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Commodity Important Updates for 3 August 2016

Commodity Important Updates for 3 August 2016

Gold trading range for the day is 31337-32083.Gold rose as shares fell and the dollar hit it’s lowest in over a month after last week’s soft U.S. growth data dented expectations for a near-term interest rate hike. The Federal Reserve should be cautious on interest rate increases due to lingering risks to the U.S. economy, New York Fed President William Dudley said. SPDR gold trust holdings gained by 0.62% i.e. 5.94 tonnes to 969.97 tonnes from 964.03 tonnes. The BOE looks ready to cut interest rates for the first time since 2009, seeking to stop Britain’s vote to leave the European Union from kicking the country into recession.

Silver trading range for the day is 47115-48923.Silver gained as the dollar dropped and inflation remained relatively weak, potentially delaying the timing of the Federal Reserve’s latest interest rate hike. Dallas Federal Reserve Bank President Robert Kaplan joined other Fed policymakers by urging renewed caution in trying to lift rates again. The U.S. BEA said PCE rose by 0.1% in June, slightly below consensus estimates of a 0.2% increase following a gain of 0.2% over the previous month. Holdings at ishares silver trust dropped by 0.04% i.e. 4.38 tonnes to 10911.57 tonnes from 10915.95 tonnes.

Crudeoil trading range for the day is 2564-2774.Crude prices dropped below $40 for the first time in more than three months as oversupply worries persist. Lingering economic concerns and a stubborn global supply glut have dented oil prices for the past few weeks. OPECs July monthly oil report, which offers the cartels own demand and supply outlook, is expected to be released Aug. 10.Investors continue to monitor the options markets, after short positions in WTI increased last week by nearly 39,000. CFTC shows.

Copper trading range for the day is 322.9-333.3.Copper edged up as the dollar dropped, spurring interest for hard assets. Growth eased in the euro zone last month, with factories in China, Japan and elsewhere in Asia offering only crumbs of comfort, surveys indicated. Home prices are still rising rapidly in larger Chinese cities, but may have peaked in the high-flying southern city of Shenzhen, according to data. Warehouse stock for Copper at LME was at 209650mt that is down by -425mt.

Menthaoil trading range for the day is 916.8-968.Mentha oil spot at Sambhal closed at 1076.00 per 1kg. Spot prices is up by Rs.6.60-.Mentha oil gained tracking a firm trend at spot market on rising demand from consuming industries in the spot market. Besides, restricted supplies from Chandausi in Uttar Pradesh, too added support to mentha oil prices. At Sambhal market estimated market supply was at 100 Drums, lower by 25 Drums from previous days arrivals.

Jeera trading range for the day is 19635-20225. Jeera prices dropped due to profit booking at higher levels after prices gained of lower supply from the producing belts. India’s jeera exports rose nearly 25% to around 50,000 tn in Apr-Jul from 40,000 tn in the year-ago period due to good demand. NCDEX accredited warehouses jeera stocks gained by 102 tonnes to 6093 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -43.35 rupees to end at 19436.65 rupee per 100 kg.

Turmeric trading range for the day is 8014-8362.Turmeric prices gained on expectation of pickup in demand from north India. Though, some gains were capped on hopes of good output as weather in the turmeric-growing regions is expected to remain good. NCDEX accredited warehouses turmeric stocks dropped by 148 tonnes to 6003 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8426.3 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3498-3644.Soyabean gained on short covering after prices dropped due to expectation of better harvest and good sowing progress in the country. USDA in its weekly export sales report said that net sales of 201516 crop were around 1,400 tons NCDEX accredited warehouses soyabean stocks dropped by 30 tonnes to 2030 tonnes. At the Indore spot market in top producer MP, soybean dropped -33 rupee to 3774 rupee per 100 kgs.

Naturalgas trading range for the day is 180-189.6.Natural gas fell to a one-week low as forecasts for less hot weather over the next two weeks dampened demand expectations for the cooling fuel. Losses were limited as market players looked ahead to weekly supply data due on Thursday, which is expected to show an increase of just 10 billion cubic feet. Total U.S. natural gas storage stood at 3.294 trillion cubic feet, 13.2% higher than levels at this time a year ago. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

Aluminium trading range for the day is 107.2-110.8.Aluminium dropped amid a drop in energy prices and limp factory demand as the northern hemisphere summer hits full swing. U.S. Consumer spending rose more than expected in June, suggesting strength that appeared to be sustained early in the third quarter. SHFE stocks, which were last at 116,883 tonnes, have fallen over the past two months amid domestic tightness, also down 180,154 tonnes so far in 2016. Warehouse stock for Aluminium at LME was at 2284550mt that is down by -9250mt.

Nickel trading range for the day is 694.4-737.8.Nickel dropped on profit booking after support seen as Philippine President warned mining companies to strictly follow tighter environmental rules. Meanwhile, a crackdown against pollution in China will mostly affect production of nickel ore and refined nickel. An unexpected drop in construction spending in June suggested second-quarter economic growth was probably even weaker than reported last week. Warehouse stock for Nickel at LME was at 372750mt that is down by -204mt.

Zinc trading range for the day is 150.4-154.2.Zinc gained as investors focused on a Chinese measure of manufacturing that rose to the highest since February 2015.Zinc prices also got support after producer Vedanta Resources Plc highlighted tightening supply. Recent U.S. data suggests tepid economic growth, slowing manufacturing activity and subdued inflation. Warehouse stock for Zinc at LME was at 431150mt that is down by -50mt.

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