Jeera, turmeric and mustard see uptick this week
This week jeera, turmeric and mustard seed witnessed upside in prices from the agri commodity basket. Gold prices went up since the beginning of the week but it edged lower on Friday. Base metals have shown a mixed trend in trading with copper prices slipping on easing of supply disruption concern.
Jeera, went up by 12% this week while turmeric went up by more than 5%. The hailstorm in Rajasthan and Madhya Pradesh had pushed up mustard seed prices as there was a disruption in supply. "Traders covered the short position in turmeric and jeera which resulted in a price rise," said Vinod T P, research analyst, Geofin Comtrade. All these agri commodities are otherwise in a bearish mode as there is enough supply of them in the market.
On Friday, gold prices held below 3-week highs hit earlier this week, with dollar recovering from seven-week lows and markets waiting to see if U.S. President Donald Trump can push through healthcare bill. The immediate focus is on whether Trump can gather enough support in vote to pass bill to roll back Obamacare, first major test of his legislative ability and whether he can keep his promises to business.
Base metals traded mixed this week. Copper prices continue to edge lower while disruptions piled up in the zinc market. Supply concerns that have underpinned copper have started to ease. Prime reason for copper prices falling is on account of comments by the workers union at Escondida, the world’s biggest copper mine in Chile, that it was open to further conversation with the company, in turn giving way to negotiations. Other major setback came from Freeport in Indonesia, which has resumed production of copper concentrate at its giant Grasberg mine,
Crude oil prices climbed off four-month lows but recovery was cautious with investors fretting that OPEC-led supply cuts were not yet reducing record US crude inventories. US rig count data today will be closely watched and its impact will be felt next week.
Jeera, went up by 12% this week while turmeric went up by more than 5%. The hailstorm in Rajasthan and Madhya Pradesh had pushed up mustard seed prices as there was a disruption in supply. "Traders covered the short position in turmeric and jeera which resulted in a price rise," said Vinod T P, research analyst, Geofin Comtrade. All these agri commodities are otherwise in a bearish mode as there is enough supply of them in the market.
On Friday, gold prices held below 3-week highs hit earlier this week, with dollar recovering from seven-week lows and markets waiting to see if U.S. President Donald Trump can push through healthcare bill. The immediate focus is on whether Trump can gather enough support in vote to pass bill to roll back Obamacare, first major test of his legislative ability and whether he can keep his promises to business.
Base metals traded mixed this week. Copper prices continue to edge lower while disruptions piled up in the zinc market. Supply concerns that have underpinned copper have started to ease. Prime reason for copper prices falling is on account of comments by the workers union at Escondida, the world’s biggest copper mine in Chile, that it was open to further conversation with the company, in turn giving way to negotiations. Other major setback came from Freeport in Indonesia, which has resumed production of copper concentrate at its giant Grasberg mine,
Crude oil prices climbed off four-month lows but recovery was cautious with investors fretting that OPEC-led supply cuts were not yet reducing record US crude inventories. US rig count data today will be closely watched and its impact will be felt next week.
