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Turkish lira surges after bold central bank action

Submitted: 11/03/14 at 18:21PM

Comment () Tweet ANKARA, Turkey (AP) — The surprisingly big interest rate rise by Turkey's central bank has paid dividends, at least in the short-term, as the country's currency surged on foreign exchange markets.

In morning trading Wednesday, the Turkish lira was up 1.8 percent against the dollar at 2.2116 Turkish lira. Meanwhile, the main stock exchange was up 0.6 percent at 63,899.

India's President: ‘I can change my friends, but not my neighbours'

Submitted: 03/10/13 at 17:46PM

Pranab Mukherjee has been president of India for just over 12 months. Though his role as head of state is largely ceremonial Mr Mukherjee is a veteran politician having held several portfolios in government.

India's former Prime Minister Indira Gandhi was his mentor in a political career which began with his election to parliament in 1969.

Euronews went to the Presidential Palace in New Delhi to meet Mr. Mukherjee on the eve of his trip to Brussels where he will attend Europalia, a four-month event being staged to raise the cultural profile of India in Europe.

In India, a nation of shopkeepers frets over retail reform

Submitted: 20/09/12 at 3:05AM

Customers squeezing through the narrow aisles of Sushant Goel's tiny grocery store in central Delhi need to be careful. Just brushing up against the rickety free-standing shelves packed with food and toiletries can cause them to wobble dangerously.

Goel, 61, inherited the general store, or kirana, in Delhi's Bengali Market from his father 23 years ago and is now slowly handing over the business to his sons. Like many kiranas, it is a business built on a reputation for reliability of service, one earned over generations.

SIGC Cardamom Auction Quotes:

Submitted: 21/06/2011 at 6:13PM
As per the latest updates from the Spices Board of India, the average prices of cardamom in the auction held at South Indian Green Cardamom Company Ltd, Kochi on Tuesday (as on 21st June 2011) stood at Rs 784.08 and maximum price was at Rs 1023 per kg. The arrivals and offtakes stood at 71317 kg.

The average prices in the previous auction were Rs 745.96 per kg, meanwhile arrivals and offtakes stood at 14464 kg.

Spot Market Update: Pepper Ends Up By Rs 300 In Kochi Mandi

Submitted: 21/06/2011 at 6:00PM
Pepper arrivals in Kochi Mandi decreased to 200 quintals on Tuesday as on 21st June 2011 from 300 quintals, meanwhile offtakes increased to 400 quintals from 150 quintals as on Monday.

Black Pepper for ready delivery in Kochi, closed Tuesdays trading session (as on 21st June 2011) with positive note at Rs 28,300, up by Rs 300 and Un-Garbled pepper ended at Rs 27,500 per 100 kg, up by Rs 300 over last close.

Jeera Settles Up Around Rs 200 On Short Covering

Submitted: 21/06/2011 at 5:12PM

The NCDEX Jeera futures gained further lead by short covering, spillover strength from the back pepper futures and lower arrivals in the local mandis. Arrivals in the domestic market have started to decline gradually due to ending season. As per market sources, the total production of jeera in the current season is likely to be around 21 lakh bags ( 1 bag = 60 kgs ) against 28 lakh bags reported last year. This was mainly due to sharp decline in sowing acreage of jeera crop in Gujarat. Jeera futures are likely to gain further in near term on short covering and bargain buying at lower levels amid domestic arrivals have started to decline gradually due to ending season.

The NCDEX Jeera for the July delivery traded in the range of Rs 13845- 13645 and ended the last session higher by Rs 194 or 1.42% over the last close. The open interest dipped by 0.66% to 17709 tonnes.

Jeera prices of new crop traded in the range of Rs 11,000-12,500 per quintal (Rs 11,000-13,000 as on Monday) at Unjha Mandi. Best quality traded at Rs 15,000 per quintal. The total fresh arrivals at around 6,000 bags (demand was reported around 6,000 bags) were reported against 7,000 bags on Monday.

The harvest period in India for cumin starts around February-March. The country is the worlds largest producer and consumer of the commodity. While India consumes 75-80% of the commodity produced, the other producing countries export most of the product. The global market for jeera shows a lower pressure during June -August due to arrival pressure from Syria, Turkey and Iran.

Indian production is likely to be at 28-30 lakh bags or more than 1.5 lakh tonnes. Besides India, cumin seed or jeera is cultivated in Iran, Turkey and in Syria mainly for exports. The new crop in Syria and Turkey is harvested in August-September, so until then, Indian jeera will find good market in overseas countries. As per the latest release from the Spices Board of India, during April-March 2010-11, jeera exports dropped by 35% to 49,250 tonnes.

Agri Buzz: EU Slashes Food Support For Poor 77% To EUR113M In 2012

Submitted: 21/06/2011 at 4:02PM
The European Union has slashed its food support scheme for the blocs poorest people to less than a quarter of its previous size, even as rising food inflation continues to hurt hard-pressed consumers.

Total funds for the 2012 supply of food for the most deprived EU citizens is pegged at EUR113 million, the EUs executive arm the commission said in a statement. That compares with EUR500 million awarded in recent years.

The fall in support comes after the Court of Justice in April ruled that the scheme must be funded by EU food stocks, which currently stand at 162,000 metric tons of cereals and 54,000 tons of skimmed milk powder. EU inventories have fallen as the blocs farming support scheme, the Common Agricultural Policy, has been reformed to make it more market oriented. But with an estimated 43 million people in the EU at risk of food poverty, meaning that they cannot afford a proper meal every second day, and annual food price inflation in the EU up 2.7% in May, the strongest reading since December 2008, the poorest are likely to feel the reduction in support sharply.

