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Friday, November 4, 2011
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Thursday, November 3, 2011
Trials in Low-Rent Bastion in Silicon Valley
Apartment giant Equity Residential has run afoul of a working-class community at the northern end of Silicon Valley by trying to buy the area's largest complex of rent-controlled housing, which has been coveted by investors for years.
Equity Residential, whose chairman is Sam Zell, is negotiating to buy the Woodland Park Apartments, a 1,800-unit complex in East Palo Alto, Calif., that has remained a low-rent bastion in a region that has seen market-rate rentals soar. That upward pressure is expected to continue now that Facebook has chosen a 57-acre Menlo Park complex for its new headquarters, less than two miles from Woodland Park.
Ariel Zambelich for The Wall Street Journal The complex at 5 Newell Ave. is the largest in the stretch of Woodland Park properties in East Palo Alto.The previous buyer of the complex, an investment group that acquired it during the boom years, planned to raise rents but ended up losing the property in a Wells Fargo & Co. foreclosure. Wells Fargo is in talks to sell the property to Equity Residential for an undisclosed sum, according to people familiar with the matter.
But city officials in East Palo Alto have voiced their opposition. A majority of the City Council has expressed "grave concerns with the bank's decision to sell the portfolio as a single unit," states a recent letter to Wells Fargo Chief Executive John Stumpf, from Carlos Romero, the city's mayor.
Equity Residential and Wells Fargo declined to comment.
City officials and residents don't want to give a single buyer too much control over such a large amount of East Palo Alto's rental housing. While the units are subject to rent control, officials are concerned that Equity Residential would raze some of them and build higher buildings filled with market-rate apartments.
The potential deal "scares this community to death," Mayor Romero said.
The maneuvering over Woodland Park comes as apartment rents are rising throughout most of the U.S. Despite the softness of the overall economy, landlords have been benefiting from the housing crisis, which has turned millions of would be home-owners into renters.
With rents and occupancies rising, the values of apartment buildings have soared. While the biggest increases have been in upscale areas, investors also have begun to spill over into lower-rent areas like East Palo Alto.
Woodland Park includes an older assortment of apartments and homes. Rents currently range from $800 to $1,400 a month, and this year, landlords were limited to a 1.4% increase, said William Byron Webster, senior member of the East Palo Alto Rent Stabilization Board.
Mr. Webster says many residents couldn't afford to live in the surrounding area. In the third quarter, market-rate rents in the region were a median of $1,588, well above the national $1,004 median, according to Reis Inc. In one of Equity Residential's Palo Alto communities, one-bedroom apartments start at $2,065, according to its website.
Just 2.6% of East Palo Alto's units are vacant, well below the national 5.6% rate, leaving few apartments up for grabs and creating competition for the ones that are available.
Woodland Park was acquired during the boom years in a series of transactions by investors led by Page Mill Properties, which put a $240 million mortgage from Wells Fargo on the property. The deal was embarrassing to one of the investors, pension giant Calpers, which subsequently said it would prohibit excessive rent increases and the "involuntary displacement" of low-income households in its real-estate investments.
City officials believe that Equity Residential's interest in the site stems partly from the Facebook deal. "I have suggested [Facebook CEO Mark] Zuckerberg could be appealed to discourage his employees from settling on the east side of Palo Alto," says Mr. Webster
Local leaders acknowledge they probably can't stop the sale. But they say they'll do what they can to block any redevelopment that Equity Residential might attempt.
The new tax revenue that would result from improving the property wouldn't be worth the displacement, they say.
"We may get a community center, we may get repaved streets, but our residents who are around today would not be around to enjoy those improved community amenities," Mayor Romero said. "And that would be a travesty."
Write to Dawn Wotapka at dawn.wotapka@dowjones.com
Turmeric likely to decline on higher arrivals
Last Updated : November 03, 2011 10:11
MUMBAI (Commodity Online): Turmeric rates fell in the Spot and the futures markets as lower demand amidst moderate arrivals kept pressurizing the market sentiments. Prospects of demand rising in coming weeks could limit the downtrend however.
Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.
Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.
Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.
The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acre-age from the high rates is stated the reason for the rise in expected production as per traders.
Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.
Courtesy: Religare Commodities
Volatile trend to witness in India chana
Last Updated : November 03, 2011 10:17
MUMBAI (Commodity Online):Absence of fresh Fundamental factors kept trend sideways for Chana.
Profit booking at higher levels prevented major uptrend for this commodity as overall trend remained slight firm in the Spot markets. Raising MSP of Rabi crop supported market sentiments.
MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q. This is likely to support Chana rates in medium term.
Traders feel that rates have moved up significantly over last few months —and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.
1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.
The other major producers for Pulses namely Myanmar, Australia and Canada are likely to report a fall in Pulses production due to adverse weather conditions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.
Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.
Courtesy: Religare Commodities
Asia Markets Skid on Greece
SINGAPORE—Most Asian stock markets dropped Wednesday, as Greece's plan to hold a referendum on its newly crafted bailout package rattled investors, sending the Tokyo market to a three-week low and denting oil prices.
"Global market sentiment has performed a 180-degree turn in recent days," said Tim Waterer, senior foreign exchange dealer with CMC Markets in Sydney. "News of a proposed Greek referendum on whether or not to accept the bailout package has completely come from left field and has traders flabbergasted."
Several markets managed to recoup morning losses as traders awaited the outcome of the U.S. Federal Reserve's rate-setting meeting later in the global day. News that embattled Greek Premier George Papandreou's plan for a referendum on the country's latest bailout package had been unanimously passed by the Greek Cabinet earlier in the global day also helped prop markets. The referendum is likely to take place before Christmas, slightly earlier than previously expected.
Still, investors were keeping their distance from riskier assets amid the fresh euro-zone jitters.
"Markets are seriously pondering a disorderly default in Greece...Risk assets remain a sell on rallies against the background of prolonged European uncertainty," said Crédit Agricole strategist Mitul Kotecha.
Japan's Nikkei Stock Average was down 1.8% after earlier hitting a three-week low, while Australia's S&P/ASX 200, after briefly falling as much as 2% to a one-week low, was down 0.8%. South Korea's Kospi Composite and Hong Kong's Hang Seng Index were both down 0.9%, China's Shanghai Composite Index was off 1% and India's Sensex was flat.
Dow Jones Industrial Average futures were up 20 points in electronic trading.
Growth-sensitive stocks were down across the region, with heavy selling taking a toll on oil, resources and financial shares, as investors worried that the European debt crisis could tip the global economy into a double-dip recession. Most stocks were, however, up from their morning lows.
In Sydney, Rio Tinto was down 0.9% and Westpac Bank was off 0.8% while in Tokyo, Toyota Motor was 3.1% lower, Sumitomo Metal Mining 3.3% lower and Inpex 0.8% lower. In Shanghai, Jiangxi Copper was down 3.1% and Citic Securities was off 1.6%, and in Hong Kong, PetroChina was 1.7% lower, Bank of China 2.2% lower and Citic Resources 3.7% lower.
Earnings reports also continued to buffet trading in the region. Australia's OneSteel tumbled 14% after saying its first-half profit could be down 70% due to weak iron-ore prices and a strong Australian dollar.
The euro remained hostage to headlines out of Europe, but the Greek cabinet's approval of the referendum plan appeared to help the currency as well as the Australian dollar recoup earlier losses. Still, traders cautioned of risks to the downside.
"That everything would bounce on the Greek cabinet decision shows us just how much this is a lose-lose situation. Any near-term stability, especially with worrisome ramifications, shouldn't be a sign to buy," said Michael Turner, a strategist at RBC Capital Markets.
The single currency was fetching $1.3716 after earlier sliding to $1.3658, from $1.3700 late Tuesday in New York, and ¥107.17, from ¥107.40. The dollar was at ¥78.12, compared with ¥78.38.
Gold, a traditional safe haven, also briefly lost ground amid expectations investors may be forced to sell down the yellow metal to meet margin calls elsewhere. Spot gold was recently at $1,723.40 per troy ounce, up $3.50 from its New York settlement Tuesday.
December Nymex crude oil futures were down 76 cents at $91.43 per barrel on Globex.
