MCX Base Metal, NCDEX Agro Outlook Updates

Date: 31/03/2015

Base Metals & Energy

Zinc prices fell by 0.12 percent on Monday at the domestic markets after Industrial production in Japan fell more-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, the Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -3.4 percent, from 3.7 percent in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 130.05 per kg, down by 0.12 per cent after opening at Rs. 129.90 against the previous closing price of Rs. 130.20. It touched the intra-day low of Rs. 129.40 till the trading.

Natural Gas futures plunged in the domestic and overseas market on Friday as investors and speculators exited positions in the energy commodity amid speculation that the onset of warmer weather in the US may curb demand for the heating fuel. Latest weather forecasting models called for near-normal temperatures across the 48 US states over the next two weeks. At the MCX, Natural Gas futures for April 2015 contract closed at Rs 166.6 per 1 kg, down by 2.34 percent after opening at Rs 170.50, against the previous closing price of Rs 170.60. It touched the intra-day low of Rs 166 till the closing.

Agro Outlook

Castor Seed prices rose by 0.71 percent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the rise in demand from consuming industries against restricted arrivals in domestic markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX, castor seed futures for May 2014 contract were trading at Rs. 3,700 per quintal tonnes, up by 0.71 percent, after opening at Rs. 3,691 against the previous closing price of Rs. 3,674. It touched the intra-day high of Rs. 3,727 till the trading. 

 

Coriander prices fell by 0.53 percent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the adequate stocks availability in the physical market put pressure on coriander prices. At the ncdex dhaniya futures for April 2015 contract were trading at Rs. 8,585 per quintal, down by 0.53 per cent, after opening at Rs. 8,775 against the previous closing price of Rs. 8,631. It touched the intra-day low of Rs. 8,535 till the trading.