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Gold
spiral upward in the international market
Gold
futures in the international market have gained some strength on
Wednesday after fresh Dollar weakness. February gold at Comex rose
$4.80 to $426.90. April gold settled at $429.10, up from $424.30.
China reignited market talk of a Yuan revaluation, saying it would
discuss the pegged currency regime at next week's London meeting
of Group of Seven rich nations. Speculation about a revaluation
has been rife during the past year, with European policymakers urging
Asian countries whose currencies are controlled to let those units
rise to share the burden of the dollar's three-year slide. The second
concern in the bullion market is about the forthcoming Iraq presidential
elections this weekend. And more so, U.S. President George W. Bush's
State of the Union address and the G7 meeting will be some of the
important events to watch out for.
Free
sale quota for sugar extended to 18th Feb
As
per the recent announcement by the Ministry of Consumer Affairs,
Food and Public Distribution the validity period for sugar mills
to dispose of their free sale quota (FSQ) allocated for January
has been extended till February 18th. Union Minister,
Mr Sharad Pawar has declared on January 6th that the
mills are expected to dispose off their entire current month's free
sale quota in the open market by end of January. In conjunction
to that, the unsold quantity would have been automatically converted
into levy quota for the public distribution system. After the decision,
the mills were seen desperately selling their quota by the month
end to avail the benefits and better realization of sugar, and this
created a major havoc in the market and again the ministry had to
intervene for this. Again, as the decision was taken on 18th
January and it is also said that the mills do not have sufficient
time to implement the same due to which the Directorate of Sugar
in the Ministry declared that mills would be given time up to February
18 to exhaust their FSQ for January 2005.
Sliding
Pepper prices
Pepper
prices have been witnessing the downward movement in the spot market
at Kochi despite the Government intervention for arresting prices.
The spot prices are down by 100 rupees since last week and according
to resources the prices for MG1 and un-garbled are hovering at Rs
6,900 and Rs 6,600 a quintal respectively as against Rs 7,000 and
Rs 6,700 on January 22. Spot pepper was sold at Rs 5,400 - Rs 6,400
as against Rs 5,500 - Rs 6,500 a quintal last Saturday. A similar
trend in futures market also is seen whereby February delivery was
Rs 6,918 a quintal as against Rs 7,171 on January 22. March Rs 7,031(Rs
7,289), April Rs 7,291 (Rs 7,559), May Rs 7,222 (Rs 7,487) and June
Rs 7,703 (Rs 7,991).
According
to Mr Kishor Shamji, President, India Pepper and Spice Trade Association,
under the Indo-Sri Lankan Free Trade Agreement Sri Lankan pepper
would be available in the major Indian markets now at Rs 58-60 a
kg as against the current terminal market spot price of Rs 66-69
a kg, news resources confirm. Procurement body of the state, Kerala
State Cooperative Marketing Federation (Marketfed) has announced
the export of entire pepper quantity to be procured. The market
players and producers are expecting the release of Vietnam crop
that is expected in March 2005.
Comm Daily 25th Jan
|
MCX
|
|
|
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Gold
Feb
|
6143
|
6143
|
6094
|
6098
|
-0.73
|
2981
|
5100
|
|
Gold
April
|
6174
|
6181
|
6137
|
6140
|
-0.55
|
948
|
1141
|
|
|
|
|
|
|
|
|
|
|
Silver
March
|
10346
|
10346
|
10185
|
10202
|
-1.39
|
50163.02
|
289320
|
|
Silver
May
|
10389
|
10389
|
10241
|
10241
|
-1.42
|
404.38
|
6060
|
|
|
|
|
|
|
|
|
|
|
Ref
Soy Oil Feb
|
371.5
|
371.5
|
366.3
|
367.7
|
-1.02
|
23630
|
12590
|
|
Ref
Soy Oil Mar
|
363.4
|
363.8
|
359.7
|
361.4
|
-0.55
|
5220
|
7820
|
|
|
|
|
|
|
|
|
|
|
Kapas
April
|
315.1
|
315.8
|
309
|
309.6
|
-1.75
|
2756
|
8328
|
|
NCDEX
|
|
|
Open
|
High
|
Low
|
Close
|
%ge
Change
|
Volume
Traded
|
Open
Interest
|
|
Castor
Feb
|
304.60
|
306.80
|
304.20
|
305.50
|
0.30
|
1450
|
6080
|
|
Castor
March
|
301.00
|
301.40
|
297.20
|
299.10
|
-0.63
|
960
|
3180
|
|
|
|
|
|
|
|
|
|
|
Soya
Bean Feb
|
1278.00
|
1278.00
|
1256.10
|
1262.30
|
-1.23
|
22400
|
85670
|
|
Soya
Bean March
|
1279.45
|
1281.00
|
1256.00
|
1265.70
|
-1.07
|
21730
|
76310
|
|
|
|
|
|
|
|
|
|
|
Guar
Gum Feb
|
3415.00
|
3435.00
|
3368.00
|
3425.00
|
0.29
|
2990
|
10150
|
|
Guar
Gum March
|
3453.00
|
3499.00
|
3411.00
|
3479.00
|
0.75
|
6925
|
9165
|
|
|
|
|
|
|
|
|
|
|
Guar
Seed Feb
|
1376.00
|
1386.00
|
1359.00
|
1381.00
|
0.36
|
54910
|
59460
|
|
Guar
Seed March
|
1382.00
|
1393.00
|
1364.00
|
1387.00
|
0.36
|
352750
|
158470
|
Disclaimer:
We take due care in compilation of data, but under no circumstances
shall we be legally responsible for the outcome of any action taken
on the basis of information given in this newsletter. Investors
must make their own investment decisions based on their specific
investment objectives and financial position and using such independent
advisors as they believe necessary.Indiainfoline takes no legal
responsibility for accuracy or completeness of information or advice
given. This material is for personal use only."India Infoline Ltd
(IIL) and India Infoline Commodities Pvt. Ltd (IICPL) do not have
any positions in any of the commodities recommended and which are
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IIL and IICPL do not do any deals on their own account (proprietary
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IICPL also has an internal compliance manual in place which restricts
the team who analyze and gives information on various commodities
and investment opportunities, to place orders on commodity futures
only through IICPL and only after the said recommendation has been
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