Commodity Research Report Ways2Capital 31 july 2017

Oil prices settled higher for the fifth session in a row on Friday to log its biggest weekly gain this year as investors cheered signs that rising demand will offset excess supplies in the second half of the year

Oil prices settled higher for the fifth session in a row on Friday to log its biggest weekly gain this year as investors cheered signs that rising demand will offset excess supplies in the second half of the year.
The U.S. West Texas Intermediate crude September contract tacked on 67 cents, or around 1.4%, to end at $49.71 a barrel by close of trade Friday. It touched its highest since May 30 at $49.81 earlier in the session.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery rallied $1.03, or 2%, to settle at $52.52 a barrel by close of trade, after touching a two-month peak of $52.70 earlier.
For the week, WTI gained $3.94, or about 8.5%, while Brent rose $4.46, or roughly 9.3%, the largest such jump since early December, as fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment.

Oil Friday hovered around eight-week highs ahead of U.S. weekly rig count data. U.S. crude was up 7 cents, or 0.14%, at $49.11 at 06:30 ET. Brent added 23 cents, or 0.45%, to $51.72. Oil was buoyed this week by a big draw in official U.S. crude inventories in the latest week.
Crude was also underpinned by Saudi Arabia's pledge to curb crude exports beginning next month. OPEC and non-OPEC producers may also extend an agreement to cut output by 1.8 million barrels a day to beyond March. Investors are looking to Baker Hughes rig count data due out later in the session.
U.S. oil remained at an eight-week high on Friday, as a continued decline in U.S. crude inventories added to optimism over a potential rebalancing of the market. U.S. crude futures for September delivery were up 0.10% at $44.14 a barrel, near the previous session’s eight-week peak of $49.24. On the ICE Futures Exchange in London, the September Brent gained 0.47% to $51.73 a barrel, the highest level since May 31. Oil prices strengthened after data on Wednesday showing a fourth consecutive week of declines in U.S. crude inventories.
U.S. oil inventories fell by 7.2 million barrels at the end of last week to 483.4 million barrels, much more than the expected drop of around 2.6 million barrels. The report also showed that gasoline inventories decreased by 1.0 million barrels, compared to expectations for a much more modest decline of 0.6 million barrels. Oil is on track to score a weekly gain of more than 6% as fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment. Signs of a possible slowdown in U.S. shale production in the wake of reduced spending plans for some oilfield services companies also added to the bullish momentum. Elsewhere on Nymex, gasoline futures for August were up 0.19% at $1.649 a gallon, while August heating oil added 0.17% to $1.605 a gallon.

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production. Brent crude futures LCOc1 were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate crude futures CLc1 were down 10 cents, or 0.2 percent, at $ 48.94 per barrel. Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC's latest efforts to cut exports and a sharp fall in U.S. crude inventories. "Crude oil prices rose further as the focus remained on fundamentals. This week's better-than-expected inventory drawdown in the United States continued to support prices. U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration. "Following seasonal norms we expect further declines in crude inventories over August and September. Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries. U.S. crude oil production has been on the rise since mid-2016, but it dropped to 9.41 barrels per day in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output. Jeffrey Halley, senior market analyst at OANDA, said the market would watch U.S. rig count data for further signs of slowing drilling activity, as well as potential U.S. sanctions on Venezuela's oil sector. developments should be bullish for oil.
Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC's ongoing efforts to curb production to ease a global glut. Brent crude futures LCOc1 were up 2 cents, or 0.04 percent, at $51.51 per barrel at 0059 GMT.
U.S. West Texas Intermediate crude futures CLc1 were up 3 cents, or 0.06 percent, at $49.07 per barrel."Crude oil prices rose further as the focus remained on fundamentals. This week's better-than-expected inventory drawdown in the United States continued to support prices," U.S. crude stocks fell sharply by 7.2 million barrels in the week July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration. Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries.
U.S. crude oil production has been on the rise since mid-2016, but it dropped to 9.41 barrels per day in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output.
Oil Thursday retreated from eight-week highs after gains on a larger-than-expected fall in U.S. crude stocks. U.S. crude was off 42 cents, or 0.86%, at $48.33 at 08:00 ET. Brent shed 41 cents, or 0.80%, to $50.56. The Energy Information Administration Wednesday reported a drop in crude inventories of about 7.2 million barrels. That easily beat a forecast fall of 2.6 million barrels. Gasoline inventories also fell more than expected. Oil has advanced this week after Saudi Arabia pledged to cut crude exports beginning next month. OPEC and non-OPEC producers may also extend an agreement to cut output by 1.8 million barrels a day to beyond March. However, gains are expected to be capped on the view higher prices could encourage low-cost U.S. shale producers to increase output.


AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE MARKETS.

Tuesday, August 1
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, August 2
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, August 3
The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Friday, August 4
Baker Hughes will release weekly data on the U.S. oil rig count.


BASE METAL’S OUTLOOK :
Trading Ideas:

NICKEL -
Nickel trading range for the day is 632.3-661.3.
Nickel gained as the dollar weakened and investors remained upbeat about the outlook for Chinese metal demand.
Global miner and trader Glencore said nickel production for the first half dropped 10 percent.
LME data showed on warrant or available nickel inventories at 247,428 - their lowest since January.

ZINC -
Zinc trading range for the day is 177.1-182.9.
Zinc dropped tracking weakness in LME prices on profit booking after prices earlier gained amid upbeat views about China's economic growth and metals demand.
Earnings for China's industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid.
Reflecting a sharp jump in orders for transportation equipment, data showed a substantial increase in new orders for U.S. manufactured durable goods in June.

COPPER -
Copper trading range for the day is 404.5-412.9.
Copper prices hit a two-year high on news of slowing global supply and rising Chinese demand for the metal.
Chile forecast 2017 copper production at 5.6 million tonnes, a 0.8 per cent rise from 2016.
China may ban imports of some scrap metal, from the end of 2018, according to an industry association notice, which may lead to higher refined copper imports.

BASE METAL
? NICKEL ( 30 - July - 2017 )
Nickel prices were trading lower by 0.57 per cent to Rs 645.80 per kg in futures trade today amid profit-booking by speculators and easing demand at the domestic spot market. At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 3.70, or 0.57 per cent, to Rs 645.80 per kg in a business turnover of 824 lots. Likewise, the metal for delivery in August was trading lower by Rs 3.60, or 0.55 per cent, to Rs 650.20 per kg in 272 lots. Marketmen said profit-booking by participants at prevailing levels amid fall in demand from alloy-makers in the spot market, mainly influenced nickel prices at futures trade.

? ZINC ( 30 - July - 2017 )
Zinc prices declined by 0.53 per cent to 178.45 per kg in futures market today as speculators cut down positions, taking negative cues from spot market on tepid demand from consuming industries. At the Multi Commodity Exchange, zinc for delivery in July slipped by 95 paise, or 0.53 per cent, to Rs 178.45 per kg in a business turnover of 2,164 lots. Likewise, the metal for delivery in August was trading lower by a similar margin at Rs 178.65 per kg in 292 lots. Market analysts attributed the weakness in zinc futures to offloading of positions by participants amid sluggish demand from consuming industries in the physical market.

? COPPER ( 29 - July - 2017 )
Copper futures fell 0.64 per cent to Rs 412 per kg today as speculators booked profits at prevailing high levels amid low demand at spot markets. At the Multi Commodity Exchange, copper for delivery in far-month November declined by Rs 2.65, or 0.64 per cent to Rs 412 per kg in a business turnover of 44 lots. The metal for delivery in August month shed Rs 2.30 or 0.56 per cent to Rs 405.70 per kg in a business volume of 832 lots. Analysts attributed the fall to offloading of positions by speculators at prevailing higher levels coupled with subdued spot demand.

? COPPER ( 29 - July - 2017 )
Copper futures traded 0.39 per cent higher at Rs 387.70 per kg today as speculators built more bets amid a firming trend at the domestic spot market even as metal weakened overseas. In futures trade, copper for delivery in far-month November was trading higher by Rs 1.55, or 0.39 per cent, at Rs 394.05 per kg in a business turnover of 84 lots at Multi Commodity Exchange. Similarly, the metal for delivery in August edged up by Rs 1.45, or 0.38 per cent, at Rs 387.40 per kg in 1,000 lots. Market analysts said a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries influenced copper futures here. They said metal's weakness at the London Metal Exchange (LME) on strength in dollar eroded demand for commodities, which limited the gains. Meanwhile, copper for delivery in three months slipped 0.2 per cent to USD 5,956 per tonne at the LME yesterday.


? LEAD ( 28 - July - 2017 )
Lead prices edged higher by 0.85 per cent to Rs 142.25 per kg in futures trade today after traders widened their bets amid pick-up in demand at the domestic spot market. At Multi Commodity Exchange, lead for delivery for the current month rose by Rs 1.20, or 0.85 per cent, to Rs 142.25 per kg in a business turnover of 1,288 lots. The metal for delivery in August edged up by Rs 1.15, or 0.81 per cent, to Rs 143.30 per kg in 25 lots. Market analysts said uptick in demand from battery-makers in the domestic spot markets kept lead prices higher in futures trade, but weakness in select base metals overseas squeezed the gains.

