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Commodity Important Updates for 27 June 2016

Commodity Important Updates for 27 June 2016

Gold trading range for the day is 29210-33020.Gold prices jumped after Britain delivered a shock vote to leave the European Union, leaving investors to seek protection in the precious metal. Gold delivered double-digit percentage gains in sterling terms, topping 1,000 pounds an ounce for the first time in more than three years. SPDR gold trust holdings gained by 2.01% i.e. 18.41 tonnes to 934.31 tonnes from 915.90 tonnes. CME raises COMEX 100 gold futures (GC) initial margins for speculators by 22.2 percent to $6,050 per contract from $4,950.

Silver trading range for the day is 41136-43618.Silver gained as the U.K.s surprise decision to leave the European Union in a landmark referendum continued to boost safe-haven demand. The U.K. voted by a substantial margin to leave the EU in a landmark referendum, with the Leave side winning 52% of the vote, against 48% to remain. The Bank of England said Friday it would take all necessary steps to secure monetary and financial stability after the shock Brexit result.US manufacturers of long-lasting products saw demand ebb across the board last month, a Commerce Department report showed.

Copper trading range for the day is 310.5-322.5. Copper slumped as concerns about economic growth rose after Britain voted to leave the European Union and the dollar soared. But the moves were not as strong as in other commodities, partly due to the key role of China, the world’s biggest metals consumer. Zambia’s copper production will double in 2017 from a projected level of as much as 750,000 metric tons this year, the mines minister said. Warehouse stock for Copper at LME was at 192375mt that is down by -2000mt.

Zinc trading range for the day is 133.1-139.3. Zinc dropped as the U.K.s unexpected vote to leave the European Union heightened investor risk aversion. ILZSG data showed that refined zinc metal consumption has been virtually flat in the January-April period, compared with a year ago, at 4.4 million tonnes. This tightness in supply meant that the global zinc market reported an estimated surplus of 24,000 tonnes in the January-April period. Warehouse stock for Zinc at LME was at 412150mt that is down by -1525mt.

Nickel trading range for the day is 589.7-623.3. Nickel dropped tracking weakness in other base metals after a shock U.K. vote to leave the European Union saw investors exit assets tied to economic growth. Nickel ore shipments from the Philippines could be in trouble after a new president’s appointment of an anti-mining presence that could spell disaster for Chinese buyers. Global nickel market ended in small deficit of 8,800 tonnes in January-April 2016 with apparent demand exceeding production, WBMS data showed. Warehouse stock for Nickel at LME was at 382104mt that is down by -1398mt.

Aluminium trading range for the day is 107.3-110.7. Aluminium dropped as worries about economic growth rose following the British vote to leave the European Union, and as the dollar soared. The moves were not as strong as in other commodities and the market recouped much of its losses by the close. According to data from Peoples Republic of China, Aluminium semis exports rose in the month of May by 1.4% month-on-month and 2.9% year-on-year. Warehouse stock for Aluminium at LME was at 2415875mt that is down by -5625mt.

Menthaoil trading range for the day is 841.2-859.8.Mentha oil spot at Sambhal closed at 928.80 per 1kg. Spot prices is up by Rs.3.10-.Mentha oil gained amid pickup in demand from consuming industries at the spot market. Besides, limited supply from major growing regions of Chandausi in Uttar Pradesh, also added support. At Chandausi market total arrivals are at 20 Drums (1-drum-180kg), lower by 5 Drums (1-drum-180kg) from previous days arrivals.

Jeera trading range for the day is 17415-17915.Jeera prices dropped on profit booking after seen support earlier on the back of short supply and expectation of fresh export demand. Export demand reported as compared to last year in the spot market due to good quality supply. NCDEX accredited warehouses jeera stocks dropped by 12 tonnes to 3358 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 150 rupees to end at 17762.5 rupee per 100 kg.

Turmeric trading range for the day is 8074-8266.Turmeric dropped on profit booking after prices gained on anticipation of lower production due to the dryness during the sowing season. Turmeric arrivals are increasing in Southern states and not much of demand is emerging from stockiest. NCDEX accredited warehouses turmeric stocks dropped by 60 tonnes to 5735 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8411.1 rupees gained 17 rupees.

Soyabean trading range for the day is 3740-3880.Soyabean prices dropped on higher output hopes as monsoon rains covered almost the entire country. However downside seen limited as farmers reducing their sowing area under soybean by 10-20% due to shortage of certified seeds. NCDEX accredited warehouses soyabean stocks dropped by 452 tonnes to 23067 tonnes. At the Indore spot market in top producer MP, soybean dropped -8 rupee to 3902 rupee per 100 kgs.

Naturalgas trading range for the day is 180.6-188.8.Natural gas prices dropped on concerns about the glut of fuel in the U.S., though prices still rose on the week in anticipation of growing demand. Natural-gas stockpiles grew more than expected last week, the Energy Information Administration said, and inventories stand 25% above year-ago levels. Meanwhile, updated weather forecasting models continued to show above-normal temperatures across most parts of the U.S. over the next two weeks. Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October.

Crudeoil trading range for the day is 3123-3431.Crude oil dropped after Britain’s vote to leave the European Union spurred massive risk aversion. Russian Energy Ministry expects oil price volatility to increase in the short term after Britain’s vote in favor of leaving the European Union, RIA news agency quoted. Investors paid little heed to data on Friday showing the U.S. oil rig count fell by seven this week, the first weekly reduction in four weeks. Oil traders are concerned that demand for the commodity will weaken sharply amid the expected economic downturn in Europe.

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