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Commodity Important Updates for 19 May 2016

Commodity Important Updates for 19 May 2016

Gold trading range for the day is 29844-30188. Gold remained under pressure after strong U.S. economic data and comments from Fed official’s bolstered expectations that Fed could soon hike interest rates. A Fed policymaker said, he will push for an interest rate hike in June or July, and two others predict up to three rate increases this year. U.S. data showed that consumer prices recorded their biggest increase in more than three years in April. Holdings in SPDR Gold Trust rose 0.56 percent to 855.89 tonnes on Tuesday, the highest since November 2013.

Silver trading range for the day is 40384-41432. Silver dropped as market players looked ahead to minutes of Fed’s April policy meeting, which many feared could be more hawkish than the statement. The Fed will likely raise interest rates next month if economic data points to stronger second-quarter growth as well as firming inflation and employment Housing starts and industrial production rebounded strongly last month, suggesting the economy was regaining steam early in the second quarter. Traders digested hawkish comments from a pair of non-voting FOMC members regarding the potential for multiple rate hikes by the Fed before the end of 2016.

Zinc trading range for the day is 124.3-127.5.Zinc prices recovered from lows to settled flat after pressure seen earlier pushed down by a stronger dollar. Japans core machinery orders rose 5.5 percent in March, but companies forecast a decline in investment in April-June. Zinc daily stocks at Shanghai exchange came down by 746 tonnes. Warehouse stock for Zinc at LME was at 388475mt that is down by -1000mt.

Aluminium trading range for the day is 102-105.6.Aluminium prices ended with gains on signs that Chinese smelters have curtailed production, paring a ballooning surplus. RUSAL estimates that global Aluminium demand rose by 5.6% year-on-year during the first quarter of this year to 14 million tons Aluminum daily stocks at Shanghai exchange came down by 3237 tonnes. Warehouse stock for Aluminium at LME was at 2571125mt that is down by -4600mt.

Jeera trading range for the day is 16175-16905.Jeera prices gained on account of increasing demand from stockiest and traders at the spot market. Further, expectation of good export demand on reports of good quality jeera production this year too fuelled the uptrend. NCDEX accredited warehouses jeera stocks gained by 24 tonnes to 4187 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 26.45 rupees to end at 16864.45 rupee per 100 kg.

Turmeric trading range for the day is 8096-8236.Turmeric prices ended with gains backed by pick up in the demand at the spot market. Turmeric arrivals have been higher compared to last year but the arrivals have slowed in April as per data. NCDEX accredited warehouses turmeric stocks gained by 228 tonnes to 4838 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8712.5 rupees remains unchanged at 0 rupees.

Chana trading range for the day is 5902-6072.Chana prices gained on account of strong buying from millers and stockiest. Further, lower arrivals due to lower output from the major producing belts and expensive imports, too added support. NCDEX accredited warehouses chana stocks dropped by 160 tonnes to 3339 tonnes. In Delhi spot market, chana remains unchanged at by 0 rupee to end at 6200 rupee per 100 kgs.

Soyabean trading range for the day is 3874-4042.Soyabean prices dropped on weak demand for soymeal and on supply hope following easing worries about delay monsoon rains in domestic. SOPA has revised 2015-16 soyabean output to 6.92 mln tn after assessing the arrivals, crushing and consumption for last seven months of the season. NCDEX accredited warehouses soyabean stocks gained by 143 tonnes to 46992 tonnes. At the Indore spot market in top producer MP, soybean dropped -33 rupee to 4076 rupee per 100 kgs.

Mentha oil trading range for the day is 860.5-911.7.Mentha oil spot at Sambhal closed at 1015.50 per 1kg. Spot prices is up by Rs.11.00-.Mentha oil prices gained tracking rising demand from consuming industries at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported. Production of menthol is likely to be around 34-35000 tonnes during 2016-17 as compared to 32000 tonnes in 2015-16.

Naturalgas trading range for the day is 131.8-139.2.Natural gas prices fell to a three-week low down by -2.11% as mild temperatures in the next two weeks are expected to limit demand. Extreme temperatures lead to higher natural-gas consumption, either as an indoor-heating fuel or as a source for power generation to run air conditioners. Weather systems will impact the US this week with heavy showers and thunderstorms. Systems will impact the US into next week with heavy showers and thunderstorms. Traders are waiting on weekly inventory data due Thursday from the EIA. Stockpiles of natural gas as of May 6 stood 44% above five-year average levels for this time of year.

Nickel trading range for the day is 571.9-589.5.Nickel prices dropped as a strong U.S. dollar abated investor appetite for the industrial metal. Metals are paring gains made as concerns linger that a weak economy in China will keep supplies ample. China officials said last week that it would hold back on strong stimulation of the economy, as a recovery in its ailing property sector takes root. Warehouse stock for Nickel at LME was at 404178mt that is down by -1680mt.

Copper trading range for the day is 304.1-315.1.Copper prices recovered to settle flat after prices dropped pressured by the dollar which rose on renewed expectations of further U.S. interest rate hikes. Fed officials felt the U.S. economy could be ready for another interest rate increase in June, according to minutes from the central banks April policy meeting. Chinas refined copper production grew 9 percent in the first quarter from a year ago, National Bureau of Statistics data show Warehouse stock for Copper at LME was at 156850mt that is up by 100mt.

Crude oil trading range for the day is 3191-3315.Crude oil prices gained nearly 2% as bigger-than-expected weekly declines in U.S. gasoline and distillate supplies offset pressure from a surprise rise in crude stockpiles. Loss can be seen in today’s session as dollar gained after minutes from the Feds latest meeting suggested the central bank might still raise interest rates in June. Iran’s oil exports are set to jump in May, particularly to Asia and Europe, to be up nearly 60 percent from a year ago to 2.1 million bpd. Energy Information Administration reported that crude stockpiles rose by 1.3 million barrels during the week ended May 13 to 541.3 million barrels.

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