Google gives Hangouts iOS app WhatsApp-like makeover

Google gives Hangouts iOS app WhatsApp-like makeover

Google has reportedly updated its Hangouts app for iOS, which looks strikingly similar to rival apps Facebook Messenger and WhatsApp. The updated app includes tabs at the bottom of the screen with categories like Hangouts, Favorites, and Contacts, akin to the rival messaging apps.

According to Mashable, the new version also includes features like sending videos, stickers and location within a conversation, which was earlier not possible. The new Hangouts app has been also optimized for iPad and includes two panes, allowing users to chat on one side of the screen while scrolling through their contacts or existing Hangouts on the other.

The report said the latest change to Google's Hangout reflects the heightened expectation that mobile users have regarding their messaging apps, especially in light of the recent multi billion-dollar purchase of WhatsApp by Facebook. 

Warning: Stocks Will Collapse by 50% in 2014

It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts.

“We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it."

Unfortunately Spitznagel isn’t alone.

“We are in a gigantic financial asset bubble,” warns Swiss adviser and fund manager Marc Faber. “It could burst any day.” 

Faber doesn’t hesitate to put the blame squarely on President Obama’s big government policies and the Federal Reserve’s risky low-rate policies, which, he says, “penalize the income earners, the savers who save, your parents — why should your parents be forced to speculate in stocks and in real estate and everything under the sun?” 

Billion-dollar investor Warren Buffett is rumored to be preparing for a crash as well. The “Warren Buffett Indicator,” also known as the “Total-Market-Cap to GDP Ratio,” is breaching sell-alert status and a collapse may happen at any moment. 

So with an inevitable crash looming, what are Main Street investors to do?

One option is to sell all your stocks and stuff your money under the mattress, and another option is to risk everything and ride out the storm.

But according to Sean Hyman, founder of Absolute Profits, there is a third option.

“There are specific sectors of the market that are all but guaranteed to perform well during the next few months,” Hyman explains. “Getting out of stocks now could be costly.”

How can Hyman be so sure?

He has access to a secret Wall Street calendar that has beat the overall market by 250% since 1968. This calendar simply lists 19 investments (based on sectors of the market) and 38 dates to buy and sell them, and by doing so, one could turn $1,000 into as much as $300,000 in a 10-year time frame. 

Editor's Note: Sean Hyman Reveals His Secret Wall Street Calendar in This Controversial Video, Click Here

“But this calendar is just one part of my investment system,” Hyman adds. “I also have a Crash Alert System that is designed to warn investors before a major correction as well.”

(The Crash Alert System was actually programmed by one of the individuals who coded nuclear missile flight patterns during the Cold War so that it could be as close to 100% accurate as possible). 

Hyman explains that if the market starts to plunge, the Crash Alert System will signal a sell alert warning investors to go to cash. 

“You would have been able to completely avoid the 2000 and 2008 collapses if you were using this system based on our back-testing,” Hyman explains. “Imagine how much more money you would have if you had avoided those horrific sell-offs.”

One might think Sean is being too confident, but he has proven himself correct in front of millions of people time and time again. 

In a 2012 interview on Bloomberg Television, Hyman correctly predicted that Best Buy would drop down to $11 a share and then it would rally back up to $40 a share over the next few months. The stock did exactly what Hyman predicted.

Then, during a Fox Business interview with Gerri Willis in early 2013, he forecast that the market would rally to new highs of 15,000 despite the massive sell-off that was haunting investors. The stock market almost immediately rebounded and hit Hyman’s targets.

“A lot of people think I am lucky,” Sean said. “But it has nothing to do with luck. It has everything to do with certain tools I use. Tools like the secret Wall Street calendar and my Crash Alert System.”

With more financial uncertainty that ever, thousands of people are flocking to Hyman for his guidance. He has over 114,000 subscribers to his monthly newsletter, and his investment videos have been seen millions of times.

In a recent video, Hyman not only reveals the secret Wall Street calendar, he also shows how his Crash Alert System works so that anybody can follow in his footsteps (click here to watch it now).

