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Commodity Important Updates for 10 June 2016

Commodity Important Updates for 10 June 2016

Aluminium trading range for the day is 103.2-109.Aluminium dropped as headwinds from a looming U.S. rate hike that has boosted the dollar added to pressure from tepid physical demand China. The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market. China has agreed to eliminate export subsidies raised expectations of a slowdown in the massive flow of Aluminium products. Warehouse stock for Aluminium at LME was at 2481625mt that is down by -6700mt.

Gold trading range for the day is 29482-30198.Gold extended its rally, supported by falling U.S. Treasury yields and world equity markets, and the outlook for U.S. interest rates. Fed is likely to raise U.S. interest rates in September and possibly as soon as July, after news of a sharp drop in hiring that has led some to worry that the economy is losing momentum. SPDR gold trust holdings gained by 0.71% i.e. 6.23 tonnes to 887.38 tonnes from 881.15 tonnes. Sales of bullion bars and coins have picked up in London, ahead of the June 23 referendum on Britain’s exit from the European Union.

Chana trading range for the day is 6399-6999.Chana prices gained due to rising physical demand on anticipation of lower stock levels in the country. To meet the growing demand, the country imports over 70 per cent of its chana requirement from Australia. NCDEX accredited warehouses chana stocks dropped by 130 tonnes to 1669 tonnes. In Delhi spot market, chana gained by 95.15 rupee to end at 6824.1 rupee per 100 kgs.

Jeera trading range for the day is 16215-17315.Jeera prices dropped due to ample stocks position following higher supplies from the producing regions. Though, some losses were capped on expectation of rising export demand in coming months. Traders and stockiest have sourced sufficient quantity for the domestic requirements. In Unjha, a key spot market in Gujarat, jeera edged down by -120.05 rupees to end at 16769.25 rupee per 100 kg.

Turmeric trading range for the day is 8032-8288.Turmeric prices dropped due to reports of lower domestic demand and expectation of higher sowing prospects. Turmeric arrivals have been higher in February, March and April compared to last year but the arrivals have slowed in May as per data. However, the arrivals are higher by 105% in May 2016 compared to last year same month. In Nizamabad, a major spot market in AP, the price ended at 8357.5 rupees dropped -15 rupees.

Soyabean trading range for the day is 3863-3965.Soyabean prices gained on robust demand from China following higher import data and on speculation of production cut from international market. Chinas Jan-May soybean imports jumped 14.5% to 31 million tons on year while May soybean imports climbed 25% to 7.66 million tons on year. NCDEX accredited warehouses soyabean stocks dropped by 373 tonnes to 27015 tonnes. At the Indore spot market in top producer MP, soybean gained 18 rupee to 3998 rupee per 100 kgs.

Menthaoil trading range for the day is 842.2-862.8.Mentha oil spot at Sambhal closed at 958.90 per 1kg. Spot prices is down by Rs.-3.60-.Mentha oil settled down on the back of weak demand from consuming industries at the domestic spot market. Besides, ample stock positions due to rising arrivals from major growing regions also fuelled the downtrend. At Rampur market arrivals were reported at 5 Drums (1-drum=180kg), down by 1 Drums (1-drum=180kg) as against previous day.

Naturalgas trading range for the day is 159.7-183.5.Natural gas soared by 6.71% to mark their highest close since late Sept15, after a weekly report showed that supplies rose less than expected. Sentiments remain bullish as Natural gas is still cheap enough to drive decent power sector natural gas consumption, largely due to coal-to-gas switching. EIA reported that domestic supplies of natural gas in storage rose 65bcf for the week ended June 3. Total stocks stand at 2.972tcf, up 660bcf from a year ago and 722bcf above the five-year average, the EIA data showed.

Crudeoil trading range for the day is 3305-3473. Crude retreated from 11-month highs taking a pause from the massive rally amid heavy profit. Prices holding above $50 after the reports that a second militant group could enter the fray in a longstanding conflict in Nigeria. Data from the U.S. Energy Information Administration showed U.S. crude stocks last week fell 3.23 million barrels to 532.5 million, the third consecutive weekly fall. On the demand side, global refining activity is about to hit its highest on record just as crude supply disruptions around the world tighten the market.

Copper trading range for the day is 292.7-312.3.Copper fell to close at 301.70 while prices dropped to its lowest in nearly four months, hit by a stronger dollar. Also weighing on copper this week is a 39 percent surge in LME inventories over the past week to above 213,000 tonnes. The Shanghai Futures Exchange was closed for a second day for the Dragon Boat Festival holiday, markets will reopen on Monday. Warehouse stock for Copper at LME was at 213225mt that is up by 5925mt.

Zinc trading range for the day is 133.5-142.1. Zinc rose tracking LME Zinc hit a 10-month high of $2,105.50 as miners supply less as demand rebounds in China, China’s markets are closed on Thursday and Friday for a public holiday. Zinc test $2101 after Goldman Sachs has dubbed it the “bullish exception” among base metals amid a widening shortage. Warehouse stock for Zinc at LME was at 380900mt that is down by -1250mt.

Nickel trading range for the day is 581.8-618.Nickel pared gains on profit booking after gained as monetary stimulus by the ECB and an improving trade outlook in China boosted investor appetite. Pressure also on prices seen due to an unexpected drop in jobless claims soothing some worries about U.S. economic growth decelerating in the second quarter. In China, imports slipped 0.4 percent in May, the smallest drop since late 2014, signaling improvement in domestic demand. Warehouse stock for Nickel at LME was at 394746mt that is down by -768mt.

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