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Commodity Important Updates for 25 May 2016

Commodity Important Updates for 25 May 2016

Mentha Oil trading range for the day is 856.7-883.3.Mentha oil spot at Sambhal closed at 1012.40 per 1kg. Spot prices is up by Rs.7.10-.Mentha oil dropped on account of increased arrivals in the physical market from major producing belts in Uttar Pradesh. Sentiment weakened further as investors booked profits in the midst of a fall in demand at the spot market. At Sambhal market arrivals were reported at 70 Drums (1-drum=180kg), higher by 20 Drums (1-drum=180kg) as compared to previous day.

Chana trading range for the day is 5912-6200. Chana prices gained on reports of lower production and expectation of tight supplies in coming months. In the third advance estimates, chana production is revised downwards to 7.5 mt from 8 mt forecasted in 2nd estimate. NCDEX accredited warehouses chana stocks dropped by 221 tonnes to 2647 tonnes. In Delhi spot market, chana gained by 170.85 rupee to end at 6220.85 rupee per 100 kgs.

Jeera trading range for the day is 15765-16695.Jeera dropped on profit booking after prices gained earlier on expectation of good export demand. The sources stated that the total jeera production is projected to decline by 15 percent to reach 45 lakh tonnes. NCDEX accredited warehouses jeera stocks dropped by 39 tonnes to 4124 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -75.55 rupees to end at 16766.65 rupee per 100 kg.

Turmeric trading range for the day is 7720-8184. Turmeric prices dropped as pressure seen on reports of good rains in turmeric growing area in south India. The total production in the coming year is expected to be around 68 lakh bags, up 20 lakh bags from the last year. NCDEX accredited warehouses turmeric stocks gained by 59 tonnes to 5417 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8483.3 rupees dropped -40.35 rupees.

Soyabean trading range for the day is 3867-4029.Soyabean prices dropped on expectations of higher production in next season due to reports of good monsoon. Soybean Processors Association of India has revised 2015-16 soy bean output to 6.92 million ton after assessing the arrivals. NCDEX accredited warehouses soyabean stocks dropped by 1147 tonnes to 39936 tonnes. At the Indore spot market in top producer MP, soybean dropped -6 rupee to 4106 rupee per 100 kgs.

Zinc trading range for the day is 121.5-125.5. Zinc settled flat as pressure seen on prices as a slump in imports rekindled demand concerns on China, the world’s biggest user. Shipments of refined zinc into the Asian nation shrank 49 percent in April from a month earlier and were down 24 percent from a year ago, customs data showed. Goldman forecast global mine supply will drop 3.2 percent, as consumption climbed 1.9 percent, triggering a deficit of 114,000 metric tons. Warehouse stock for Zinc at LME was at 385675mt that is down by -100mt.

Naturalgas trading range for the day is 130-143.8. Naturalgas prices dropped more than 3% to a one-month low due to mild weather forecasts that have muted demand expectations. The natural-gas market is oversupplied following a mild winter, which limited indoor-heating demand. Inventories of natural gas stand 41% above the five-year average for this time of year, and market say that stockpiles could threaten to exceed story capacity Forecasts for the next two weeks call for warm temperatures.

Aluminium trading range for the day is 103.5-106.9. Aluminium gained on short covering but gains were capped by a stronger dollar and uncertainty over growth in demand in China Data from US showed Home purchases rose almost 17 percent, pointing to a robust spring selling season for builders. Clues to the strength of Chinese demand will come from surveys of purchasing managers in the manufacturing sector due on June 1. Warehouse stock for Aluminium at LME was at 2549700mt that is down by -5550mt.

Nickel trading range for the day is 560.7-578.7. Nickel gained buoyed by brightening economic signals in the United States and showing some resilience to persistent dollar strength. China’s Minx in Manufacturing PMI index fell 1.1 percentage points in May from the previous month, according to a statement. Nickel daily stocks at Shanghai exchange came down by 209 tonnes. Warehouse stock for Nickel at LME was at 402504mt that is down by -384mt.

Copper trading range for the day is 306.4-317. Copper gained as new-home sales in the U.S. surged to the highest in eight years, boosting demand prospects for the metal The global world refined copper market showed a 24,000-tonne surplus in February, compared with a 51,000-tonne surplus in January, the ICSG said. New U.S. single-family home sales recorded their biggest gain in 24 years in April, touching a more than eight-year high as purchases increased broadly Warehouse stock for Copper at LME was at 157250mt that is up by 2250mt.

Crude Oil trading range for the day is 3209-3369.Crude oil rallied as a string of production slowdowns in Canada, Nigeria and Libya in recent weeks has provided upside pressure. API said that crude oil stock dropped 5.137mbls last week, compared to a decline of 3.3 million barrels seen, as refineries typically ramp up gasoline production. Iraq OPEC governor indicated that production nationwide is hovering around 4.5mbpd, amid slowing output due primarily to poor weather, maintenance issues. Media reports saying that Iran plans to increase oil export capacity to 2.2mbls by the summer and has no intentions to freeze its level of oil production.

Silver trading range for the day is 38999-39919.Silver dropped adding to overnight losses, as comments from Federal Reserve officials added to expectations that a rate hike could come as soon as June. Feds Patrick Harker said that two to three rate hikes are possible this year if the economy continues to grow as projected. An Franciscos Williams said, he thinks it could be appropriate to raise interest rates two to three times this year, followed by another three to four times in 2017.U.S. Commerce Department said that new home sales in April soared 16.6% to a seasonally adjusted annual rate of 619,000.

Gold trading range for the day is 29009-29833.Gold slipped to a seven-week low as expectations of an early interest rate hike by the U.S. Federal Reserve pushed the dollar to a near two-month high. Dollar gained after robust U.S. housing data supported the case for the Fed to raise rates in the near term. Rate hikes by the US will be good news for the world because they will show its largest economy is in good health. ECB Vice President said on Tuesday. Holdings in SPDR Gold Trust fell 0.44 percent to 868.66 tonnes on Tuesday, the first decline in a month.

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