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Commodity Important Updates for 27 May 2016

Commodity Important Updates for 27 May 2016

Silver trading range for the day is 38607-39865.Silver dropped amid strong U.S. economic data and as investors await a highly-anticipated appearance from Feds Janet Yellen for further signals The U.S. economy is set to grow by a 2.9% annualized rate in second quarter following the latest data on durable goods orders and advance goods trade showed The U.S. Labor Department said initial jobless claims fell by 10,000 for the week ended on May 20 to 268,000, slightly below expectations of 275,000. The market will monitor Fed Chair Janet Yellens comments at a panel event hosted by Harvard University on Friday.

Crude Oil trading range for the day is 3267-3407.Crude oil crossed 50$ mark and later settled flat as investors responded to reports of further supply disruptions in Nigeria and growing Asian demand for Saudi Arabian oil. The outlook for the global oversupply is positive as the IEA predicted earlier this month that global crude supplies will shrink dramatically this year. Crude supplies at the Cushing, Oklahoma delivery hub fell by 649,000 barrels to 67.6 million barrels last week. The data also showed that US crude output continued to decline last week, falling for the 11th straight week and hitting the lowest level since September 2014.

Jeera trading range for the day is 15815-16355.Jeera prices gained tracking firmness in spot demand and expectations of good export demand this year. 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 90 tonnes to 4005 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -62.5 rupees to end at 16637.5 rupee per 100 kg.

Turmeric trading range for the day is 7726-8386.Turmeric prices gained due to good buying by market participants at lower prices. Sources also stated that total daily arrivals of 20000 bags have been reported in Nizamabad mandi. NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 5437 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8462.5 rupees dropped -6.95 rupees.

Chana trading range for the day is 5936-6184.Chana prices ended with gains due to limited supplies in local mandies. The sources stated that total production will be declined by almost 15 lakh tonnes from last year due to weak crop in Rajasthan and Madhya Pradesh. NCDEX accredited warehouses chana stocks dropped by 171 tonnes to 2424 tonnes. In Delhi spot market, chana dropped by -4.8 rupee to end at 6231.75 rupee per 100 kgs.

Soyabean trading range for the day is 3894-3984.Soyabean prices gained on supply concerns from Argentina, the world’s third biggest bean producer, and on improved demand. Prices also seen supported by lower supply in domestic market as farmers are set to reduce the area given over to soybean by 10% this year. NCDEX accredited warehouses soyabean stocks dropped by 1097 tonnes to 37044 tonnes. At the Indore spot market in top producer MP, soybean gained 23 rupee to 4063 rupee per 100 kgs.

Mentha Oil trading range for the day is 854.5-873.5.Mentha oil spot at Sambhal closed at 1008.40 per 1kg. Spot prices is down by Rs.-5.50-.Mentha oil dropped on account of increased arrivals in the physical market from major producing belts in Uttar Pradesh. Sentiments remain weak as this season the farmers are seen getting more interested in sowing mentha. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities.

Natural gas trading range for the day is 141.1-149.7.Natural-gas prices fell to settled below 145 as a glut leftover from winter continued to grow more quickly than expected. Energy Information Administration said natural-gas stockpiles grew by 71 billion cubic feet last week, compared to the 68 bcf Inventories as of May 20 reached 2.8tcf, 37% above levels from a year ago and the five-year average for the same week, according to EIA. Weather forecasts appear mild into the second week of June at a time when the market needs hot weather to ramp up demand.

Aluminium trading range for the day is 102.9-105.3.Aluminium ended with small gains amid a weaker dollar, but rally faded on a poor outlook for demand growth in top consumer China. U.S. business spending intentions weakened in April for a third straight month amid soft demand for machinery Aluminum daily stocks at Shanghai exchange came down by 7006 tonnes. Warehouse stock for Aluminium at LME was at 2539900mt that is down by -4425mt.

Nickel trading range for the day is 550.2-573.2.Nickel dropped as developments on the supply-side also suggest caution and a less bullish view towards nickel. The Peoples Bank of China will keep policy slightly loose to support the economy, which still faces downward pressure. The U.S. Labor Department said initial jobless claims fell by 10,000 for the week ended on May 20 to 268,000, slightly below expectations of 275,000. Warehouse stock for Nickel at LME was at 400896mt that is down by -978mt.

Zinc trading range for the day is 123.2-127.8.Zinc prices gained as supply cuts begin to take effect and inventories of the metal fall to the lowest since 2009.Chinas zinc concentrate imports hit a 20-month low of 147,000 tonnes in April, down 23.77% month-on-month and 36.82% year-on-year, according to China Customs. Chinese zinc mines and smelters cranked up output in March after prices rallied, raising questions over the markets bullish scenario. Warehouse stock for Zinc at LME was at 385025mt that is down by -50mt.

Copper trading range for the day is 309.8-318.8.Copper prices dropped dragged lower by expectations that a likely U.S. interest rate rise in the next two months will boost the dollar Some of the recent rise has been due to seasonally strong demand in China, which is likely to fade over coming months. Reflecting the weak demand outlook in China are falling premiums for copper shipments to Shanghai, have fallen to $55 a tonne, the lowest since February 2013.Warehouse stock for Copper at LME was at 155975mt that is up by 725mt.

Gold trading range for the day is 28413-29323.Gold prices dropped as the U.S. dollar was bolstered by hawkish comments from a Federal Reserve president. Earlier in the day gold prices firmed after data showed orders for long-lasting U.S. manufactured goods surged in April. Top consumer Chinas net gold imports via main conduit Hong Kong fell 4.2 percent in April from a three-month high in the previous month, data showed Venezuela sells gold reserves as economy worsens

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