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Commodity Important Updates for 19 Oct 2016

Commodity Important Updates for 19 Oct 2016

Aluminium trading range for the day is 107-112.8.Aluminium dropped as pressure seen on news that Indonesian bauxite producers are pressuring the government to lift the export ban. However downside seen limited amid a surge in new credit in China pointed to a stabilizing economy. Funds net long Aluminium holdings up 40 pct since mid-Sept LME.

Naturalgas trading range for the day is 214.5-222.9. Natural gas prices gained driven by uncertainty about winter forecasts. A series of smaller-than-expected injections of natural gas into storage has raised hopes that the overhang of supply is dissipating. Natural gas production on the Norwegian Continental Shelf posted steep monthly and annual falls during September.

Jeera trading range for the day is 16015-16445.Jeera prices dropped due to fall in domestic as well as export demand at the spot market. Moreover, reports of good sowing prospects for jeera in the producing belts of Gujarat and Rajasthan too fuelled the downtrend. NCDEX accredited warehouses jeera stocks dropped by 114 tonnes to 2899 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -18.55 rupees to end at 17172.2 rupee per 100 kg.

Turmeric trading range for the day is 6944-7312. Turmeric prices remained under pressure despite of reports of crop damage from major growing regions due to incessant rains. In Telangana State, Turmeric sowing reported week ending 28-09-2016, around 45633 hectares as compared to last year same period. NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 4061 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7511.75 rupees dropped -7.7 rupees.

Soyabean trading range for the day is 3049-3113.Soyabean dropped amid hopes of higher crop output by various agencies and heavy imports of edible oils also weighed on prices. According to trading sources, arrivals of soybean in Madhya Pradesh, were estimated at 500,000 bags, twice from 250,000 bags previous day. NCDEX accredited warehouses soyabean stocks dropped by 641 tonnes to 423 tonnes. At the Indore spot market in top producer MP, soybean dropped -33 rupee to 2944 rupee per 100 kgs.

Menthaoil trading range for the day is 908.4-937.Mentha oil spot at Sambhal closed at 1056.80 per 1kg. Spot prices is up by Rs.1.40-.Mentha oil prices rallied in last couple of session after news that fire and smoke have engulfed the premises belonging to German company BASF. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint products exports. At Sambhal market arrivals were reported at 125 Drums (1-drum=180kg), steady as against previous days arrival.

Nickel trading range for the day is 685.3-702.1.Nickel ended with gains as prices found support from data that showed a drop in mine supply. Certainly the demand environment has improved drastically over the course of 2016. The global nickel market returned to balance in August, industry data showed, although a deficit for the first eight months could widen further.

Zinc trading range for the day is 150.5-154.7. Zinc prices gained as a surge in new credit in China pointed to a stabilizing economy in the world’s biggest commodities buyer. The speculative long position in zinc on the LME has dipped to 7.5 percent of open interest, well below this year’s July peak of 26 percent. Zinc daily stocks at Shanghai exchange came down by 928 tonnes.

Copper trading range for the day is 310.5-316.1.Copper prices ended with losses as traders sat on the sidelines ahead of key China economic reports despite of strong credit data in China. Copper canceled warrants, or orders to remove the metal from LME, gained for a seventh day as bookings in South Korea climbed to the highest on record. Industrial production in the U.S. inched up by slightly less than expected in the month of September, the Federal Reserve revealed in a report.

Crudeoil trading range for the day is 3292-3398.Crude oil prices gains as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries. Saudi Arabias crude oil exports in August fell to 7.305 mln bpd from 7.622 million bpd in July as the world’s largest oil exporter pumped less. The American Petroleum Institute said that crude oil stocks fell by a surprise 3.8 million barrels last week.

Silver trading range for the day is 41782-42566.Silver gains as disappointing U.S. inflation data was seen as easing pressure on the Federal Reserve to tighten monetary policy, weighing on dollar. Boston Fed President Eric Rosengren said the current levels of jobs and inflation support the case for a rate increase soon. The U.S. Commerce Department said that consumer prices inched up 0.3% in September, matching expectations.

Gold trading range for the day is 29609-29929.Gold prices ended higher as a pullback in the U.S. dollar from a seven-month peak boosted the appeal of the precious metal. Fed vice Chair Stanley Fischer said the U.S. central bank is very close to its employment and inflation targets. Overall gold holdings in ETFs at 57.433 million ounces are up more than 2 percent since Sept. 15.

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