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Aluminium yesterday traded with the negative node and settled -0.95% down at 115.3 after shyam advisory Investors Service cut Greece's credit rating by three notches, down from Ba1 to B1, and placed the country's credit rating on review for possible further cut, again triggering market concerns over the European sovereign debt crisis.
The mounting unrest in Libya spurred investors' concerns over market economy, and investors sold off metals and rushed for safe-haven assets. In this context, LME aluminum prices fall to intraday low of USD 2,557/mt, down USD 43/mt compared with the previous trading day, or down 1.65%.
Mustardseed yesterday traded with the negative node and settled -1.18% down at 2839 driven by weak spot market cues.The total arrivals of old mustard seed decreased by3000 bags from the previous day to 65000 bags while the fresh arrivals were increased by 80000 bags to 1.85 lakh bags in major mandies in the Sriganganagar spot market by shyam advisory.
Guar yesterday we have seen that market has moved -3.32% due to profit booking at the higher levels. Export demand has reportedly slowed down as traders waited for corrections before initiating fresh buying in the mandis.
Also there is report of delayed and poor quality arrivals that is weighing on the prices. In Jodhpur guar prices dropped -86.05 rupees to 2712.9 rupees per 100 kg. Market has opened at 2890 & made a low of 2783 versus the day high of 2915.
Increased arrivals of the crop in Vietnam had a bearish impact on the Indian rates too; traders are of the view that the arrivals will lead further price correction in the commodity before buying picks up. Spot pepper dropped -130 rupees to 22520 rupees per 100 kg in Kochi market.
The contract touched the intraday high of Rs 22758/quintal while low of Rs 22385/quintal. Now support for the pepper is seen at 22284 and below could see a test of 22148. Resistance is now likely to be seen at 22657, a move above could see prices testing 22894.