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Commodity Important Updates for 14 June 2016

Commodity Important Updates for 14 June 2016

Gold trading range for the day is 29942-30702. Gold gained as worries about a potential exit by the U.K. from the European Union left investors scrambling for safe haven assets. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.27 percent to 896.30 tonnes on Monday, the highest since October 2013. The Fed, BOE and BOJ will all meet this week, and are expected to hold monetary policy steady against a backdrop of caution about the global economic outlook. Speculators raised their net long position in COMEX gold contracts in the week to June 7, and cut their bullish stance in silver, U.S. CFTC data showed.

Crudeoil trading range for the day is 3200-3346. Crude oil dropped with the market digesting the fresh OPEC monthly report, and as worries over Chinas economy returned amid a rising oil rig count. OPEC said in its monthly oil report that world oil demand growth for this year is expected to remain unchanged from the previous forecasts at 1.20 mbpd. Demand for OPEC crude is projected to be at 31.5 million bpd this year, unchanged from the previous report and 1.8 million bpd higher than last year. The International Energy Agency will also release its monthly outlook report on Tuesday.

Copper trading range for the day is 300.7-309.3. Copper rose in cautious trade ahead of central bank meetings in the United States, Europe and Japan. Copper last week faced pressure from the large amount of metal delivered into LME-approved warehouses. Stocks were up more than 18 percent at 213,225 tonnes on June 8, though the latest data shows LME copper stocks down 2,550 tonnes. Warehouse stock for Copper at LME was at 207625mt that is down by -3050mt.

Zinc trading range for the day is 137.4-140.6. Zinc settled flat tracking weakness in LME prices fell 0.4 percent to end at $2,077 a tonne on profit booking. The metal last week hit $2,105.50, its highest since July last year, it is up about 28 percent so far this year on worries about shortages in 2016. Zinc daily stocks at Shanghai exchange came up by 790 tonnes. Warehouse stock for Zinc at LME was at 380075mt that is down by -325mt.

Aluminium trading range for the day is 103.8-109.4. Aluminium prices gained boosted by the dollars softer tone due to expectations the U.S. Fed will keep rates on hold this week. Growth in Chinas fixed-asset investment slipped below 10 percent for the first time since 2000 in the first five months of the year. Aluminum daily stocks at Shanghai exchange came up by 6130 tonnes. Warehouse stock for Aluminium at LME was at 2468850mt that is down by -5375mt.

Naturalgas trading range for the day is 171.5-178.5. Natural gas rose to a nine-month high, on forecasts for continued above-normal temperatures across most parts of the U.S. over the next two weeks. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early summer cooling demand. Meanwhile, traders looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. Chinas production of natural gas rose 4.3 percent in May from a year earlier to 10.8 billion cubic metres, the statistics agency said.

Soyabean trading range for the day is 3851-4091. Soyabean gained on supply worries after the USDA trimmed its output and ending stockpiles forecast for US soybean and on robust demand from China. USDA trimmed 2015-16 United States soybean production forecast for June and also cut its forecast for ending stockpiles. NCDEX accredited warehouses soyabean stocks dropped by 99 tonnes to 27005 tonnes. At the Indore spot market in top producer MP, soybean dropped -2 rupee to 3985 rupee per 100 kgs.

Jeera trading range for the day is 16550-17810. Jeera prices gained due to expectations of good demand from exporters amid falling arrivals. Gujarat government projected 2015-16 jeera output higher at 213,000 ton up from 193,000 ton a year ago. NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 3436 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 296.9 rupees to end at 17150 rupee per 100 kg.

Turmeric trading range for the day is 7896-8160. Turmeric prices remained under pressure as supplies may improve due to good prices in physical market. Turmeric may lose colour in the coming week as recent rains will help the farmers to speed up sowing operations. NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 5522 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8315.75 rupees dropped -38.2 rupees.

Chana trading range for the day is 6748-7274. Chana prices ended with gains amid strong demand on lower arrivals in local mandis. In the third advance estimates, chana production is revised downwards to 7.5 million tons from 8 million tons forecasted in second estimate NCDEX accredited warehouses chana stocks dropped by 20 tonnes to 1649 tonnes. In Delhi spot market, chana dropped by -29.35 rupee to end at 7116.95 rupee per 100 kgs.

Menthaoil trading range for the day is 824.2-847.6. Mentha oil spot at Sambhal closed at 929.60 per 1kg. Spot prices is down by Rs.-16.00-. Mentha oil prices dropped driven by sluggish demand from consuming industries at the spot market. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. At Sambhal market arrivals were reported at 250 Drums (1-drum=180kg), higher by 50 Drums (1-drum=180kg) as compared to previous day.

Nickel trading range for the day is 591.2-602.6. Nickel prices remained under pressure as weak investment data from top consumer China weighed on prices. A global refined nickel market deficit widened to 10,100 tonnes in April from a month earlier, the International Nickel Study Group (INSG) said. The main union at South32 Ltd.’s Cerro Matoso mine in Colombia, said there’s a greater chance of reaching a three-year wage agreement. Warehouse stock for Nickel at LME was at 393732mt that is down by -930mt.

Silver trading range for the day is 40478-41994. Silver gained supported by a softer dollar ahead of key central bank meetings this week and Britain’s June 23 referendum on its EU membership. Fading expectations for a Federal Reserve rate hike have driven prices sharply higher so far this month. Fed is set to meet on Tuesday and Wednesday, with market players waiting for clues about when the central bank might next look to move on interest rates. Technically market is under fresh buying as market has witnessed gain in open interest by 3.17% to settle at 10933.

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