On Wednesday, it was the turn of the bulls to come out on top basically cashing in on an amazing display by the pulses. It was a day they took the markets under their complete control.
It was battle royale of the top most order as chana took on urad for the top honour and ended with both of them sharing the honours. They did so by registering gains of more than 6% apiece and were given solid company by tur that registered gains of more than 4%. The day was also very kind to the wheat prices that registered gains of nearly 2%.
Spices also had a good day as chilli showed signs of recovery and helped turmeric to come out of a slump. Chilli prices showed tremendous recovery and ended the day posting gains of more than 3% while turmeric also ended with solid gains.
The other glad news for spices were the recovery shown by cardamom while the sad part was that pepper was back to its old ways where they ended the day in red. It was a good day at the office for rubber, too, where the prices were seen consolidating at higher levels.
The other major story of the day was the surge seen in silver late in the day, on Tuesday. Silver futures closed Tuesday at their highest level since late 1983, up 2% for the session, after a proposed silver exchange-traded fund took a step closer to its potential trading launch. The Securities and Exchange Commission has approved a rule change for a silver exchange-traded fund in registration from Barclays Global Investor that would allow the product to list on the American Stock Exchange. However, regulators have not yet cleared to launch ETF.
Courtesy: Geojit Commodities Ltd