This is a press release about the daily ups and downs going on in the commodity market of MCX and NCDEx Tips.
Online PR News – 22-June-2013 – indore – Agri Reports:
Oil and Oilseeds Insight: A downside movement could be noticed in domestic soybean today. Farmers have started offloading their stocks as soybean sowing is in full progress in Madhya Pradesh. Expecting the current scenario to continue, we could see limited purchases from crushing plants as they are seeing a further dip in prices in the coming days. The weakness in major oilseeds, mainly soybean could lower demand for soy meal. A similar effect could be noticed in mustard meal. Demand in major edible oils mainly soy oil and palm oil could be limited at higher prices at spot front that should keep futures prices also lower in the domestic markets.
Gold: This morning, gold futures are trading at $1288, up 0.31%. Gold prices slumped below $1300 for the first time since September 2010 on the back of the Bernanke’s comment that the Fed may start curbing its stimulus program. SPDR holdings, the biggest bullion-backed ETF fell below the 1000 mark and settled at 995 tons, down 0.42% from the previous close. This might pressurize gold prices as investors are selling their holdings to restrict losses. The ETP
holdings have declined to 2111 tons, the lowest since March 2011, which might also pressurize gold prices.
Silver: Silver future prices are trading at $19.72, down 0.62%. Silver prices tumbled due to Bernanke’s comment that the Fed may reduce its monetary stimulus as the US economy is recovering. The inventory levels of the Ishare silver trust also fell 0.15%, settling at 9983 tons from the previous close, which might pressurize silver prices. The eurozone's current account balance is expected to improve due to the euro-zone's finance ministers' meet today, which could support the euro and limit the fall in silver prices. There are no major economic releases from US today.