The sowing of rabi oilseeds continues to lag behind last year while that of Wheat continues to display a steady trend. According to the latest information received from the field, wheat has been shown in 265.5-lakh hectare as on 23rd December against 264.93-lakh hectare last year on this date.
Total wheat acreage is 0.57-lakh hectare higher than the area sown during the corresponding period last year. Higher coverage has been reported from Madhya Pradesh (6 lakh hectare), Rajasthan (3.12 lakh hectare), Chhatisgarh (0.25 lakh hectare) and Jharkhand (0.16 lakh hectare). However, the area under rice is down by a whopping 9% to 2.05 lakh hectares.
Pulses have been sown in 134.18 lakh hectare as against 135.21 lakh hectare last year. The area under gram which is a dominant pulse crop of rabi season has been reported at 85.78 lakh hectare against 89.68 lakh hectare during the corresponding period last year.
The biggest setback has occurred in oilseeds. Total area under oilseeds cultivation is reported to be 77.91-lakh hectare against 83.11-lakh hectare last year. The area under Rape Mustard Seed is down 5.79% at 63.83 lakh hectares.
Total wheat acreage is 0.57-lakh hectare higher than the area sown during the corresponding period last year. Higher coverage has been reported from Madhya Pradesh (6 lakh hectare), Rajasthan (3.12 lakh hectare), Chhatisgarh (0.25 lakh hectare) and Jharkhand (0.16 lakh hectare). However, the area under rice is down by a whopping 9% to 2.05 lakh hectares.
Pulses have been sown in 134.18 lakh hectare as against 135.21 lakh hectare last year. The area under gram which is a dominant pulse crop of rabi season has been reported at 85.78 lakh hectare against 89.68 lakh hectare during the corresponding period last year.
The biggest setback has occurred in oilseeds. Total area under oilseeds cultivation is reported to be 77.91-lakh hectare against 83.11-lakh hectare last year. The area under Rape Mustard Seed is down 5.79% at 63.83 lakh hectares.
The International Monetary Fund reported yesterday that several countries changed their gold reserves holdings in November, with most countries adding to their reserves as central banks were net buyers last month.
According to data from the International Monetary Fund, the Turkish central bank increased its gold reserves to 5.758 million ounces in November, from 4.429 million ounces the month prior.
Russia also continued its program of gold accumulation, lifting its holdings a further 81,000 ounces to 28.086 million ounces. Russia's reserves, having been added to every month so far in 2011, are now up 11% on the start of the year.
Central-bank purchases by developing countries have been increasing in recent years as those nations diversify holdings, partly because of rising foreign-exchange reserves through export-led growth but also, more recently, as a reaction to the sovereign-debt crises affecting traditional reserve currencies like the US dollar.
Before 2009, however, central banks had been net sellers of gold bullion for about two decades. As major central banks continue to replace other reserves with gold, demand for the metal has increased. Net gold purchases by central banks exceeded 148 tons in third-quarter 2011- their highest ever, according to the London-based World Gold Council (WGC).
The WGC said it expects growth in central bank gold demand to continue into 2012. The total central banking purchases amounted to 348.70 tonnes in the first three quarters of 2011- a whopping rise of 270% compared o the first three quarters of 2010.
According to data from the International Monetary Fund, the Turkish central bank increased its gold reserves to 5.758 million ounces in November, from 4.429 million ounces the month prior.
Russia also continued its program of gold accumulation, lifting its holdings a further 81,000 ounces to 28.086 million ounces. Russia's reserves, having been added to every month so far in 2011, are now up 11% on the start of the year.
Central-bank purchases by developing countries have been increasing in recent years as those nations diversify holdings, partly because of rising foreign-exchange reserves through export-led growth but also, more recently, as a reaction to the sovereign-debt crises affecting traditional reserve currencies like the US dollar.
Before 2009, however, central banks had been net sellers of gold bullion for about two decades. As major central banks continue to replace other reserves with gold, demand for the metal has increased. Net gold purchases by central banks exceeded 148 tons in third-quarter 2011- their highest ever, according to the London-based World Gold Council (WGC).
