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Commodity Important Updates for 21 July 2016

Commodity Important Updates for 21 July 2016

Crude Oil trading range for the day is 2978-3178. Crude staging a sharp reversal after a larger than expected draw in US stockpiles last week. EIA said that commercial crude inventories declined by 2.342mbls for the week ending on July 15. At the Cushing Oil Hub in Oklahoma, crude inventories rose by 189,000 barrels, defying expectations for a 100,000 decline. In Libya, exports at the port of Hariga resumed operations after a brief protest among workers on missed payments ended.

Zinc trading range for the day is 147.7-152.3. Zinc prices hit another 14-month high and settled above 150 mark on falling mine output. Zinc has been investor’s favorite this year, surging 39 percent so far as closures and suspensions of major mines has tightened concentrates supply. Zinc production fell 0.9 percent to 3.03 million tons in the first half and stood at 541,000 tons last month, the highest since June 2015. Warehouse stock for Zinc at LME was at 437950mt that is down by -100mt.

Nickel trading range for the day is 685.5-721.3. Nickel gains as support came after the Philippines has asked Nickel Asia Corp, its top producer, to stop exporting ore from Manicani Island. However upside seen limited bolstered by strong U.S. housing data and growing expectations that the Federal Reserve may raise rates. Nickel has surged some 10 percent this month on plans for a mining crackdown in the Philippines, the top supplier of nickel ore to China. Warehouse stock for Nickel at LME was at 377202mt that is down by -546mt.

Menthaoil trading range for the day is 887.2-961. Mentha oil spot at Sambhal closed at 1048.80 per 1kg. Spot prices is up by Rs.4.40/-. Mentha oil dropped on the back of sluggish demand from consuming industries at the spot market. Besides, rising arrivals from major producing belts of Chandausi in Uttar Pradesh also influenced mentha oil prices. At Sambhal market total arrivals are at 100 Drums, lower by 50 Drums (1-drum=180kg) from previous trading day.

Soyabean trading range for the day is 3704-3782.Soyabean prices ended with losses due to steady sowing progress in key producing regions. SOPA projected soybean stocks during Oct 2015-June 16 season slumped 64% on lower output. NCDEX accredited warehouses soyabean stocks dropped by 1023 tonnes to 11228 tonnes. At the Indore spot market in top producer MP, soybean gained 6 rupee to 3790 rupee per 100 kgs.

Turmeric trading range for the day is 8204-8480.Turmeric prices ended with gains amid receipt of some fresh upcountry orders. The arrivals in the main physical markets such as Nizamabad, Duggirala, Salem, Erode and Sangli reported decreasing compared to last week. NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 5590 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8436.5 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 106.6-110.8.Aluminium prices ended with losses as the dollar surged to a four-month high China produced 2.69 million tons (32.7 million tons annualized output) of refined aluminum in June, down by 2.4% year-on-year. From January to June 2016, Chinas total refined aluminum output was 15.11 million tons, virtually flat on the same period last year. Warehouse stock for Aluminium at LME was at 2297450mt that is down by -7425mt.

Naturalgas trading range for the day is 175.5-185.5.Natural gas prices fell below 180 level mark as oversupply concerns continue to creep back into the market. Inventory data due is likely to show the glut grew last week. EIA is likely to report that stockpiles last week grew by 38bcf.Still predicting above-average temperatures, some private forecasters removed some of the extreme heat they had predicted. Prices are down more than 12% since reaching a 13-month high on July 1 amid speculation that July heat won’t prevent stockpiles.

Jeera trading range for the day is 18980-19750.Jeera prices dropped on profit booking after gaining on expectation of upsurge in physical demand at the spot market. The exports of Jeera in the first month of 2016-17 increased by more than 50.7% at 13, 525 tonnes compared to last year same month. NCDEX accredited warehouses jeera stocks gained by 132 tonnes to 4943 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 175 rupees to end at 19375 rupee per 100 kg.

Copper trading range for the day is 330.5-340.1.Copper dropped as the dollar surged to a four month high copper investors also growing cautious about signs of rising supply. Chinas copper output was steady on the year in June, though it rose 7.6 percent to 4.03 million tonnes in the first half of 2016.BHP Billiton said it expects a 5 percent rise in its copper output in the current fiscal year to end-June 2017.Warehouse stock for Copper at LME was at 228000mt that is up by 1700mt.

Gold trading range for the day is 30457-31233.Gold fell as the dollar hovered around four-month highs, ahead of a critical interest rate decision by the ECB. Dollar hit a four-month high following strong economic data, which raised expectations that the Fed may raise rates soon. IMF cut its global growth forecasts for the next two years, citing uncertainty over Britain’s exit from the EU. Investor demand for gold fell in the week to July 12, with net long positions dropping 5.1% to 259,129 contracts.

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