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Commodity Important Updates for 4 July 2016

Commodity Important Updates for 4 July 2016

Copper trading range for the day is 322.2-340.8.Copper gained as prices got support from a weaker dollar and hopes for more stimulus in China. Data showed that Chinas Caixin manufacturing purchasing managers index fell to 48.6 in June from 49.2 the previous month, compared to expectations for a downtick to 49.1.Data showed ShFE inventories rose for the first time in nearly two months Warehouse stock for Copper at LME was at 189125mt that is down by -2400mt.

Zinc trading range for the day is 140.2-148.Zinc prices rallied continuing its firm trend rising for a fourth straight session as funds continue to pile into the market. Expectations of potential shortages have fuelled buying in zinc but an inventory overhang means the metal is readily available for consumers. Total world stocks of zinc at the end of April stood at about 1.5 million tonnes, according to the International Lead and Zinc Study Group. Warehouse stock for Zinc at LME was at 442700mt that is down by -475mt.

Menthaoil trading range for the day is 825.9-849.7.Mentha oil spot at Sambhal closed at 920.50 per 1kg. Spot prices is up by Rs.11.70-.Mentha oil gained tracking improved demand from consuming industries in the spot market. Besides, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil prices. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Soyabean trading range for the day is 3743-3933.Soyabean prices gained on supply worries from United States following reports of marginal fall in planting and on improved demand. Till now around 281,000 hectares sowing has been done compared to 2.034 million hectare sowing completed in the same period a year ago. NCDEX accredited warehouses soyabean stocks gained by 570 tonnes to 22077 tonnes. At the Indore spot market in top producer MP, soybean gained 13 rupee to 3851 rupee per 100 kgs.

Turmeric trading range for the day is 8050-8402.Turmeric prices ended with losses on heavy arrivals from the producing belts. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week. NCDEX accredited warehouses turmeric stocks dropped by 39 tonnes to 5592 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8488.2 rupees dropped -26.25 rupees.

Aluminium trading range for the day is 110.7-112.7.Aluminium gains on worries about supply shortages, as industrial firms in China increasingly buy it in liquid form, creating a shortage of ingots. The shortage was highlighted when weekly data showed inventories on the ShFE slid 11.5 percent to 163,664 tonnes. That means that ShFE inventories have tumbled by more than half from 341,615 tonnes in mid-March. Warehouse stock for Aluminium at LME was at 2382100mt that is down by -5750mt.

Naturalgas trading range for the day is 192.6-204.2.Natural gas rallied as traders bet that warmer weather will help to ease a glut of supplies in the U.S. The Energy Information Administration said total working gas in underground storage rose 37 billion cubic feet to 3.14 trillion cubic feet. The U.S. EIA said that stockpiles grew last week, rising to 3.1 trillion cubic feet. Storage levels may be near record levels for this time in the injection season, but the rate of storage injections have been well below average.

Jeera trading range for the day is 17350-18690.Jeera dropped on account of offloading of positions by traders on the back of weak demand in the spot market. The arrivals may slow down as monsoon hit most parts of Gujarat. NCDEX accredited warehouses jeera stocks gained by 53 tonnes to 3104 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -135 rupees to end at 18035 rupee per 100 kg.

Jeera trading range for the day is 17350-18690.Jeera dropped on account of offloading of positions by traders on the back of weak demand in the spot market. The arrivals may slow down as monsoon hit most parts of Gujarat. NCDEX accredited warehouses jeera stocks gained by 53 tonnes to 3104 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -135 rupees to end at 18035 rupee per 100 kg.

Nickel trading range for the day is 629.4-695.Nickel gained on concern about developments in Philippines, the biggest supplier of nickel ore to China. The new mining minister, a committed environmentalist, announced plans on Friday to review all mines operating in the country. Chinas official manufacturing PMI came in at 50.0 last month from 50.1 in May, in line with expectations. Warehouse stock for Nickel at LME was at 379566mt that is up by 228mt.

Crudeoil trading range for the day is 3200-3336.Crude oil eases as the markets focus returned to oversupply as production from Nigeria and Canada revived, and OPEC output reached a record high in June. The U.S. energy secretary said Friday he expects the oil market to be in balance in 2017.But Ernest Moniz also sees supplies remaining ample due to historically high reserves. Global oil stocks hit a record high of 3 billion barrels earlier this year, according to the International Energy Agency (IEA).

Silver trading range for the day is 43925-47733.Silver gained to 22 months high as continued uncertainty following the Brexit vote and concerns over a slowdown in China lent support to the safe-haven. Fischer said he is hopeful the Fed can continue tightening at a slow, very gradual pace amid signals of an improved economy. Investors were cautious as markets continued to recover from Britain’s shock decision last week to leave the European Union. Bank of England Governor, Mark Carney, indicated that more stimulus may be needed over the summer, sparking expectations for an upcoming rate cut.

Gold trading range for the day is 31098-31768.Gold rose supported by a weaker dollar and prospects for further monetary policy easing in the wake of Britain’s vote to leave the European Union. Societe General raised its gold price forecasts on fears over the ongoing political, financial and economic fallout of Britain’s vote to leave EU.SPDR gold trust holdings gained by 0.41% i.e. 3.86 tonnes to 953.91 tonnes from 950.05 tonnes. Investors rushed to protect them against the uncertainty in the lead up to Britain’s shock vote to exit the European Union, dubbed Brexit.

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