Daily Commodity Report as on Thursday, February 26, 2015
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
1
Open
High
Low
Close
Precious Metals
Gold
Silver
26079
36200
26319
36829
Alum.
Copper
Lead
Nickel
Zinc
111.85
361.5
109.7
891
128.75
112.2
364.25
109.9
895
129.25
3100
183.6
3135
183.9
26079
36200
% Cng
OI
26123
36455
0.25
1.34
8264
6857
110.75
363.45
107.55
880.8
126.85
-0.67
0.29
-1.51
-0.70
-1.05
1871
9409
4073
7309
2325
3117
177.5
-0.16
-4.00
27821
7435
Market Round up
Gold prices seen supported as Federal Reserve Chair Janet Yellen said the central bank would not hike rates for the
next few meetings.
Base Metal
110.4
359.75
107.4
879.5
126.6
Energy
Crude
Nat. Gas
3030
176.7
26079
26319
26079
26123
0.25
Turmeric
Jeera
Dhaniya
1121.2
8770
15125
6440
1133.7
9070
15150
6480
1082.4
8770
14535
6236
Nickel prices dropped as gain in manufacturing failed to quell concern that an economic slowdown will deepen in
China.
1082.4
9014
14535
6264
-4.00
1.85
-4.00
-2.70
1456
31555
16383
26710
1587
1589
1578
1583
-0.44
5940
Mentha oil prices gained due to rising demand from pharmaceutical Industries in the spot market.
Oil and Oilseeds & Others
Soyabean
Ref. Oil
CPO
RMSeed
Menthol
Cotton
3420
596.5
460
3352
763
15200
3420
596.85
460
3371
777
15300
3371
592.3
456.2
3333
762.5
15120
3379
592.9
458.7
3354
774.7
15240
-0.76
-0.65
-0.24
0.12
1.51
0.26
75550
99585
2600
44800
6483
5965
Date :
62.60
70.87
96.61
52.56
62.60
71.10
96.92
52.65
62.34
70.73
96.51
52.40
Thursday, February 26, 2015
Soyabean prices dropped on subdued demand for the crop in export market and on higher supply of the crop from
America and Argentina.
Chana prices ended with gains on lower sowing as well as acreage leading to weak output.
Turmeric prices ended with gains on strong seasonal demand from north India and crop damage reports from south
India.
Currency
USDINR
EURINR
GBPINR
JPYINR
Natural gas dropped as market participants looked ahead to fresh weekly information on U.S. gas inventories to
gauge the strength of demand.
Ref soyoil prices ended with losses as sluggish oilmeal exports weighed on prices.
Cereals
Wheat
Copper prices recovered from lows after Greece secured a four-month extension of its financial rescue.
8264
Spices
Cardamom
Crude oil prices recovered from lows after Saudi Arabia's oil minister said oil demand was growing.
Zinc prices slipped on uncertainty about Greek debt, and disappointed economic data from the United States.
Pulses
Chana
Silver gains after data showed that U.S. new home sales fell less than expected in January, easing concerns over the
health of the housing sector.
62.38
70.78
96.63
52.47
-0.46 1466632
-0.16
34194
-0.05
28704
0.14
12630
Jeera prices ended with losses due to profit booking despite reports of lower area under cultivation.
URL : www.achiieversequitiesltd.com
Page No -
2
MCX Gold Apr 2015
TRADING IDEA
OPEN
26079
SUP-2
25934
Gold trading range for the day is 25934-26414.
HIGH
26319
SUP-1
26029
Gold prices seen supported as Federal Reserve Chair Janet Yellen said the central bank
would not hike rates for the next few meetings.
LOW
26079
P.P.
26174
Gains in gold are likely to be limited, however, by expectations that rates remain on track
to rise.
CLOSE
26123
RES-1
26269
Fed Chair Yellen said it was “unlikely” that economic conditions would warrant an interest
rate increase for “at least the next couple of FOMC meetings”.
