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Commodity Important Updates for 19 August 2016

Commodity Important Updates for 19 August 2016

Menthaoil trading range for the day is 880.4-901.8. Mentha oil spot at Sambhal closed at 1040.70 per 1kg. Spot prices is down by Rs.-1.20/-. Mentha oil settled down amid a fall in physical demand from major consuming industries in the domestic spot market. Overall mentha oil output for 2016-17 is now revised upwards at 34,000 tonnes. Mint product exports have declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year.

Soyabean trading range for the day is 3440-3560. Soyabean gained tracking firmness in spot demand and overseas prices on the back of strong purchases by top importer China. USDA said that private exporters reported the sale of 381,000 tonnes of soybeans to China for delivery during the 2016/17 marketing year. USDA hiked 2015-16 US soybean production forecast for August and also raised its forecast for ending stockpiles, the department said. At the Indore spot market in top producer MP, soybean dropped -42 rupee to 3728 rupee per 100 kgs.

Jeera trading range for the day is 18045-19015. Jeera prices ended with gains on tight stocks position following lower supply from the producing belts According to Dept. of Commerce, the exports of Jeera in the first two month of 2016-17 increased by more than 82.5% at 33,908 tonnes NCDEX accredited warehouses jeera stocks dropped by 179 tonnes to 5724 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -3.55 rupees to end at 18950 rupee per 100 kg.

Aluminium trading range for the day is 110.9-114.3. Aluminium dropped on profit booking as pressure seen on prices after continuous rise in LME stocks for second consecutive day. The World Bureau of Metal Statistics said the primary Aluminium market in the first half of the year saw a deficit of 479,000 tonnes. Aluminum daily stocks at Shanghai exchange came down by 727 tonnes. Warehouse stock for Aluminium at LME was at 2252150mt that is up by 11550mt.

Naturalgas trading range for the day is 172-184.6.Natural gas extend gains to settled above 180 level mark after EIA reports smaller-than-expected rise in US supplies EIA reported that U.S. natural gas stocks increased by 22 billion cubic feet for the week ending August 12. The five-year average for the week is an injection of around 57bcf, and last year’s storage addition for the week totaled 52bcf.EIA projected that global natural gas production will rise from an estimated 342bcf to 554bcf per day in 2040.

Turmeric trading range for the day is 7590-7806.Turmeric prices dropped on account of fall in domestic and export demand at the spot markets. Production year 2015-16 started with carry-forward stocks of 1.4 lakh tonnes compared to 2.1 lakh tonnes in 2014-15.NCDEX accredited warehouses turmeric stocks gained by 191 tonnes to 6438 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8118.05 rupees dropped -63.75 rupees.

Nickel trading range for the day is 678.7-700.9.Nickel gains as prices seen support as supply issues, demand for nickel has been relatively strong thanks to better-than-expected demand. Global nickel market swung into a deficit of 42,600 tons during the May-June period this year against the 45kt surplus in 2015.Producers led by Jinchuan pledged to reduce supply by at least 20 percent in 2016, and output in China is expected to drop to 550,000 tons this year. Warehouse stock for Nickel at LME was at 373572mt that is down by -6mt.

Zinc trading range for the day is 151.7-155.3.Zinc settled up as the dollar slipped after minutes of the Feds meeting while worries about demand still capped the gains. Chinas huge zinc smelting industry has slashed its fees for turning ore concentrates into refined metal by 20 percent ICBC expects zinc prices to surge more than 20 percent by year-end to $2,750 a ton. Warehouse stock for Zinc at LME was at 457050mt that is down by -475mt.

Copper trading range for the day is 317.6-325.Copper rose as the dollar slipped after minutes of Feds meeting and worries about demand in China receded. Fed officials agreed at the July meeting that more economic data was needed before raising rates. Metals have been supported by expectations that governments around the world would have to use fiscal stimulus to boost economic activity Warehouse stock for Copper at LME was at 213425mt that is up by 125mt.

Crudeoil trading range for the day is 3079-3299.Crude oil prices gained as the world’s biggest producers prepared to discuss a possible freeze in output levels. The OPEC and other key exporters will probably revive talks on freezing output levels when they meet in Algeria next month. Saudi Arabia has signaled that it could boost its crude oil supplies in August to a new record, even as it prepares to discuss output levels with other producers. OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28.

Silver trading range for the day is 45602-46590.Silver remained supported after a pair of U.S. economic reports did little to alter expectations that Federal Reserve interest rates would stay lower for longer. Strong employment and a long-awaited return of middle-wage jobs suggest the labor market is tightening and the broader U.S. economy is on track. Holdings at ishares silver trust gained by 0.62% i.e. 67.95 tonnes to 11056.34 tonnes from 10988.39 tonnes. Reports showed the number of Americans filing for unemployment benefits fell more than expected last week.

Gold trading range for the day is 31287-31613.Gold rose buoyed by a weaker dollar after minutes of Feds July meeting showed policymakers were divided over whether to raise interest rates soon. Feds Williams joined a growing chorus of his colleagues signaling support for a U.S. interest rate hike in coming months SPDR gold trust holdings dropped by 0.19% i.e. 1.79 tonnes to 955.99 tonnes from 957.78 tonnes. Manufacturing activity in the U.S. Mid-Atlantic region saw a mild improvement this month.

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