The dollar index was steady at 78.23 against the basket of 6 major currencies as the improvement in the risk appetite for risky assets is pressuring the dollar.
Other metals in the domestic market at MCX, Nickel for delivery in November tested a high of Rs 915.4 per kg and low of Rs 893.3 per kg in intraday and is now trading at Rs 895.8 per kg, down 1.54% or Rs 14. Zinc was easing by 1.22% or Rs 1.3 at Rs 105.6 per kg. Aluminium was also trading flat at Rs 108.45 per kg and MCX lead was also flat at Rs 108.55 per kg.
Indian Black Pepper futures extended the gains for the fourth consecutive trading sessions lead by short covering amid strong spot demand against the restricted arrivals.
As per the latest updates from a leading trader in the state of Kerala, despite the weak export demand on the back of financial crises in Europe and US, the domestic demand for the spice is very good ahead of the winter season in north India and Christmas season in Kerala. However, the arrivals in the market dropped down in Kerala due to the on going agitation for demanding decommissioning of the Mullaperiyar dam in the Idukki district.
According to the survey by Directorate of Cocoa, Arecanut and Spices Development (DASD), Indian pepper output during the new crop season (2011-12) is estimated to be around 43,000 tonne, which is lower by around 5,000 tonne than the previous crop. Both trade and government sources are of the opinion that the new crop would be lower due to disease and neglect.
According to International Pepper Community's revised production estimates, the total production of pepper in 2011 is again lower by 17,230 mt to 3,18,000 from 3,35,230 in 2010. The annual world demand for pepper is consistently growing and reached a level of around 350,000 tons.
The NCDEX pepper for the December delivery spurted Rs 420 per quintal to the session high of Rs 35655 per quintal. The contract ended at Rs 35460, up by Rs 235 or 0.62%over the last close. The open interest dipped more than 3% over the last day, indicating short covering.
The downturn in the Eurozone manufacturing sector deepened in November. The contractions in production and new orders both accelerated, and headcounts were cut for the first time since April 2010. All of the nations covered by the survey saw output; new orders and new export orders fall.
The final Markit Eurozone Manufacturing PMI (Purchasing Managers' Index) fell to 46.4 in November, from 47.1 in October, its lowest level since July 2009 and unchanged from the earlier flash estimate. The PMI has signaled contraction in each of the past four months.
PMIs were below 50.0 in all of the nations covered by the survey. The majority also saw their respective PMIs fall compared with October. PMIs for Italy and Greece were the only ones to rise since October, but these countries nevertheless remained among the weakest performers overall.
Weakness exhibited in core and periphery: Production and new orders in the Eurozone's manufacturing sector both contracted at the fastest rates for around two-and-a-half years in November. They have now fallen for four and six consecutive months respectively.
The substantial decline in new order inflows reflected weaker demand from both domestic and export markets. There were reports linking lower new order volumes to the deteriorating global economic outlook, destocking at clients and ongoing financial market uncertainty.
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Other metals in the domestic market at MCX, Nickel for delivery in November tested a high of Rs 915.4 per kg and low of Rs 893.3 per kg in intraday and is now trading at Rs 895.8 per kg, down 1.54% or Rs 14. Zinc was easing by 1.22% or Rs 1.3 at Rs 105.6 per kg. Aluminium was also trading flat at Rs 108.45 per kg and MCX lead was also flat at Rs 108.55 per kg.
Indian Black Pepper futures extended the gains for the fourth consecutive trading sessions lead by short covering amid strong spot demand against the restricted arrivals.
As per the latest updates from a leading trader in the state of Kerala, despite the weak export demand on the back of financial crises in Europe and US, the domestic demand for the spice is very good ahead of the winter season in north India and Christmas season in Kerala. However, the arrivals in the market dropped down in Kerala due to the on going agitation for demanding decommissioning of the Mullaperiyar dam in the Idukki district.
According to the survey by Directorate of Cocoa, Arecanut and Spices Development (DASD), Indian pepper output during the new crop season (2011-12) is estimated to be around 43,000 tonne, which is lower by around 5,000 tonne than the previous crop. Both trade and government sources are of the opinion that the new crop would be lower due to disease and neglect.
According to International Pepper Community's revised production estimates, the total production of pepper in 2011 is again lower by 17,230 mt to 3,18,000 from 3,35,230 in 2010. The annual world demand for pepper is consistently growing and reached a level of around 350,000 tons.
The NCDEX pepper for the December delivery spurted Rs 420 per quintal to the session high of Rs 35655 per quintal. The contract ended at Rs 35460, up by Rs 235 or 0.62%over the last close. The open interest dipped more than 3% over the last day, indicating short covering.
The downturn in the Eurozone manufacturing sector deepened in November. The contractions in production and new orders both accelerated, and headcounts were cut for the first time since April 2010. All of the nations covered by the survey saw output; new orders and new export orders fall.
The final Markit Eurozone Manufacturing PMI (Purchasing Managers' Index) fell to 46.4 in November, from 47.1 in October, its lowest level since July 2009 and unchanged from the earlier flash estimate. The PMI has signaled contraction in each of the past four months.
PMIs were below 50.0 in all of the nations covered by the survey. The majority also saw their respective PMIs fall compared with October. PMIs for Italy and Greece were the only ones to rise since October, but these countries nevertheless remained among the weakest performers overall.
Weakness exhibited in core and periphery: Production and new orders in the Eurozone's manufacturing sector both contracted at the fastest rates for around two-and-a-half years in November. They have now fallen for four and six consecutive months respectively.
The substantial decline in new order inflows reflected weaker demand from both domestic and export markets. There were reports linking lower new order volumes to the deteriorating global economic outlook, destocking at clients and ongoing financial market uncertainty.
Visit here for free trial commodity tips , mcx tips
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