Write to Shri Navaratnam at shri.navaratnam@dowjones.com
Barclays: Russian oil production hits all time high 10.34 mb d in Oct
Last Updated : November 03, 2011 01:37
LONDON (Commodity Online): Crude Oil markets came under pressure in early trade on Tuesday as a combination of weak macro economic indicators in the form of a weaker than expected Chinese PMI and US ISM data along with sentiment surrounding the Greek referendum weighed. The key benchmarks however produced a stellar rebound later in the day offsetting most of the losses; with front month Brent ending marginally lower by 2 cents at $109.54/bbl while the equivalent WTI contract edged lower by $1 to $92.19/bbl. With macro data remaining the key driver, potential shortfalls in demand remain the mainstay of market focus. Yet, problems in the supply side persist.
In the latest data from the FSU, Russian oil production scaled another all-time high of 10.34 mb/d in October. However, the y/y growth slowed to just 70 thousand b/d, half the year-to-date average of 125 thousand b/d. With domestic consumption remaining high (crude deliveries to domestic refineries were up 1.8%), exports to countries outside the CIS fell by 5.5% y/y, continuing a trend of monthly declines in export volumes that had started in May, with the only exception in September, when crude exports rose y/y by 2.2%.
The rest of the Caspian region remained marred with problems too, with September data for Azerbaijan and Kazakhstan both showing y/y decreases. In the former, crude oil output fell by 12% y/y to 940 thousand b/d, while Kazakhstan’s output fell to 1.61 mb/d, despite the end to the prolonged strike action impacting KazMunaiGaz’s output since the end of May. The recovery back to full output has been slow and is likely to weigh on output in Q4, keeping Kazakhstan’s output broadly flat this year.
Azerbaijan’s production, on the other hand, is likely to get worse over the next few months. BP has already begun work at its 130 thousand b/d East Azeri field, shutting the field on 20th October to carry out major maintenance at its ACG complex. The first phase of the closures is expected to take around 10-15 days.
The second phase of the scheduled maintenance will begin on 14th November with the closure of the 220 thousand b/d West Azeri field, reducing Azerbaijan’s monthly output by an estimated 150 thousand b/d. The final stage of the work will be carried out from 1st December at the Central Azeri platform, reducing average monthly production by an estimated 100 thousand b/d.
The ACG project is the main source of crude feeding the BTC oil pipeline, with scheduled volumes through the pipeline in November set to drop to only some 500-600 thousand b/d, compared with normal levels of about 800 thousand b/d. Production is also running lower than initial expectations and compared to last year’s levels by 75 thousand b/d, with Azerbaijan likely to miss its official target of 1.03 mb/d.
Against a problematic non-OPEC supply backdrop, OPEC output is broadly constant, with the latest OPEC estimates survey from Bloomberg and Reuters offering a contrasting picture on the group’s output for October with the Reuters survey indicating a 310 thousand b/d drop in output while Bloomberg estimates show an increase of 125 thousand b/d. Though both the surveys are similar in indicating that declines from Iraq, Nigeria and Saudi Arabia offset most of the increases seen in Libyan supplies, there is a wide difference in the spectrum of estimations.
NCDEX Coriander trades lower on weak demand
Last Updated : November 03, 2011 11:59AHMEDABAD (Commodity Online): NCDEX Coriander for November Delivery traded down 1.66% on Thursday due to weak domestic as well as International demand.
According to Anil Patadia, Agri-Analyst, Commodity online, weaker rupee may have contributed to slowdown in demand for the commodity in domestic and international markets and hence fall in NCDEX prices.
On NCDEX, Coriander for November contract traded down 1.66% or Rs 84 dropped to Rs 4974 on 3rd November at 11:30 IST
MCX crude oil declines on higher inventory and weak China
Last Updated : November 03, 2011 11:41MUMBAI (Commodity Online): MCX Crude Oil is trading lower by 0.64% on Thursday morning trade on higher than expected US inventories and weakening Chinese manufacturing activity.
MCX crude oil November is trading at Rs 4512 after opening at Rs 4534 while NYMEX WTI crude oil December is trading at $91.56, down $0.95.
