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Commodity Important Updates for 20 July 2016

Commodity Important Updates for 20 July 2016

Gold trading range for the day is 30877-31223. Gold was little changed as bullion gleaned little impetus from in spite dollar rose on the back of better than expected US housing data. The IMF cut its global growth forecasts for the next two years, citing uncertainty over Britain’s looming exit from the European Union. Investors are also wagering on a rate cut from the Bank of England in August, while few see much chance of the Federal Reserve hiking U.S. rates anytime soon. Investors are now waiting for the outcome of the European Central Bank meeting on Thursday for further cues.

Silver trading range for the day is 46548-47368.Silver dropped as investors assessed the possibility of more monetary easing by global central banks. US home builders accelerated their activity in the sixth month of the year, the official reading from the Department of Commerce revealed. Market players looked ahead to the outcome of Thursdays European Central Bank meeting to see if policymakers will step up monetary stimulus. ECB President Mario Draghi is forecast to strike a dovish tone and perhaps hint at further stimulus to offset the hit to the economy from Britain’s decision to leave the EU.

Crudeoil trading range for the day is 3035-3155.Crude oil slipped to their lowest since May 9 hurt by signs of robust global supplies through year’s end. U.S. crude stockpiles fell by 2.3 million barrels last week, the American Petroleum Institute (API) reported. OPEC data showing increased production from Nigeria, where militants interrupted supplies during the first half of the year.US shale oil production is expected to fall in August for a 10th straight month, by 99,000bpd to 4.55mbpd.

Copper trading range for the day is 329.9-342.5.Copper prices gained as expectations of fresh economic stimulus in Europe buoyed demand for the metal. Copper canceled warrants, or orders to remove metal from LME-tracked warehouses, climbed 5 percent to the highest since November. China, the world’s top producer of refined copper, boosted output by 7.6 percent in the first half as margins rose Warehouse stock for Copper at LME was at 226300mt that is down by -3125mt.

Zinc trading range for the day is 147.9-151.9. Zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit. Data showed Chinas home-price gains tapered off last month, as second-tier cities joined some of the nation’s largest hubs in imposing housing curbs to cool surging prices. Stockpiles in warehouses tracked by the LME fell to 438050 tons as of Tuesday, down more than a quarter from a peak of about 617,000 tons in September. Warehouse stock for Zinc at LME was at 438050mt that is down by -225mt.

Nickel trading range for the day is 687.4-717.6.Nickel fell amid profit booking after prices rallied in last session on concerns of lower shipments from the Philippines to China. The Philippines top nickel producer Nickel Asia reported an 11.8 percent drop in nickel ore shipments in the first half of 2016.The drop in shipments fanned supply concerns after the country launched an environmental crackdown on mining last month. Warehouse stock for Nickel at LME was at 377748mt that is up by 768mt.

Menthaoil trading range for the day is 876.1-966.9.Mentha oil spot at Sambhal closed at 1044.40 per 1kg. Spot prices is up by Rs.15.10-.Mentha oil prices 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 also supported uptrend. Exports of mint products stood at 21,150 tonne in FY16 valued at Rs. 2,577.59 crore against 25,750 tonne valued at R2,689.25 crore in FY15.

Soyabean trading range for the day is 3676-3804.Soyabean recovered on short covering after prices dropped on supply hope in domestic market following reports improved monsoon rains. Soyabean sowing was recorded at 9.66 million hectare, same as from a year ago as per the government data. NCDEX accredited warehouses soyabean stocks dropped by 1075 tonnes to 12251 tonnes. At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupee to 3784 rupee per 100 kgs.

Turmeric trading range for the day is 8038-8458.Turmeric prices gains on short covering amid expectation of pickup in demand from August onwards ahead of festive season in India. However upside seen limited due to the arrival of inferior quality turmeric from the producing belts. NCDEX accredited warehouses turmeric stocks gained by 61 tonnes to 5550 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8436.5 rupees gained 93.1 rupees.

Aluminium trading range for the day is 108.3-111.7. Aluminium dropped as LME prices ended down 0.8 percent at $1,647 amid speculation that credit conditions in China, will curb demand. U.S data showed housing starts rose more than expected in June as construction activity increased. The IMF cut its global growth forecasts for the next two years, citing uncertainty over Britain’s looming exit from the European Union. Warehouse stock for Aluminium at LME was at 2304875mt that is down by -7175mt.

Naturalgas trading range for the day is 179.1-189.3. Natural gas drop to close down at 183.50 despite traders are getting a boost as forecasts show oppressive heat Temperatures may be above normal across most of the contiguous US next week, with much of the hot weather concentrated. While gas stockpiles are at a surplus to normal levels, intense heat has helped to erode the glut. This week’s storage report slated for release on Thursday is expected to show a build in a range between 32bcf to 44bcf for the week ending July 15.

Jeera trading range for the day is 18855-19715. Jeera prices settled flat as pressure seen on fall in demand at the spot market. Though, lower arrivals as monsoon hit most parts of Gujarat, capped some losses. NCDEX accredited warehouses jeera stocks dropped by 128 tonnes to 4811 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 7.7 rupees to end at 19200 rupee per 100 kg.

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