Commissioner for Agriculture and Rural Development, Dacian Ciolos, called for a new agreement to allow a greater amount of supplies to be taken from the open market. Such a proposal was put forward last year but agreement to the changes remains in deadlock. The easiest solution would be for member states to agree the proposal that is on the table and already has political support from the European Parliament, he said.

Mustard seed Swells on Weak Arrivals in Major Mandies

Submitted: 21/06/2011 at 3:54PM

Stockiest and millers buying continued in mustard seed market trading day due to string crushing demand along with robust export demand of mustard meal (oil cake). The future prices augmented 1% today.

As per market sources, strong crushing margins in mustard seed incited the steady offtake of millers and stockiest. The total daily arrivals of mustard seed have reduced to 1.50 lakh bags against 2-2.50 lakh bags that were reported at the beginning of the month.

Moreover , strong export demand was also seen in mustard seed de-oil cake market . As per latest release by Solvent Extractors Association of India, the total exports of mustard meal for the month of May 2011 was at 2.72 lakh tonnes compared to 1.82 lakh tonnes in the corresponding period of the previous year.

Therefore, future prices of mustard seed NCDEX July Benchmark contract increased by Rs 17 per quintal today to trade at Rs 2880 per quintal.

Spot Market Update: Cotton Arrivals In India Edges Up 4.24% Till 19th June

Submitted: 21/06/2011 at 3:52PM
Domestic cotton arrivals in Indian spot markets till 19th June 2011 during the season 2010-11 edged up by 4.24% on year. The per day arrivals are reported around 20,000 bales. Arrivals as on 19th June 2011 stood at 30.23 million bales of 170 kg each, compared with 29.01 million bales a year ago, the state-run Cotton Corp of India said on its website.

Spot Market Update: Potato Arrivals Up In Azadpur Mandi

Submitted: 21/06/2011 at 3:19PM
Potato arrivals in the Azadpur mandi in Delhi were at 85 motors (75 Motors as on 20th June 2011). The Cold storage stood at Rs 500-600 per 100 kg (Rs 480-640 per 100 kg as on 20th June 2011).

Spot Market Update: Mentha Oil Prices Up In Major Mandis

Submitted: 21/06/2011 at 3:03PM
The spot prices of mentha oil in Sambhal mandi, Uttar Pradesh were quoting at Rs 975 per kg (Rs 972 per kg as on 20th June 2011). Meanwhile, the spot prices were quoting at Rs 974 per kg (Rs 970 per kg as on 20th June 2011) in the Chandausi mandi.

The total arrivals in all the major mandies were reported at around 800 drums today (600 drums arrived as on 20th June 2011).

Spot Market Update: Guar Seed Trades Higher By Rs 25 In Jodhpur Mandi

Submitted: 21/06/2011 at 2:50PM
Guar gum in the Jodhpur mandi in the state of Rajasthan quoted at Rs 10,600, up by Rs 50-100 per 100 kg. Guar seed traded at Rs 3,475, up by Rs 25 per 100 kg. Guar seed arrivals stood steady at 10,000 bags in the Jodhpur Mandi.

Agri Buzz: Kazakhstan Spring Sowing Area Down Almost 50,000 Hecatres In 2011

Submitted: 21/06/2011 at 2:48PM

According to data of the regional departments of ministry of Agriculture of the Republic of Kazakhstan, the general sowing areas under spring grains in Kazakhstan in 2011 totaled 15.85 million hectares, a decrease of 500 thousand hectares compared to the last year results .

In the current year, Kazakhstan sowed maize throughout 98 thousand hectares, and rice - 94 thousand hectares, which is slightly different from the last year results.

The sowing areas under oilseeds increased by 50 thousand hecatres, and reached the level of 1.76 million hecatres (sunflower - 939 thousand hecatres, rapeseed - 183 thousand hectares). In the current year, agrarians decreased rapeseed sowings by 176 thousand hecatres compared to the last year, and increased safflower sowings by 62.5 thousand hecatres.

Spot Market Update: Chilli Prices Stood Steady In Guntur Mandi

Submitted: 21/06/2011 at 2:33PM

Chilli 334 prices stood steady at Rs 9,000 per quintal in the Guntur spot market with the total arrivals of around 45,000 bags (8,000 bags of Khammam teja) against 50,000 bags on Monday.

 

Mandi

Variety

Prices ( Rs  per quintal )

Change from the previous day

Guntur ( Andhra Pradesh )

334

9,000

 Steady

 

Teza New

9,300

 Steady

 

Vyadi

11,500

 Steady

 

khammam teja

 9,300

 Steady

 

No- 341

9,500 - 9,600

 Steady

 

Chandramukhi

9,000

 Steady

Madhya Pradesh

MICO

 

 

 

Spot Market Update: Jeera Price Down By Rs 500 In Unjha Mandi

Submitted: 21/06/2011 at 2:09PM
Jeera prices of new crop were trading in the range of Rs 11,000-12,500 per quintal (Rs 11,000-13,000 as on Monday) at Unjha Mandi. Best quality is trading at Rs 15,000 per quintal. The total fresh arrivals at around 6,000 bags (demand was reported around 6,000 bags) were reported against 7,000 bags on Monday.