-The EIA reported that the US crude oil inventories had rise by 1.8 million barrels against the market expectations of a lower 1.4 million barrels. A higher than expected inventory buildup indicates weakening demand.
-Chinese manufacturing and non manufacturing activity slipped for the month of October as their PMI's indicated. China is one of the major consumers of Crude Oil and as such any negative news from the country will affect oil prices.
Technical Target by Angel Commodities for Nov 3
Support seen at Rs 4418 and Rs 4480 while Resistance expected at Rs 4573 and Rs 4667
Pepper may trade down on profit booking
Last Updated : November 03, 2011 10:11
MUMBAI( Commodity Online): Moderate profit booking was observed for Pepper as other Spices fell. No strong reports emerged from the markets however.
Traders expect fall in rates over last few days have been significant and an expected rise in exports in coming weeks could support the price further.
Slight improved production prospects from Kerala and Karnataka and arrival of the new crop could limit the uptrend. Overall Fundamentals remained firm however from lower stocks and lower production amidst expected rise in export demand n coming weeks.
Exports and domestic demand from North India remained good. Traders expect that with low stocks, lower global production and rising export demand, trend is likely to remain Bullish for the commodity from a medium to long term point of view.
Strengthening in the Dollar vs Re rates could have beneficial impact on the export front. But short term correction possibilities remain.
Traders expect that good demand and a firm trend in Vietnam could support the rates further. Good demand from Gulf countries sup-porting the rates. Demand from China and West Asia also reported.
IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.
Vietnam is having low stocks as per reports. The production there too is expected to fall this year as per some estimates. Brazil and Indonesian crop expected to be lower. Low carryover stock in Brazil and Indonesia is likely to raise exports here in coming months.
Reports of farmers shifting to other more profitable crops have affected the production aspects for the crop in India.
Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.
Courtesy: Religare Commodities
Jeera may further fall on subdued demand
Last Updated : November 03, 2011 10:10
MUMBAI (Commodity Online):Higher arrival pressure kept sentiments weak for Jeera as it failed to hold onto the upside movement early on.
Demand is still to pick up on the export front. Traders anticipate short term bearishness sentiments to prevail till exports pick up.
Medium term trend looks firm from expected rise in export demand but short term trend is expected to remain volatile. A firmness in Dollar vs Re too could support the export factor.
Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.
Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes.
Export demand from US and EU could also rise at these lower levels in com-ing weeks and that could have a moderate bullish impact on the prices.
Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-August 2011 have fallen by 23% from 255,100 MT in 2010 to 195,500 MT in 2011. Jeera exports fell by 39% from 15,700 MT to 9,500 MT during the same period.
Courtesy: Religare Commodities
Busy Trading Boosts CME
CME Group Inc.'s third-quarter earnings jumped 29% amid a double-digit jump in clearing and transaction fee revenue, but the results were overshadowed by the exchange operator's exposure to the bankruptcy of MF Global Holdings Ltd.
The chief executive of CME said Tuesday that exchange staff and regulators were still trying to get a handle on the collapse of broker-dealer MF Global, which slid into bankruptcy Monday.
A nagging sovereign-debt crisis in Europe, which helped bring down MF Global, and investor concerns over economic ...
CME Group Inc.'s third-quarter earnings jumped 29% amid a double-digit jump in clearing and transaction fee revenue, but the results were overshadowed by the exchange operator's exposure to the bankruptcy of MF Global Holdings Ltd.
The chief executive of CME said Tuesday that exchange staff and regulators were still trying to get a handle on the collapse of broker-dealer MF Global, which slid into bankruptcy Monday.
A nagging sovereign-debt crisis in Europe, which helped bring down MF Global, and investor concerns over economic ...
MCX copper down 0.75% on negative China and US outlook
Last Updated : November 03, 2011 10:28
MUMBAI (Commodity Online): MCX Copper is down by 0.75% on Thursday morning trade as a negative industrial growth in China and lower US GDP growth forecast by the US fed put downside pressure on prices.
MCX copper November is currently trading at Rs 385.75 after opening at Rs 388.00 while COMEX copper December is trading down by 3 cents at $3.54
-Chinese industries grew at a slower pace in October. The non manufacturing index fell to 57.7 in October from 59.3 in September while the manufacturing index slumped to 50.4 in October from 51.2 in September. Decreasing industrial activity is seen as negative for Copper prices as the metal demand is driven mainly by robust Chinese consumption.