MCX Cuts Transaction Charges On Futures Contracts Of All Commodities

 

The Multi Commodity Exchange (MCX), India's biggest exchange in terms of volumes, has cut transaction charges on futures contracts of all commodities effective Wednesday, in a bid to push up battered volumes.

Volumes at the MCX fell 39 per cent to Rs 76 trillion in the first ten months of the fiscal year beginning April 2013, as investors lost confidence in the exchange after a payment crisis at its spot exchange and restrictions on import of gold, triggering calls among industry participants to revive sentiment.

Transaction charges in precious and base metals and energy contracts have been cut to Rs 2.10 from the earlier Rs 2.5 for every Rs 1 lakh of turnover for members generating an average daily turnover of up to Rs 3.5 billion, and Rs 1.40 per Rs 1 lakh on incremental turnover above Rs 3.5 billion, the company said in a statement.

"Cost of transaction will come down for day traders, so it is a good move. This will help in day traders making multiple and frequent transactions," said Harish Galipelli, vice-president research with Inditrade Derivatives and Commodities.

The bourse has also slashed transaction cost on agricultural commodities by 70 per cent.

For agri-commodity contracts, MCX said it has reduced the fee to Rs 0.75 for every Rs 1 lakh of turnover for members generating monthly average daily turnover volume of up to Rs 200 million, and Rs 0.50 per Rs 1 lakh on incremental turnover above Rs 200 million.

NSEL defaults for 28th time, pays Rs 50 lakh

Embattled spot commodity bourse National Spot Exchange (NSEL) has paid Rs 50 lakh against scheduled payment amount of Rs 86.02 crore, defaulting for the 28th straight time.

The bourse has settled Rs 322.6 crore so far against Rs 5,500 crore that it owes to investors.

For LIVE MCX Rates

"The total amount being disbursed today in a proportionate manner is Rs 50 lakhs," NSEL said in a statement on Tuesday.

NSEL had previously defaulted 27 times. The spot exchange was unable to make any payment on its 7th and 13th pay-out date. The exchange had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on a priority basis to small investors.

To accelerate recovery, NSEL has started the process of liquidation of attached assets of defaulting borrowers. As the first step, the exchange has decided to liquidate assets of Mohan India Group and Vimladevi Agrotech, who together owe around Rs 913 crore.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling dues to 148 members after it suspended trade in July last year following a government order in the wake of violation of trading norms.

The bourse had earlier said it plans to settle all the dues in 30 weeks time, by paying Rs 174.72 crore each for first 20 weeks followed by Rs 86.02 crore each in next 10 weeks.

For more news from operator's group, follow us on Twitter @mcxoperator and on Facebook at facebook.com/mcxbullions

Gold, Silver may extend gains (bullish),MCX Crude may trade in 6270-6320 Price

MUMBAI: Bullions counter may continue yesterday gains tracking positive international clues. Gold can move in range of 29800-30300 while silver can hover in range of 47300-48300 in MCX. Some strength in local currency can keep the upside capped in MCX. 

Gold traded near a 17-week high as investors weighed U.S. economic data that missed estimates against weaker physical demand at higher prices. Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, expanded yesterday for a third day, the longest stretch of gains since November 2012, and are headed for the first monthly increase since December 2012. China’s net gold imports from Hong Kong were 83.6 metric tons in January, compared with 91.9 tons in December and 19.6 tons a year earlier, SMC Comtrade said in a daily report.

Base Metals: 

Base metals may witness sideways movement as investors will eye US home sales data today. Copper may trade in range of 442-448 while Lead may move in range of 128-132. Aluminum may move in range of 106-108. Nickel may move in range of 875-895 in MCX. Copper traded near a three-week low after a report showed flagging U.S. consumer confidence and amid concern that China’s growth is slowing, damping demand prospects from the world’s two biggest users. In China, a weaker property market and falling currency fueled concern about the country’s slowing economic growth.