? NICKEL ( 28 - July - 2017 )
Nickel prices were up by Rs 3.40 at Rs 626.90 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets. Nickel to be delivered in August contracts rose by Rs 3.40, or 0.55 per cent, to Rs 626.90 per kg at Multi Commodity Exchange in a business turnover of 174 lots. The metal for delivery in July was trading higher by Rs 2.90, or 0.47 per cent, at Rs 621.90 in 975 lots. Analysts said the rise in nickel prices in futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot market.

? COPPER - ( 27 - July - 2017 )
Buoyed by firm global cues, copper prices moved up by 1.46 per cent to Rs 389.25 per kg in futures trade today as traders widened their bets. Furthermore, pick-up in demand at the domestic spot markets, too supported the upside in metal prices. At Multi Commodity Exchange, copper for delivery in August rose by Rs 5.60 or 1.46 per cent to Rs 389.25 per kg in a business turnover of 35,559 lots. Similarly, the metal for delivery in November contracts traded higher by Rs 5.35 or 1.37 per cent to Rs 395.35 per kg in 612 lots. Analysts attributed the rise in copper futures to firm trend at the London Metal Exchange (LME) where it surged to over 4-month high. Besides, uptick in demand from consuming industries at the domestic spot markets supported the upside, they said.

? ZINC ( 26- July - 2017 )
Zinc futures edged up 1.25 per cent to Rs 181.55 per kg today after speculators built up bets on the back of pick-up in demand at the domestic spot market. In futures trading at the Multi Commodity Exchange, zinc for delivery in current month gained Rs 2.25, or 1.25 per cent, to Rs 181.55 per kg, in a business turnover of 30,412 lots. Metal for delivery in August also rose by Rs 2.05, or 1.14 per cent, to trade at Rs 181.80 per kg in 707 lots. According to marketmen, uptick in demand at domestic spot markets from consuming industries supported the upside in zinc futures here.

? NICKEL ( 25 - July - 2017 )
Continuing its rising streak for yet another day, nickel prices were higher by 0.75 per cent to Rs 622 per kg in futures trading today as participants engaged in enlarging their positions, tracking a firm trend in select base metals overseas. Besides, increased demand from consuming industries at domestic spot market fuelled the uptrend. At the Multi Commodity Exchange, nickel for delivery in August went up by Rs 4.60, or 0.75 per cent to Rs 622 per kg in business turnover of 1,934 lots. On similar lines, the metal for delivery in current month contracts edged higher by Rs 3.90, or 0.64 per cent to Rs 616.50 per kg in 31,047 lots. Analysts said widening of positions by traders on the back of firm trend overseas and pick-up in demand from alloy- makers in the domestic spot market mainly kept nickel prices higher at futures trade.




NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
21 -JULY - 2017
? MENTHA OIL ( 30 - July - 2017 )
Futures contracts of mentha oil and cardamom saw an upswing on MCX this week in the agri-commodity basket. On NCDEX a number of commodities like guar gum complex, soybean and RM seed showed an upwards trend. The mentha futures for August delivery is heading for its highest weekly gain of 6.6% in last one year. It has hit nearly four months high to close above Rs 1050 per kg. The prices have jumped more than 16.7% during the current month, which is highest monthly increase since March 2012, when prices jumped 22%.

? CRUDE PALM OIL ( 30 - July - 2017 )
Crude palm oil prices went down by 0.77 per cent to Rs 487 per 10 kg in futures trading today as speculators cut down positions following easing demand in the spot market against adequate stocks position. At the Multi Commodity Exchange, crude palm oil for delivery in August fell by Rs 3.80, or 0.77 per cent, to Rs 487 per 10 kg in a business turnover of 266 lots. Similarly, the oil for delivery in July was trading lower by Rs 1.90, or 0.39 per cent, to Rs 489 per 10 kg in 81 lots. Analysts said trimming of positions by traders owing to subdued demand in the spot market against ample stocks position on increased supplies from producing regions mainly led to the decline in crude palm oil prices at futures trade.

