MCX DAILY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-SEP-2015

113

111

109

107

107

105

104

102

100

COPPER

31-SEP-2015

323

319

315

313

311

309

307

303

299

CRUDE OIL

19-SEP-2015

3201

3117

3033

3004

2949

2920

2865

2781

2697

32363

31858

31353

31137

30848

30632

30343

29838

29333

31-AUG-2015

136

134

132

131

129

128

127

125

122

NATURAL GAS 26-AUG-2015

199

195

191

189

187

185

183

179

175

GOLD
LEAD

05-OCT-2015

NICKEL

31-AUG-2015

693

685

677

673

669

665

661

653

645

SILVER

04-SEP-2015

49312

47812

46312

45324

44812

43824

43312

41812

40312

ZINC

31-AUG-2015

162

160

159

158

157

157

156

154

153

MCX WEEKLY LEVELS

WEEKLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-AUG-2015

119

115

111

109

107

105

103

99

95

COPPER

31-AUG-2015

340

330

320

315

310

305

300

290

280

CRUDE OIL

19-AUG-2015

3918

3619

3320

3147

3021

2848

2722

2423

2124

GOLD

05-OCT-2015

32457

31924

31391

31155

30858

30622

30325

29792

29259

LEAD

31-AUG-2015

147

141

134

132

128

126

122

115

109

NATURAL GAS 26-AUG-2015

226

214

202

194

190

182

178

166

154

NICKEL

31-AUG-2015

738

713

688

679

663

654

638

613

588

SILVER

04-SEP-2015

51255

49014

46773

45504

44532

43263

42291

40050

37809

ZINC

31-AUG-2015

168

164

160

159

156

155

152

149

145

Monday, 05 September 2016

WEEKLY MCX CALL

BUY GOLD OCT ABOVE 3100 TGT 31350 SL 31097
PREVIOUS WEEK CALL
SELL ZINC AUG BELOW 154 TGT 152 SL 156 - SL TRIGGERED
SELL CRUDEOIL SEP BELOW 3120 TGT 3062 SL 3173 - TGT ACHIEVED
NCDEX DAILY LEVELS
DAILY

EXPIRY

SYOREFIDR

20-AUG-2015

R3

R2

R1

PP

S1

S2

S3

S4

684

672

660

656

648

644

636

624

612

SYBEANIDR

20-AUG-2015

3455

3407

3359

3341

3311

3293

3293

3215

3167

RMSEED

18-SEP-2015

4918

4843

4768

4742

4693

4667

4618

4543

4468

JEERAUNJHA

18-SEP-2015

18885 18595

18305

18170

18015 17880 17725 17435

17145

GUARSEED10

20-OCT-2015

3628

3577

3526

3505

3475

3454

3424

3373

3322

TMC

20-SEP-2015

7961

7633

7305

7087

6977

6759

6649

6321

5993

DATE

R4

NCDEX WEEKLY LEVELS

WEEKLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-AUG-2015

700

682

664

658

646

640

628

610

692

SYBEANIDR

20-AUG-2015

3635

3526

3417

3369

3308

3260

3199

3090

2981

RMSEED

18-SEP-2015

5233

5040

4847

4781

4654

4588

4461

4268

4075

JEERAUNJHA

18-SEP-2015

19832 19187

18542

18288

17897 17643 17252 16607

15962

GUARSEED10

20-OCT-2015

3868

3727

3586

3535

3445

3394

3304

3163

3022

TMC

20-SEP-2015

9008

8366

7724

7296

7082

6654

6440

5798

5156

DATE

WEEKLY NCDEX CALL

BUY JEERA OCT ABOVE 18300 TGT 18803 SL 17798
BUY MAIZERABI SEP ABOVE 1550 TGT 1609 SL 1489
PREVIOUS WEEEK CALL
BUY JEERA SEP ABOVE 18100 TGT 18600 SL 17690 - NOT EXECUTED