Energy:

Crude oil prices may trade in range of 6270-6350 in MCX on mixed fundamentals. Today EIA inventory data will give further direction to the prices. The supplies at Cushing, Oklahoma, the biggest oil-storage hub in the U.S dropped by 1.07 million barrels last week, according to the American Petroleum Institute. Total U.S. crude stockpiles increased by 822,000 barrels in the week ended Feb. 21, the API said in Washington yesterday. Natural gas may witness some short covering at lower levels as it can move in range of 280-300 in MCX. Forecasts of a thaw for the Eastern U.S. next month sent natural gas futures to the steepest two-day decline in more than six years on speculation of reduced demand for the heating fuel. Futures climbed to five-year highs this month as below-normal temperatures boosted demand, pushing U.S. stockpiles to 10-year seasonal lows, SMC Comtrade said in a daily report,

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Warren Buffett's three 'fundamentals of investing'

Warren Buffett says if you want to learn how to make money from the stock market you should follow these three steps :-

Warren Buffett says if you want to learn how to make money from the stock market you should look at how he made some money with two small real estate investments.

In an excerpt published by Fortune, from his upcoming annual letter to Berkshire Hathaway shareholders, Buffett writes about his purchase of a Nebraska farm and his investment in a retail property near New York University in Manhattan.

In both cases, he bought when prices were unusually low after bubbles had burst.

In both cases he had no particular expertise.

And most importantly, in both cases he invested because he thought the assets would be increasingly profitable, not because he expected to sell at a higher price.

"With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field—not by those whose eyes are glued to the scoreboard."

He warns against "letting the capricious and irrational behavior" of stock prices make an investor "behave irrationally as well."

In addition, Buffett argues, "Forming macro opinions or listening to the macro or market predictions of others is a waste of time."

When he bought the properties in 1986 and 1993, economic projections didn't matter to him. "I can't remember what the headlines or pundits were saying at the time. Whatever the chatter, corn would keep growing in Nebraska and students would flock to NYU."

Warren Buffett: Stocks Will Go a 'Lot Higher' Over Time

Warren Buffett tells CNBC's Becky Quick that stock indexes will go a "lot higher" in her lifetime and advises investors not to pay so much attention to short-term moves.

As for not needing expertise, Buffett recommends a low-cost S&P 500 index fund for nonprofessionals, to "own a cross section of businesses that in aggregate are bound to do well." 

He also urges timid or beginning investors against going into stocks "at a time of extreme exuberance" and becoming "disillusioned when paper losses occur."

"The antidote to that kind of mistiming is for an investor to accumulate shares over a long period and never sell when the news is bad and stocks are well off their highs."

His bottom line fundamental advice: "Ignore the chatter, keep your costs minimal, and invest in stocks as you would in a farm."

Benefits of Trading Futures Online

MCX LIVE RATES Click here

The old days of calling your commodity broker to place a futures trades are fading. However, I believe there will always be a need for a full service commodity broker, but there are many advantages to using and online futures broker.

Reduced Commissions

The most obvious benefit to trading online has to be reduced commissions. This is especially true for large traders and those who trade frequently. Commission rates can sometimes be the difference between a profitable year or a losing year. Commission add up quickly and by trading online you can often slash your trading costs by 50 - 75 percent.

The typical online commission for trading futures is about $5 to $10. The electronic markets are cheaper than the pit-traded markets, but the savings are substantial. The full service broker charges about $40 to $70 per round turn trade. Of course, you have to factor in that the broker is making trading recommendations and a lot of work typically goes into that. There are also broker-assisted accounts where you essentially make the trading decisions but you can bounce ideas off a broker and receive help. The rates for this type of account are typically $15 to $20 for a round turn trade.

Online Futures Learning Curve

A good argument can be made that you will learn more about trading commodities online in the long run than you would under the guidance of a broker. The only reason I bring this up is that many commodity brokers are not good traders. All brokers can certainly help you with the basics, but you can easily learn those on your own. If you are fortunate enough to find an excellent broker who is a good trader, then it is a different story. The problem is that most commodity brokers don’t fall into that category.

One thing I like about trading online is that you take ownership of your own trading decisions. It is 100 percent your call on each trade. You cannot blame the broker for bad trade recommendations or timing. Believe it or not, this will benefit you as a trader in the long run. You will know exactly how well or poorly you are doing based 100 percent on your decisions. This is also a great motivator. Effort will be channeled into fixing your own problems instead of blaming someone else or being led astray by a broker.