Spot Market Update: Gur Arrivals Up In Muzaffarnagar Mandi

Submitted: 21/06/2011 at 1:46PM
As per market sources, the total daily arrivals of gur at major Muzaffarnagar mandi were reported at 250 bags as against 100 bags on Monday.

In the Spot market of Muzaffarnagar mandi, gur khurpa quality were trading steady at Rs 2,350 per quintal, chaku variety were trading in the range of Rs 950-1000 per 40 kg (Rs 950-1020 per 40 kg as on Monday), laddu quoted at Rs 1,100 -1,115 per 40 kg and Sahkker Powder variety traded at Rs 1,160 - 1,180 per 40 kg (Rs 1,150 - 1,180 per 40 kg as on Monday).

Spot Market Update : Mustard seed Arrivals At Major Mandies As On 21st June, 2011

Submitted: 21/06/2011 at 1:43PM
New Page 2

As per market sources, the total arrivals of mustard seed decreased by 15000 bags from the previous day to 1.55 lakh bags in major mandies today.  The spot prices of mustard seed were quoting at around at Rs 2875 per quintal at Jaipur mandi, Rs 2950 per quintal at Agra , Rs 2450 per quintal at Hapur and Rs 2500 per quintal at Hissar mandi.

 State- wise Arrivals Summary: 

State Arrivals ( in Bags )  No.of BagsChange from the last day
Rajasthan90000-15000
Uttar Pradesh11000-2000
Madhya Pradesh110001000
Gujarat5000 
Haryana & Punjab130008000
Others10000-2000
Total140000-15000

Source : commodityinsights.com

Spot Market Update: Turmeric Prices Stood Steady In Major Mandis

Submitted: 21/06/2011 at 12:49PM
Turmeric arrivals in the benchmark Nizamabad mandi stood steady at 4,000 bags, with prices quoting at Rs 7,300 per 100 kg, down by Rs 100 over the last close.

The arrivals at Erode in the state of Tamil Nadu increased to 8,000 bags from 6,000 bags and traded steady at Rs 7,000 per 100 kg. Meanwhile, in Salem mandi prices stood steady at Rs 8,000 per 100 kg.

In the Nanded mandi of Maharashtra, select quality traded steady at Rs 7,500 per 100 kg and the Powder quality traded in the range of Rs 6,000 - 6,800 per 100 kg. In Sangli, Rajapuri variety was quoting at Rs 10,000 per 100 kg while Desi Kadppa was at Rs 7,500 per 100 kg.

China Confirms May Soyabean Imports At 4.56 Million Tonnes

Submitted: 21/06/2011 at 12:41PM

Chinas General Administration of Customs has confirmed the Chinas soybean imports in May at 4.56 million metric tonnes, up 4% from the last year in the same period.

Customs also confirmed that the total imports in the first five months declined by 1% to 19.41 million tonnes.

International Prices of Imported Edible Oil

Submitted: 21/06/2011 at 12:13PM
New Page 1

International Prices of Edible Oil As On 21st June 2011

Kandla - C& F  ($ per Tonne )

CPO

July  1105

 

RBD

July  1165

Kandla - CIF     ( $ per Tonne )

SOYA OIL

Ready  1310

 

SUNFLOWER OIL

Ready 1435

High seas  ( Rs per KG)

CPO

Ready  492

 

RBD

Ready  540

 

Source : commodityinsights.com

Jeera Rebounds On Bargain Buying At Lows

Submitted: 21/06/2011 at 11:54AM

Indian Jeera futures rebounded from the recent low lead by fresh buying amid spillover strength from the back pepper and lower arrivals in the local mandies.

Benchmark July Jeera on NCDEX ended the last session lower by 2.15% at Rs 13636 after hitting a new low of Rs 13,600 per 100 kg.

In todays early trading session, Jeera for the July delivery traded in the range of Rs 13700-13809 and the contract is currently trading higher at Rs 13739, up Rs 103 or 0.75% over the last close. The open interest added 0.81% to 17970 tonnes.

Arrivals in the domestic market have started to decline gradually due to ending season. Jeera futures are likely to gain further in near term on short covering at lower levels amid domestic arrivals have started to decline gradually due to ending season.

As per market sources, the total production of jeera in the current season is likely to be around 21 lakh bags ( 1 bag = 60 kgs ) against 28 lakh bags reported last year. This was mainly due to sharp decline in sowing acreage of jeera crop in Gujarat .

The weak export demand and also due to the harvesting report from other producing nations may restrict the gains.

As per the latest release from the Spices Board of India, during April-March 2010-11, jeera exports dropped by 35% to 49,250 tonnes. The harvest period in India for cumin starts around February-March. The country is the worlds largest producer and consumer of the commodity. While India consumes 75-80% of the commodity produced, the other producing countries export most of the product. The global market for jeera shows a lower pressure during June -August due to arrival pressure from Syria, Turkey and Iran.

Indian production is likely to be at 28-30 lakh bags or more than 1.5 lakh tonnes. Besides India, cumin seed or jeera is cultivated in Iran, Turkey and in Syria mainly for exports. The new crop in Syria and Turkey is harvested in August-September, so until then, Indian jeera will find good market in overseas countries.

Edible Oil Complex Rebounds On Positive Global Cues

Submitted: 21/06/2011 at 11:37AM

Indian edible oils futures rebounded from the previous losses supported by positive global cues. US Soybean complex prices closed higher on Monday. July soybean oil futures rose 10 points at 56.02 cents per pound and are currently trading higher at 56.26,up 0.26 cents a pound. The Malaysian CPO futures gained in the early trading session with the benchmark September contract is currently trading higher at MYR 3204, up MYR 11 per tonne.

