P.
7876
However upside seen limited due to fresh supplies in Andhra Pradesh and Karnataka
coupled with strong stock position.
CLOSE
7778
RES-1
8022
NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 3226 tonnes.
% CNG
-2.75
RES-2
8266
SELL TURMERIC APR @ 7900 SL 8050 TGT 7750-7580.NCDEX
Turmeric settled down by -2.75% at 7778 on rising supplies from the new season crop in southern states. However upside seen limited due to fresh supplies in Andhra Pradesh and Karnataka coupled with strong stock
position. Traders are expecting the total production in the range of 50-52 lakh bags in the current year, down 20 lakh bags from the last year in the same period. At Erode market arrivals were reported at 7000 quintals,
higher by 2000 quintals as against previous day. At Nizamabad market arrivals were reported at 12000 quintals, down by 3000 quintals as against previous day. Spot turmeric prices in Erode markets decreased by Rs. 300 a
quintal due to arrival of inferior quality produce. Prices of new turmeric decreased by Rs. 100 a quintal due to the arrival of medium and poor quality turmeric for sale. Only 10-15 bags of Salem Turmeric arrived and all were
sold at previous day’s price. 5,800 bags arrived for sale, but only 45 per cent was sold. Availability of good quality spice is lower. According to traders, though carryover stocks are ample, traders are holding the produce on
expectations of a surge in prices. Also, due to high moisture content in the newly-arrived produce, demand for the carryover stocks from last year is on the higher side. Worries over decline in production too are weighing on
the crop. In Nizamabad, a major spot market in AP, the price ended at 7830 rupees dropped -32 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 0.98% to settled at 16430,
now Turmeric is getting support at 7632 and below same could see a test of 7486 level, And resistance is now likely to be seen at 8022, a move above could see prices testing 8266.
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
6
TRADING IDEA
MCX Menthaoil Apr 2015
OPEN
820.0
SUP-2
810.7
Menthaoil trading range for the day is 810.7-851.1.
HIGH
839.0
SUP-1
822.8
Menthaoil spot is at 920/-. Spot market is up by Rs.6/-.
LOW
818.8
P.P.
830.9
Mentha oil prices gained on hopes of lower production this year along with declining
acreage.
CLOSE
834.8
RES-1
843.0
Though, sluggish demand from consuming industries against ample stock position in the
physical market, capped some gains.
% CNG
1.73
RES-2
851.1
BUY MENTHA OIL APR @ 836 SL BELOW 824 TGT 845-854-864. MCX (BTST)
Mentha oil settled up by 1.73% at 834.8 on hopes of lower production this year along with declining acreage. Though, sluggish demand from consuming industries against ample stock position in the physical market, capped
some gains. Farmers are preparing field for new crop in major regions of Uttar Pradesh, Bihar and Haryana. As per sources, this year Mentha acreage is likely to down by around 10-15% from last year in Uttar Pradesh.
Mentha oil production is expected to fall this year by 30 per cent to 40,000 tonnes from 55,000 tonnes a year ago, with acreage under the commodity declining as farmers sentiment were dampened due to lower prices.
Mentha oil arrivals to the spot market, especially from the Chandausi in Uttar Pradesh, have increased substantially. The resulting fall in prices was capped due to lower production of the commodity this season. Acreage is
expected to fall by 20 per cent this year, to 17,500 hectare on the back of a large carry-over stock from last year, which also had an impact on prices. At Barabanki market estimated market supply was at 60 Drums(1-drum180kg), unchanged as compared to previous day’s arrival. At Rampur market sources reported arrivals at 6 Drums(1-drum=180kg), down by 1 Drums(1-drum=180kg) as against previous day. At Sambhal market sources
reported arrivals at 60 Drums(1-drum=180kg), unchanged as compared to previous day’s arrival. At Bareilly market sources reported arrivals at 10 Drums(1-drum-180kg), higher by 3 Drums(1-drum-180kg) from previous
day’s arrivals. Technically market is under fresh buying as market has witnessed gain in open interest by 15.84% to settled at 4511, now Menthaoil is getting support at 822.8 and below same could see a test of 810.7 level,
And resistance is now likely to be seen at 843, a move above could see prices testing 851.1.
DAILY MARKET LEVEL FOR METAL AND ENERGY
COMMODITIES
GOLD
SILVER
CRUDE
NAT.GAS
COPPER
ZINC
NICKEL
ALUMINUM
CLOSE
OI
TREND
26483
26870
26684
26584
26398
26298
26112
26012
7389
Positive
38158
39006
38673
38416
38083
37826
37493
37236
8329
Positive
3094
3299
3205
3149
3055
2999
2905
2849
20197
Positive
171
178.8
176.5
173.8
171.5
168.8
166.5
163.8
5257
Positive
387.15
392.5
390.1
388.7
386.3
384.9
382.5
381.1
14122
Positive
129.8
131.7
130.8
130.3
129.4
128.9
128.0
127.5
2533
Positive
853.8
886.6
879.3
866.6
859.3
846.6
839.3
826.6
12147
Positive
110.85
112.6
112.0
111.4
110.8
110.2
109.6
109.0
2782
Positive
115.3
117.2
116.3
115.8
114.9
114.4
113.5
113.0
2595
Positive
SPREAD
223
430
114.00
2.80
4.40
0.75
7.20
1.05
0.75
RESISTANCE
P. POINT
SUPPORT
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
LEAD
Page No -
7
NEWS YOU CAN USE
DAY
The Federal Reserve should probably hike interest rates by the end of the year, Federal Reserve Vice
Chairman Stanley Fischer said Monday in New York. "Whether it's going to be June or September, or
some later date, or some date in between, will depend on the data," said Fischer to the Economic
Club of New York. "We've got two very positive numbers for the first quarter of 2015 and we're
waiting for another one," he added, referring to the strong U.S. jobs reports from January and
February. The Federal Reserve backed away from its pledge to be "patient" Wednesday, a strong
signal that the central bank will hike interest rates in July or September. The move to remove the
"patient" phrase came despite concerns about the rapid rise in the U.S. dollar, which touched 12-year
highs against the euro this week.