There are many practice platforms for trading the futures markets online. Trade-station, for example, allows their clients to trade real time on their online platform or they can trade on the same platform in simulated mode. This allows traders to practice their trading strategies in a very real environment. Essentially, you can switch back and forth from real time mode to simulated mode.

Online Trade Execution

Speed is another factor that clearly benefits trading futures online. There is no questions that it is far quicker to click one button on your computer to place a trade that it is to pick up the phone and call your broker with a futures order. It might not be critical for those who trade with a long term time-frame, but it is for those trading for the quick move. Online trading also makes it much more easy to place and track a variety of resting order in the market such as one- cancel-other (OCO).

Online Broker and You

In reality, arguments can be made by those who support online trading and those who are against it. There are many obvious arguments for online futures trading, but it is all a matter of personal preference. If you are day trading futures, you almost have to trade online. If you are a long term trader, you might see the added benefits of using a full service broker.

My biggest problem, especially for new traders, is that they know virtually nothing about the markets and almost every broker will appear to be an expert to them. You almost have to become a good trader before you can spot a good trader. Most commodity brokers have a difficult time making money for their clients over the long run, especially since they have to cover the added cost of full service commission rates. Some brokers are able to do this, but most of them only accept very large accounts or they are no longer accepting new accounts.

In the end, the odds favor using an online futures broker if you plan on putting in the time and effort to become a commodities trader. You will certainly have to do your homework each day if you trade on your own. Trading is not easy and those who work the hardest and smartest make the most money.

Read Out more Knowledgeable POST here

10 Rules for successful Trading

10 Rules For Successful Trading

Most people who are interested in learning how to become profitable traders need only spend a few minutes online before reading such phrases as "plan your trade; trade your plan" and "keep your losses to a minimum." For new traders, these tidbits of information can seem more like a distraction than any actionable advice. New traders often just want to know how to set up their charts so they can hurry up and make money.

To be successful in trading, however, one needs to understand the importance of and adhere to a set of rules that have guided all types of traders, with a variety of trading account sizes. Each rule alone is important, but when they work together the effects are strong. Trading with these rules can greatly increase the odds of succeeding in the markets.

Rule No.1: Always Use a Trading Plan

A trading plan is a written set of rules that specifies a trader's entry, exit and money management criteria. Using a trading plan allows traders to do this, although it is a time consuming endeavor.

With today's technology, it is easy to test a trading idea before risking real money. Backtesting, applying trading ideas to historical data, allows traders to determine if a trading plan is viable, and also shows the expectancy of the plan's logic. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading. The key here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered poor trading and destroys any expectancy the plan may have had. (Learn more about backtesting in Backtesting: Interpreting the Past.)

Rule No.2: Treat Trading Like a Business

In order to be successful, one must approach trading as a full- or part-time business - not as a hobby or a job. As a hobby, where no real commitment to learning is made, trading can be very expensive. As a job it can be frustrating since there is no regular paycheck. Trading is a business, and incurs expenses, losses, taxes, uncertainty, stress and risk. As a trader, you are essentially a small business owner, and must do your research and strategize to maximize your business's potential.

Rule No.3: Use Technology to Your Advantage

Trading is a competitive business, and one can assume the person sitting on the other side of a trade is taking full advantage of technology. Charting platforms allow traders an infinite variety of methods for viewing and analyzing the markets. Backtesting an idea on historical data prior to risking any cash can save a trading account, not to mention stress and frustration. Getting market updates with smartphones allows us to monitor trades virtually anywhere. Even technology that today we take for granted, like high-speed internet connections, can greatly increase trading performance.

Using technology to your advantage, and keeping current with available technological advances, can be fun and rewarding in trading.

Rule No.4: Protect Your Trading Capital

Saving money to fund a trading account can take a long time and much effort. It can be even more difficult (or impossible) the next time around. It is important to note that protecting your trading capital is not synonymous with not having any losing trades. All traders have losing trades; that is part of business. Protecting capital entails not taking any unnecessary risks and doing everything you can to preserve your trading business. 

