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Commodity Important Updates for 19 July 2016

Commodity Important Updates for 19 July 2016

Nickel trading range for the day is 679.7-725.5. Nickel prices rallied on the back of a drop in supply from Philippines. Speculative positioning estimates showed the long in nickel on the LME had climbed to heights not seen since July 2014. Philippines Nickel Asia reported an 11.8 percent drop in nickel ore shipments in the first half, after the monsoon delayed the start of shipments from two mines. Warehouse stock for Nickel at LME was at 376980mt that is down by -606mt.

Menthaoil trading range for the day is 872.2-932. Mentha oil spot at Sambhal closed at 1029.30 per 1kg. Spot prices is up by Rs.35.60/-. Mentha oil gained driven by rising demand from consuming industries in the spot market. Besides, tight stocks position on restricted supplies from major growing regions of Chandausi in Uttar Pradesh supported prices. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Turmeric trading range for the day is 8074-8322. Turmeric prices rallied on good demand from speculators induced by reports of lower sowing and tight stocks. Sowing in Telangana was lower at 28,068 hectare as on now as against 29,359 hectare a year ago. NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 5489 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8343.4 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 109.9-112.3. Aluminium dropped after lackluster rises in Chinese home prices fuelled worries about demand in the world’s top metals consumer. Home price rises in China slowed in June for a second straight month, adding to fears that a construction-led rebound in the economy may not be sustainable. Aluminum daily stocks at Shanghai exchange came up by 993 tonnes. Warehouse stock for Aluminium at LME was at 2312050mt that is down by -7075mt.

Naturalgas trading range for the day is 180.7-189.9. Natural gas prices fell Monday as lingering concerns about a storage glut and fragile demand keep a lid on the market. Prices rallied aggressively in June, gaining over 50% over the month amid expectations demand due to hot weather. EIA has forecast that natural gas will generate 34% of the US power this year, with production peaking in July and August. NOAA & CPC is forecasting a major heat wave through July 23rd, but in states with the highest gas demand, the heat wave will be muted.

Jeera trading range for the day is 18445-20085.Jeera prices rallied as good export demand is expected due to fresh trouble in Turkey following news of a coup attempt. India’s 2015-16 jeera export fell to 98,700 ton from 155,500 ton a year ago but during the current fiscal year exports have grown up sharply. NCDEX accredited warehouses jeera stocks gained by 380 tonnes to 4939 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 507.7 rupees to end at 19192.3 rupee per 100 kg.

Soyabean trading range for the day is 3694-3812. Soyabean prices ended with losses on weak demand in export market despite of supply worries in global market. Reports said that India’s total sowing area under soybean may slip by 4% in 2016 as farmers are bringing more areas under pulses. NCDEX accredited warehouses soyabean stocks dropped by 2319 tonnes to 13326 tonnes. At the Indore spot market in top producer MP, soybean gained 1 rupee to 3784 rupee per 100 kgs.

Zinc trading range for the day is 146-150.8.Zinc prices ended with gains as speculators continued their buying spree, fuelled by concern about possible shortages. Chinas economy expanded slightly faster than expected in the second quarter, but private investment growth shrank to a record low. Zinc daily stocks at Shanghai exchange came up by 1728 tonnes. Warehouse stock for Zinc at LME was at 438275mt that is down by -150mt.

Copper trading range for the day is 327.4-338.8.Copper recovered losses amid expectations of economic stimulus in top consumer China kept a floor under the market. Copper stocks in warehouses monitored by SHFE jumped 9.3 percent, data showed last week, a possible indication of weak demand or oversupply. A seasonal slowdown in Chinas demand for copper is adding pressure on prices with inventories rising. Warehouse stock for Copper at LME was at 229425mt that is down by -1850mt.

Crudeoil trading range for the day is 2964-3138.Crude prices fell more than 1 percent after concerns about potential supply disruptions eased in Turkey.US shale oil production is expected to fall in August for a tenth straight month – by 99kbpd to 4.55mbpd- EIA Saudi Arabia’s energy minister said the kingdom always reacts to oil market supply and demand. Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased.

Silver trading range for the day is 46300-47694.Silver dropped as investor’s unwound safe-haven trades in the wake of a failed military coup in Turkey. Adding further pressure on bullion was positive U.S. retail sales data, which rose more than expected in June. St. Louis Fed President James Bullard said there are upside risks to his view that the U.S. central bank should raise interest rates just once this year Market players will be focusing on the outcome of Thursdays ECB meeting to see if policymakers will step up monetary stimulus.

Gold traded in the range as investors unwound safe-haven trades in the wake of a failed military coup in Turkey Adding further pressure on the bullion was positive U.S. retail sales data, which rose more than expected in June. As gold’s safe-haven appeal waned, speculators cut their record bullish bets for the first time in five weeks, U.S. CFTC data showed. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.25 percent to 965.22 tonnes on Monday.

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