Benchmark Refined Soya Oil July contract traded in the range of Rs 636.80-Rs 635.40 and is currently trading at Rs 635.80, up Rs 2 over the last close. The open interest added 0.14% to 130940 tonnes, indicating fresh buying. The July Soyabean contract is currently trading at Rs 2289, up Rs 15 or 0.65% over the last close.

The benchmark July RM seed contract is currently trading higher at Rs 2868, up Rs 6 or 0.21% over the last close.

Pepper Improves Around Rs 380

Submitted: 21/06/2011 at 10:58AM

Black pepper on NCDEX gained sharply on some short covering in the early trading session. The benchmark July contract improved by Rs 379 to the session high of Rs 29476 and the contract is currently trading at the session high. The open interest dipped by 0.41% to 7556 tonnes, indicating short covering. Volume traded as of now stood at 1,653 tonnes.

Lower arrivals in the local mandis against the strong demand amid technical cues at strong support levels are likely to support the uptrend. However weak export demand and ample supply in global market may limit the gains. Supplies from India have been poor in spot because of almost stagnant production in the last two-three years. Unseasonal rain in October-December affected the yield of pepper vines and is likely to slash output this year.

According to the International Pepper Community, world pepper output this year will fall by about 6,500 tonnes against 2010 to 310,000 tonnes due to unfavorable weather conditions and pests in several producing countries.

In May 2011, black and white pepper Price Index increased by 6.52 and 6.07 points respectively, the International Pepper Community said. The composite price of black pepper increased by 3.3% to USD 5,900 per metric tonne from USD 5,712 in April 2011, while that of white pepper increased by 3.2% from USD 8,143 per mt in April 2011 to USD 8,402 in May 2011. They were the highest ever recorded prices since 2009.

According to IPCs 2011 projection, India is expected to produce 48,000 tonnes, followed by Indonesia (37,000 tonnes), Brazil (35,000 tonnes), Malaysia (25,672 tonnes), China (23,300 tonnes), Sri Lanka (17,102 tonnes) and Thailand (9,750 tonnes).

Market Speaks: Sugar Surges More Than 2% on Strong Export Demand

Submitted: 21/06/2011 at 10:53AM

Sugar futures augmented by more than 2 % in the last one week on the heels of strong exports from major producing states.

As per trade sources, the forward prices of Londons benchmark August white sugar contract have increased by more than 20% in the last one month to trade around $728 per tonne in the wake of some problems in Brazils port and that may reduce the crushing demand from the country.

Therefore, millers are currently taking the advantage of steady prices of white sugar in international market as India has exported around 4.16 lakh metric tonnes of sugar out of the total 5 lakh tonnes allowed under its open general license scheme.

Moreover, strong domestic demand of cold drinks industries during the summer season also incited the strong gains in domestic sugar prices.

The NCDEX July Sugar futures gained almost Rs 54 per quintal in the last one week to trade at Rs 2554 per quintal today.

Cardamom Rises Further On Strong Spot Demand

Submitted: 21/06/2011 at 10:34AM

Cardamom futures rose sharply further on the back of strong spot market demand against restricted arrivals from producing belts. MCX cardamom ended the last session higher by 4% on the last trading session.

As per the latest updates from the Spices Board of India, the average prices of cardamom in the auction held at Cardamom Planters Association, Santhanpara on Monday (as on 20th June 2011) stood at Rs 745.96 and maximum price was at Rs 877 per kg. The arrivals and offtakes stood at 14464 kg. The average prices in the previous auction were Rs 766.12 per kg, meanwhile arrivals and offtakes stood at 67885 kg.

MCX Cardamom for the July contract gained further in todays trading session with the contract surging by Rs 21.20 to the session high of Rs 868.50 a kg. The contract is currently trading higher at Rs 868.50 and the open interest added by 1.07% to 2,079 lots. Volume traded as of now stood at 814 lots.

Oil Bounces Back On Market Optimism

Submitted: 21/06/2011 at 9:52AM

Crude oil futures bounced back above $ 93 a barrel buoyed by the optimism in the Asian equity markets. The weakness in dollar and some relative optimism about Greeces debt-situation helped support prices.

Oil for July delivery is trading up 39 cents at $93.65 a barrel on the New York Mercantile Exchange during Asian trading hours. On Tuesday, the American Petroleum Institute releases its weekly inventory report.

Oil markets have been monitoring the euro-zones sovereign-debt situation and the implications the unfolding crisis have for global energy demand.

The Federal Trade Commission (FTC) said Monday it is investigating whether oil producers and refiners are doing anything to hamper competition in the production and refining of crude or petroleum products. The FTC is assisting a separate investigation into illegal trading activity in the oil markets, launched by Attorney General Eric Holder in April.

MCX new benchmark July contract may start the session above Rs 4200 with resistance near Rs 4242 levels.

Agri Buzz: Floods Drive Up Food Prices In China-Sate Media

Submitted: 21/06/2011 at 9:42AM
Flooding across eastern, southern and southwestern China has killed at least 175 people and is causing significant damage to vegetable crops, helping to drive up food prices at a time when the government is already fighting to contain inflation. The flooding has reduced vegetable output by about 20% from levels a year earlier in the worst-hit places, particularly in the eastern province of Zhejiang, according to state media. Food prices in May were up 11.7% from a year earlier, compared with a 5.5% increase in the overall consumer-price index.

