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Cooler weather outlook lifts Natural Gas
18/09/2014 09:27
Natural Gas futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as forecasts for cooler weather in the US lifted the demand outlook for the heating fuel.
The Commodity Weather Group predicted cooler temperatures in the Southwest, Midwest and Northeast US for the next week to ten days.
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Oil tumbles as US supplies rise
18/09/2014 09:25
Crude oil futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after US crude oil stockpiles rose the most in five months, signaling weakening fuel demand in the world’s biggest oil consumer.
US crude stockpiles climbed 3.67 million barrels to 362.3 million barrels last week, the first increase in five weeks, the EIA said. American refineries processed 16.3 million barrels per day of crude last week, down 0.2 per cent from the prior week.
Crude also came under pressure after the US Federal Reserve raised its estimates for interest rates at the end of next year by 25 basis points, clouding the demand outlook for the fuel.
Investors cast aside robust US housing data which showed that US homebuilder sentiment surged to the highest level since November 2005 in September 2014. The NAHB said that its housing market index rose to 59 this month from 55 in August, with a reading above 50 signaling a favourable outlook on home sales.
Crude futures may continue the downward journey as the first rise in US oil supplies in five weeks signaled weakening fuel demand.
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Chana ends lower on increased arrivals
18/09/2014 09:24
Chana prices closed lower by 0.81 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states. At the NCDEX, chana futures for September 2014 contract closed at Rs. 2,800 per quintal, down by 0.81 per cent, after opening at Rs. 2,830 against the previous closing price of Rs. 2,823. It touched the intra-day low of Rs. 2,780.
India is the largest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 per cent of the total world production.
