Ripples Advisory News Update's

Turmeric on NCDEX settled up 0.65% at 6838 on receipt of fresh upcountry demand for the turmeric at the spot market. Though, some gains were capped on heavy arrivals from the producing regions. The turmeric arrivals in the country increase to 28,337 tons last week (20-25 February) compared to 7,300 tons during previous week. At Nizamabad market, sources reported arrivals at 13000 quintals, lower by 2000 quintals from previous trading day. At Warangal market, arrivals were reported at 200 bags, steady as against previous day’s arrival. Some traders have received fresh upcountry demand for the turmeric. At the Erode Turmeric Merchants Association Sales yard the finger turmeric sold at Rs. 5,366-9,211 a quintal, root variety sold at Rs. 5,211-7,879.

Trading Ideas: 

*Turmeric trading range for the day is 6724-6984. 

*Turmeric prices gained on receipt of fresh upcountry demand for the turmeric at the spot market. 

*The turmeric arrivals in the country increase to 28,337 tons last week (20-25 February) compared to 7,300 tons during previous week.

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Saudi oil giant Aramco is buying an equity stake in Malaysian firm Petronas' major refining and petrochemicals project in the southeast Asian country, investing a total of $7 billion, the companies confirmed on Tuesday. 

In a joint statement, the firms said Aramco will take a 50 percent stake in select ventures and assets in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Malaysian state-controlled Petroliam Nasional Berhad, known as Petronas. 

The deal signing was formally witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia.Petronas' Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50 % stake in RAPID's refinery and cracker project. 

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators built up fresh bets in the agri-commodity amid increase in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices. 

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At the MCX, cardamom futures for March 2017 contract is trading at Rs 1478 per kg, up by 0.56 %, after opening at Rs 1478.90, against a previous close of Rs 1469.70. It touched the intra-day high of Rs 1483.80.

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Turmeric prices are trading steady on speculative buying by the market participants. Supplies have improved in the spot market. The demand for exports has also improved. On the export front, country has exported about 74,524 tonnes, up by 32% during April-Nov period compared to last year exports of 56,471 tonnes, as per government data.

Gold prices held steady on Friday near 3-1/2-month highs hit in the previous session amid tempered expectations of a U.S. rate hike in March and as investors awaited clarity on President Donald Trump's economic policy.

Spot gold was mostly unchanged at $1,249.37 per ounce at 0326 GMT after hitting its highest since Nov. 11, 2016 at $1,251.14 in the previous session. The metal has gained more than 1 % so far this week. U.S. gold futures were also firm at $1,250.80.   www.ripplesadvisory.com.

Spot gold may gain more to $1,278 as it has more or less broken above a resistance at $1,249, Reuters technical analyst Wang Tao said. 

 "Thursday's action showed us that gold bugs assumed that the U.S. Federal Reserve will likely stand pat in March and may not move until much later," INTL FCStone analyst Edward Meir said. 

Canadian exporters are slowing sales of peas and lentils to India, threatening C$1.1 billion ($762.95 million) in annual trade of the food staples, over risk that New Delhi may reject shipments under its tougher approach to pest control.fore more update www.ripplesadvisory.com

India requires shippers to fumigate crops with methyl bromide, an insect-killing gas, in the country of origin, but has historically made an exception for Canada, the world's biggest pulse exporter. Methyl bromide, an ozone-depleting substance, is not made in Canada, but is allowed for use in limited situations.

Canada's exemption, allowing crops to be fumigated on arrival in India, is set to expire on March 31, overlapping with the 30-40 days it takes for shipments to reach India from Canada. "It's just a completely dead market right now for us," said Tamara Khoma, trader at Providence Grain. The company rerouted a pea shipment to China that had been headed for India. 

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Gold slipped as the dollar firmed, with investors looking to minutes from the U.S. Feds latest meeting for clues on the timing of interest rate hikes.At the MCX, gold futures for April 2017 contract is trading at Rs 29229 per 10 grams, up by 0.07 per cent, after opening at Rs 29252, against a previous close of Rs 29208. It touched the intra-day high of Rs 29280.

Jeera on NCDEX settled up by 1.13% at 17390 on expectation of good export demand at the spot market. Further, lower output from the producing regions too fuelled the uptrend. Moreover, sowing in Rajasthan is reported to be lower by 15-20% also supported jeera pries. Reports showed that the sowing of Jeera in Gujarat is pegged at 278,000 hectare as against 295,000 hectare a year ago. The arrivals of jeera in Gujarat is improving so as the demand. Around 3,044 tonnes of jeera arrived during Feb 13-17 compared to 1,957 tonnes in the previous week.

Jeera prices gained on expectation of good export demand at the spot market.Moreover, sowing in Rajasthan is reported to be lower by 15-20% also supported jeera prices.Reports showed that the sowing of Jeera in Gujarat is pegged at 278,000 hectare as against 295,000 hectare a year ago.In Unjha, a key spot market in Gujarat, jeera edged up by 112.5 Rupees to end at 17887.5 Rupees per 100 kg.Technically now Jeera is getting support at 17225 and below same could see a test of 17065 level, And resistance is now likely to be seen at 17540, a move above could see prices testing 17695. 

Australian wheat exports have been running at a hot pace to India, with Australian Bureau of Statistics (ABS) data showing 711,251 tonnes of Australian wheat headed to India so far in the marketing year (October-October).

A combination of publicly released data from port operators and assumed container exports based on past figures, Market Check estimated a total around 7.3mt of wheat would be shipped from January to March 2017 from Australia, being a record.