FOREX DAILY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

29 AUG 2016

67.75

67.55

67.35

67.15

67

66.80

66.60

66.40

66.20

EURINR

29 AUG 2016

75.85

75.65

75.45

75.25

75.05

74.85

74.65

74.45

74.20

GBPINR

29 AUG 2016

89.80

89.60

89.40

89.20

89

88.80

88.60

88.40

88.20

JPYINR

29 AUG 2016

65.65

65.45

65.25

65.05

64.80

64.60

64.40

64.20

64

DATE

FOREX WEEKLY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

29 AUG 2016

68.10

67.80

67.50

67.20

66.90

66.60

66.30

66

65.70

EURINR

29 AUG 2016

76.20

75.90

75.60

75.30

75

74.70

74.40

74.10

73.80

GBPINR

29 AUG 2016

90.20

89.90

89.60

89.30

89

88.70

88.40

88.10

87.80

JPYINR

29 AUG 2016

66

65.70

65.40

65.10

64.90

64.70

64.50

64.30

64.10

DATE

WEEKLY FOREX CALL

BUY GBPINRSEP ABOVE 89.20 TGT 89.77 SL 88.64
BUY JPYINR SEP ABOVE 65.49 TGT 66.10 SL 64.98

PREVIOUS WEEK CALL

BUY GBPINRSEP ABOVE 89.15 TGT 90 SL 88.44 - NOT EXECUTED

MCX - WEEKLY NEWS LETTERS

GLOBAL UPDATE

INTERNATIONAL UPDATE

Oil futures edged up on Tuesday as the U.S. dollar backed off a two-week high hit the day before,
although doubts that crude producers would agree next month to an output freeze continued to drag
on prices. The U.S. dollar has retreated from Monday's peak as investors look ahead to jobs data
this week that Federal Reserve Vice Chair Stanley Fischer has said will be important to whether the
U.S. central bank raises interest rates soon. A weaker dollar makes oil purchases cheaper for buyers
using others currencies, potentially spurring demand. Yet doubts of agreement in talks on an output
freeze among members of the Organization of the Petroleum Exporting Countries continues to
weigh on prices. "There's a feeling that the OPEC production freeze talks might result in something
positive, but it's just talk," Brent crude futures were trading at $49.38 per barrel at 0505 GMT, up
12 cents from their previous close. U.S. West Texas Intermediate crude was up 17 cents at $ 47.15
a barrel. Saudi Arabian Energy Minister Khalid Al-Falih told Reuters last week he does not believe
an intervention in oil markets is necessary since the "market is moving in the right direction".This
was followed by the United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui
saying OPEC's current share of the oil market is "at a good level". As well, Iraq - which increased
crude exports this month from its southern ports compared with July - will continue ramping up
output, its oil minister said on Saturday.
Gold gave up early gains in Asia on Tuesday as the dollar gained further and data sets from Japan
showed noted improvement as investors looked ahead to non farm payroll figures in the U.S. at the
end of the week for a clearer view of a possible Fed rate hike this year. Gold for December delivery
on the Comex division of the New York Mercantile Exchange fell 0.06% to $1,326.255 a troy
ounce. Silver futures on the Comex were nearly steady at $18.770 a troy ounce, while copper
futures gained 0.29% to $ 2.090 a pound. In Japan, household spending fell 0.05% in July year-onyear, less than the 0.9% decline expected, and gained 2.5% month-on-month, beating the 1.1%
increase seen. The unemployment rate fell to 3.0%, below the expected 3.1% level seen. Also in
Japan, retail sales dipped 0.2% in July month-on-month, compared with a 0.9% drop expected.
Overnight, gold prices held on to overnight losses in North American hours on Monday, trading at
five-week lows after senior Federal Reserve officials indicated a U.S. interest rate increase was on
the cards in the near term. Odds for an interest rate hike from the Federal Reserve in the coming
months spiked after Fed Chair Janet Yellen said Friday that the case for an increase was
strengthening, while Vice Chairman Stanley Fischer indicated a tightening is possible at the next
review in September.