? MENTHA OIL - ( 29 - July - 2017 )
Mentha oil prices were trading up by 0.22 per cent to Rs 1,070.50 per kg in futures market today as participants raised holdings amid surging domestic demand at spot market and restricted arrivals from producing regions. At the Multi Commodity Exchange, mentha oil for delivery in August rose by Rs 2.40, or 0.22 per cent, to Rs 1,070.50 per kg in a business turnover of 504 lots. Likewise, the oil for delivery in July edged up by Rs 1.20, or 0.11 per cent, to Rs 1,059.50 per kg in 22 lots. Analysts said raising of bets by traders, driven by rising demand from consuming industries in the spot market against restricted supplies from Chandausi, mainly attributed the rise in mentha oil prices at futures trade.

? REFINED SOYA OIL - ( 29 - July - 2017 )
Refined soya oil prices moved down by 0.53 per cent to Rs 643.20 per 10 kg in futures trading today as participants cut down positions, taking weak cues from spot market on sluggish demand. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August fell by Rs 3.40, or 0.53 per cent, to Rs 643.20 per 10 kg in a business turnover of 29,410 lots. Similarly, the oil for delivery in September also enquired lower by Rs 2.85, or 0.44 per cent, to Rs 650 per 10 kg in 5,790 lots. Analysts said offloading of positions by traders on the back of tepid demand in the physical market against ample stocks position on increased supplies from producing belts mainly led to the decline in refined soya oil prices at futures trade.

? CHANA FUTURES ( 29 - July - 2017 )
Chana prices fell by Rs 32 to Rs 4,811 per quintal in futures trade today due to subdued demand at spot market. At the National Commodity and Derivatives Exchange, chana for delivery in September declined by Rs 32, or 0.66 per cent to Rs 4,811 per quintal with an open interest of 17,220 lots. Market analysts attributed the slide in chana futures to offloading of positions by traders owing to muted demand in physical market against ample stocks position.

? SUGAR - ( 29 - July - 2017 )
Sugar prices are likely to remain firm over the next three months on increased festival demand and a supply crunch, traders said. Sugar prices have climbed 3 per cent since July 1despite a lower tax burden on the commodity under the goods and services tax (GST) regime as traders delayed purchases to take benefit of input credit, drying up supply lines. Tax on sugar has come down to 5 per cent from about 8 per cent since July 1 when the GST was rolled out. Although, the effective tax on sugar has come down after GST, this has not helped end consumers," said Ashok Jain, president at Bombay Sugar Merchants’ Association. "Sugar prices have increased rather than declining for the end consumer." In order to take input credit under GST, sugar traders had stopped buying sugar in June and were off loading the stocks with them.

? BLACK PEPPER - ( 28 - July - 2017 )
In a bid to expand its agri product suite and further contribute to the growth of agriculture market in India, Multi Commodity Exchange of India on Thursday launched trading in Malabar Garbled Black Pepper futures contract. Currently, September, October and November Black Pepper contracts will be available for trading on the Exchange, with 1 MT as the trading unit and Kochi (Kerala) as the basis centre. The transaction charges on Black Pepper futures contract is Rs.5/- per crore of turnover. MCX recorded volume of 313 MT, till the time of going to the press (at 3.20 pm). In addition to serving the most important role as a price risk management tool, black pepper futures contract will also help planters by empowering them to make better cropping, selling decisions, improving flow of information across the entire crop ecosystem, developing better storage and grading infrastructure and improving access to finance.

? MUSTARD ( 28 - July - 2017 )
In the current week, futures contracts of all benchmark edible oil and oilseed basket, excluding mustard (Rmseed), traded higher on domestic commodity exchanges. Among spices, turmeric, jeera and coriander traded on negative note while cardamom futures closed higher for the sixth time in last eight weeks.

? SOYBEAN - ( 28 - July - 2017 )
Soybean futures on National Commodities and Derivative Exchange (NCDEX) were up by 0.63% this week to close above Rs 3,010 per quintal. The gain in prices is attributed to improved soybean demand and reports of lower soybean acreage during the current kharif season. As per government data, area under soybean crop across the country for the 2017-18 kharif was 73.44 lakh hectares till last week, down about 11.7% on year. Last year, the acreage was 83.14 lakh hectares.

? RM SEED ( 27 - July - 2017 )
Rmseed futures traded in a narrow range and are heading for weekly loss of about 0.5% on reports of sufficient stocks and steady demand in the country. Edible oil prices have moved little higher on hope of good increase in import duty coupled with firm international edible oil prices but higher stock positions in the country and steady domestic demand capped further gains,"

? CARDAMOM - ( 27 - July - 2017 )
Cardamom futures on Multi-Commodity Exchange (MCX) jumped more than 6% this week due to lower than expected supplies from new season crop amid lower than normal monsoon rains in cardamom growing areas in Kerala.

