Tuesday, September 16, 2014

India monsoon news

Everything went risk-on at 11:30 today, and as far as I can tell it's a kneejerk to the announcement of extra liquidity from the Bank of China. Though some people are attributing it to commentary from Hilsenrath, as if that could really affect FXI and SLV.

Even still, just in case we still care about precious metals, let's check up on that monsoon:

Economic Times - monsoon withdrawal delayed. Seems there's going to be a late harvest. Quote:

"We expect arrivals to begin at the earliest with the crop looking to be good," said HS Rosha of rice trading company Sohan Singh Rosha & Sons at Punjab's Khanna mandi.

Last year, the monsoon started withdrawing from Rajasthan on September 9 and from Himachal Pradesh, Punjab, Haryana and Gujarat on September 19. Over the past several years, the monsoon has lingered on in northern India until the last week of September.

Heavy showers over the past few weeks have eased concerns over a drought this year as the rain deficit has now narrowed closer to the 10% considered by meteorologists to declare drought. This season's rainfall was 11% less than the 50-year average considered as normal at the end of last week, but much better compared with the 21% shortfall at the end of July.

Meanwhile, private weather forecaster Skymet Weather Services said it expects monsoon's withdrawal to commence by the weekend.

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