Indian Turmeric Futures May Ease Further On Weak Cues

Submitted: 21/06/2011 at 9:24AM
Indian Turmeric futures for the July delivery on NCDEX ended the last session lower by 1.79% at Rs 7260 and the open interest dipped 4% to 8795 tonnes. Selling pressure is likely to continue in short term in turmeric market on the back of expected strong sowing in the current year along with comfortable carryover stocks in major mandis. July contract is likely to find support at Rs 7150 and resistance at Rs 7350 per 100 kg.

RSO Futures May Rebound From Prior Lows On Positive Global Cues

Submitted: 21/06/2011 at 9:15AM
US Soybean complex prices closed higher on Monday. July soybean oil futures rose 10 points at 56.02 cents per pound and are currently trading higher at 56.30, up 0.28 cents a pound. The Malaysian CPO futures gained in the early trading session with the benchmark September contract is currently trading higher at MYR 3209, up MYR 16 per tonne. The NCDEX Soya Oil July contract ended the last session lower by 0.19% at Rs 633.80 per 10 kg after moving in the range of Rs 637.95- 632.5 level. The contract is likely to recover tracking the positive global cues with resistance at Rs 640 and support at Rs 630 per 10 kg.

Agri Buzz: Rs. 77.50 Crore Released To Different States Under RADP -Ministry Of Agriculture

Submitted: 21/06/2011 at 9:04AM

Government has released Rs. 77.50 crore to different States under Rain-fed Area Development Programme (RADP) in 2011-12 so far. The budgetary allocation for the current financial year is to the tune of Rs. 250 crore. Rain-fed areas of Andhra Pradesh, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Orissa, Rajasthan, Tamil Nadu and Uttar Pradesh are covered under RADP. The programme aims at improving the quality of life of farmers, especially small and marginal farmers, by offering a complete package of activities suitable for rain-fed areas. The scheme is implemented by State Agriculture Department, the nodal agency for implementation of RKVY.

All the rain-fed areas (i.e. areas which are not covered under assured means of irrigation) having large extent of cultivable land and potential for increasing agriculture productivity are covered under RADP. Within the rain-fed areas, priority is given to arid, semi-arid and sub-humid ecosystems.

Rain-fed areas constitute about three-fourth of the land mass under arid, semi-arid, and dry-humid zones and account for nearly 57 per cent of the agricultural land spread across large parts of the country. These areas are significant in terms of ecology, agricultural productivity and livelihood for millions of rural households in the country.

US Soya Complex Gains On Strong Crude Oil

Submitted: 21/06/2011 at 8:13AM

US Soybean complex prices closed higher on Monday. July soybeans closed up 2 3/4 cents at $13.35 3/4. July soybean meal regained $1.00 to close at $350.00. July soybean oil futures rose 10 points at 56.02 cents per pound. New-crop November soybeans closed with a gain of 2 1/4 cents at $13.35 1/2.

Bearish news today was that China had shifted 120,000 tonnes of old-crop soybean purchases to the next crop year. Chinese imports have slowed. It is more confirmation that China has its needs adequately covered in the near term. In some past years, China has been a bullish surprise with purchases of U.S. beans that draw down stocks.

USDA announced that inspections totaled 4.2 million bushels. That is a below average pace and not enough to meet the USDA export forecast for the 2010/11 crop year if it does no better than that to August 31.

The dollar traded back and forth near unchanged most of the day. European crude oil was down today while the U.S. crude contract was a little higher.

US Corn Futures Recovers On Short Covering

Submitted: 21/06/2011 at 8:11AM

US Corn futures edged higher on Monday. The July contract was 1/4 cent higher at $7.00 1/2. December was 1/2 cent higher at $6.60 1/2.

Prices traded a few cents lower initially, but the market rebounded through the day to close slightly higher.

The combination of Greek debt concerns, favorable weather and crop ratings, and the Senates no confidence vote for ethanol triggered widespread selling last week. While the Senate action is not likely to be enacted, it signals weakening support for an extension of the current or modified tax credit beyond this year when it is set to expire. Ethanol mandates will continue to support ethanol production and demand, but without the ethanol tax credit, as the price spread between ethanol and gasoline narrows, there is less incentive to use ethanol. As long as gasoline prices are relatively high and at a premium to ethanol the impact is limited. But if gasoline prices weaken, ethanol production will pullback and track closer to the RFS mandates rather than far exceed them as is currently the case.

June Pepper Tumbles Sharply On Heavy Long Liquidation Expiry

Submitted: 20/06/2011 at 4:54PM

Pepper futures for the near month delivery declined sharply on heavy long position liquidation by the traders ahead of the expiry today. Pepper futures are going down on strong arrivals from Vietnam and reports of harvest progress in Indonesia. Most of the importing nations prefer cheap raw material other than India for importing pepper.

Near month June delivery on NCDEX moved in the range of Rs 29400 - 28800 and is currently trading lower at Rs 28800, down by Rs 576 or 2% over the last close. The open interest slumped by 39.14% to 1588 tonnes.

The July contract is currently trading at Rs 29101, down by Rs 50 over the last close. The contract moved in the range of Rs 29195 - 28850 level.

According to the Spices Board, the total quantity of 18,850 tonnes of pepper valued at Rs 383.19 crore was exported from India during the period April to March 2010-2011 as against 19,750 tonnes valued at Rs 313.93 crore last year.

Chana Futures Down On Stockiest Selling At Higher Levels

Submitted: 20/06/2011 at 4:45PM

Chana futures have witnessed some selling at higher levels due to steady sowing of kharif pulses in major producing states along with strong stock position of chana in major mandies. The NCDEX futures wilted more than Rs 10per quintal today.