? TURMERIC - ( 26 - July - 2017 )
Turmeric futures on NCDEX fell more than 4.5% this week due to higher acreage reported in Telangana coupled with good rains in turmeric growing areas of Maharashtra and Karnataka. In Telangana, turmeric acreage as on 19-Jul-17, up 90% to 33,000 hectares as compared to last year acreage of 28,000 hectares. The normal acreage is close to 47,000 hectares.

? COTTON - ( 26 - July - 2017 )
MCX cotton recovers this week due to reports of crop damage in Gujarat and Punjab due to above normal rains. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha for same period.

? SUGAR - ( 25 - July - 2017 )
Shares of sugar companies were on a high, rallying between 2 per cent and 10 per cent on Thursday after sugar prices on the National Commodity and Derivatives Exchange (NCDEX) got locked in an upper circuit. Analysts said optimism over the government's decision to increase import duty on sugar to 50 per cent and a good monsoon have led to the rise in shares of sugar companies. However, many others said investors are better advised to be cautious on sugar stocks at current prices.

? CRUDE PALM OIL ( 25 - July - 2017 ) -
Crude palm oil prices declined further by 1.21 per cent to Rs 477.90 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand in the spot market. Besides, ample stocks on increased supplies from producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 5.90, or 1.21 per cent, to Rs 477.90 per 10 kg, in a business turnover of 549 lots. Likewise, the oil for delivery in August traded lower by Rs 5.50, or 1.15 per cent, to Rs 474.40 per 10 kg in 831 lots. Analysts said trimming of positions by traders due to subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude palm oil prices at futures trade.

? CARDAMOM ( 24 - July - 2017 ) -
Cardamom prices fell 1.87 per cent to Rs 1,022 per kg in futures trade today as speculators booked profits at prevailing levels amid easing demand in the spot market. Besides, sufficient stocks on higher arrivals from the major cardamom producing regions too weighed on the prices.
At the Multi Commodity Exchange, cardamom for delivery in August contract fell by Rs 19.50, or 1.87 per cent, to Rs 1,022 per kg, in a business turnover of 45 lots. Similarly, the spice for delivery in September edged down by Rs 11, or 1.12 per cent, to Rs 966 per kg, with trading volume of 9 lots. Marketmen said besides profit-taking by speculators at existing levels, increased arrivals from producing regions, mainly put pressure on cardamom prices in the futures market.

? MENTHA OIL ( 24 - July - 2017 ) -
Mentha oil prices drifted lower by 1.03 per cent to Rs 946 per kg in futures trade today as speculators trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stocks position on higher supplies from producing regions too influenced mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery this month traded lower by Rs 9.90, or 1.03 per cent, to Rs 946 per kg, in a business turnover of 499 lots. On similar lines, the oil for delivery in August declined by Rs 8.70, or 0.89 per cent, to Rs 959.20 per kg in 80 lots. Analysts said offloading of positions by participants due to subdued demand from consuming industries at the spot market against ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices in futures trade.

? CRUDE PALM OIL - ( 24 - July - 2017 ) -
Crude palm oil prices declined by 0.43 per cent to Rs 485.20 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand at the spot market. Besides, ample stocks position on increased supplies from producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 2.10, or 0.43 per cent, to Rs 485.20 per 10 kg, in a business turnover of 68 lots. Likewise, the oil for delivery in August contract traded lower by Rs 1.40, or 0.28 per cent, to Rs 481.50 per 10 kg in 130 lots. Analysts said trimming of positions by traders amid subdued demand at the spot market against sufficient stocks position mainly attributed the slide in crude palm oil prices in futures trade.

( 24 -JULY - 2017 )
? RMSEED
In the current week, futures contracts of all benchmark edible oil and oilseed basket, excluding mustard (Rmseed), traded higher on domestic commodity exchanges. Among spices, turmeric, jeera and coriander traded on negative note while cardamom futures closed higher for the sixth time in last eight weeks.
Soybean
Soybean futures on National Commodities and Derivative Exchange were up by 0.63% this week to close above Rs 3,010 per quintal. The gain in prices is attributed to improved soybean demand and reports of lower soybean acreage during the current kharif season. As per government data, area under soybean crop across the country for the 2017-18 kharif was 73.44 lakh hectares till last week, down about 11.7% on year. Last year, the acreage was 83.14 lakh hectares.
"Rmseed futures traded in a narrow range and are heading for weekly loss of about 0.5% on reports of sufficient stocks and steady demand in the country. Edible oil prices have moved little higher on hope of good increase in import duty coupled with firm international edible oil prices but higher stock positions in the country and steady domestic demand capped further gains,"


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