The US fed lowered their expectations of GDP growth for the next 2 years. US GDP is now estimated to grow at 2.5%-2.9% in 2012, down from the 3.3%-3.7% forecasted earlier.
Technical Target by Angel Commodities for November 3
Support seen at Rs 379 and Rs 384 while Resistance expected at Rs 393.70 and Rs 398.70
Negative momentum seen in mentha oil on poor demand
Last Updated : November 03, 2011 10:20
MUMBAI (Commodity Online):After shooting up over last few days, profit booking was noted for Mentha Oil at the higher levels. Traders waited for dips before initiating fresh demand in the mandis. Increasing arrival pressure was also noted in the mandis.
Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile.
Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.
Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.
Some export queries from China and European countries reportedly supporting the market rates.
Reports of a fall in production had been keeping the sentiments firm.
Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.
Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.
Courtesy: Religare Commodities
Pepper may trade down on profit booking
Last Updated : November 03, 2011 10:11
MUMBAI( Commodity Online): Moderate profit booking was observed for Pepper as other Spices fell. No strong reports emerged from the markets however.
Traders expect fall in rates over last few days have been significant and an expected rise in exports in coming weeks could support the price further.
Slight improved production prospects from Kerala and Karnataka and arrival of the new crop could limit the uptrend. Overall Fundamentals remained firm however from lower stocks and lower production amidst expected rise in export demand n coming weeks.
Exports and domestic demand from North India remained good. Traders expect that with low stocks, lower global production and rising export demand, trend is likely to remain Bullish for the commodity from a medium to long term point of view.
Strengthening in the Dollar vs Re rates could have beneficial impact on the export front. But short term correction possibilities remain.
Traders expect that good demand and a firm trend in Vietnam could support the rates further. Good demand from Gulf countries sup-porting the rates. Demand from China and West Asia also reported.
IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.
Vietnam is having low stocks as per reports. The production there too is expected to fall this year as per some estimates. Brazil and Indonesian crop expected to be lower. Low carryover stock in Brazil and Indonesia is likely to raise exports here in coming months.
Reports of farmers shifting to other more profitable crops have affected the production aspects for the crop in India.
Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.
Courtesy: Religare Commodities
Barclays: US nat gas drops 3 cents to $3.75 MMBtu
Last Updated : November 03, 2011 11:18
LONDON (Commodity Online): The Natural Gas market sold off on the day as the weather outlook shifted to the warmer side. The prompt contract lost three cents, to $3.75/MMBtu, while Calendar 2012 finished at $4.00 flat, down by four cents.
Calendar 2013 took a harder hit and dropped five cents, to $4.56. Incidentally, the January 2013 contract closed at the lowest price level in that contract's history, further emphasizing the strong bearish sentiment in the market.
The weather outlook in the 6-10 day period shows a colder-than-normal West balanced by a warmer-than-normal East.
But with the key consuming regions centered around the Northeast, an incremental fall in expected HDDs in that region indicates that overall heating demand for the period can soften.
The market consensus for Thursday's EIA weekly storage report is an injection of 69 Bcf, similar to the actual number for the same time last year.
Cash prices were mostly lower on the day. Henry Hub cash slipped 10 cents, to $3.39. SoCalBorder moved four cents lower, to $3.56, as the persistent coldness in the West moderated on the day, while New York (Transco-Z6) dropped 6 cents, to $3.60.
Turmeric likely to decline on higher arrivals
Last Updated : November 03, 2011 10:11
MUMBAI (Commodity Online): Turmeric rates fell in the Spot and the futures markets as lower demand amidst moderate arrivals kept pressurizing the market sentiments. Prospects of demand rising in coming weeks could limit the downtrend however.
Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.
Rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Improved arrivals in AP have kept further pressure on the prices.
Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.
The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acre-age from the high rates is stated the reason for the rise in expected production as per traders.
Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-August 2011 have risen by 52% to 36,500 MT in 2011 from 24,000 MT in 2010 same period.
