Tuesday 22 March 2016

Import Tax on Wheat may likely to increase

India is probably going to increase a wheat import tax beyond March to protect its domestic farmers from low cost imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources said on Monday.

After consulting the food, farm and trade ministries, the finance ministry now looks likely to increase the duty until September, the sources, who requested anonymity because they are not authorised to talk to the media, said.

India, the world's biggest wheat producer after China, imposed an import tax of 10 % in August last year, reinstating it when a gap of eight years following big wheat imports from overseas.

In October, the govt. raised the import tax, which expires on March 31, to 25 %.Once the tax is extended, Prime Minister Narendra Modi's ministers will review the decision in June when they will have a clear plan regarding the size of this season's crop, the sources said.

Food ministry spokesman N.C. Joshi declined to comment.

Indian farmers, who grow only one wheat crop in a year, will begin their harvests from end of March and april, after planting the crop in October and November.

There has been some concern from farmers and consultants regarding the dimensions of the crop because of wet weather, b
ut Farm Minister Radha Mohan Singh expects India to harvest a minimum of 92 million tonnes of wheat in 2016, almost in line with the previous government forecast.

Output last year was 86.53 million tonnes, down from 95.85 million tonnes in the previous year, due to rains and hail flattening the crop in February and March.

On March 1, wheat stocks at government warehouses totalled 16.9 million tonnes against a minimum demand of 13.80 million tonnes.

Thursday 3 March 2016

Commodity Market Updates Report, 3-3-16

Market Updates


Refined soya oil prices rised up by 0.22% to Rs 599.55 per 10 kg in futures market today.

At NCDEX, Refined Soya oil for delivery in Mar rose high by 0.22% or Rs. 1.30, and reached Rs 599.55 per 10 kg with an open interest of 31,030 lots.


Daily Market Updates:



S.No
Commodity
Contract
Support
Resistance
Recommendation
1
Nickel MCX
Mar-16
585.90
597.10
Sell @ 595-596, TP 580, SL 605
2
Copper MCX
Apr-16
326.60
329.30
Trading Range 325-331
3
Zinc MCX
Mar-16
121.8
122.9
Sell @122.80-122.90 TP 121.20 SL 123.80
4
Soyabean NCDEX
Mar-16
3577
3636
Sell @ 3625-3630 TP 3570 SL 3660
5
Soyabean CBOT
Mar-16
858
864
Sell @ 864, TP 857, SL 867
6
Maize NCDEX
Mar-16
1431
1450
Buy @1430-1428, TP 1460 SL 1410
7
Cotton MCX
Mar-16
15828
15939
Sell @ 15950-15960 TP 15800 SL 16020
8
Kapas NCDEX
Apr-16
780
787
Sell @ 788-789 TP 765 SL 800
9
Gold Comex
Apr-16
1232.8
1247.3
Sell @ 1243-1244 TP 1228 SL 1251
10
Gold MCX
Apr-16
29198
29428
Sell @ 29490-29500 TP 29100 SL 29640

Wednesday 2 March 2016

Commodity Market Updates Report, 2-3-16

Gold prices fell Rs 91 and reached to Rs 29,135 per 10gm in futures trade today as participants trimmed their positions. At MCX, Gold for delivery in April was trading lower by Rs 91, or 0.31%, at Rs 29,135 per 10gm, in a business turnover of 474 lots. Also, the metal for delivery in June shed Rs 89, or 0.30%, to Rs 29,379 per 10gm in 15 lots.

Daily Market Updates

S.No
Commodity
Contract
Support
Resistance
Recommendation
1
Cardamom MCX
Mar-16
643
655
Sell @ 656-657, TP 630, SL 670
2
Sugar ICE
Mar-16
14.23
14.74
BUY @ 14.25-14.20, TP 14.80, SL 13.90
3
Sugar NCDEX
Mar-16
3196
3230
BUY @ 3200-3195, TP 3250, SL 3170
4
Soyabean NCDEX
Mar-16
3644
3688
Sell @ 3695-3700 TP 3640 SL 3730
5
Soyabean CBOT
Mar-16
855
862
Sell @ 861, TP 855, SL 864
6
Maize NCDEX
Mar-16
1416
1444
Sell @ 1425-1424 TP 1460 SL 1405
7
Cotton MCX
Feb-16
15912
16081
Sell @ 16060-16070 TP 15850 SL 16170
8
Kapas NCDEX
Apr-16
783
792
Sell @ 792-793 TP 775 SL800