Rule No.5: Become a Student of the Markets

Think of it as continuing education - traders need to remain focused on learning more each day. Since many concepts carry prerequisite knowledge, it is important to remember that understanding the markets, and all of their intricacies, is an ongoing, lifelong process.

Hard research allows traders to learn the facts, like what the different economic reports mean. Focus and observation allow traders to gain instinct and learn the nuances; this is what helps traders understand how those economic reports affect the market they are trading. 

World politics, events, economies - even the weather - all have an impact on the markets. The market environment is dynamic. The more traders understand the past and current markets, the better prepared they will be to face the future.

Rule No.6: Risk Only What You Can Afford to Lose

In rule No.4, I mentioned that funding a trading account can be a long process. Before a trader begins using real cash, it is imperative that all of the money in the account be truly expendable. If it is not, the trader should keep saving until it is.

It should go without saying that the money in a trading account should not be allocated for the kid's college tuition or paying the mortgage. Traders must never allow themselves to think they are simply "borrowing" money from these other important obligations. One must be prepared to lose all the money allocated to a trading account.

Losing money is traumatic enough; it is even more so if it is capital that should have never been risked to begin with.

Rule No.7: Develop a Trading Methodology Based on Facts

Taking the time to develop a sound trading methodology is worth the effort. It may be tempting to believe in the "so easy it's like printing money" trading scams that are prevalent on the internet. But facts, not emotions or hope, should be the inspiration behind developing a trading plan.

Traders who are not in a hurry to learn typically have an easier time sifting through all of the information available on the internet. Consider this: if you were to start a new career, more than likely you would need to study at a college or university for at least a year or two before you were qualified to even apply for a position in the new field. Expect that learning how to trade demands at least the same amount of time and factually driven research and study. 

Rule No.8: Always Use a Stop Loss

A stop loss is a predetermined amount of risk that a trader is willing to accept with each trade. The stop loss can be either a dollar amount or percentage, but either way it limits the trader's exposure during a trade. Using a stop loss can take some of the emotion out of trading, since we know that we will only lose X amount on any given trade.

Ignoring a stop loss, even if it leads to a winning trade, is bad practice. Exiting with a stop loss, and thereby having a losing trade, is still good trading if it falls within the trading plan's rules. While the preference is to exit all trades with a profit, it is not realistic. Using a protective stop loss helps ensure that our losses and our risk are limited.

Rule No.9: Know When to Stop Trading

There are two reasons to stop trading: an ineffective trading plan, and an ineffective trader.

An ineffective trading plan shows much greater losses than anticipated in historical testing. Markets may have changed, volatility within a certain trading instrument may have lessened, or the trading plan simply is not performing as well as expected. One will benefit by remaining unemotional and businesslike. It might be time to reevaluate the trading plan and make a few changes, or to start over with a new trading plan. An unsuccessful trading plan is a problem that needs to be solved. It is not necessarily the end of the trading business.

An ineffective trader is one who is unable to follow his or her trading plan. External stressors, poor habits and lack of physical activity can all contribute to this problem. A trader who is not in peak condition for trading should consider a break to deal with any personal problems, be it health or stress or anything else that prohibits the trader from being effective. After any difficulties and challenges have been dealt with, the trader can resume.

Rule No.10: Keep Trading in Perspective

It is important to stay focused on the big picture when trading. A losing trade should not surprise us - it is a part of trading. Likewise, a winning trade is just one step along the path to profitable trading. It is the cumulative profits that make a difference. Once a trader accepts wins and losses as part of the business, emotions will have less of an effect on trading performance. That is not to say that we cannot be excited about a particularly fruitful trade, but we must keep in mind that a losing trade is not far off.

Setting realistic goals is an essential part of keeping trading in perspective. If a trader has a small trading account, he or she should not expect to pull in huge returns. A 10% return on a $10,000 account is quite different than a 10% return on a $1,000,000 trading account. Work with what you have, and remain sensible.

