Commodity trends
Soybean
Soybean prices have rallied this year, amid signs of strong demand from China. Demand in the spot market improved over the week due to a rise in overseas soybean prices on concerns over emergence of El-Nino for the 2014 monsoon season. The Soybean Producers Association said that soybean production is to be lowered to 12.23mt (million tonnes) from 12.98mt earlier. The March soybean contract on the NCDEX closed 0.86% up, at Rs4,050.5/100kg on 27th February.
 
Copper
Copper prices have been under pressure on concerns about China’s economy and as China’s property prices cooled down. This has dampened demand for copper not only in the construction sector but in the home appliances sector as well. This affected prices internationally as China is the second in global copper demand, behind US. On 27th February, March futures prices on the MCX fell by 2.21%, to Rs442.55/kg from Rs453/kg on 19th February.
 
Gold
Gold prices continue to trade with a positive bias, as safe haven buying, due to Ukraine-Russia tensions, coupled with a weaker dollar, helped demand. However, expectations of the US Fed continuing to reduce its stimulus programme could dent gold’s appeal. Gold, in dollar terms, has gained nearly 7% in February 2014, to $1,330/ounce. Back home, movement of the rupee would play a major role.

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