% CNG
0.25
RES-2
26414
SELL GOLD APR @ 26350 SL 26500 TGT 26100-25900.MCX
Gold settled up 0.25% at 26123 snapped a three-day loss to end higher Wednesday, on the back of Federal Reserve Chief Janet Yellen's statement before the Congress on interest rate hikes which analysts see as not too
damaging for the precious metal. Gold also found support with the dollar trending lower and some upbeat economic data from China after its manufacturing sector rebounded unexpectedly in February, rising to its highest
level in four months. Gold also found further support with an increase in demand after Chinese buyers returned from their lengthy Lunar New Year holiday. In her testimony before the Senate Banking Committee on
Wednesday, Yellen said the Fed may change the language in its forward guidance indicating that policy makers will be "patient" before raising rates, which she clarified did not mean tightening as imminent. Market agree
Yellen's statement to be in line with minutes of the most recent Fed meeting, which evidenced reluctance in raising interest rates, although this was prior to strong job report in January. Markets expected Yellen to signal a
June rate hike as an option, due mainly to the underlying strength of the jobs recovery. The European Commission on Tuesday approved the list of reforms that Greece submitted just ahead of the expiry of the Monday
midnight headline. Nevertheless, Greece is expected to furnish details of the reforms to the Commission before April end. Technically market is under short covering as market has witnessed drop in open interest by -1.82%
to settled at 8264 while prices up 64 rupee, now Gold is getting support at 26029 and below same could see a test of 25934 level, And resistance is now likely to be seen at 26269, a move above could see prices testing
26414.
MCX Silver Mar 2015
TRADING IDEA
OPEN
36200
SUP-2
35866
Silver trading range for the day is 35866-37124.
HIGH
36829
SUP-1
36161
Silver gains after data showed that U.S. new home sales fell less than expected in
January, easing concerns over the health of the housing sector.
LOW
36200
P.P.
36495
Yellen said that while the Fed is preparing to consider rate hikes on a "meeting-bymeeting basis".
CLOSE
36455
RES-1
36790
New U.S. single-family home sales fell only slightly in January despite big declines in the
snow-battered Northeast.
% CNG
1.34
RES-2
37124
SELL SILVER MAR @ 36800 SL 37150 TGT 36450-36050.MCX
Silver settled up 1.34% at 36455 after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising U.S. interest rates. The dollar weakened after Yellen held back
from giving a clear view on when the Fed may begin hiking rates, fuelling a rally in precious metals with silver rising more than 3 percent and palladium hitting a six-week high. In Asia, the price of gold futures soared as
investors in China returned to markets after a week-long break for the Lunar New Year. China is the second-largest buyer of the precious metal in the world. Investors in Asia also scurried to gold after the dollar weakened
slightly on Wednesday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.25 or 0.26% to 94.23. Still, the dollar remained relatively unchanged
after Federal Reserve Chair Janet Yellen finished her second day before Congress during the first of two semi-annual Humphrey-Hawkins Testimonies she will make in 2015. Unlike Yellen's appearance in front of the Senate
Banking Committee on Tuesday, members of the House Financial Services Committee spent little time on Wednesday discussing monetary policy. When addressing a potential interest-rate hike, Yellen reiterated that the Fed
could wait several additional meetings before raising rates. A delay in raising interest-rates is often regarded as a positive sign for gold, as it lowers the price of holding onto the precious metal. Technically market is under
short covering as market has witnessed drop in open interest by -18.67% to settled at 6857, now Silver is getting support at 36161 and below same could see a test of 35866 level, And resistance is now likely to be seen at
36790, a move above could see prices testing 37124.
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
3
MCX Crudeoil Mar 2015
TRADING IDEA
OPEN
3100
SUP-2
2989
Crudeoil trading range for the day is 2989-3199.
HIGH
3135
SUP-1
3053
Crude oil prices recovered from lows after Saudi Arabia's oil minister said oil demand was
growing.
LOW
3030
P.P.
3094
The U.S. EIA said in its weekly report that U.S. crude oil inventories rose by 8.4 million
barrels last week.
CLOSE
3117
RES-1
3158
The American Petroleum Institute, an industry group, said that U.S. crude inventories rose
by 8.9 million barrels in the week ended February 20.