The WGC said it expects growth in central bank gold demand to continue into 2012. The total central banking purchases amounted to 348.70 tonnes in the first three quarters of 2011- a whopping rise of 270% compared o the first three quarters of 2010.
Gold prices ended with negligible gains after being tested by recovering US sentiments and falling ETF fund holdings. A power packed performance from the US dwindled Gold appeal but Eurozone crisis remained supporting the yellow metal on every dip.
Activities of biggest ETF Gold fund, the SPDR will be watched carefully in coming weeks. SPDR Gold holdings declined during the week by 2% to 1254.57 tons on 23 Dec 2011 compared to 1279.98 tons on 16 Dec 2011. New home sales in US increased by 1.6% in November to 315000, this followed an upward revised figure of 307000 in October.
Weekly initial jobless claims in US fell to a three year low of 364000 as per labor department. The rise in weekly claims was following increase in economic index in US. The conference board said that its leading economic index rose by 0.5% in November.
This was the seventh consecutive month when the economic index registered a rise. In Europe, the consumer confidence in Italy fell to 91.6 in December. The French consumer confidence was revised down to 0.3% in Q3. Benchmark COMEX Gold prices for February contract ended at $ 1606 per ounce on 23 Dec 2011, up 0.5% from $ 1598 on 16 Dec 2011. MCX Gold Feb expiry settled at Rs 27779 per 10 grams with weekly gains of 1%.
Expected sanctions on Iran accompanied by falling inventory levels is getting premiums for Crude oil prices. Apart from geopolitical crisis better economic reports from US jingled Crude oil to give returns of 6.3% in a week. This was the biggest weekly gain for Light sweet Crude in two months with prices of NYMEX February expiry contract ending at $ 99.68 per barrel. Domestic Crude oil futures on MCX, closed the week at Rs 5300 per barrel, up 8%.
Speculators are expecting further restrictions on Iran that might impact supply of Crude oil. Iran is the third largest exporter of Crude after Saudi Arabia and Russia. Iran is also the world fourth biggest producer of Crude oil. The probable sanctions on Iran are due to fear that it is planning to build Nuclear bomb. Iran on the other hand is starting its 10 day military exercise in Strait of Hormuz from 24 Dec 2011.
The withdrawal of troops in Iraq is also viewed as a threat to stable government and Crude production. Iraq is trying to rebuild its production of Crude oil but withdrawal of troops might start another round of instability. The Energy Information Administration showed that the Crude oil inventories declined by 10.6 million barrels to 323.6 million barrels for the week ending 16 Dec 2011. Oil refinery input declined by 53000 barrels per day to 14.6 million barrels with refining capacity of 84.9%.
Brimming with confidence after a positive imports data from China and confidence on US economy, Copper managed to snap some gains during the week ending 23 Dec 2012. With limited activities expected in rest of December due to holiday mood, Copper booked profits of more than 3%. LME three month Copper closed at $ 7615 per ton on Friday after initiating the week at $ 7358 per ton.
On a weekly basis, Free mcx tips Copper registered gains of 3.5% with prices settling at Rs 407 per kg. Speculation in metals coupled with Christmas profit booking in Dollar reigned self-assurance in Copper.
Refined Copper imports of China in November increased by 16.5% to 343926 tons. The Copper imports in China were at record highs of 378943 tons in June 2009. However on a cumulative 11 month period the imports of refined Copper declined by 9.9% to 2.43 million tons. It is noted that the main reason behind the rise of imports in November is that Chinese traders are using the favourable arbitrage opportunities to buy Copper. Copper is also being kept as collateral for short term loans and this is aiding the imports into the country.
Refined Copper markets were in production deficit of 13000 mt in September 2011 according to ICSG. Apparent refined Copper markets balance in the first nine months showed a production deficit of 170000 tons. This was lower than the production deficit of 429000 tons in Jan-Sep 2011.
UC RUSAL's, the world's largest aluminium producer, Nikolaev alumina refinery has delivered a record annual production level of 1.6 million tonnes of alumina during 2011. The output increase in 2011 was also made possible through implementation of RUSAL's Production System, raising equipment utilization ratio by 2.6% in 2011 as compared to 2010.
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