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Commodity Important Updates for 15 June 2016

Commodity Important Updates for 15 June 2016

Copper trading range for the day is 301.7-307.5. Copper dropped as the stronger dollar and uncertainty created by a British vote on leaving the European Union hit sentiment. Official industrial production in China, rose 6% from a year earlier in May, suggesting that policy makers have underpinned the near-term outlook with monetary stimulus. The unwrought copper and copper semis imports was 430,000 mt in China in May, falling 4.4% from 450,000 mt in April. Warehouse stock for Copper at LME was at 203275mt that is down by -4350mt.

Zinc trading range for the day is 132.8-139.8.Zinc dropped amid profit booking as the stronger dollar and uncertainty created by a British vote on leaving the European Union hit sentiment. Uncertainty over the British referendum on June 23 grew as polls showed the Leave camp moving ahead in the polls. Zinc daily stocks at Shanghai exchange came down by 124 tonnes. Warehouse stock for Zinc at LME was at 384075mt that is up by 4000mt.

Chana trading range for the day is 6772-7212.Chana prices dropped on profit booking after on government initiatives to check rising prices of pulses. Government projected 2015-16 chana output at 7.48 million ton up from 7.33 million to a year ago. The country had imported around 5.5 million tons of pulses in 2015-16, there is still a shortfall of around 1 million tons. In Delhi spot market, chana gained by 34.9 rupee to end at 7151.85 rupee per 100 kgs.

Turmeric trading range for the day is 7826-8162.Turmeric settled down on profit booking after prices gained on the back of local demand at the spot market. Producers are releasing their lower or medium grade Turmeric and holding premium quality in the anticipation of better return. NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 5582 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8321.4 rupees gained 5.65 rupees.

Aluminium trading range for the day is 106.2-109.Aluminium gained supported by a tight LME market due to high cancelled warrants and on evidence that Chinese growth is stabilizing. U.S. import prices recorded their biggest increase in more than four years in May pointing to firming inflation as the drag from a strong dollar and lower oil prices fades. Aluminum daily stocks at Shanghai exchange came up by 1278 tonnes. Warehouse stock for Aluminium at LME was at 2461325mt that is down by -7525mt.

Naturalgas trading range for the day is 168.7-180.1.Natural gas gained as forecasts for continued above-normal temperatures across most parts of the U.S. over the next two weeks continued to provide support. 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. U.S. gas storage levels have grown about 20 percent since the end of March, compared with a 43 percent average increase from 2011-2015.

Jeera trading range for the day is 16865-17505. Jeera dropped on weak demand from traders and stockiest at the spot market. Though, some losses were capped due to reduced stock for domestic consumption coupled with strong export outlook for 2016-17. At Rajkot market, sources reported arrivals at 225 quintal, down by 15 quintal as against previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 28.55 rupees to end at 17178.55 rupee per 100 kg.

Soyabean trading range for the day is 3842-4038.Soyabean prices dropped tracked by lower prices in the international market on pressure from an improved rating of the US crop. Prices were also down on hope of higher supply from United Sates, following robust weekly crop progress report. NCDEX accredited warehouses soyabean stocks dropped by 754 tonnes to 26251 tonnes. At the Indore spot market in top producer MP, soybean gained 12 rupee to 3997 rupee per 100 kgs.

Menthaoil trading range for the day is 826-847.4.Mentha oil spot at Sambhal closed at 924.20 per 1kg. Spot prices is down by Rs.-5.40-.Mentha oil gained amid rising demand from consuming industries at the spot market. Besides, restricted arrivals from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil prices uptrend. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Nickel trading range for the day is 590.1-602.9.Nickel prices remained in the range with traders keeping an eye on a possible strike at Colombia’s Cerro Matoso mine that could start. A global refined nickel market deficit widened to 10,100 tonnes in April from a month earlier, the International Nickel Study Group (INSG).Global primary nickel production of 164,300 tons in April fell short of consumption of 174,400 tons. Warehouse stock for Nickel at LME was at 390660mt that is down by -3072mt.

Gold trading range for the day is 30157-30785.Gold gained amid worries about a potential British exit from the European Union and expectations the Federal Reserve won’t raise rates at its June meeting. Gold priced in sterling was close to a near-three year high hit on Monday on mounting concerns over the prospect of a referendum next week pulling Britain out of EU. Holdings in SPDR Gold Trust 0.27 percent to 898.67 tonnes on Tuesday, the highest since October 2013. Gold could get a further boost if a vote by Britain to leave the 28-member group, dubbed Brexit, pushes Europe back into a recession.

Silver trading range for the day is 40903-41923.Silver edged lower as investors readjusted positions ahead of the Federal Reserve’s two-day monetary policy meeting due to begin later in the day. U.S. retail sales rose strongly in May suggesting that economic growth was gaining steam despite a sharp slowdown in job creation. Holdings at ishares silver trust gained by 0.70% i.e. 73.92 tonnes to 10661.21 tonnes from 10587.29 tonnes. A statement from the Fed is expected later in the day after the conclusion of its two-day Federal Open Market Committee FOMC meeting.

The yuan hit a more than five-year low against the dollar as the greenback firmed amid growing fears that Britain may leave the European Union and caution ahead of a U.S. Federal Reserve policy decision later in the day.

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