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Commodity Important Updates for 22 July 2016

Commodity Important Updates for 22 July 2016

Gold trading range for the day is 30530-31282.Gold gained as the dollar and shares fell after the ECB left key interest rates unchanged, but better-than-expected U.S. jobs data weighed. The ECB held rates at record lows as it seeks to revive growth and inflation with cheap credit to the economy. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22 percent to 963.14 tonnes on Thursday. BOJ Governor Haruhiko Kuroda ruled out the idea of using helicopter money – or directly underwriting the budget deficit – to combat deflation.

Silver trading range for the day is 45220-47376.Silver gains with investors now looking ahead to Fed for its views on rates following indications the U.S. economy is chugging along as expected despite Brexit. ECB Draghi told that the euro zones central bank was prepared to take more action to lift inflation and economic growth if necessary. The U.S. Federal Reserve will wait until the fourth quarter before raising interest rates, likely in December after the presidential election. U.S. home resale’s hit their highest in nearly 9-12 years in June as low interest rates lured first-time buyers into the market.

Crudeoil trading range for the day is 2970-3148.Crude oil fell sharply as persistent concerns related to the supply glut in crude and refined product remained in focus. While U.S. production has been falling, crude inventories are at a historically high of 519.5 million barrels for this time of year, the EIA said. In June, Chinas exports of refined fuels surged 38% to a record-high of 4.2 million tons (1.02 million bpd), the nation’s Customs Administration said. Iraqs oil exports are set to rise in July, putting supply growth from OPECs second-largest producer back on track after two months of declines.

Copper trading range for the day is 333.9-341.1.Copper gained as the dollar eased from a four-month high, and after Chinas copper imports remained solid in June. Chinas refined copper imports for June rose by 19.7 percent on the year to 305,304 tonnes, while refined copper exports also jumped by 192.4 percent to 42,596 tonnes. International Copper Study Group data showed a global deficit almost doubled in April from a month earlier to 110,000 tons. Warehouse stock for Copper at LME was at 228400mt that is up by 400mt.

Zinc trading range for the day is 148.3-154.7.Zinc prices gained after the closure of several large mines since late last year and final Chinese trade data. Final Chinese trade data highlighted the shortages, showing imports of refined zinc jumped 65 percent in June. Global mine production slumped by 8.1 percent in the first four months of this year, according to the ILZSG. Warehouse stock for Zinc at LME was at 437325mt that is down by -625mt.

Nickel trading range for the day is 699.6-738.8.Nickel gained because of tighter supplies after top ore exporter Philippines launched an environmental crackdown on mines. Prices also gained as China, the biggest user, said refined nickel imports more than doubled to a record in the first half. Inventories of the metal in warehouses tracked by the London Metal Exchange fell 0.4 percent Thursday to the lowest since October 2014. Warehouse stock for Nickel at LME was at 375546mt that is down by -1656mt.

Menthaoil trading range for the day is 905.9-950.9. Mentha oil spot at Sambhal closed at 1050.90 per 1kg. Spot prices is up by Rs.2.10/-. Mentha oil gained amid reports of crop damage in major plant growing regions including Uttar Pradesh. India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. Currently, mentha crop is been harvested and reports of heavy rainfall in the major growing areas in Uttar Pradesh affected arrivals.

Soyabean trading range for the day is 3692-3780. Soyabean prices dropped due to expectation of better harvest as rains have eased in MP. As on now, soybean sowing was recorded at 96.6 lh, same as from a year ago as per the government data. NCDEX accredited warehouses soyabean stocks dropped by 474 tonnes to 10754 tonnes. At the Indore spot market in top producer MP, soybean gained 28 rupee to 3818 rupee per 100 kgs.

Aluminium trading range for the day is 105.2-109.8.Aluminium prices dropped as pressure came after aluminum stockpiles in LME-tracked warehouses climbed for the first time in 90 sessions. Norsk Hydro ASA raised its annual global aluminum demand-growth forecast to 4 percent to 5 percent for 2016. Aluminum daily stocks at Shanghai exchange came down by 2199 tonnes. Warehouse stock for Aluminium at LME was at 2310050mt that is up by 12600mt.

Naturalgas trading range for the day is 174.3-184.7. Natural gas recovered from the day’s low after data showed that supplies in storage rose less than expected last week. EIA said in its weekly report that natural gas storage rose by 34bcf, below forecasts for an increase of 39 billion. Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3tcf. The level of gas rigs will also continue to be watched closely to assess whether the recovery in prices over the past six months.

Jeera trading range for the day is 18905-19565. Jeera prices dropped on profit booking after prices gained on good demand in the physical market and lower arrivals. As per 4th advance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. NCDEX accredited warehouses jeera stocks gained by 9 tonnes to 4952 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -164.3 rupees to end at 19210.7 rupee per 100 kg.

Turmeric trading range for the day is 8182-8430.Turmeric dropped on profit booking after gaining on account of expectation of pickup in demand from north India. Turmeric acreage in Telangana as on 20-Jul-16 was around 30,000 hectares as compared to 31,000 hectares last year. NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 5760 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8475 rupees gained 38.5 rupees.

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