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Commodity Important Updates for 24 May 2016

Commodity Important Updates for 24 May 2016

Jeera trading range for the day is 16135-16755. Jeera prices ended with losses due to lack of demand at the spot market. In Rajasthan, jeera output expected to be lower this year, compared to last year due to hot weather and lower acreage. NCDEX accredited warehouses jeera stocks gained by 72 tonnes to 4163 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -115.8 rupees to end at 16842.2 rupee per 100 kg.

Turmeric trading range for the day is 7942-8082. Turmeric prices gained on account of increasing demand from traders and stockiest at the spot market. However, reports of good rains in turmeric growing area in south India, capped some gains. NCDEX accredited warehouses turmeric stocks gained by 225 tonnes to 5358 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8523.65 rupees gained 23.65 rupees.

Chana trading range for the day is 5751-6089.Chana prices ended with gains as support seen because of a fall in domestic production, largely due to drought and scanty rainfall. According to data from commerce ministry, during 2016-17 in April month imports of pulses in the country have increased by more than 24%. Chana production and distribution both are weak in the market and demand for pulses product is very good In Delhi spot market, chana dropped by -82 rupee to end at 6050 rupee per 100 kgs.

Soyabean trading range for the day is 3929-4061.Soyabean gained due to concerns over potential crop damage in Argentina. United States forecasts for Brazil, 2016-17 output hiked at 103 million tons compared to 99 million tons in the same period a year ago NCDEX accredited warehouses soyabean stocks dropped by 4305 tonnes to 41083 tonnes. At the Indore spot market in top producer MP, soybean gained 51 rupee to 4112 rupee per 100 kgs.

Menthaoil trading range for the day is 855.7-884.7. Mentha oil spot at Sambhal closed at 1005.30 per 1kg. Spot prices is down by Rs.-8.60/-. Mentha oil prices ended with gains on short covering after prices dropped as Bihar Govt extended the ban on gutkha and pan masala. Sentiments remain weak as this season the farmers are seen getting more interested in sowing mentha in the major growing area. At Barabanki arrivals were reported at 150 Drums (1-drum-180kg), steady as against previous day’s arrival.

Naturalgas trading range for the day is 135.2-146.2.Naturalgas settled up at 139.30 after the latest US weather model called for warmer temperatures over the next two weeks, which should increase cooling demand during that time. Stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October. In almost all of the weather forecasts wave seen thus far, all estimates point to a much warmer-than-expected summer due to the transition from El Nino to La Nina. A La Nina winter could mean much colder temperatures in the Northeast where natural gas demand is the highest.

Aluminium trading range for the day is 102.4-106.2.Aluminium gains as the lowest Chinese stockpiles in a year signal a tightening market for the metalIn Aluminium, around two million tonnes of new capacity and restarts have come on line in China this year, while smelters utilization rates climbed to 79.6 percent. Aluminum daily stocks at Shanghai exchange came down by 8030 tonnes. Warehouse stock for Aluminium at LME was at 2555250mt that is down by -5300mt.

Nickel trading range for the day is 557.6-576.Nickel prices dropped as investors are also souring on nickel as the peak stainless demand period winds up. A Fed official said on Monday that U.S. interest rates being kept too low for too long could cause financial instability Nickel daily stocks at Shanghai exchange came down by 148 tonnes. Warehouse stock for Nickel at LME was at 402888mt that is down by -1668mt.

Zinc trading range for the day is 122-126.4.Zinc dropped tracking weakness in LME prices but is expected to outperform other metals this year because of shortages created by mine closures. LME registered warehouses stocks stand down by nearly 40 percent since September and the lowest since July 2009.Zinc daily stocks at Shanghai exchange came down by 1649 tonnes. Warehouse stock for Zinc at LME was at 385775mt that is down by -975mt.

Copper trading range for the day is 305.1-312.5.Copper recovered from lows on short covering after prices earlier remained under pressure as the dollar held strong on expectations US could raise interest rates next month. Latest China data souring the mood further included copper exports that surged by 38 percent to 32,371 tonnes Reflecting a souring view towards copper prices, hedge funds and money managers extended their bearish bets in COMEX copper futures and options. Warehouse stock for Copper at LME was at 155000mt that is down by -725mt.

Crudeoil trading range for the day is 3194-3298.Crudeoil dropped as concerns surrounding recent disruptions to crude production eased, renewing expectations that global supplies will continue to outpace demand. Iran recently reiterated that it has no plan to join any production freeze at the upcoming OPEC meeting. Prices were also pressured after oil-field services firm Baker Hughes Inc. reported Friday that the number of rigs drilling for oil in the US was unchanged last week. Traders are also looking ahead to a meeting of the Organization of the Petroleum Exporting Countries, set for June 2 in Vienna.

Silver trading range for the day is 39179-40065.Silver dropped adding to last week’s sharp losses, as markets continued to factor in the possibility of another interest rate hike by the Federal Reserve as early as June. Feds James Bullard reiterated that the U.S. central bank has a plan in place to raise rates gradually if the economy improves as expected. Eric Rosengren, president of the Federal Reserve Bank of Boston said on Friday conditions for a rate increase are on the verge of broadly being met. Investors will continue to focus on U.S. economic reports to whether economy is strong enough to withstand further rate hikes in 2016.

Gold trading range for the day is 29503-29817.Gold prices remained under pressure on expectations that the U.S. Federal Reserve will increase interest rates as early as June.US rates being kept too low for too long could cause financial instability in future and stronger market expectations for a rate rise are probably good, St. Louis said. Goldman Sachs said they estimated a 35 percent chance the Federal Reserve would raise its target on the federal funds rate at its June 14-15 policy meeting. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.38 percent to 872.52 tonnes on Monday.

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