Conclusion

Understanding the importance of each or these trading rules, and how they work together, can help traders establish a viable trading business. Trading is hard work, and traders who have the discipline and patience to follow these rules can increase their odds of success in a very competitive arena.

UK flooding impact on agricultural commodities

Persistent heavy rains across southern England have led to severe flooding in the South West of England, with an estimated cost to insurers of up to £1billion according to Deloitte LLP. The Environment Agency has a total of sixteen severe flood warnings, with a further 133 flood warnings in place after two months of record-breaking levels of rainfall. Forecasts suggest that the pattern of heavy rains will continue until February 21st.

In addition to the 7500 homes flooded since December, another 600 have been flooded in the past week alone. On top of this, large tracts of land in the South West, particularly along river basins and coastlines have also been flooded. Farmers in the South West have been hit especially hard, and many hundreds of acres of crops have been devastated in Norfolk and Somerset. Somerset, in particular, has seen 150 properties evacuated since Christmas. Many villages have been cut off and local authorities, charities and neighbours have been working to evacuate livestock from farms as floodwaters rise. As storms and tidal surges continue to buffet the United Kingdom, damage is likely to increase yet further.

Large tracts of agricultural land having been flooded, agricultural yields are likely to be impacted in low-lying South Western farms, with most farmers being forced to wait out the bad weather and hoping that flood waters will subside or that the government will finally be able to get flooding under control.

According to an update by Communities Secretary Eric Pickles given to Parliament on Monday, military aid and funding for flood measures will continue as the Rivers Thames, Severn and We are set to flood in the middle of the week. Pickles was criticized for a controversial statement on Sunday where he appeared to criticize the Environment Agency’s handling of the flooding crisis. It was claimed that Pickles was merely seeking a scapegoat to disguise the government’s own failings in dealing with the crisis.

Regardless of the political infighting, it is clear that UK flooding is at disastrous levels and is only likely to get worse in the coming days. Farmers in the South West and even South East are likely to be severely impacted with further damage to their lands, and supplies are therefore likely to be impacted.

There is likely to be some interest in this news by those involved in commodities trading, as the disastrous damage is likely to cause a spike in the prices of UK-manufactured agricultural commodities. In 2012 the US Midwest suffered a record-breaking drought which pushed corn and soy prices up by more than 50% in five weeks, to near record highs. While the impact in the UK is likely to be much milder, there is not likely to be insubstantial price movement.

Natural Gas Nears Biggest Weekly Gain Since 2010

Do you really know why NG is trading near high?

Natural gas futures were near their biggest weekly gain in more than three years amid forecasts that cold weather will return to the U.S.

Futures for March delivery jumped as much as 3.8 percent to $6.294 per million British thermal units in today’s electronic trading on the New York Mercantile Exchange. The intraday high put the contract’s gain for the week ahead of the 19.8 percent for the period ended Jan. 24, which was the largest weekly increase since October 2010. Futures traded at $6.247 as of 5:02 p.m. in Singapore, and the volume of all futures traded was about 20 percent below the 100-day average.

The contract dropped 1.4 percent yesterday as a government report showed U.S. gas inventories declined less than analysts estimated. Still, prices this week topped $6 for the first time since 2010 on forecasts for a surge of cold air following unusually mild weather this week.

“Weather forecasts will cause price volatility through March, but we expect end-March storage to come in at 1.1 trillion cubic feet, the lowest since 2004,” Adam Longson, a New York-based analyst for Morgan Stanley, said in an e-mailed report yesterday.

Above-normal temperatures across most of the lower 48 U.S. states this week will give way to a “powerful polar punch” in the Midwest from Feb. 25 through March 1, according to Commodity Weather Group LLC in Bethesda, Maryland. The cold will hit the South and East Coast next week through March 8.

Gas Stockpiles

Chicago’s low on Feb. 27 will drop to minus 2 Fahrenheit (minus 19 Celsius), 27 below normal, while New York City will slide to 17 degrees, 14 lower than average, said AccuWeather Inc. in State College, Pennsylvania. About 49 percent of U.S. households use gas for heating, led by the Midwest and the Northeast, data show from the EIA, the Energy Department’s statistical arm.