Courtesy: Religare Commodities
Guar seed to edge higher on low production estimates
Last Updated : November 03, 2011 10:20
MUMBAI (Commodity Online):Rates shot up for Guar yet again on rising demand, low production and stock prospects. Increased arrivals limited uptrend to some extent.
New crop arrivals start fro Haryana. Rajasthan arrivals yet to pick up.
As per First Advanced Estimates of Kharif Crop in Rajasthan, the sowing area is 29.07 lakh hectares compared to 30 lakh ha last year. Production expected at 11.37 lakh tonnes vs 15.46 lakh tonnes in 2010-11(Directorate of Agriculture, Rajasthan).
Traders estimate that in Haryana too the sowing area has fallen to 2.15 lakh ha vs 2.56 lakh ha last year. Production expected at 2 lakh tonnes while in Gujarat, production estimates at 0.65 lakh tonnes.
Better rains in Rajasthan and Gujarat are however expected to improve productivity of the crops this year.
As per APEDA, India has exported 1.45 lakh MT Guar Gum during April-June 2011 vs 0.71 lakh MT during same period last year. Traders expect overall exports to pick up in coming months and cross the 3 lakh tonne mark.
Financial problems in US and EU are worrisome howev-er on export front. It needs to be noted that rates have come down significantly over last 1 month due to lower export demand
Fresh arrivals of the new crop could pressurize the market sentiments to some extent in the short term. However, if exports pick up again, we could see some recovery from these lower levels.
Lower carryover stock and delayed harvesting along with reports of a fall in production and a likely pickup in exports could support the prices. A strong Dollar vs Re could have a beneficial impact on the export front.
Firm Crude Oil prices could have positive impact on the Guar gum export front.
Courtesy: Religare Commodities
Volatile trend to witness in India chana
Last Updated : November 03, 2011 10:17
MUMBAI (Commodity Online):Absence of fresh Fundamental factors kept trend sideways for Chana.
Profit booking at higher levels prevented major uptrend for this commodity as overall trend remained slight firm in the Spot markets. Raising MSP of Rabi crop supported market sentiments.
MSP of Gram was raised by 33% to Rs 2800/Q from Rs 2100/Q. This is likely to support Chana rates in medium term.
Traders feel that rates have moved up significantly over last few months —and even though Festive demand continues, some selling pressure cannot be ruled out before demand picks up again at the lower levels.
1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support the short to medium term rates for Chana.
The other major producers for Pulses namely Myanmar, Australia and Canada are likely to report a fall in Pulses production due to adverse weather conditions in those countries. The Indian imports are likely to get costlier in coming months which could support the Chana rates.
Shifting to other more lucrative crops like Cotton and soyabean have resulted in lower acreage for chana.
Courtesy: Religare Commodities
Wednesday, November 2, 2011
DBS Profit Rise Tops Expectations
SINGAPORE—DBS Group Holdings Ltd. posted a better-than-expected 6% rise in third-quarter net profit Wednesday as trade finance continued to drive the bank's loan growth.
DBS Chief Executive Piyush Gupta said that while global macroeconomic headwinds are strengthening, the bank, Southeast Asia's largest by assets, remains well-equipped to handle a slowdown in regional growth.
"We think Asia will slow and will be at least a couple of percentage points off [its average growth], but Asia will not have a precipitated bloodbath," Mr. Gupta said at a briefing. "Therefore we think that in a slow Asia with growth rates of 6% to ...
SINGAPORE—DBS Group Holdings Ltd. posted a better-than-expected 6% rise in third-quarter net profit Wednesday as trade finance continued to drive the bank's loan growth.
DBS Chief Executive Piyush Gupta said that while global macroeconomic headwinds are strengthening, the bank, Southeast Asia's largest by assets, remains well-equipped to handle a slowdown in regional growth.
"We think Asia will slow and will be at least a couple of percentage points off [its average growth], but Asia will not have a precipitated bloodbath," Mr. Gupta said at a briefing. "Therefore we think that in a slow Asia with growth rates of 6% to ...
Asia Markets Skid on Greece
SINGAPORE—Most Asian stock markets dropped Wednesday, as Greece's plan to hold a referendum on its newly crafted bailout package rattled investors, sending the Tokyo market to a three-week low and denting oil prices.
