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Commodity Important Updates for 30 May 2016

Commodity Important Updates for 30 May 2016

Gold trading range for the day is 28358-28960.Gold prices dropped after Fed Chair Janet Yellen indicated the U.S. central bank could raise interest rates within months if the economy continues to improve. Pressure seen on prices after minutes of the Feds policy meeting indicated last week that a rate hike may be on the cards sooner rather than later. Gold demand in Asia remained soft this week, with discounts in India widening to the highest in 1-12 months, as a recent slide in prices failed to lure buyers. In top consumer China, demand this year in general has not been really good, but its premium to the benchmark was at $4.

Silver trading range for the day is 38575-39273. Silver dropped with traders betting the Fed is likely to raise rates this summer after a raft of hawkish remarks from individual officials and the April meeting minutes. Fed chair sounded notably less dovish than a few months ago, joining the majority of her colleagues arguing in favor of a rate hike at one of the next meetings. The U.S. Commerce Department revised prior estimates of first quarter GDP higher by 0.3% to 0.8% on an annual basis, slightly below consensus forecasts of 0.9%. The UoMs Consumer Survey Center said consumer sentiment fell 1.1 points in May from the flash reading when it surged nearly 7 points to 95.8.

Copper trading range for the day is 311.8-317.8. Copper gained helped by a rebound in China steel, but expectations that a likely hike in U.S. interest rates in the next two months will boost the dollar. Supporting prices was a 14 percent weekly fall in copper inventories in warehouses monitored by the Shanghai Futures Exchange.  Gross domestic product rose at a 0.8 percent annual rate as opposed to the 0.5 percent pace reported last month, the Commerce Department said. Warehouse stock for Copper at LME was at 153750mt that is down by -2225mt.

Zinc trading range for the day is 125.7-128.9. Zinc prices gained as supply cuts begin to take effect and inventories of the metal fall to the lowest since 2009. Zinc demand will benefit to the extent that China continues to rely on infrastructure growth for overall economic support.  As per WBMS data, the global zinc market recorded small surplus of 90 kt during the initial three months of the year from January to March. Warehouse stock for Zinc at LME was at 383000mt that is down by -2025mt.

Nickel trading range for the day is 554.4-572.4. Nickel prices gained tracking firmness in LME prices as investors bought futures to square positions. Headline imports of refined metal hit a new all-time record high of 49,012 tonnes in April. Global nickel market ended in small deficit of 8,400 tonnes in January-March 2016 with apparent demand exceeding production. Warehouse stock for Nickel at LME was at 402744mt that is up by 1848mt.

Menthaoil trading range for the day is 838.6-872.4. Mentha oil spot at Sambhal closed at 1000.90 per 1kg. Spot prices is remain unchangeably Rs.0.00-. Mentha oil prices ended with losses on sluggish demand from consuming industries at the spot market. Pressure also seen as this season the farmers are seen getting more interested in sowing mentha in the major growing area of Barabanki.

Chana trading range for the day is 6009-6189. Chana prices ended with gains amid supply crunch in coming months. Arrivals of raw Chana is not picking up despite higher prices as expected in the states of Madhya Pradesh and Rajasthan. NCDEX accredited warehouses chana stocks dropped by 51 tonnes to 2373 tonnes.

Jeera trading range for the day is 15855-16445. Jeera prices gained on short covering after prices dropped amid higher supplies in physical market.  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 dropped by 12 tonnes to 3993 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at 0 rupees to end at 16662.5 rupee per 100 kg.

Turmeric trading range for the day is 7848-8172. Turmeric prices dropped on reports of good rains in turmeric growing area in south India. Turmeric arrivals have been higher compared to last year but the arrivals have slowed in April as per data. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. In Nizamabad, a major spot market in AP, the price ended at 8475 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3860-3992. Soyabean prices dropped on anticipation of higher production next season on forecast of good monsoon. Further, lower crushing demand due to higher edible oil imports too weighed on soyabean prices. NCDEX accredited warehouses soyabean stocks dropped by 454 tonnes to 36590 tonnes.

Naturalgas trading range for the day is 139.5-151.3. Natural gas prices gains on short covering with hot weather raising expectations for demand. The US Energy Information Administration reported that natural gas stockpiles grew by 71 billion cubic feet last week. Production has weakened and demand has strengthened enough to keep stockpiles from growing as fast as they usually do so far this spring. The natural gas market could face significant challenges this fall if spring and summer storage additions max out storage capacity.

Aluminium trading range for the day is 102.8-105. Aluminium dropped as the anticipated production increases is likely to keep aluminum market well-supplied. The latest figures from the International Aluminium Institute (IAI) showed a collective annualized run-rate outside of China of 25.1 million tonnes in April. There were signs that Chinese smelters were also curtailing capacity at the end of last year but with Shanghai Aluminium prices staging an impressive rally. Warehouse stock for Aluminium at LME was at 2534000mt that is down by -5900mt.

Crude Oil trading range for the day is 3254-3348. Crude oil dropped as prices came under pressure from a strong U.S. dollar, buoyed by generally positive U.S. economic data. Oil pushed through $50 for the first time in about seven months on Thursday after supply disruptions from Canadian wildfires. Saudi Arabia has offered larger quantities of crude to customers in Asia after a series of oilfield maintenance initiatives were completed earlier in week. The slide in the U.S. oil rig count has virtually halted as well, with just 2 rigs idled this week, data from industry firm Baker Hughes showed.

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