% CNG
-0.16
RES-2
3199
BUY CRUDE OIL MAR @ 3110 SL 3070 TGT 3150-3198.MCX
Crudeoil settled down -0.16% at 3117 snapped a five-day loss and recovered as the dollar weakened against a basket of major currencies even as the official weekly oil report showed crude stockpiles to have surged much
more than expected last week. Nevertheless, oil found support with gasoline and heating fuel stocks declining more than anticipated. Yesterday, a weekly report from the U.S. EIA showed U.S. crude oil inventories to have
jumped 8.4mbls in the week ended February 20, while market expected an increase of 3.7 million barrels. The report showed U.S. crude oil inventories at 434 million barrels end last week. While Gasoline stocks dropped by
3.1mbls last week, Inventories of distillate, including heating fuel, declined 2.7 million barrels. Earlier this week the API said U.S. crude oil inventories rose by 8.9mbls in the week ended February 20, representing another
unexpectedly large build in stockpiles. Meanwhile, reports said OPEC will not have an emergency meeting to discuss low oil prices. It is thought that Saudi Arabia and other big producers are content to keep prices low in
order to stifle non-OPEC competition. On the economic front, a Commerce Department report on Wednesday showed U.S. new home sales to have come in well above market estimates in January, following a recent string of
largely disappointing housing data. New home sales in January dipped by just 0.2 percent to an annual rate of 481,000 from the revised December rate of 482,000. Also China's manufacturing sector rebounded unexpectedly
in February as the PMI rose to its highest level in four months, flash figures from Markit Economics showed Wednesday. Technically market is getting support at 3053 and below same could see a test of 2989 level, And
resistance is now likely to be seen at 3158, a move above could see prices testing 3199.
MCX Copper Feb 2015
TRADING IDEA
OPEN
361.5
SUP-2
358.0
Copper trading range for the day is 358-367.
HIGH
364.3
SUP-1
360.8
Copper prices recovered from lows after Greece secured a four-month extension of its
financial rescue.
LOW
359.8
P.P.
362.5
Activity in China's mammoth factory sector edged to a four-month high in February but
export orders shrank at their fastest rate in 20 months.
CLOSE
363.5
RES-1
365.3
China's domestic copper supply has improved as local copper producers have ramped up
output in the past few months, while exchange stocks in LME jumped this year.
% CNG
0.29
RES-2
367.0
BUY COPPER FEB @ 360 SL 357 TGT 363.50-366.50.MCX
Copper settled up 0.29% at 363.45 but traded with mixed node, despite signs of stronger demand after a preliminary gauge of China’s manufacturing sector showed an unexpected expansion in February. Yesterday intial
support seen after the China’s HSBC/Markit flash manufacturing PMI rose from 49.7 in January to 50.1 in February, above forecasts of 49.5. The increase in the headline number reflects a lift in the sub-components of stock
of purchases, output and new orders. Given that new export orders fell to a 20-month low, China’s domestic demand looks like it fared better than foreign demand in February. While the HSBC/Markit manufacturing PMI
accounts for seasonality, we remain cautious in interpreting the results for February given the difficulties in accounting for the Chinese New Year holiday period. Also US new home sales totaled an annualized 481,000 in
January, higher than expectations, but below December’s 482,000. The homes sales edged down 0.2% MoM over the month, a fall smaller than a 2.3% decline expected. Upto Lastweek Copper faced a sharp fall amid the
Euro weakness against the Dollar. In addition to that, Chinese market was closed for the Lunas New Year holiday, therefore, trading volume was constricted by consumers absence. On the LME three – month copper fell 1%
to $5,691 per tonne. According to market the metal generally used in construction fell 0.5% on a weekly basis. Chinese markets, roughly 40% consumer of global demand, reopens on 25 February. For Today a series of
economic indicators will be released on Thursday, including the UK’s Q4 GDP, the euro zone’s economic climate index and US durable goods orders. Technically market is getting support at 360.8 and below same could see a
test of 358 level, And resistance is now likely to be seen at 365.3, a move above could see prices testing 367.
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
4
MCX Zinc Feb 2015
TRADING IDEA
OPEN
128.8
SUP-2
125.0
Zinc trading range for the day is 125-130.2.
HIGH
129.3
SUP-1
126.0
Zinc prices slipped on uncertainty about Greek debt, and disappointed economic data from
the United States.
LOW
126.6
P.P.
127.6
New U.S. single-family home sales fell only slightly in January despite big declines in the
snow-battered Northeast.
CLOSE
126.9
RES-1
128.6
Zinc daily stocks at Shanghai exchange came down by 201 tonnes.