Gold gained in Asia on Tuesday as investors looked ahead to nonfarm payroll figures in the U.S. at
the end of the week for a clearer view of a possible Fed rate hike this year. Gold for December
delivery on the Comex division of the New York Mercantile Exchange edged up 0.07% to $
1,328.05 a troy ounce. Silver futures on the Comex rose 0.49% to $ 18.860 a troy ounce, while
copper futures gained 0.05% to $ 2.085 a pound. Overnight, gold prices held on to overnight losses
in North American hours on Monday, trading at five-week lows after senior Federal Reserve
officials indicated a U.S. interest rate increase was on the cards in the near term. Odds for an
interest rate hike from the Federal Reserve in the coming months spiked after Fed Chair Janet
Yellen said Friday that the case for an increase was strengthening, while Vice Chairman Stanley
Fischer indicated a tightening is possible at the next review in September.
Crude rebounded slightly in Asia on Tuesday as investors took advantage of a sharp overnight fall
ahead of U.S. industry estimates on stockpiles later in the day. Crude oil for October delivery on the
New York Mercantile Exchange edged up 0.06% to $ 47.01 a barrel. The American Petroleum
Institute will release its estimates of crude and refined product stock at the end of last week, while
the U.S. Department of Energy reports more closely-watched data on Wednesday. Overnight, oil
prices extended overnight losses during North American hours on Monday, falling almost 2% as a
broadly stronger U.S. dollar and fading hopes of a production freeze weighed on sentiment.
Meanwhile, on the ICE Futures Exchange in London, Brent oil for November delivery declined 74
cents, or 1.48%, to trade at $ 49.41 a barrel. Oil's losses came as the U.S. dollar climbed to a twoweek high following hawkish comments from two top Federal Reserve officials that hinted at a
potential U.S. interest rate hike as early as next month. Fed Chair Janet Yellen said Friday at a
gathering of central bankers in Jackson Hole, Wyoming, that the case for an increase was
strengthening, while Vice Chairman Stanley Fischer indicated a tightening is possible at the next
review in September. An increase in U.S. interest rates tends to lift the dollar, which would make
oil more expensive for traders who conduct business in other currencies. Meanwhile, chances that
the upcoming meeting among major oil producers in late September would yield any action to
reduce the global glut appeared minimal after Iran said it would only cooperate in talks to freeze
output if fellow exporters recognized its right to fully regain market share.
U.S. natural gas futures rose for the seventh session in a row on Monday to hit the highest level in
eight weeks as forecasts for warmer than normal temperatures across most parts of the continental
U.S. in the days ahead boosted demand expectations for the cooling fuel. Natural gas for delivery in
October on the New York Mercantile Exchange touched an intraday peak of $ 2.931 per million
British thermal units, the most since July 5. It was last at $2.924 , up 1.1 cents, or 0.38%. Futures
soared more than 11% last week as traders reacted to forecasts for scorching heat across most of the
continental U.S. through September 5 and as traders eyed potential storm activity in the Gulf of
Mexico. Demand for natural gas tends to rise in the summer months as warmer temperatures
increase the need for gas-fired electricity to power air conditioning. Meanwhile, U.S. storage levels

remained in focus. Total gas in storage currently stands at 3.350 trillion cubic feet, according to the
U.S. Energy Information Administration, 8.3% higher than levels at this time a year ago and 8.2%
above the five-year average for this time of year. Some market analysts said persistent heat late into
the season could push power generators to continue burning gas. Unless intense late-summer heat
boosts demand from power plants, stockpiles could possibly test physical storage limits of 4.3
trillion cubic feet at the end of October.