"Global market sentiment has performed a 180-degree turn in recent days," said Tim Waterer, senior foreign exchange dealer with CMC Markets in Sydney. "News of a proposed Greek referendum on whether or not to accept the bailout package has completely come from left field and has traders flabbergasted."
Several markets managed to recoup morning losses as traders awaited the outcome of the U.S. Federal Reserve's rate-setting meeting later in the global day. News that embattled Greek Premier George Papandreou's plan for a referendum on the country's latest bailout package had been unanimously passed by the Greek Cabinet earlier in the global day also helped prop markets. The referendum is likely to take place before Christmas, slightly earlier than previously expected.
Still, investors were keeping their distance from riskier assets amid the fresh euro-zone jitters.
"Markets are seriously pondering a disorderly default in Greece...Risk assets remain a sell on rallies against the background of prolonged European uncertainty," said Crédit Agricole strategist Mitul Kotecha.
Japan's Nikkei Stock Average was down 1.8% after earlier hitting a three-week low, while Australia's S&P/ASX 200, after briefly falling as much as 2% to a one-week low, was down 0.8%. South Korea's Kospi Composite and Hong Kong's Hang Seng Index were both down 0.9%, China's Shanghai Composite Index was off 1% and India's Sensex was flat.
Dow Jones Industrial Average futures were up 20 points in electronic trading.
Growth-sensitive stocks were down across the region, with heavy selling taking a toll on oil, resources and financial shares, as investors worried that the European debt crisis could tip the global economy into a double-dip recession. Most stocks were, however, up from their morning lows.
In Sydney, Rio Tinto was down 0.9% and Westpac Bank was off 0.8% while in Tokyo, Toyota Motor was 3.1% lower, Sumitomo Metal Mining 3.3% lower and Inpex 0.8% lower. In Shanghai, Jiangxi Copper was down 3.1% and Citic Securities was off 1.6%, and in Hong Kong, PetroChina was 1.7% lower, Bank of China 2.2% lower and Citic Resources 3.7% lower.
Earnings reports also continued to buffet trading in the region. Australia's OneSteel tumbled 14% after saying its first-half profit could be down 70% due to weak iron-ore prices and a strong Australian dollar.
The euro remained hostage to headlines out of Europe, but the Greek cabinet's approval of the referendum plan appeared to help the currency as well as the Australian dollar recoup earlier losses. Still, traders cautioned of risks to the downside.
"That everything would bounce on the Greek cabinet decision shows us just how much this is a lose-lose situation. Any near-term stability, especially with worrisome ramifications, shouldn't be a sign to buy," said Michael Turner, a strategist at RBC Capital Markets.
The single currency was fetching $1.3716 after earlier sliding to $1.3658, from $1.3700 late Tuesday in New York, and ¥107.17, from ¥107.40. The dollar was at ¥78.12, compared with ¥78.38.
Gold, a traditional safe haven, also briefly lost ground amid expectations investors may be forced to sell down the yellow metal to meet margin calls elsewhere. Spot gold was recently at $1,723.40 per troy ounce, up $3.50 from its New York settlement Tuesday.
December Nymex crude oil futures were down 76 cents at $91.43 per barrel on Globex.
Write to Shri Navaratnam at shri.navaratnam@dowjones.com
Westpac Profit Up 10%
SYDNEY—Westpac Banking Corp. said Wednesday its full year net profit rose 10% helped in part by a decline in impairment charges, while the company signaled it will continue to be vigilant about costs in what it expects to be a subdued environment for credit growth.
Although the bank moved quickly to pass on a 0.25 percentage point rate cut to mortgage holders after the central bank cut rates on Tuesday, Chief Financial Officer Philip Coffey said ...
SYDNEY—Westpac Banking Corp. said Wednesday its full year net profit rose 10% helped in part by a decline in impairment charges, while the company signaled it will continue to be vigilant about costs in what it expects to be a subdued environment for credit growth.
Although the bank moved quickly to pass on a 0.25 percentage point rate cut to mortgage holders after the central bank cut rates on Tuesday, Chief Financial Officer Philip Coffey said ...
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