Thu
TIME
ECONOMICAL DATA
ZONE
EXP
PREV
12:30pm
EUR
GfK German Consumer Climate
9.8
9.7
2:30pm
EUR
M3 Money Supply y/y
0.043
0.041
2:30pm
EUR
Private Loans y/y
0.001
-0.001
6:00pm
USD
Unemployment Claims
291K
291K
6:30pm
USD
FOMC Member Lockhart Speaks
7:15pm
USD
Flash Services PMI
8:00pm
USD
Natural Gas Storage
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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57.2
57.1
10B
-45B
0
0
European Central Bank Governing Council member Christian Noyer said that Greece must consider
capital controls only as a "last resort" and urged the government to do more to restore confidence on
the economy. In an interview to Bloomberg, Noyer said capital controls were "really a tool of last
resort", and Greece should consider them only to prevent the outflow of private funds from the
country. He also urged the government to do everything to restore confidence among the corporates
and the households and "set a clear path of restoring economic competitiveness". Further, Noyer said
the ECB can provide more liquidity assistance to Greek banks if they will not use it to finance the
government which is struggling to raise funds. Greek Prime Minister Alexis Tsipras is set to meet
German Chancellor Angela Merkel on Monday. The Greek government could run out of money soon
and faces more debt payments at the end of this week. Separately, Noyer, who heads the Bank of
France, said in a speech in Paris that the threat of unintended spillovers while withdrawing
unconventional policies should not prevent central banks from "acting decisively" when price stability
faces risks.
New home sales in the U.S. unexpectedly increased in the month of February, the Commerce
Department revealed in a report, with sales jumping to their highest level in seven years. The report
said new home sales surged up by 7.8 percent to an annual rate of 539,000 in February from the
revised January rate of 500,000. The increase came as a surprise to economists, who had expected
new home sales to drop to a rate of 462,000 from the 481,000 originally reported for the previous
month. With the unexpected increase, new home sales rose to their highest level since hitting a rate
of 593,000 in February of 2008. The Commerce Department also noted that new home sales are up
by 24.8 percent compared to 432,000 in the same month a year ago. The report showed a substantial
rebound in new home sales in the Northeast, which soared 152.9 percent to a rate of 43,000 in
February after tumbling 45.2 percent to a rate of 17,000 in January. New home sales in the South
also increased by 10.1 percent, while new home sales in the West and Midwest dropped by 6.0
percent and 12.9 percent, respectively. Meanwhile, the report said the median sales price of new
houses sold in February was $275,500, down 4.8 percent from $289,400 from January. The median
price was still up by 2.6 percent year-over-year.
Government is considering continuation of zero import duty on pulses as output is expected to be
lower while demand is growing, a top consumer affairs ministry official has said. There is zero duty on
import of pulses till March 31. India imports about 3-4 million tonnes of pulses annually to meet
domestic demand. The country produces about 19 million tonnes of pulses. "We are considering the
continuation of zero duty status for import of pulses. The decision on this will be taken before March
31," Consumer Affairs Secretary Keshav Desiraju said on the sidelines of India Pulses and Grains
Association (IPGA) here. "The industry had asked us to continue with the duty free status as the
production is expected to be lower and consumer demand is increasing," he added. According to
industry estimates, import of pulses is expected to be over 4 million tonnes in 2014-15 as against 3.8
million tonnes in the previous year. Pulses processors and importers demanded the government set
up a Pulses Upgradation Fund in line with the Technology Upgradation Fund to revive the textile
sector.
Even though the ban by West Bengal chief minister Mamata Banerjee on sale of potatoes to other
states over the past three years has been lifted, cases of farmer suicides, which some say may have
been driven by the fear of heavy losses, are still being reported. Farmers here are unable to cash in
on the impact of unseasonal rains on the output in Uttar Pradesh while the traditional buyers in
Odisha, Bihar, Jharkhand and the northeast have already reduced their dependence on West Bengal.
Potato production has been 15 per cent higher in the state this year than in the previous one, at 110
lakh tonne. Since the neighbouring states are not picking up much from Bengal, the farmers are being
forced to sell potatoes at Rs 140 for a 50 kg packet while the cost of production has been the same at
Rs 250. This means, the farmers are facing a loss of Rs 110 on a 50 kg packet. Last year, the farmers
had sold a 50 kg packet at Rs 300-350. The government has announced that it will buy potatoes but
the traders and farmers say that they have not seen bulk buying by the state government. "The
government is buying in very small quantities and there is not much impact in the market," said De.
The state government has announced a transport subsidy of Rs 100 per quintal on potato exports
through Kolkata port to clear the stock so that field level prices become remunerative.
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
8
Date :
Thursday, March 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
9