GOLD

Gold edged lower on Monday as the dollar got a boost after hawkish comments from Federal
Reserve Chair Janet Yellen left the door open to a US interest rate hike as early as next month. The
case for raising U.S. interest rates has strengthened in recent months due to improvements in the
labor market and expectations for moderate economic growth, Fed Chair Janet Yellen said on
Friday. Spot gold had dipped 0.21 per cent to $ 1,318.06 per ounce at 0614 GMT. The metal closed
last week down 1.5 per cent. US gold futures fell 0.35 per cent to $1,321.20. "We think the pressure
on gold will likely increase as we go into September, as participants are now more willing to bet on
a rate hike given what they have gleaned from top Fed officials on Friday," INTL FCStone analyst
Edward Meir said in a note.
Ever since the government announced a 10% import duty on gold and 15% on jewelry, jewelers
had been looking for loopholes in free trade agreements which allows import of gold jewelry at 1%
duty. This, too, was plugged in March when the government imposed countervailing duty on
jewelry. However, jewellers seem to have finally found a route to avoid the high levies: they have
started importing gold utensils like glass, spoons, tumblers and bowls at 1% duty which are later
converted into bars to make jewelry. So far, the quantity of gold entered through this route is not
alarming since importers are still testing the mechanism. Since April, only about 300-500 grams is
estimated to have been imported from April. In the past, jewelry up to 1-2 tonnes per month is
reported to have been imported via this route. Since gold import duty was increased over the past
few years, now government has not able to get the FTAs signed. And jewelers have found ways to
circumvent government efforts to plug this loophole. In South Korea, for example, special
machinery was bought to make such utensils. Another country from where such concessional gold
is entering India is Indonesia. South Korea and India have signed a Comprehensive Economic
Partnership while India and Asian have signed a Free Trade Agreement. Industry officials say that
once import duty on gold is rolled back to at least 5%, this arbitrage will end as there is also a
cost to import and not just the basic Customs Duty. A similar argument for reducing gold
smuggling is also being made by trade and industry associations.
Gold stood above two-month lows touched in the prior session as investors waited for US non farm
payroll numbers later this week for clues on the timing of a Federal Reserve rate hike, but the
bullion was on track for its first monthly decline since May. Spot gold was up 0.1 per cent at $

1,312.55 per ounce at 0654 GMT on Wednesday. The metal fell 1 per cent to $ 1,308.65 on
Tuesday, its lowest since June 28. Gold was heading for a drop of 2.8 per cent in August. US gold
futures were mostly unchanged at $ 1,315.50 "There is some buying today people are taking the
view that gold is going to fluctuate within a tight range prior to a strong signal from the Fed," said
Richard Xu, a fund manager at HuaAn Gold, China's top gold exchange-traded fund. US consumer
confidence rose to an 11-month high in August, with households more upbeat about the labour
market, in a further sign that the economy was regaining steam after faltering in the first half of the
year. Fed Chair Janet Yellen said on Friday the case for higher rates was strengthening, although
she gave little clarity on the timing of a move. In an interview on Tuesday, Vice Chair Stanley
Fischer said the US, job market is nearly at full strength and that the pace of rate increases by the
Fed will depend on how well the economy is doing. The pace of rate hikes is heavily dependent on
US economic data. Friday's nonfarm report for August, as well as other data, could reinforce
hawkish messages from Fed officials. Gold is highly sensitive to rising US interest rates which
increase the opportunity cost of holding non-yielding bullion while boosting the dollar in which it is
priced. Gold has a strong downside obstacle at $ 1,304 and an inability to break it may see a relief
rally, said Hareesh V, research head at Kochi, India-based Geofin Comtrade Ltd.
"Slipping past $1,304 will likely trigger a major selloff and probably take prices lower towards
$1,280 initially followed by $1,220, where the 200-day moving average support is placed." Spot
gold may retest a support at $1,308 per ounce, with a good chance of breaking below this level, and
falling more to the next support at $1,303, according to Reuters technical analyst Wang Tao. Silver
edged higher 0.7 per cent to $18.69 an ounce. Platinum was flat at $ 1,053.24. It touched an eightweek low of $ 1,048 Tuesday. Palladium rose 0.6 per cent after touching a five-week low of $
670.72 in the previous session.