As per latest release from Ministry of Agriculture, kharif pulses have been sown in 2.86 lakh hectare as on 16th June, which is more than 5 thousand hectare over the last years acreage. This resulted to some profit taking in chana futures at higher levels.

The NCDEX July Chana futures pared almost Rs 15 per quintal to trade at Rs 2639 per quintal today.

NCDEX Chilli Eases On Higher Arrivals In Guntur

Submitted: 20/06/2011 at 4:41PM

Chilli for the July delivery on NCDEX ended the last week up by 0.81% at Rs 8222 level. However, Red Chilli futures ended the last session lower by 1.77% at Rs 8236 per 100 and declined further on Mondays trading session.

Benchmark July Red Chilli moved in the range of Rs 8316- 8154 and is currently trading lower at Rs 8194, down by Rs 42 or 0.51% over the last close. The open interest added 4.07% to 11100 tonnes.

Chilli 334 prices stood steady at Rs 9,000 per quintal in the Guntur spot market with the total arrivals of around 50,000 bags (11,000 bags of Khammam teja) against 30,000 bags on Friday. The price of Teza new variety was down by Rs 200 to Rs 9,300 per 100 kg over last close.

Vietnam Rice Exports Reaches To 3.54 Million Tonnes During January 1 To June 16

Submitted: 20/06/2011 at 9:47AM

As per latest release from Vietnam Food Association (VFA), Vietnam exported 3.54 million tonnes of rice in the January1-June 16 period.

The revenue for the same period was reported at $1.67 billions.

Oil Extends Fall; Drops Below $92

Submitted: 20/06/2011 at 9:45AM

Crude oil futures extended its last weeks fall, trading below $92 a barrel in the Asia electronic session. Last week, the front-month NYMEX crude dropped $6.28, or 6.3 percent, the biggest weekly percentage loss since prices fell a record $16.75, or 14.7 percent in the week to May 6.

The data calendar is light this week, with little to distract from the upcoming meeting of the Federal Open Market Committee Tuesday and Wednesday. Among the economic data, it will be that related to the housing market that should likely have the most impact.

The FOMC meets on June 21 and 22. The post-meeting statement is expected at 12:30 ET Wednesday, to be followed by the update to the Feds economic forecast at 14:15 ET and Chairman Bernankes news conference. No change in monetary policy is expected. The economic data reflects heightened uncertainties about the sustainability of the two-year old recovery, and whether less subdued inflation is rising to quickly. No other major central banks have meetings scheduled until the first week of July.

A new financing strategy for Greece will be defined by early July, the Eurogroup said late Sunday, as negotiations between the Greek government and the European Commission continued toward solving the embattled nations sovereign-debt issues.

MCX June crude futures are expected to open todays session below Rs 4170 levels with a support expected near Rs 4125 levels.

Malaysia Palm Oil Exports Up 22% During June 1- 20 - Intertek

Submitted: 20/06/2011 at 9:43AM

As per latest release Cargo Surveyor Intertek Agri Services, Malaysias palm oil exports during the June 1-20 period augmented by 22% from a month earlier to 9.69 lakh tonnes.

Agri Buzz: Heavy Rains Reach Indias Eastern Rice Heartland After Delay-Weather Officials

Submitted: 20/06/2011 at 9:42AM

Heavy monsoon rains have hit Indias rice-growing eastern region after a delay, senior weather officials said, brightening prospects of a good crop, with the seasonal rains covering other key farm regions on time.

Rice output is estimated at 94.11 million tons in 2010-11. The area under rice sowing in India marginally rose to 1.04 million hectares until June 17 from 1.03 million hectares a year earlier, government data showed.

Food grain output is likely to rise to 240 million tons in 2011-12 from 235.88 million tons, Farm Secretary Basu said. The monsoons distribution and its timely progress will be crucial not only to next years crop, but also to any policy moves to lift a ban on rice and wheat exports.

Indias summer planting season starts in the last week of May and picks up with the onset of monsoon rains in June. The area under major summer-sown crops such as sugarcane, cotton, oilseeds and pulses also increased until June 17, the government data showed. Another weather official said the monsoon looked set to cross into Madhya Pradesh--a key oilseed producer in central India--in the next two to three days, as well as some parts of northern Uttar Pradesh state, a major rice and sugarcane producer.

The monsoon has been maintaining its progress over all other regions after arriving two to three days early, and will likely reach Indias capital New Delhi by June 26, he said. The monsoon is crucial as more than 70% of the rain soaking the countrys farmland comes during the June-September season. Weather department officials expect the monsoon will be normal this year. Monsoon rains enter Indias mainland from the southern state of Kerala at the end of May or in the first week of June and cover the rest of the country by July.

Agri Buzz: Brazils Winter Corn Crop May Miss Output Forecast - Agricultural Ministry

Submitted: 20/06/2011 at 9:37AM
Dry weather and late-season planting could cause Brazils winter corn harvest to miss official output estimates, though the shortfall should be partially offset by a larger crop area, according to Rabobank. Conab, as the crop-forecasting agency of the Agricultural Ministry is known, estimated that Brazils 2010-11 corn crop will reach 56.7 million metric tons, up 1.3% from a year earlier. The second crop, which was planted in March and will be harvested in the coming weeks, is expected to account for 21.7 million tons of corn, according to Conabs latest forecasts.

