Indian cotton Federation expects cotton Output to rise by 10-15% in 2017-18 season on higher acreage. Meanwhile, Cotton Advisory Board estimated natural fibre output for 2016-17 season at 34.5 million bales compared to 33.2 million bales in 2015-16. Cotton output is likely to increase to 345 lakh bales in 2016-17 (October to September period) as compared to the last year. The total production in 2015-16 stood at 332 lakh bales.
There are fears that erratic rainfall in main growing regions may result in damage to crop and overall output may be lower than earlier expectations. India exported 3,850 ton cardamom during 2016-17 down 30% on year due to high prices. India exported 5,550 ton cardamom a year ago. At the auction nearly 29 tonnes of cardamom arrived, and almost the entire quantity was traded. The auction average stood at Rs. 1,149.68/kg.
Though turmeric avreage has improved in Andhra Pradesh it stood unchanged in Telangana until August 30, government data showed. As per the preliminary estimates, output in the season is expected to decline from last year’s level due to unsupportive weather conditions. The price of turmeric futures decreasing daily. At the Regulated Marketing Committee good quality hybrid finger turmeric arrived for sale and traders quoting Rs. 8,719 a quintal have purchased all the 50 bags.
Gold on MCX settled up 0.95% at 30105 spiked to their highest point in almost a year as safe-haven assets continue their march upwards against a backdrop of ongoing tensions surrounding North Korea and its nuclear program. Support seen after North Korea on Sunday conducted its sixth nuclear test, of what it said was an advanced hydrogen bomb, prompting the threat of a “massive” military response from the United States if it or its allies were threatened.
OPEC members’ compliance with output cuts has not fallen in the last six months; it has increased,” Bijan Zanganeh was quoted as saying by the Iranian oil ministry’s news agency SHANA. Zanganeh said the OPEC agreement of output cuts would continue until the end of the Iranian year in March 2018 and that “there are talks underway to extend it but they are not official yet.” In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to weigh what the impact of Harvey was on supply and demand.
This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here