% CNG
-1.05
RES-2
130.2
BUY ZINC FEB ABV 127 SL 126.10 TGT 127.80-128.50-129.20.MCX
Zinc settled down -1.05% at 126.85 on uncertainty about Greek debt, and disappointed economic data from the United States. Renewed concerns about Greece weighed on the base metals prices Wednesday as investors
scaled back their risk appetite. Greece still needs the vote from several Eurozone countries to secure it request, especially Germany. Also Sales of US new homes fell in January, data from the US Commerce Department
showed Wednesday. The sales of new single-family houses in January were at a seasonally adjusted annual rate of 481,000, 0.2% below the revised December rate. US Federal Reserve Chairwoman Janet Yellen continued
her semi-annual testimony on monetary policy and the economy before the House Committee on Financial Services Wednesday. Lastweek Zinc settled at 128.75, down 0.54% amid a pressure after a solid US employment
data release that boosted the Dollar. In addition, this week the reopening of Chinese markets should bring some volatility. While HSBC’s preliminary China Manufacturing PMI rebounded to a new four-month high of 50.1 in
February, beating 49.5 expected and the final reading of 49.7 in January. The output sub-index rose to a five-month high of 50.8, up from January’s 50.3. The sub-indices tracking output and new orders accelerated to rise.
The input and output prices declined at a slower rate. A series of economic indicators will be released on Thursday, including the euro zone’s economic climate index for February, US CPI and durable goods orders for January.
Technically market is under long liquidation as market has witnessed drop in open interest by -14.62% to settled at 2325 while prices down -1.35 rupee, now Zinc is getting support at 126 and below same could see a test of
125 level, And resistance is now likely to be seen at 128.6, a move above could see prices testing 130.2.
MCX Nickel Feb 2015
TRADING IDEA
OPEN
891.0
SUP-2
869.6
Nickel trading range for the day is 869.6-900.6.
HIGH
895.0
SUP-1
875.2
Nickel prices dropped as gain in manufacturing failed to quell concern that an economic
slowdown will deepen in China.
LOW
879.5
P.P.
885.1
US new home sales totaled an annualized 481,000 in January, higher than expectations,
but below December’s 482,000.
CLOSE
880.8
RES-1
890.7
While a preliminary PMI from HSBC Holdings Plc and Markit Economics pointed to
expansion at Chinese factories in February.
% CNG
-0.70
RES-2
900.6
BUY NICKEL FEB ABV 883 SL 872 TGT 890-898-905.MCX
Nickel settled down -0.7% at 880.8 as a gain in manufacturing failed to quell concern that an economic slowdown will deepen in China. While a preliminary purchasing managers’ index from HSBC Holdings Plc and Markit
Economics pointed to expansion at Chinese factories in February, a gauge for new export orders in the report dropped to the lowest since June 2013. Renewed concerns about Greece weighed on the base metals prices as
investors scaled back their risk appetite. Greece still needs the vote from several Eurozone countries to secure it request, especially Germany. Sales of US new homes fell in January, data from the US Commerce Department
showed Wednesday. The sales of new single-family houses in January were at a seasonally adjusted annual rate of 481,000, 0.2% below the revised December rate. US Federal Reserve Chairwoman Janet Yellen continued
her semi-annual testimony on monetary policy and the economy before the House Committee on Financial Services Wednesday. LME nickel briefly touched an intraday high of USD 14,475/mt on Wednesday, but retreated to
USD 14,250/mt later in the day. Inventories increased 786 mt to 425,300 mt. series of economic indicators will be released on Thursday, including the euro zone’s economic climate index for February, US CPI and durable
goods orders for January. Technically market is under fresh selling as market has witnessed gain in open interest by 3.18% to settled at 7309 while prices down -6.2 rupee, now Nickel is getting support at 875.2 and below
same could see a test of 869.6 level, And resistance is now likely to be seen at 890.7, a move above could see prices testing 900.6.
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
5
NCDEX Chana Apr 2015
TRADING IDEA
OPEN
3656
SUP-2
3639
Chana trading range for the day is 3639-3713.
HIGH
3690
SUP-1
3662
Chana prices ended with gains on lower sowing as well as acreage leading to weak output.
LOW
3653
P.P.
3676
Chana sowing operations are complete across India and harvesting of early sown crop has
already begun.
CLOSE
3684
RES-1
3699
As per the latest data available with the government, area under Chana stands at 85.91
lakh ha.