Edible Oils May Open Higher On Firm Foreign Markets

Submitted: 20/06/2011 at 9:36AM

MCX CPO futures are expected to move higher in todays early trading session on the back of firm Malaysian CPO futures and CBOT Soya Oil. The BMD September CPO contract is currently trading higher at MYR 3210, up MYR 16 per tonne. The July e-CBOT soya oil is currently trading higher at 56.30, up 0.38 cents per pound. MCX July CPO contract is likely to find resistance at Rs 498, Rs 501.50 and support at Rs 492, Rs 490.10 per 10 kg. The NCDEX Refined Soya Oil July contract is likely to find resistance at Rs 640.50 and support at Rs 630.50 per 10 kg.

MCX Cardamom May Face Selling At Higher Levels In Short Term

Submitted: 20/06/2011 at 9:15AM

Value buying at lower levels supported the cardamom with the July settlement ending the week up by 5% at Rs 816 a kg. Prices witnessed some resistance at higher levels on weak export orders and ample stocks with traders.

The rebound in the Cardamom is due to some buying at lower levels. However, futures are expected to witnesses selling at higher levels on weak export demand and higher stocks. Cardamom for the July delivery is likely to find support at Rs 800, Rs 780 while resistance at Rs 823, Rs 830 per 1 kg.

NCDEX Turmeric May Face Selling Pressure At Higher Levels

Submitted: 20/06/2011 at 9:11AM

Yellow spice recovered from the low with the July contract on NCDEX ending the week up by 2.24% at Rs 7392 per 100 kg. Prices rebounded on some value buying at contract low levels. Selling pressure is likely to emerge in turmeric market on the back of expected strong sowing in the current year along with comfortable carryover stocks in major mandis. Benchmark July turmeric is likely to find resistance at Rs 7,450, Rs 7,600 and support at Rs 7,300 and Rs 7,250 level.

As per market sources, cultivators in Andhra Pradesh and Maharashtra have reported the strong interest in turmeric crop due to cheap prices of turmeric seed in major mandies. The prices of Maharashtras Salem variety of seed were ranging between Rs 38-40 per kg while Kadapa variety seed was available at Rs 28- 30 per kg. The prices of all the varieties of turmeric seed were almost 50% cheaper than the previous year.

Moreover, the total carryover stocks of turmeric in the current year are likely to be projected at 13-15 lakh bags (1 bag = 60 kgs) against 4-5 lakh bags that were reported last year. This was mainly due to strong production in the previous year. The total production of turmeric in the current year is estimated at 65-68 lakh bags against 47 lakh bags of the last year. Normally, May month is the lean period for the turmeric but this year, all the major mandies have reported strong daily arrivals on the heels of stockiest liquidation before the commencement of new sowing season of turmeric crop.

As per the latest release from the Spices Board of India, turmeric exports fell 3% to 49,250 tonnes during the April to March 2010-11.

NCDEX Pepper Likely To Garner Some More Strength

Submitted: 20/06/2011 at 9:07AM

The NCDEX July pepper futures ended the last session down by 0.23% at Rs 29151 and the open interest added 12.67% to 6,667 tonnes. The market exhibited some improvement and domestic price increased with the exception of Sarawak. In India, the market continued to be volatile, but trading was more active, particularly for July contracts. July pepper contract is likely to find resistance at Rs 29300, Rs 29450 and support at Rs 29050, Rs 28950 level.

Lower arrivals in the local mandis against the strong demand amid technical cues at strong support levels are likely to support the uptrend. However weak export demand and ample supply in global market may limit the gains. Supplies from India have been poor in spot because of almost stagnant production in the last two-three years. Unseasonal rain in October-December affected the yield of pepper vines and is likely to slash output this year.

According to the International Pepper Community, world pepper output this year will fall by about 6,500 tonnes against 2010 to 310,000 tonnes due to unfavorable weather conditions and pests in several producing countries.

Weekly Spices Wrap Up: Cardamom Recovers On Value Buying At Lower Level

Submitted: 18/06/2011 at 3:06PM
Black Pepper witnessed heavy fall during the week on selling pressure due to the near month expiry and weak export demand for Indian pepper. Pepper for the July delivery ended the week down by 3.50% at Rs 29101 after finding support at Rs 28650 per 100 kg. Yellow spice recovered from the low with the July contract ending the week up by 1.25% at Rs 7320 per 100 kg. Strong spot market due to the lower arrivals and export demand incited some buying support in the Red chilli futures market. Chilli 334 price increased by Rs 200 to Rs 9,000 per quintal in the Guntur spot market with the total arrivals steady at around 30,000 bags as on Friday. Chilli for the July delivery ended the week up by 0.81% at Rs 8222 level. Jeera declined further on weak spot and export demand. Jeera for the July delivery ended the week down by 2.50% at Rs 13,920 per 100 kg. Value buying at lower levels supported the cardamom prices with the July settlement ending the week up by 4% at Rs 816 a kg.