The U.S. Energy Information Administration said in a report yesterday that gas stockpiles dropped 250 billion cubic feet in the week ended Feb. 14 to 1.443 trillion cubic feet. The median of 24 analyst estimates compiled by Bloomberg expected a decline of 257 billion.

The inventory report showed a decline that was bigger than the five-year average drop of 133 billion cubic feet. The compared with the five-year average widened to a record 34 percent from 27 percent the previous week, yesterday’s report showed. Supplies were 40 percent below year-earlier inventories.

Dabba trade Online

Operators in the dabba trade - which is grey market for commodities futures - just got user-friendly. With hectic activity in bullion following a recent bull run, even lay investors are being wooed with this technology which enables striking dabba deals at the click of a mouse.

From the old-fashioned method of telephoning the operator to book a deal, agents of dabba players, since the last few months, are vending a software which enables trading through a computer. It does away with the hassles of calling up the agent, leaving no scope of a dispute in case of a mis-communication, say these agents as they push this new product. This makes it similar to the online trading facility available through an authorized broker of a legal exchange, where one also gets a personalized account for trading. TOI came across with one such vendor from the dabba trade.

MCX being the major exchange for metals futures, its rates here are taken as a reference for bullion. The National Commodities and Derivatives Exchange is the benchmark for dabba in agriculture products.

With the new software which can be downloaded from a site www.mcxoperator.com, trading can happen at the click of the mouse after paying the margin money, accepted only in cash. Rates of commodities like gold, silver and crude can be seen on real time basis on the computer, which are exactly similar to those shown on the legal MCX screen.

"The margin differs for each commodity but much lower than that charged by the exchange. For gold, it is Rs 75,000 for one kg lot and silver is Rs 15,000 for a 30 kg lot. The margin is less if the client goes for an intra-day trade, which means the deals are squared off the same day unlike the regular 20-day contract." explained the agent contacted by TOI.

Asked how could they manage to get similar rates as the MCX screen, the agent said that this where the software comes to play. If one uses the legitimate online trading facility, the deals are recorded with the MCX, but with this software the data is fed in a separate server altogether. The software also gives continuous information of the profit or losses of the trader. The deals are automatically barred if the losses go beyond 80% of the margin money, said the agent. Deals can also be struck on the basis of the rates in US-based Comex for which real time rates available too.

"The final settlement is made on weekly basis. Our man will deliver the amount of profits in cash each Saturday," he added.

The agent said that the show in Nagpur is run by a person named Agrawal who also has a stake in grain trading business with an office in Wardhman Nagar. Reluctant to divulge his first name, he said that the nodal centre is a UAE-based business house, while Agrawal is a dealer in Nagpur.

A sposkerspon of MCX said that the exchange has no control over such elements. However, he admitted that the volume in the grey market would be equal to the trade recorded in all the bourses together. There are six exchanges in all.

Ramesh Abhishek, chairman of Forwards Markets Commission, the regulator for commodity exchanges, said that action can be taken if a specific complaint is lodged. The FMC is already running an awareness campaign in association with state police departments against the risks involved in the dabba trade, he said.

What is dabba?

Dabba is a term used for an illegal market run parallel with a legal stock or a commodity exchange. With deals struck in cash, it enables transaction in unaccounted money. Sources in the business estimate that the volume in dabba trade can be as much as that recorded in all the legitimate commodity bourses. So far, the known method was of the operator having an MCX or any other terminal just to refer the rates, while the orders are taken on phone. With this, deals are not recorded in the exchange's server but in a parallel account maintained by the operator, but the software may be a trend-changer.

Commodity Technical analysis tips

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BUDGET 2014-15 WHAT IS IT?

FM Says.....

 

# RBI must strike a balance between growth and moderating inflation: FM

# Excise duty on SUVs cut from 30 to 24 %, in large and mid-segment cars from 27-24% to 24-20%

# Blood banks to be exempt from service tax

# Revenue deficit estimated at 3%  for current fiscal.

# Service tax relief storage for warehousing for rice.

# Excise duty on small cars, motorcycles and SUVs reduced.

# Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth.

