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Commodity Important Updates for 11 July 2016

Gold trading range for the day is 31084-32212.Gold slipped sharply after stronger than expected U.S. payrolls data for June but rebounded quickly. U.S. job growth surged in June as factories and retailers boosted hiring, confirming the economy has regained speed after a first-quarter lull. SPDR gold trust holdings gained by 0.30% i.e. 2.97 tonnes to 981.26 tonnes from 978.29 tonnes. Physical gold demand remained weak in top consumer China, with consumers staying away due to high prices.

Silver trading range for the day is 45217-48733.Silver prices ended with gains recovering from lows underpinned by concerns over the outlook for financial markets after Britain’s Brexit vote. The prospects for a 2016 interest rate hike from the Federal Reserve increased on Friday following reports of robust domestic job gains last month. The U.S. Department of Labor’s Bureau of Labor Statistics said nonfarm payrolls rose by 287,000 in June, defying expectations for an increase of 180,000.The minutes from the Federal Open Market Committees June meeting depicted a divided Fed on the long-term outlook for future interest rate hikes.

Jeera trading range for the day is 18200-19230.Jeera prices gained on expectation rising demand from China as well from Middle East. According to data, the exports of Jeera in the first month of 2016-17 increased by more than 50.7 % at 13, 525 tonnes. NCDEX accredited warehouses jeera stocks gained by 854 tonnes to 4396 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -67.85 rupees to end at 18375 rupee per 100 kg.

Turmeric trading range for the day is 7868-8076.Turmeric dropped on expectation of rising turmeric sowing area in growing regions following good monsoon in current year. In Telangana State, Turmeric sowing reported, around 17784 hectares as compared to last year same period 19682 hectares. NCDEX accredited warehouses turmeric stocks dropped by 34 tonnes to 5588 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8369.4 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3697-3811.Soyabean prices dropped due to favorable weather condition in sowing areas. Besides, good rainfall in key soybean producing states in central and western parts of the country, too weighed on prices. NCDEX accredited warehouses soyabean stocks dropped by 493 tonnes to 20568 tonnes. At the Indore spot market in top producer MP, soybean dropped -84 rupee to 3709 rupee per 100 kgs.

Menthaoil trading range for the day is 821.8-858.Mentha oil spot at Sambhal closed at 926.60 per 1kg. Spot prices is up by Rs.3.10-.Mentha oil prices gained amid rising demand from consuming industries in the spot market. Further, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil prices. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes.

Zinc trading range for the day is 139.8-146.4.Zinc prices ended with gains supported by a softer dollar offered support in a market troubled by economic uncertainty. Prices recovered after better-than-expected U.S. jobs data bolstered hopes for economic growth and metals demand. Combined zinc inventories in Shanghai, Tianjin and Guangdong added 2,300 to 330,200 tonnes in the week. Warehouse stock for Zinc at LME was at 440225mt that is down by -575mt.

Naturalgas trading range for the day is 183.5-192.7.Natural gas prices ended with gains on signs a record surplus continues to ease. Data showed that natural gas supplies in storage in the U.S. rose less than expected last week. Total U.S. natural gas storage stood at 3.179 trillion cubic feet, 16.9% higher than levels at this time a year ago. Meanwhile, updated weather forecasting models showed that temperatures may be mostly normal in the lower 48 states from July 15 through July 19.

Aluminium trading range for the day is 109.8-112.8.Aluminium gained tracking rise in 1.5% LME price as demand for Aluminium, was stronger than most calculations due to movements of hidden stocks. Aluminum stocks in Chinas five major markets continued falling in the week, but at much slower pace, statistics showed. Heavy rains delayed shipments from northwest China, allowing stocks to keep falling. Warehouse stock for Aluminium at LME was at 2351250mt that is down by -5775mt.

Nickel trading range for the day is 642.9-678.7.Nickel prices gained after the Philippines ordered the suspension of operations at two nickel mines in an environmental crackdown. The Philippines will also halt the issue of mining exploration permits for a month while all mines are audited. The unemployment rate rose moderately by 0.2 to 4.9%, remaining below the Feds objective of 5%, while the labor force participation rate inched up by 0.1 to 62.7%.Warehouse stock for Nickel at LME was at 377328mt that is down by -936mt.

Copper trading range for the day is 314.6-323.Copper prices dropped as speculation waned that China would increase its economic stimulus. LME copper shed 4 percent for the week following losses earlier in the week after LME stockpiles rose to the highest since February. Payrolls in the U.S., climbed the most in eight months in June, exceeding the highest estimate in a survey, a government report showed. Warehouse stock for Copper at LME was at 223225mt that is up by 2500mt.

Crudeoil trading range for the day is 2975-3139.Crude prices settled flat, bouncing back from two-month lows hit on Nigeria attacks, but upside seen limited as economic worries weighed on oil. However, an ongoing glut in refined products, especially in Asia and North America, as well as slowing economic growth weighed on oil.U.S. Crude oil production has fallen by 12.3 percent since their 2015 peaks and by 8.74 percent since January this year to 8.43 mbpd. Production in Saudi Arabia surged 70,000 barrels per day to 10.33 million barrels per day, lingering near its highest level on record.

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