Weekly Oilseeds Wrap Up: Eases Further Weak Global Sentiment, Weak Domestic Demand

Submitted: 18/06/2011 at 2:49PM

Edible oil complex drifted lower during the week on weak global sentiment and weak domestic demand due to higher imports, strong pick up in the kharif oilseeds. According to the latest release from the ministry of agriculture, area under kharif oilseeds as on 16th June 2011 is 3.47 lakh hectare marking an increase of 47 thousand hectare. The Solvent Extractors Association of India said import of vegetable oils during May 2011 is reported at 664,133 tons compared to 558,765 tons in May 2010 i.e. up by 18.8%, consisting of 635,937 tons of edible oils and 28,196 tons of non-edible oils. The overall import of vegetable oils during Nov.10 to May 11 is reported at 4,267,674 tons compared to 4,849,438 tons during the same period of last year i.e. down by 12.0%. Stock position at port and in pipelines reported at 13.45 Lakh tonnes on 1st June 2011. Global oil seeds markets slide on falling crude oil amid bearish reports from MPOB and USDA during the last week. MCX CPO for the July contract dipped around 5% over the last week close to new low of Rs 488.50 per 10 kg. NCDEX July Soya Oil ended the week down by 2% at Rs 635.20 after falling to low of Rs 626.10 per 10 kg. RM seed for the July delivery ended the week down by around 2% at Rs 2852 per 100 kg.

Weekly Round Up : Maize Plunges More Than 3% On Strong Production Estimates

Submitted: 18/06/2011 at 2:05PM

Maize futures plummeted by almost 4% in the last one week spurred by strong production estimates in the current season along with restricted Industrial demand in major mandies.

The total sowing acreage of maize during the kharif season is normally ranging between 6.50-7 million hectares. But this year, traders and Industry sources are expecting some rise in sowing acreage on the back of sharp gain in Minimum support price (MSP) by Union Government for the current marketing season 2011-12 along with remunerative prices of maize throughout the last marketing season.

Industry sources mentioned that the upward revision in maizes MSP by government from Rs 800 per quintal to Rs 980 per quintal prompted strong sowing of maize in the current year. Moreover, steady prices of maize in the range of Rs 1250-Rs 1400 per quintal in major producing states might also provoke the cultivators towards maize crop. Therefore, traders and Industry persons are expecting the total production maize during the Kharif season is likely at 16.5-17 lakh tonnes, while the total maize production for the both rabi and kharif season is likely at 21-21.5 lakh tonnes in the current year.

The NCDEX July mustard seed futures wilted almost Rs 48 per quintal to settle at Rs 1284 per quintal during the week.

Agri Buzz: Rice Sown in 10.35 Lakh Hectare, Pulses in 2.86 Lakh Hectare In The Current Kharif Season

Submitted: 18/06/2011 at 9:17AM

As per latest reports received from different States, sowing of kharif crops is progressing well. Rice has been sown in 10.35 lakh hectare till date as compared to 10.32 lakh hectare of last years acreage.

Pulses have been sown in 2.86 lakh hectare so far, which is more than 5 thousand hectare over the last years acreage.

Area under oilseeds till date is 3.47 lakh hectare marking an increase of 47 thousand hectare.

Sugarcane has been planted in 50.94 lakh hectare, which is 2.23 lakh hectare more than last years coverage on this date.

Cotton has been sown in 21.65 lakh hectare as compared to 15.42 lakh hectare last year. It represents an increase of 6.23 lakh hectare over the last years acreage.

Sowing of Jute and Mesta is also in progress. 8.47 lakh hectare has been covered under the cultivation of jute and mesta till date as compared to 7.78 lakh hectare last year.

Agri Buzz: Kharif Crops Sowing Acreage Rises So Far In The Current Year

Submitted: 18/06/2011 at 8:06AM

As per latest reports received from different States, sowing of kharif crops is progressing well. Rice has been sown in 10.35 lakh hectare till date as compared to 10.32 lakh hectare of last years acreage.

Pulses have been sown in 2.86 lakh hectare so far, which is more than 5 thousand hectare over the last years acreage. Area under oilseeds till date is 3.47 lakh hectare marking an increase of 47 thousand hectare.

Sugarcane has been planted in 50.94 lakh hectare, which is 2.23 lakh hectare more than last years coverage on this date.

Cotton has been sown in 21.65 lakh hectare as compared to 15.42 lakh hectare last year. It represents an increase of 6.23 lakh hectare over the last years acreage.

Sowing of Jute and Mesta is also in progress. 8.47 lakh hectare has been covered under the cultivation of jute and mesta till date as compared to 7.78 lakh hectare last year.

US Soya Complex Down On Weak Dollar Rates

Submitted: 18/06/2011 at 8:03AM

US Soybean complex prices closed lower on Friday. July soybeans closed down 17 1/2 cents, the same loss as on Thursday, at $13.33. July soybean meal lost $4.70 to close at $349.00. July soybean oil futures fell 40 points at 55.92 cents per pound. New-crop November soybeans closed off 17 cents at $13.33 1/4. For the week, prices were off. July soybeans lost 54 1/4 cents, July meal lost $24.30, July soyoil lost 93 points, and the new-crop November fell 48 1/2 cents.

World economic worries continued and those were exemplified in the commodity arena with more selling of crude oil futures. While it may not be the best gauge for crude oil prices, the New York contract is quite visible to traders and at times that market was off another $2 or more for the crude oil contract. Soyoil has a strong tendency to follow the lead of the crude oil. Crude oil was down and soyoil followed in the last trading.

US Corn Gains On Late Short Covering

Submitted: 18/06/2011 at 8:01AM

US Corn futures traded mostly higher on Friday. The July contract turned slightly lower late in the session, but deferred months were supported by short-covering following the strong losses posted earlier this week. July closed 1 1/4 cents lower at $7.00 1/4 and December was 7 cents higher at $6.60.

The market was able to recover slightly from the sharp losses earlier in the week, although July did tick lower at the close. Strength in the dollar was a bearish factor this week, but the dollar did rebound in the last trading day.

 
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