CRUDE OIL

Crude prices rose on Friday after losses of more than 3 per cent a day earlier, with investors
treading cautiously ahead of key US employment data that will help gauge the health of the world's
largest economy and oil consumer. Brent crude had climbed 27 cents to $45.72 a barrel by 0426
GMT, while US West Texas Intermediate crude futures were up 24 cents at $43.40 a barrel, buoyed
by a weaker dollar. Though rising in this session, Brent and WTI are on track for their biggest
weekly losses since mid-January, hit by oil inventory builds and weak US manufacturing data.
"Downward momentum is a feature of the oil market,". "The end of the U.S. driving season and the
prospect of building inventories create downward risk for the oil price and may see further pressure
on energy stocks today." Investors are looking ahead to non-farm payroll data later in the day for a
sense of the direction of the US economy, with a strong reading seen boosting the chance of a
Federal Reserve interest rate hike soon. A rate rise may strengthen the US dollar, which could
depress oil prices as it would make the dollar-denominated commodity more expensive for holders
of other currencies. Friday's oil price gains may be capped by concerns of slowing global economic

growth. There is also growing skepticism among traders that the Organization of the Petroleum
Exporting Countries and other producers such as Russia will agree to freeze production at a
meeting in Algeria later this month. However, lending credence to a freeze, Saudi Arabia, the
world's biggest crude exporter, has appeared to change its stance and is likely to support production
stabilization at the meeting. But further clouding the issue, Russian Energy Minister Alexander
Novak on Friday played down the potential for talks on a possible output freeze.
Oil prices fell early on Wednesday as an unexpected build in US crude stocks weighed on markets,
along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax
evasion in the oil industry. International Brent crude oil futures were trading at $ 49.57 a barrel at
0054 GMT, down 39 cents, or 0.8%, from their last close. US West Texas Intermediate crude was
down 46 cents, or 1%, at $47.64 a barrel. Robust Chinese crude demand growth has been driven by
independent refiners, also know as teapots, who began to import crude last June after obtaining
government crude import quotas and licenses. But Beijing's crackdown on alleged tax evasion in
the oil industry, targeting the teapots, threatens to put a lid on Chinese demand. "The question now
is whether the teapots will start cutting runs," a Singapore-based trader said, adding that falling
Chinese demand would be a double whammy for the oversupplied crude market. Reinforcing
concerns about market oversupply, US crude stocks surprisingly rose last week, even though
gasoline inventories fell sharply and distillate stocks drew, data from industry group the American
Petroleum Institute showed on Tuesday.
Oil prices dipped in Asia on Friday after Saudi Arabia's oil minister cast doubt on the need to cut
output, denting hopes for a deal at talks next month aimed at addressing a global supply glut. The
commodity rallied for seven straight sessions and entered a bull market a 20 per cent rise from
recent lows last week after Organization of the Petroleum Exporting Countries and Russia
announced plans to discuss the supply crisis, which has hammered the crude market for more than
two years. Prices have taken a beating this week on concerns about the chances of success at the
Algeria meeting, but they turned higher on Thursday when Iran said it would join in, clearing up
days of uncertainty over its attendance. However, OPEC kingpin Saudi Arabia's energy minister
Khalid Al-Falih revived worries about the success of the gathering. In an interview, he told
Bloomberg News: "I don't believe that an intervention of significance is required. I certainly don't
advocate a cut."

COPPER

Copper prices were up by 0.24 per cent to Rs 308.70 per kg in futures trade on Monday as traders
enlarged positions, driven by pick up in demand from consuming industries in the spot market. At
the Multi Commodity Exchange, copper for delivery in August month edged up by 75 paise, or
0.24 per cent to Rs 308.70 per kg in business turnover of 8,533 lots. Likewise, the metal for
delivery in far-month November traded higher by 60 paise, or 0.19 per cent to Rs 314.85 per kg in

2130 lots.