% CNG
0.66
RES-2
3713
BUY CHANA APR @ 3660 SL 3625 TGT 3698-3725-3750.NCDEX
Chana settled up by 0.66% at 3684 on lower sowing as well as acreage leading to weak output. Chana prices are sustaining at higher levels on expected drop in output caused due to lower sowing. Chana sowing operations
are complete across India and harvesting of early sown crop has already begun. As per the latest data available with the government, area under Chana stands at 85.91 lakh ha compared with the 102.25 lakh ha area planted
last year. Although acreage remains lower 16 percent year on year and has crossed the normal area of 84.14 lakh hectares. India 2014-15 rabi gram sowing until Feb 13 fell by 16% to 8.59 million hectares as compared to
previous year. Pulses sowing fell by 10% to 14.59 million hectare as compared to last year due to lower rains and late harvesting to kharif crops in Madhya Pradesh, Maharashtra and Andhra Pradesh. Acreage of the crop
harvested in 2015 is forecasted 13% lower at 8.19 million hectare as compared to 10.19 million hectare in previous season. Lower prices on the back of record output and comfortable supplies may force farmers to switch
over to other remunerative crops such as mustard and coriander which could yield better returns. In Delhi spot market, chana gained by 42.45 rupee to end at 3577.6 rupee per 100 kgs.Technically market is under short
covering as market has witnessed drop in open interest by -0.85% to settled at 167450 while prices up 24 rupee, now Chana is getting support at 3662 and below same could see a test of 3639 level, And resistance is now
likely to be seen at 3699, a move above could see prices testing 3713.
NCDEX Turmeric Apr 2015
TRADING IDEA
OPEN
8770
SUP-2
8652
Turmeric trading range for the day is 8652-9252.
HIGH
9070
SUP-1
8834
Turmeric prices ended with gains on strong seasonal demand from north India and crop
damage reports from south India.
LOW
8770
P.P.
8952
There is news on crop damage from the Karnataka and Andhra Pradesh.
CLOSE
9014
RES-1
9134
At Nizamabad market sources reported arrivals at 12000 quintals, down by 3000 quintals
as compared to previous day.
% CNG
1.85
RES-2
9252
BUY TURMERIC APR @ 8940 SL 8800 TGT 9060-9150-9240.NCDEX
Turmeric settled up by 1.85% at 9014 on strong seasonal demand from north India and crop damage reports from south India. There is news on crop damage from the Karnataka and Andhra Pradesh. There is good demand
from retailers and traders at lower prices. There are concerns over crop loss due to cyclone ‘Hudhud’ that hit Andhra Pradesh in Oct 2014. Demand for the commodity has been increasing rapidly from North India and from
the medicinal and cosmetic industry. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.13 lakh ha, as against 0.1 lakh ha last year. The area in Telangana stood at 0.446 lakh ha against 0.431 lakh ha last
year. Exports in turmeric have increased by 10% to 43,000 tonnes during Apr-Sep 2014 as compared to last year. The export target for the 2014-15 is 80,000 tonnes according to Spice Board. At Nizamabad market sources
reported arrivals at 12000 quintals, down by 3000 quintals as compared to previous day. At Erode market total arrivals are at 7000 quintals, higher by 2000 quintals from previous day’s arrivals. Only 50 per cent of the
stocks on offer were sold in Erode markets due to lack of demand. Of the 6,500 bags that arrived, 50 per cent was sold. Traders procured quality turmeric quoting a higher price. In Nizamabad, a major spot market in AP,
the price ended at 8216 rupees gained 70.35 rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 1.04% to settled at 31555 while prices up 164 rupee, now Turmeric is getting
support at 8834 and below same could see a test of 8652 level, And resistance is now likely to be seen at 9134, a move above could see prices testing 9252.
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
Page No -
6
TRADING IDEA
MCX Menthaoil Mar 2015
OPEN
763.0
SUP-2
756.9
Menthaoil trading range for the day is 756.9-785.9.
HIGH
777.0
SUP-1
765.8
Menthaoil spot is at 864/-. Spot market is up by Rs.10/-
LOW
762.5
P.P.
771.4
Mentha oil prices gained due to rising demand from pharmaceutical Industries in the spot
market.
CLOSE
774.7
RES-1
780.3
Besides, expectations of lower production from the major producing belts too supported
mentha oil prices.
