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Commodity Important Updates for 2 June 2016

Commodity Important Updates for 2 June 2016

Gold trading range for the day is 28706-29290.Gold prices inched higher supported by mixed economic data from the US and flat Chinese May manufacturing purchasing managers indexes. U.S. manufacturing grew for a third straight month in May, but factories appeared to be taking in fewer deliveries from their suppliers. Fed Chair Janet Yellen is scheduled to testify to the Senate Banking Committee on the U.S. central banks semi-annual monetary policy report on June 21, the panel said. Holdings in SPDR Gold Trust, rose 0.24 percent to 870.74 tonnes on Wednesday, the highest since November 2013.

Silver trading range for the day is 37993-39013.  Silver prices rose slightly as investors continued to assess the prospects of a rate hike as early as this month by the Federal Reserve.  Stronger than expected manufacturing data in the U.S. potentially increased the likelihood that the Fed will raise interest rates when it meets next later this month.  Data showed automobile sales rising last month from April, extending the recent flow of relatively strong data that suggested economic growth was regaining speed.  U.S. consumer confidence dipped while business activity in the U.S. Midwest also underwhelmed.

Copper trading range for the day is 305.8-314.6. Copper dropped to its lowest in a week as a mixed outlook for Chinas manufacturing growth in May. Pressure seen as strong dollar and expectations that brightening economic picture in the US could herald a rate hike as soon as June. LME data also showed copper inventories rose 2,625 tonnes on Wednesday and have gained about 8 percent since early April. Warehouse stock for Copper at LME was at 154350mt that is up by 2625mt.

Crude Oil trading range for the day is 3200-3374. Crude oil dropped on expectations of OPEC inaction on output as its focus stays on retaining market share, while concerns about Chinas economy weighed on the demand outlook. Prices eased on concern that Middle East members of the OPEC, which meets on Thursday to discuss policy, could continue to raise output. Many Middle East oil producers have ramped up deliveries to Asia in an aggressive fight for market share. Today crude oil inventories: Exp: -2.7M Prev: -4.2M. Actual is at 8.30PM

Zinc trading range for the day is 125.6-137.4. Zinc rallied sharply surged to its highest level in 10 months as speculators bet weaker supplies would create shortages. Earlier in the day Chinas manufacturing growth in May put more pressure on prices already hit by a stronger dollar.  Chinese plan to curb worsening soil pollution by 2020 and stabilise and improve soil quality by 2030 impacting lead and zinc production. Warehouse stock for Zinc at LME was at 380450mt that is down by -250mt.

Nickel trading range for the day is 562.4-582.2. Nickel recovered from the day’s low as prices takes a hit from a strong dollar. Support seen after the news that union workers at Colombia’s Cerro Matoso mine will begin an indefinite strike on June 14. Miners last year went on strike at the mine on a dispute that had forced previous owner BHP Billiton to declare force majeure Warehouse stock for Nickel at LME was at 401508mt that is down by -258mt.

Aluminium trading range for the day is 103.2-107.8. Aluminium prices gained as support seen as LME stocks continue to trend lower, fallen a net 369,375 tonnes or 12.8 percent so far this year.  Chinas manufacturing activity showed signs of steadying in May but remained weak reflecting soft demand at home and abroad. Aluminum daily stocks at Shanghai exchange came down by 1973 tonnes.  Warehouse stock for Aluminium at LME was at 2520175mt that is down by -8925mt.

Naturalgas trading range for the day is 150.9-167.1. Natural gas rallied to close with more that 4% climbing to a five-month high as forecasts for intense heat, boosting near-term demand expectations. Weather updates for mid-June have been getting gradually warmer, areas that are likely to have temperatures as much as five-degrees-Fahrenheit above normal Traders looked ahead to fresh weekly information on U.S. gas inventories that is expected to show a build of approximately 84bcf. More demand will be required to address the concerns of record-high storage levels. Total US natural gas storage has zoomed to 2.8tcf.

Soyabean trading range for the day is 3837-3915. Soyabean ended with losses amid better monsoon forecast which might result in good acreage in coming sowing season.  usda upcoming monthly report on oilseed crushing will likely show that 4.704 million short tons, of soybeans were processed during April. NCDEX accredited warehouses soyabean stocks dropped by 437 tonnes to 34227 tonnes. At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3966 rupee per 100 kgs.

Jeera trading range for the day is 16215-16575. Jeera edged lower on account of decline in export demand at the spot market. At Unjha market in Mehsana sources reported arrivals at 8000 quintals, higher by 1000 quintals as compared to previous day. NCDEX accredited warehouses jeera stocks dropped by 9 tonnes to 3888 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -75 rupees to end at 16675 rupee per 100 kg.

Turmeric trading range for the day is 7788-8008. Turmeric prices dropped on reports of good rains forecast in turmeric growing area in south India. Some of big farmers are holding stocks of good quality turmeric hoping rise in prices in view of lower output this year. Turmeric production for the current crop year is estimated to be around 315,000 tons compared to the previous year production of 324,000 tons In Nizamabad, a major spot market in AP, the price ended at 8388.9 rupees dropped -30.5 rupees.

Chana trading range for the day is 5916-6206. Chana prices dropped triggered by subdued domestic demand against higher supplies from the major producing belts.  The Agriculture Ministry has proposed increase in MSP of pulses by up to Rs 200 per quintal to encourage cultivation. NCDEX accredited warehouses chana stocks dropped by 30 tonnes to 2343 tonnes. In Delhi spot market, chana dropped by -50 rupee to end at 6150 rupee per 100 kgs.

Mentha Oil trading range for the day is 860.1-885.9. Mentha oil spot at Sambhal closed at 1002.60 per 1kg. Spot prices is down by Rs.-7.00-. Mentha oil prices dropped tracking sluggish demand from consuming industries in the spot market. Sentiments remains weak as this season the farmers are seen getting more interested in sowing mentha in the major growing area. At Sambhal market total arrivals are at 80 Drums(1-drum=180kg), up by 20 Drums(1-drum=180kg) from previous days arrivals.

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