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Commodity Important Buzz for 14 Oct 2016

Commodity Important Buzz for 14 Oct 2016

Aluminium trading range for the day is 111.1-113.7. Aluminium on MCX settled up 0.71% at 112.75, tracking firmness in LME prices closing up 0.5 percent at $1,692. Stocks of Aluminium in LME warehouses have fallen more than 25 percent since March to 2.12 million tonnes, which has tightened the LME market. Import prices in the U.S. saw a modest uptick in the month of September, according to a report released by the Labor Department.

Naturalgas trading range for the day is 207.1-233.5.Natural gas prices rallied after data showed that natural gas supplies in storage in the U.S. rose less than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 79 billion cubic feet. That compared with a gain of 80 billion cubic feet in the preceding week, 97 billion a year earlier and a five-year average build of 92 billion cubic feet.

Jeera trading range for the day is 16505-16935.Jeera prices gains amid expectations of higher export in the current fiscal year. Traders are expecting jeera export during the current fiscal around 120,000 ton up from 98,700 ton last year. NCDEX accredited warehouses jeera stocks dropped by 108 tonnes to 3226 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 4.15 rupees to end at 17462.5 rupee per 100 kg.

Turmeric trading range for the day is 6770-7394.Turmeric prices gained on short covering tracking firmness in spot demand after prices dropped in last some sessions. According to data of agriculture department of Andhra Pradesh, sowing of turmeric stood at 17,000 hectare. NCDEX accredited warehouses turmeric stocks dropped by 100 tonnes to 4469 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7472.2 rupees dropped -51.3 rupees.

Soyabean trading range for the day is 3054-3152.Soyabean prices ended with losses on subdued demand for soymeal in export market and on hope of higher output in global market. India’s soybean output during 2016-17 is expected to rise by 56% despite reports of crop damages, the SOPA said. India’s total yellow bean production in 2016-17 seen at 10.8 million tons compared to 6.92 million tons in the same period a year ago. At the Indore spot market in top producer MP, soybean dropped -99 rupee to 3035 rupee per 100 kgs.

Menthaoil trading range for the day is 864.1-893.9.Mentha oil spot at Sambhal closed at 1024.00 per 1kg. Spot prices is up by Rs.9.90-.Mentha oil prices gained after pick-up in demand from consuming industries in the spot market. Besides, tight stocks position in the physical market due to restricted arrivals from producing belts also supported the upside. Exports of mint products stood at 21,150 tonne in FY16 valued at RS. 2,577.59 crore.

Nickel trading range for the day is 687.3-706.7.Nickel on MCX settled down -1.44% as pressure seen on profit booking after the dollar hit a seven-month high. However downside were limited after Indonesias Luhut Panjaitan, said it was unlikely that the country would relax its export ban on ore. Nickel daily stocks at Shanghai exchange came down by 447 tonnes.

Zinc trading range for the day is 146.4-152.4.Zinc prices dropped as pressure seen on the prospect of improving supplies. Data showed the number of Americans filing for unemployment benefits held at a 43-year low last week. Zinc daily stocks at Shanghai exchange came down by 1440 tonnes.

Copper trading range for the day is 310.3-325.9.Copper dropped after Chinas September trade data showed a sharp decline in exports, raising fresh concerns about the health of the economy. Copper imports dropped by 26 percent from a year ago and 2.9 percent from month ago to 340,000 tonnes in September, data showed. Chinese imports in dollar terms were back in contractionary territory in September, while exports dropped by a sharper-than-expected 10 percent.

Crudeoil trading range for the day is 3269-3433.Crude oil prices gained after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks. The U.S. Energy Information Administration (EIA) said crude stocks swelled 4.9 million barrels in the week ended Oct. 7.The EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

Silver trading range for the day is 41498-42596.Silver prices edged lower as stocks firmed and the U.S. dollar rose on expectations the Federal Reserve would raise interest rates by year-end the number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength. Minutes of Feds meeting released showed several voting members of the policy committee judged a rate hike would be warranted relatively soon.

Gold trading range for the day is 29569-29955.Gold edged higher as the dollar declined and after world shares slipped following renewed worries about Chinas economy. Some investors switched to gold as world stock markets stumbled to three-week lows following September trade data from China. SPDR gold trust holdings gained by 0.28% i.e. 2.67 tonnes to 961.57 tonnes from 958.90 tonnes.

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