% CNG
1.51
RES-2
785.9
BUY MENTHA OIL MAR @ 760-766 SL BELOW 750 TGT 774-782-795. MCX (BTST)
Mentha oil settled up by 1.51% at 774.7 due to rising demand from pharmaceutical Industries in the spot market. Besides, expectations of lower production from the major producing belts too supported mentha oil prices.
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. However, export demand for the spice is expected to go up in the coming
weeks. Last year, the total production of mentha oil stood at 55,000 tonnes, out of which 40 per cent of the crop is carry forwarded for the current year. At Bareilly market total arrivals are at 4 Drums (1-drum-180kg), lower
by 1 Drums (1-drum-180kg) from previous trading day. At Rampur market arrivals were reported at 7 Drums (1-drum=180kg), unchanged as compared to previous day’s arrival. At Barabanki market arrivals were reported
at 100 Drums (1-drum-180kg), unchanged as compared to previous day’s arrival. Technically market is under fresh buying as market has witnessed gain in open interest by 13.56% to settled at 6483 while prices up 11.5
rupee, now Menthaoil is getting support at 765.8 and below same could see a test of 756.9 level, And resistance is now likely to be seen at 780.3, a move above could see prices testing 785.9.
DAILY MARKET LEVEL FOR METAL AND ENERGY
COMMODITIES
GOLD
SILVER
CRUDE
NAT.GAS
COPPER
ZINC
NICKEL
ALUMINUM
CLOSE
OI
TREND
26123
26509
26414
26269
26174
26029
25934
25789
8264
Positive
36455
37419
37124
36790
36495
36161
35866
35532
6857
Positive
3117
3263
3199
3158
3094
3053
2989
2948
27821
Positive
177.5
189.3
186.6
182.1
179.4
174.9
172.2
167.7
7435
Positive
363.45
369.8
367.0
365.3
362.5
360.8
358.0
356.3
9409
Positive
126.85
131.2
130.2
128.6
127.6
126.0
125.0
123.4
2325
Positive
880.8
906.2
900.6
890.7
885.1
875.2
869.6
859.7
7309
Positive
110.75
113.6
112.9
111.8
111.1
110.0
109.3
108.2
1871
Positive
107.6
111.7
110.8
109.2
108.3
106.7
105.8
104.2
4073
Positive
SPREAD
192
378
114.00
3.00
2.05
0.75
8.30
0.85
1.5
RESISTANCE
P. POINT
SUPPORT
Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
LEAD
Page No -
7
NEWS YOU CAN USE
DAY
The Federal Reserve is preparing to consider interest rate hikes "on a meeting-by-meeting basis," Fed
Chair Janet Yellen told a congressional committee, a subtle shift of emphasis that helps lay the
groundwork for the Fed's first rate hike since 2006. In remarks to the Senate Banking Committee,
Yellen described how the Fed's rate-setting policy committee will likely proceed in coming months first by removing the word "patient" in describing its approach to rate hikes, then entering a phase in
which rate hikes are possible at any meeting. That approach could open the door to an interest rate
increase as early as June, though investors interpreted Yellen's testimony overall as likely indicating a
later date for liftoff. By the end of her two-hour appearance before the Senate Banking Committee,
short-term rate futures contracts showed traders had shifted their expectations of an initial rate hike
from September to October, according to data collected and analyzed by CME FedWatch. Yellen,
however, said that even as the Fed refines its language in coming weeks, investors should not
construe that as a sign the central bank is wed to a rate hike at any particular meeting. Rather, she
said, when the word "patient" disappears it means the Fed will merely have full flexibility to act if its
judges the economic data warrant it.
Greece secured a four-month extension of its financial rescue when its euro zone partners approved a
reform plan, as Athens backed away from some proposed measures and promised that spending to
alleviate social distress would not derail its budget. Finance ministers sealed the decision in a
telephone conference convened by Eurogroup chairman Jeroen Dijsselbloem after the new leftist-led
Athens government sent him a detailed list of reforms it plans to implement by the end of June. The
respite, to be ratified by some national parliaments in the coming days, averted an imminent banking
meltdown and a potential state bankruptcy for now, but tough negotiations lie ahead soon over the
country's longer-term economic future. A Greek finance ministry official said the euro zone's most
heavily indebted nation would start discussions immediately with its EU and IMF partners on meeting
this year's financing shortfall. As required by the creditors, Marxist Finance Minister Yanis Varoufakis
had sent Brussels a six-page document late on Monday that watered down campaign promises to end
privatisations, boost welfare spending and raise the minimum wage, vowing to consult partners
before key reforms and to keep them budget-neutral.
