NCDEX Jul Turmeric closed higher on Wednesday due to fresh buying by the market participants. However, good rains in turmeric growing areas in south India is weighing on prices. It was trading sideways to lower during last 5 weeks due to steady demand and forecast of normal rains in south peninsula. In the last month, prices have fallen about 6% from its three months high levels due to profit booking by market participants. Supplies from the new season turmeric have been lower during May at 53,500 t (Vs 73,500 t) compared last year, as per Agmarknet data. The export of turmeric was down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports.

ICE Cotton closed higher Wednesday after plunge to a onemonth low earlier in the session. Cotton futures fell nearly 10 percent in the last three sessions as concerns about an escalating trade conflict between United States and China sparked a sell-off. The weekly Export sales report will be release on Thursday morning. Traders are expected to see cancelations of sales to China. Areas in the Texas High Plains received rains over the weekend, which were much needed for that region. Speculators left the market en masse because of the imposition of tariffs by China.

Chana Jul futures closed lower on Wednesday mainly on profit booking after it surged more than 6.8% in last 4 sessions due to pick up in the physical demand and fresh buying initiated by the market participants as it hit lowest levels since Jan 2015 last week. Government is trying to support prices by removing export restrictions and procuring at MSP. According to government officials, The Madhya Pradesh government has completed procurement of 1.8 mln tn of rabi-harvested chana and masur. Govt restricted import of yellow peas, an substitute added in the Chana flour, till June end. Earlier, govt has announced of a 7% duty credit incentive on exports. Recently, Maharashtra government discontinued procurement of the chana under the MSP scheme due to shortage of warehousing space and packaging bags.

On Wednesday, spot gold prices declined half a percent to close at $1267.7 per ounce remaining near a six-month low on Wednesday as the U.S. dollar hovered around 11 month peaks but was offset by festering global trade tensions.

WTI Oil Prices Rose 1.8 percent on Wednesday to close at $66.2 per barrel supported by a drop in domestic inventories, while Brent edged down ahead of an OPEC meeting later this week that may result in increased global production.

U.S. crude inventories fell 5.9 million barrels last week, the largest oneweek decline since January.

On the MCX, oil prices rose 1.5 percent to close at Rs.4486 per barrel.

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