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Commodity Important Updates for 25 July 2016

Commodity Important Updates for 25 July 2016

Silver trading range for the day is 45899-46863.Silver prices ended with losses as pressure seen as strong U.S. economic data bolstered a resurgent dollar. The flash reading for Julys PMI Manufacturing Index surged more than a full point to 52.9, soaring to its highest level in nine months. Investors await this week’s Federal Open Market Committee (FOMC) July meeting for further indications on the timing of the U.S. central banks next rate hike.US home sales accelerated 1.1% to a seasonally adjusted annual rate of 5.57 million for the fourth consecutive month, a reading showed.

Copper trading range for the day is 329.1-340.7.Copper prices ended with losses as pressure came as stronger dollar knocked industrial metals prices. The global copper market has recorded a deficit of 48,000 tonnes during January to May this year, according to WBMS. The International Copper Study Group said the market had swung to a 109,000 tonne deficit in April, compared with a minor surplus in 2015.Warehouse stock for Copper at LME was at 222725mt that is down by -5675mt.

Turmeric trading range for the day is 8150-8390. Turmeric dropped on late profit booking after prices gained due to the arrival of medium and good quality turmeric the arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week. NCDEX accredited warehouses turmeric stocks gained by 161 tonnes to 5921 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8452.5 rupees dropped -22.5 rupees.

Aluminium trading range for the day is 105.7-108.9.Aluminium prices bucked the weaker trend and ticked higher as industrial consumers took advantage of recent declines to make purchases. The latest report by WBMS indicates that global primary aluminum market has recorded a marginal deficit during the initial five months of the year. Aluminum weekly stocks at Shanghai exchange came down by 10456 tonnes. Warehouse stock for Aluminium at LME was at 2325000mt that is up by 14950mt.

Naturalgas trading range for the day is 175.6-193.8. Natural gas gained as forecasts show oppressive heat in the central U.S. spreading to the East Coast. The natural-gas market is oversupplied due to robust production and sluggish demand during a warm winter. Total U.S. natural gas storage stood at 3.277 trillion cubic feet, 14.4% higher than levels at this time a year ago. Demand for natural gas is expected to remain strong, as hot weather prompts more use of gas-powered electricity to run air-conditioning units.

Jeera trading range for the day is 18815-20425. Jeera prices ended with gains on account of lower arrivals as monsoon hit most parts of Gujarat. 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 54 tonnes to 5006 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 185.15 rupees to end at 19395.85 rupee per 100 kg.

Soyabean trading range for the day is 3630-3778.Soyabean prices dropped as pressure seen due to steady sowing process of the oilseed continued due to a good monsoon season. The USDA said net soybean sales for the week ended July 14 totaled nearly 1.33 million metric tons for the 2015-16 and 2016-17 seasons NCDEX accredited warehouses soyabean stocks dropped by 1732 tonnes to 9022 tonnes. At the Indore spot market in top producer MP, soybean dropped -19 rupee to 3799 rupee per 100 kgs.

Menthaoil trading range for the day is 917.3-978.7.Mentha oil spot at Sambhal closed at 1075.50 per 1kg. Spot prices is up by Rs.24.60-.Mentha oil prices gained tracking a firming trend at spot market on rising demand from consuming industries. Further, limited supply from major producing regions of Chandausi in Uttar Pradesh also fuelled the uptrend. Traders estimate 20 per cent decline in arrivals over the last three weeks.

Nickel trading range for the day is 681.5-724.5.Nickel prices ended with losses as some investors locked in profits from a recent rally but prices gained on weekly basis. Nickel surging 23 percent, since June 1, boosted by concerns the Philippines will intensify a crackdown on mining companies that do not meet environmental standards Global nickel market ended in deficit of 42,600 tonnes in January-May 2016 with apparent demand exceeding production, according to WBMS data. Warehouse stock for Nickel at LME was at 375360mt that is down by -186mt.

Zinc trading range for the day is 149.2-153.Zinc prices gained as a drop in global zinc mine supply has squeezed production, helping zinc prices to jump more than 7 percent so far this month. The global zinc market deficit was 68,700 tonnes in the first five months of the year, according to the International Lead and Zinc Study Group. As per WBMS data, the worldwide zinc market has recorded deficit during January to May this year. This is after recording a surplus during the entire year 2015. Warehouse stock for Zinc at LME was at 436925mt that is down by -400mt.

Crudeoil trading range for the day is 2906-3062.Crude oil prices dropped as the U.S. heads to the end of the summer-driving season with ample inventories. Pressure also seen after the fourth weekly rise in the U.S. oil rig count added to worries about a global crude glut. Record June demand of the fuel wasn’t enough to make a dent in stockpiles that ended the month at the highest since 1984 for this time of year, the SPI data. Rigs targeting crude in the U.S. rose by 14 to 371, marking the longest streak of increases since August, according to Baker Hughes Inc. data.

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