Castorseed availability is set to improve this oil season to October with the country’s crop estimated
to be nearly 15 per cent higher. Latest estimates put by the Solvent Extractors’ Association of India
indicate that castor production is likely to increase to between 1.29 million tonnes and 1.38 million
tonnes against 1.13 million tonnes a year ago. While the area under castor has been estimated at
1.03 million hectares, up 12 per cent, the yield may improve marginally to 1,254 kg a hectare, due to
deficient monsoon in Andhra Pradesh and parts of Gujarat. The SEA announced the findings of the
Castor Crop Survey: 2014-15 undertaken by Nielsen India on the basis of the three rounds of field
survey in the growing areas. Expressing concern over drop in yield, Abhay Udeshi, Chairman, SEA
Castorseed and Oil Council, said” "The most concerning point is that the castor yield has fallen during
the last 2-3 years in all the growing States"."Most disheartening is that in Gujarat where the yields
have fallen from an average of about 1,800 kg a few years ago to less than 1,500 kg per hectare
now," he said. Castor yield in Gujarat this season is estimated at 1,471 kg per hectare. India is the
world’s largest castorseed producer. Global castorseed output has been estimated at 1.70 million
tonnes, up 29 per cent from last year.
Date :
Thursday, February 26, 2015
Thu
TIME
ZONE
ECONOMICAL DATA
EXP
PREV
12:30pm
EUR
GfK German Consumer Climate
9.6
9.3
2:25pm
EUR
German Unemployment Change
-10K
-9K
2:30pm
EUR
M3 Money Supply y/y
0.037
0.036
2:30pm
EUR
Private Loans y/y
-0.003
-0.005
2:30pm
EUR
Italian Retail Sales m/m
0
0.001
Tentative
EUR
Italian 10-y Bond Auction
0
1.62|1.4
-0.004
7:00pm
USD
CPI m/m
-0.006
7:00pm
USD
Core CPI m/m
0.001
0
7:00pm
USD
Core Durable Goods Orders m/m
0.006
-0.008
7:00pm
USD
Unemployment Claims
288K
283K
7:00pm
7:30pm
USD
Durable Goods Orders m/m
0.017
-0.033
USD
HPI m/m
0.005
0.008
9:00pm
USD
Natural Gas Storage
-241B
-111B
After reporting a sharp increase in U.S. consumer confidence in the previous month, the Conference
Board released a report showing that its consumer confidence index pulled back by more than
expected in the month of February. The Conference Board said its consumer confidence index
tumbled to 96.4 in February from an upwardly revised 103.8 in January. Economists had expected the
index to drop to a reading of 99.1 from the 102.9 originally reported for the previous month. Lynn
Franco, Director of Economic Indicators at the Conference Board, said, "After a large gain in January,
consumer confidence retreated in February, but still remains at pre-recession levels." The bigger than
expected pullback by the consumer confidence index came as optimism about the short-term outlook
was considerably less positive. The report said the expectations index declined to 87.2 in February
from 97.0 in January, as consumers expecting business conditions to improve over the next six
months fell to 16.1 percent from 18.9 percent and those expecting business conditions to worsen rose
to 8.7 percent from 8.2 percent.
Rabi crop acreage stood at 617.97 lakh hectares (lh), against 659.31 lh at the same time last year – a
6.3 per cent decrease, according to latest data released by the Agriculture Ministry. Sowing has been
hit as harvest of kharif crops was delayed due to erratic monsoon rains. Rice acreage has dropped to
27.04 lh from 31.51 lh during the corresponding period a year ago. Wheat, the main Rabi crop, has
been sown on 306.35 lh compared with 315.32 lh a year ago, while the total area under coarse
cereals has been pegged at 57.74 lh, down from 60.08 lh. Pulses acreage is estimated to be 10 per
cent lower at 145.92 lh against 162.21 lh. Similarly, oilseeds coverage has dropped 10 per cent to
80.92 lh this year against 90.2 lh. The government has pegged 133.28 million tonnes of food grain
output from the rabi crop in 2014-15, down from 136.88 million tonnes produced a year ago.
URL : www.achiieversequitiesltd.com
Page No -
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Date :
Thursday, February 26, 2015
URL : www.achiieversequitiesltd.com
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