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Oil traders from around the world, including the United States, Britain and Brazil, have tripled their sales to Asia as they take advantage of an emerging supply gap following OPEC-led production cuts announced late last year. 

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 Around 30 supertankers have this month made long-haul trips to ship crude oil from the Americas, the North Sea and the Mediterranean to refineries across Asia, the world's biggest and fastest growing consumer, data extracted from Thomson Reuters Oil Research and Forecasts shows. 

The unusual movements follow the decision late last year by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year in a bid to rein in global oversupply and prop up prices. 

Silver on MCX settled down -0.15% at 42836 amid a rise in the dollar as market players awaited further hints on the timing of the next U.S. rate hike. San Francisco Fed President John Williams warned Tuesday that the global drop in interest rates since the financial crisis is likely to persist and will make it harder for central banks to keep world economies healthy.

Technically market is under long liquidation as market has witnessed drop in open interest by -6.29% to settled at 10610 while prices down -64 rupees, now Silver is getting support at 42525 and below same could see a test of 42213 level, And resistance is now likely to be seen at 43039, a move above could see prices testing 43241.   

                      Trading Ideas

*Silver trading range for the day is 42213-43241. 

*Silver dropped amid a rise in the dollar as market players awaited further hints on the timing of the next U.S. rate hike. 

*Data showed the U.S. Purchasing Managers Index (PMI) was at 53.9 in February, down from 55.6 in January and expectations for 55.8.  

*Holdings at ishares silver trust gained by 0.17% i.e. 17.68 tonnes to 10428.42 tonnes from 10410.74 tonnes. 

Anglo American PLC said it would suspend Chile El Soldado copper mines operation for the redesign of the mine application has not been approved by the government. The company indicated that said Chile's Geology and Mining Service (SERNAGEOMIN) has not approved the application of El Soldado copper mines. 

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It said in a statement, the company decided to immediately suspend the mine's operation, to analyze the report details regulators, before deciding on the next move, may choose to appeal or to submit a new plan.

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Gold held firm on Wednesday after falling as much as 1 percent the session before, with investors waiting for minutes from the Federal Reserve's latest meeting for clues on the timing of interest rate hikes. 

Spot gold was steady at $1,236 per ounce at 0336 GMT, while U.S. gold futures eased 0.2 percent to $1,237. Spot gold looks neutral in a range of $1,233-$1,240 per ounce, and an escape could suggest direction, according to Reuters technical analyst Wang Tao.

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Gold has only risen since the beginning of this year, the market has some hesitation in moving up further but still (prices) have some way to go up.""Gold held up rather impressively on Tuesday despite a rising dollar (particularly against the euro) and soaring U.S. equity markets," said INTL FCStone analyst Edward Meir. 

Gold is highly-sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while also boosting the dollar. 

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Oil and Natural Gas Corp will take a 16 billion rupee ($239 million) hit to its quarterly earnings to account for previous royalty payments to two states, the oil exploration company's finance head A. K. Srinivasan said. 

ONGC has already made a 25 billion rupee payment to the two states as royalty on crude oil produced from April 2014, but had not reflected this because it was under litigation, Srinivasan said on Tuesday. 

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The Supreme Court has asked the federal government to compensate Gujarat and Assam for 150 billion rupees in lost revenues due to lower royalties paid by state-run explorers ONGC and Oil India Ltd. Indian law requires companies to pay 20 % of the market value of oil produced as royalty to states where oil blocks are located. 

April 2008 the oil ministry asked ONGC and Oil India to pay royalty based on lower prices, as the two firms had given a hefty discount on crude sales to state refiners, in order to keep a lid on local fuel prices. However, last year the oil ministry asked the two firms to settle royalty dues from April 2014 based on the market value of oil produced.

Agri and food business giant Wilmar reported a jump in profits, as rising sugar and palm oil prices increase its revenue. And the company issued an upbeat outlook for 2016, as it eyes opportunities in China. Wilmar reported a jump in its core profit to $589.50m, up 70% year-on-year in the last three months of 2016. 

The rise in profits was driven by better performance across the company, particularly in sugar and palm oil, as well as one-off tax recognition from the company's Indonesian operations. Company revenue grew 27% year-on-year, to $11.95bn, which Willmar ascribed to higher commodity prices and stronger sales volume.

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GOLD 

SUPPORT: 29100/29250 

RESISTANCE: 29450/29600 

TREND: SIDEWAYS 

SILVER 

SUPPORT: 42300/42600 

RESISTANCE: 43200/43650 

TREND: SIDEWAYS  

CRUDE OIL 

SUPPORT: 3520/3570 

RESISTANCE: 3690/3730 

TREND: UP 

COPPER 

SUPPORT: 400/403 

RESISTANCE: 408/411 

TREND: UP

Minister of Agriculture Livestock and Supply (MAPA) Blairo Maggi requested Brazil's Foreign Trade Chamber (Camex) to allow temporary imports of one million 60-kg bags of Robusta coffee. MAPA advocates for a 250,000 bag import volume per month during the February-May period, right before the beginning of the 2017 domestic crop. The requested import tariff is two percent and imports would likely be originated from Vietnam, who produces Conillon, a very similar species to Brazil's Robusta. 

According to official numbers from the National Supply Company (CONAB) of the Ministry of Agriculture, Livestock and Supply (MAPA) Robusta coffee stocks are currently at roughly two million bags and insufficient to supply historical volumes for roasters.Indeed, Robusta coffee prices in the domestic market have been steadily increasing as a consequence of a persistent drought in the state of Espirito Santo, major Brazilian growing area for this coffee variety coffee, since 2014.ATO/Sao Paulo estimates that the state production dropped nearly 50 % from 2014