NCDEX - WEEKLY MARKET REVIEW

JEERA
The fact that no moisture stress has been reported with respect to any major rain-fed Kharif
crop so far this season goes to make this monsoon special. KJ Ramesh, new Director-General, India
Met Department (IMD), says this is how it gets bench marked as a season of good and distributed
rain. Reported acreages of crucial crops such as pulses and oil seeds are extremely good. These
areas continue to receive intermittent rain, Ramesh told Business Line over telephone from Delhi.
There is no need for any concern as far as the quantum of rainfall is concerned. There has not been
any report of the rain-fed kharif crop suffering from lack of adequate rainfall, he said. Ramesh
says he has been more focused on the situation in the pulses and oilseed-growing areas of
Marathwada, Madhya Maharashtra, North Interior Karnataka, Rayalaseema, Telangana, Vidarbha,
Madhya Pradesh, Gujarat and east Rajasthan
To check spiraling price of sugar, which has crossed Rs 40 per kg, the government today
imposed stock limits on sugar mills during the festival season till October-end. The decision to
impose stock limit on millers would boost availability of sugar in the open market and help in
controlling the price rise. "It has been decided to impose stock limit on sugar stock to be held by
sugar mills at the end of September and October, 2016," Food Minister Ram Vilas Paswan tweeted.
The stock limit on sugar at the end of October,2016 is 24% of the total sugar available with sugar
mills during 2015-16 sugar season. This is the first time that the government has imposed curbs on
the Rs 80,000-crore sugar industry ever since it was partially decontrolled in 2013. As per the
decision, mills should not, at the end of September, hold more than 37 per cent of their total sugar
available with them during the entire 2015- 16 marketing year. At the end of October, the sugar
stock should not be more than 24 per cent of the total supply. Sugar marketing year runs from
October to September.
Castor seed sowing may decline by 25 to 40 per cent in the year 2016-17 as farmers shift
further in favor of groundnut and pulses. According to Solvent Extractors' Association of India,
since the past three years, castor seed prices have been under pressure due to higher production and
demand fluctuation in castor oil. As per the agriculture department of India, as on August 19, total
sowing of castor seed has reached to 425,000 hectares, down by 15 per cent from 502,000 hectares
in corresponding period last year. India's total sowing was about 1.13 million hectares in 2015-16.
Gujarat which is the largest castor seed producer state in India has sown 327,200 hectares as on
August 22, 2016 as against 500,700 hectares in last year. "Since the past three years, prices of
castor and castor oil have been under pressure and on the other hand, crops like groundnut and
pulses are offering better returns to farmers. This may translate into lower sowing of castor seed by
anywhere between 25 per cent and 40 per cent in India this year," said Haresh Vyas, co-chairman
of SEA Castor seed and Oil Promotion Council and director of Royal Castor, Mumbai. India is the
largest producer of castor seed in the world and biggest exporter of the castor oil. Due to high
production and good carry over stock of the commodity, prices of castor oil in international market
is now ruling at $ 1,033 per tonne as against $ 1,247 in July 2015 and $ 1,440 per tonne in July
2014. According to a survey report by SEA, castor seed production in India was estimated at 1.39
million tonnes for the year 2015-16 as against 1.35 million tonnes in 2014-15. "Export of castor oil

