Jul Jeera futures continue to trade positive for the third consecutive day this week supported by reports of higher exports and restricted supplies in the physical market. Cumin futures have jumped 7.7% this month from the lows and more than 20% this quarter starting April. According to export data released by Commerce ministry, Jeera recorded its highest monthly exports of 33,458 tonnes in March while in April the exports were 74% higher on year at 25,900 tonnes. During FY 2017/18, country exported about 1,60,479 tonnes of jeera, up by 24.5% on year. Jeera arrivals during 1-15 Jun are pegged at 7,780 tonnes compared to 5,055 tonnes last year for same period.
Chana Jul futures edged higher by 1.8% on Wednesday due to lower level buying and short covering. Chana is still under pressure on higher availability of Chana in physical market as states ends procurement at MSP. Government has tried to keep the prices higher by removing export restrictions and procuring at MSP. According to govt officials, MP has completed procurement of 1.8 mt of rabi-harvested chana and masur. Earlier, govt has announced of a 7% duty credit incentive on exports. Recently, Maharashtra govt discontinued procurement of the chana under the MSP scheme due to shortage of warehousing space and packaging bags.
Mustard Jul futures jump higher on Wednesday due to short covering by the market participants. There is an expectation of improved meal and crushing demand after government increase import duty on soft edible oil by 10-15% may support prices. According to data compiled by the MOPA, mills across the country crushed 900,000 tn of the oilseed in May much higher crushing volume compared to last year
Crude oil gained supported by a massive draw in U.S. crude supplies, and unexpected supply outages in Libya and Canada. Inventories of U.S. crude fell by 9.891 million barrels for the week ended June 22, topping expectations for a draw of 2.572 million barrels.The U.S. has told countries to cut all imports of Iranian oil starting from November, a senior State Department official said.Russian oil production reached 11.054 mbpd so far in June, up from an average 10.97 million bpd in the March to May period.
Natural gas gained as warmer than normal weather is forecast to cover most of the United States for the next 8-14 days.Inventories remain below the 5-year average, but are still within the average range.Net injections into storage totaled 91 Bcf for the week ending June 15, and expectations are for a similar rise in the week ending June 22.Total U.S. consumption of natural gas rose by 4% compared with the previous report week, according to data from the EIA.
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