SEBI Registration NO.---- INA000001530 Investment in stock and commodity market are subject to market risk. Please do not trade on those tips which are not provided through SMS or messenger.

Commodity Important Updates for 6 Dec 2016

Commodity Important Updates for 6 Dec 2016

Naturalgas trading range for the day is 232.5-256.3.Natural gas prices rallied as cooler forecasts continue raising expectations for demand. Natural gas producers trimmed the number of active drilling rigs heading into this winter to a record low. Exports are rising, too, and with all that demand, there just isn’t enough drilling to keep supplies as high as they have been in the past year.

Aluminium trading range for the day is 116.4-119.Aluminium prices gained supported by a private survey showing growth in Chinas services sector accelerated to a 16-month high in November U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, further evidence of strength in the economy A report from ISM showed that gauge of non-manufacturing activity hit a one-year high in November, adding to optimism over the economic outlook.

Jeera trading range for the day is 17515-18305.Jeera prices dropped on reports of good progress of Jeera sowing in the producing belts of Gujarat. Current year Jeera sowing completed around 99100 hectares as compared to last year same period 17400 hectares NCDEX accredited warehouses jeera stocks dropped by 6 tonnes to 135 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -73.6 rupees to end at 18688.9 rupee per 100 kg.

Turmeric trading range for the day is 6854-7074.Turmeric prices gained as rains are expected in the Turmeric growing regions of Telangana. However upside seen limited on reports of good production from new season crops as the harvesting will begins in the next month. NCDEX accredited warehouses turmeric stocks dropped by 71 tonnes to 2198 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7680.55 rupees gained 50.55 rupees.

Soyabean trading range for the day is 3085-3209.Soyabean prices dropped on increasing arrivals in the domestic market despite of higher parity prompted buying activity. Arrivals were noted of 440,000 bags against 420,000 in previous session. NCDEX accredited warehouses soyabean stocks gained by 3715 tonnes to 102249 tonnes. At the Indore spot market in top producer MP, soybean dropped -11 rupee to 3120 rupee per 100 kgs.

Menthaoil trading range for the day is 949.1-1000.9.Mentha oil spot at Sambhal closed at 1071.40 per 1kg. Spot prices is up by Rs.11.70-.Mentha oil prices ended with gains amid increasing demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.

Nickel trading range for the day is 776.8-807.4.Nickel gains after the Philippines said it would close more mines on environmental grounds, potentially curbing supplies of nickel ore. Glencore sees a shortage in nickel arising as a result of burgeoning demand from electric vehicle (EV) production. Nickel ore exports are not occurring from Indonesia, where it is taking time for the nickel pig iron plants to be built.

Zinc trading range for the day is 182.5-190.9.Zinc prices continued its firm trend underpinned by weakness in the dollar. Glencore is still keeping the zinc market guessing over when the company will reactivate its 500,000 tonnes of idled mine capacity. Combined zinc inventories in Shanghai, Tianjin and Guangdong were down 2,200 to 223,000 tonnes this past week.

Copper trading range for the day is 394.5-415.9.Copper prices ended with gains on an improving demand outlook and concerns about supply constraints next year. A private report showed U.S. non-manufacturing industries expanded at the fastest pace in 13 months. Hedge funds and money managers raised their bullish stance in copper contracts to a record for a fourth straight week, CFTC data showed.

Crudeoil trading range for the day is 3439-3627.Crude oil gained fueled by optimism about the prospect of a tightening market after OPEC members agreed to cut production last week. Russia has said it will cut production by 300,000 barrels a day, but said it would do so at November levels. U.S. energy firms extended their recovery in oil drilling into a seventh month last week, data from energy services firm Baker Hughes showed.

Silver trading range for the day is 40505-41841.Silver settled flat as the U.S. dollar rose on expectations that the U.S. Federal Reserve will raise interest rates at its policymaking meeting. U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, further evidence of strength in the economy. Fed officials cautioned that the incoming Trump administrations economic plans should not be cast as if the economy is in crisis.

Gold trading range for the day is 27606-28394.Gold fell after Italian Prime Minister Matteo Renzi conceded defeat in a referendum over his plan to reform the constitution. While the referendum has raised concerns over Italy’s future in the euro-region, the nation’s political and legal system means a no vote is unlikely to trigger a quick exit. Speculators reduced their net long position in gold futures and options by 17,843 lots to 103,392 lots, the lowest since February, CFTC data showed.

2
 
error: Content is protected !!