has been almost stagnant in the past few years from India and this has laid pressure on castor oil
prices," Vyas said. India exported about 434,645 tonnes of castor oil during April-February 201516. In 2014-15, the country had exported 459,378 tonnes of castor oil.
At a recent meeting with representatives of Russia's phytosanitary body, Rosselkhoznadzor, the
government sought an expansion in the permissible number of commodities and exporters. Delhi is
primarily looking to enhance export of dairy products, buffalo meat, groundnut, fish and sea food.
"Russia has accepted Indian Veterinary Service proposals for inclusion into the protocol on dairy
product import from India," said a senior government official. With a meeting scheduled this month
of the Russia-India Intergover-nmental Commission on trade and economic, scientific, technical
and cultural cooperation, both governments are likely to allow creation of a sub-group on
agricultural products. This would allow regular discussion on cooperation between the Russian and
Indian bodies on veterinary science and phytosanitary standards. Data from the Agricultural &
Processed Food Products Export Development Authority showed India's overall agri export
declined 25 per cent in value terms to $146.7 mn in 2015-16 from the $ 195.4 million in 2013-14.
In volume terms, too, shipments fell by 25 per cent in these two years, from 214,198 tonnes in
FY14 to 160,230 tonnes in FY16. India, Russia discuss falling agri exports A note from
Rosselkhoznadzor official Vasily Lavrovsky says India had yet to approve the standard form of the
veterinary certificate for heat-treated dairy products. "Absence of a harmonised certificate might
become an impediment for Indian dairy product import (into Russia)...two Indian plants interested
in import of dairy products to the Russian market were included in Register," he added.

SOYABEAN
After the latest field survey of the soybean crop in key growing regions, trade bodies expect a
much bigger crop this year against last years estimated 69 million tonnes (mt) of production.
Soybean prices are likely to dip by 8-10 per cent on higher production estimates this kharif. In its
crop health survey conducted from August 21-29, the Soybean Processors Association of India
(SOPA) found satisfactory crop health in Madhya Pradesh, Maharashtra and Rajasthan, covering
41 districts and 85 per cent of the soyabean area. The trade body reported a drop of about 9 per
cent in the acreage in Madhya Pradesh, and 8 per cent in Rajasthan. But Maharashtra witnessed an
increase by about 6 per cent over the last kharif season.

Lower soy meal exports and higher soyoil imports is further pressurizing the prices. The export of
soybean meal and its other value added products during July 2016 is just 12,272 tons compared to
30,688 tons in July 2015 down 60% Y/Y. As on Aug 26, soybean is 112.1 lh , down around 1.8%
lower from a year ago level. The acc to a survey report released SOPA, the overall condition of
soybean crop in the country is "satisfactory" with over 30% of crop in good-to-verygood condition,
and nearly 60% in normal condition. In MP, the largest grower of soybean, acreage fell 9.2% fro

TURMERIC

Turmeric futures closed lower on Thursday on lower up country demand and good forecast of rains
in south during next fortnight. Turmeric Sep16 delivery contract on NCDEX closed 2% down to
settle at Rs 7,154 per quintal. The demand from the industrial may support prices. The prices of
turmeric are moving sideways to down due to mixed fundamentals of good sowing acreage coupled
with declining supplies. Turmeric acreage in Telangana as on 24 Aug was up 15.4 % at 45,000
hectares as compared to 39,000 hectares last year. Sowing of turmeric is over in 93 % of normal
area and up by 110 % of normal sowing area. As per dept of commerce data, turmeric exports in
April- May 2016 increased by 31% compared to last year at 21,256 tonnes. As per Spice Board
India, country exported about 29,000 tonnes of turmeric during April-June period up by 20%
compared to same period last year. The arrivals in the main physical markets such as Nizamabad,
Duggirala (AP), Salem, Erode and Sangli reported decreasing. There is expectation of lower
arrivals and good upcountry demand may lend support in coming weeks

JEERA

Jeera futures closed higher yesterday on picking up demand in physical market. NCDEX Sep16
Jeera closed 1.38% higher to close at Rs 18,000 per quintal. The export demand expected to pick up
as prices have corrected enough in last 2 weeks. There is good demand from China and other
countries and may support the prices. In the next few months, the prices will depend on export
demand. {{ According Spice board India data, the exports of Jeera in the first three months (AprJun) of 2016-17 is at 41,000 tonnes, higher by 55% compared to last year same time. As per the
trade sources, India's jeera exports rose nearly 25% to around 50,000 tonnes in Apr-Jul from 40,000
tn in the year-ago period due to good demand from China and Bangladesh. As per 4thadvance
estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 201415. In 2013-14, production was 3.46 lt.

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