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Commodity Important Updates for 2 August 2016

Commodity Important Updates for 2 August 2016

Jeera trading range for the day is 19615-20455.Jeera prices dropped on account of fall in demand at the spot market. At Gonadal (Guj.) market in Rajkot (Guj.), total arrivals are at 100 quintals, lower by 200 quintals as against previous day. NCDEX accredited warehouses jeera stocks gained by 381 tonnes to 5991 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 25 rupees to end at 19480 rupee per 100 kg.

Turmeric trading range for the day is 7966-8366.Turmeric prices losses on profit booking after prices earlier gained amid pickup in demand from August onwards ahead of festive season in India Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year. NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 6151 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8426.3 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3521-3597.Soyabean settled flat amid expectation of better harvest and good sowing progress in the country. Soybean sowing was recorded at 10.92 million hectare compared to 10.63 million hectare, data showed. NCDEX accredited warehouses soyabean stocks dropped by 1165 tonnes to 2060 tonnes. At the Indore spot market in top producer MP, soybean gained 25 rupee to 3807 rupee per 100 kgs.

Menthaoil trading range for the day is 906.2-950.2.Mentha oil spot at Sambhal closed at 1069.40 per 1kg. Spot prices is up by Rs.29.30-.Mentha oil gained amid surge in demand from major consuming industries in the domestic spot market. Indias mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. At Barabanki market total arrivals are at 400 Drums (1-drum-180kg), lower by 50 Drums (1-drum-180kg) as compared to previous day.

Naturalgas trading range for the day is 182.3-195.1.Natural gas dropped more than -3% eroded last week’s gains as investors locked in gains after prices climbed to a four-week high. Last week prices climbed to $2.911, as sentiment improved after a government report showed the smallest inventory gain in a decade. Natural gas storage in the US rose by 17bcf last week, according to the US EIA, the smallest storage injection since 2006Parts of the Northeast and the mid-Atlantic will experience a heat wave this week according to updated weather forecasting models.

Aluminium trading range for the day is 107.4-112.Aluminium prices retreated as the dollar rose, U.S. factory activity slowed and data from Chinas manufacturing sector indicated sluggish growth. The slide in the U.S. Institute for Supply Managements index of national factory activity triggered a sell-off Activity in Chinas manufacturing sector eased unexpectedly in July as orders cooled and flooding disrupted business, an official survey showed Warehouse stock for Aluminium at LME was at 2293800mt that is down by -9650mt.

Nickel trading range for the day is 709.8-727.6.Nickel gained to settle up 0.79% after firm Chinas data and on ideas that US Fed will not be able to raise interest rates soon. Support seen as nickel miners in the Philippines stepped into the breach, more than making up for the dearth of supply from Indonesia. Prices get support as Indonesia’s ore ban remains in place until at least next year as renewed environmental crackdown. Warehouse stock for Nickel at LME was at 372954mt that is down by -120mt.

Zinc trading range for the day is 149.9-153.1.Zinc prices ended with gains tracking LME zinc prices that ended with 1.1 percent gains to settle at $2,268Chinas manufacturing activity expanded for the first time in 17 months in July as output and new orders increased for smaller and medium size firms. U.S. factory activity slowed and data from Chinas manufacturing sector indicated sluggish growth. Warehouse stock for Zinc at LME was at 431200mt that is down by -1425mt.

Copper trading range for the day is 320.8-335.2.Copper edged lower after a report showed that activity picked up at Chinas small to medium size factories in July. U.S. economic growth unexpectedly remained tepid in the second quarter as inventories fell for the first time in nearly five years. Hedge funds and money managers added to their net long position in COMEX copper, U.S. Commodity Futures Trading Commission data showed. Warehouse stock for Copper at LME was at 210075mt that is up by 625mt.

Crudeoil trading range for the day is 2584-2858.Crude oil prices dropped amid several bearish reports, including rising output from OPEC, a rise in U.S. drilling and weak economic data from Asia. Oil output from OPEC is likely in July to have reached its highest in recent history, at 33.41 mbpd in July from a revised 33.31 mbpd in June. In OPEC-member Libya, the state oil company said it welcomed the reopening of blockaded oil ports. In US, drillers last week added oil rigs for a fifth consecutive week as part of the biggest monthly rig count increase in over two years.

Silver trading range for the day is 47315-48263.Silver prices pared some of its gains after seen supported amid waning expectations that the Federal Reserve will raise interest rates anytime soon. Comex Silver touched a three-week high of $20.64 an ounces, and is up 47 percent since the start of the year. Hedge funds and money managers increased their net long position in COMEX silver contracts, in the week to July 26.Holdings at ishares silver trust gained by 0.35% i.e. 38.42 tonnes to 10915.95 tonnes from 10877.53 tonnes.

Gold trading range for the day is 31389-31685.Gold prices flitted between small gains and losses as investors looked to take a breather ahead of nonfarm payroll data. Gold seen support as expectations of a near-term US interest rate hike eased following disappointing U.S. growth figures. Indias gold imports fell for a sixth straight month in July as sluggish demand and record high discounts. Markets will closely monitor this week’s data, which includes the monthly non-farm payrolls report on Friday.

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