# No changes in tax laws in interim budget.

# 140 million moved out of poverty during the Government of UPA I and II

# Government has obtained information in 67 cases of illegal offshore accounts of Indians.

# Finance Minister says neither populism, nor majoritism is a way for governance

# Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers.

# Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago.

 

# We must focus on manufacturing, specially manufacturing for exports

 

# I wonder how many have noted the fact the Indian economy is 11th largest in the world

# Focus should be on PPPs in infra sector; for the flagship programmes, the states should come forward and contribute

# 1,200 crore rupees additional assistance to N-E states to be released before end of the year

# Chidambaram proposes to set up research funding organisation for funding research in science; contribution to this shall be exempt from tax.

# Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund

# We must focus on manufacturing, and manufacturing for export; with minimum tariff protection: Chidambaram

 

# Top areas of priority: fiscal consolidation; CAD; high growth with moderate level of inflation; time table for passing legislation.

# Rs 500 crore estimated requirement for implementing one-rank-one-pay scheme for armed forces in 2014-15.

# Nearly 9 lakh student borrowers will benefit through the moratorium on repayment of student loans

# Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act.

# Budgetary support to Railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15

# Aadhaar is tool for empowermen

# Rs 3,370 crore to transferred to 2.1 crore LPG users; Govt committed to Aadhaar-based LPG transfer but scheme on hold temporarily

# 41,16,000 women have been provided credit through SHGs

# Bank accounts for the minorities have increased during ten years of UPA I and II. Banks have rendered yeoman service in reaching government programmes to various sections

# The allocation for the Defence Ministry has been increased to Rs. 2,24,000 crores

# Happy to announce that the Govt has accepted the principle of ‘one rank of pay’ for the defence forces. Rs 500 crore will be transferred for 2014-15 for implementing the ‘one rank one pay’ decision

# Budgetary support to railways has been increased to Rs. 29,000 crore

# Chidambaram for Ministry of Housing and Poverty Alleviation- Rs 6000 crore; Rs. 21,000 cr to Ministry of WCD; Ministry of HRD gets Rs 67,398 crore; Drinking water and sanitation ministry gets Rs 15,260 crore; Social Justice and Empowerment gets Rs 6730 crore

# Railways need to mobilise support through market borrowing

# Rs 1,000 crore grant for Nirbhaya Fund will be non-lapsable; another Rs 1,000 crore to be given next fiscal

# Rs 1,200 crore additional assistance to N-E states to be released before end of the year

# National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15

# 500 MW fast breeder nuclear reaction in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction

# PSUs to achieve record capex of Rs 2,57,645 crore in 2013-14

# Average growth under UPA’s ten year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004

# Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent.

# The IT modernisation project of the Dept of Posts will be operational soon

# More than 54 lakhs transactions have been put through, through the DBT scheme

# The govt remains fully committed to the Aadhar for financial inclusion

# Chidambaram promises to grant Rs 1000 crore to the Nirbahya Fund for next year

# The NE states, HP and Uttarakhand deserve special attention: Chidambaram

# Govt has approved the National Agro Forestry Policy which will enhance employment

# The Kalpakkam nuclear reactor is nearing completion

# Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year

# Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork

# Power capacity rises to 234,600 MW in 10 year

# GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 %

# Three more industrial corridors – Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata - 

under various stages of implementation

# Merchandise export to grow by 6.8 pc to USD 326 billion

# 296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014

# 8 national manufacturing zones have been approved along the Delhi-Mumbai corridor

# CAD will be USD 45 billion in 2013-14

# Agriculture credit will cross USD 45 billion against USD 41 billion in 2012-13

# Foodgrain production estimated at 263 million tons in 2013-14

# We acted with the RBI to fight inflation

# Fiscal deficit to be contained at 4.6 pct of GDP in 2013-14

# We will add forex exchange of USD 15 billion

#  Imports are down and this does not augur well for manufacturing and trade

# We shall not do anything that will affect the foundation of India’s economy

# Chidambaram’s speech disrupted by ministers over Telangana issue. Lok Sabha speaker Meira Kumar asks members not to shout. “Last few days left, don’t obstruct.”

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