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Commodity Important Updates for 7 July 2016

Commodity Important Updates for 7 July 2016

Gold trading range for the day is 31826-32600.Gold gains as a drop in stock markets after Britain’s vote to leave the European Union prompted investors to seek out bullion as a haven from risk. Minutes from the Federal Reserve’s June board suggested any move to raise interest rates this year will be set against global economic headwinds. Holdings in SPDR Gold Trust fell 0.03% to 982.44 tonnes, after posting he biggest one-day surge in its holdings in more than six years on Tuesday New York Fed President William Dudley said the bank can be patient on raising rates.

Silver trading range for the day is 46859-48971.Silver gained as fears over the Brexit fallout again took a toll on markets, sending investors flooding into safe haven assets. Concerns that financial and political instability in Italy could lead to even more chaos in Europe spooked investors further. Holdings at ishares silver trust gained by 1.43% i.e. 149.28 tonnes to 10620.38 tonnes from 10471.10 tonnes. U.S. Trade deficit widened more than expected in May as rising oil prices helped to push up the import bill.

Crude Oil trading range for the day is 3063-3277.Crude prices were sharply higher as API data showed stocks fell more than expected, setting near-term bullish sentiment despite oversupply. API estimated U.S. crude stockpiles fell by 6.7mbls last week, nearly triple the crude draw expected. Energy traders continued to monitor developments in the U.K. citing exceptional liquidity pressures in the wake of the Brexit vote. The U.S. Energy Information Administration will issue official inventory data on Thursday.

Copper trading range for the day is 319.3-329.9.Copper slipped on concerns over Chinese demand in the second half of the year and after an influx of inventories to warehouses. Adding to the pressure, stock markets moved sharply lower on fears of instability in the EU and decades of global stagnation. China accounts for nearly half of global copper consumption, estimated at around 22 million tonnes this year. Warehouse stock for Copper at LME was at 222550mt that is up by 23625mt.

Nickel trading range for the day is 640.2-704.8.Nickel prices gained on potential supply disruption from top ore exporter Philippines to No.1 market China. The Philippines nickel ore shipments to China dropped 28 percent to 7.2 million tonnes over January-May, Chinese customs data showed. Nickel bulls have been invigorated by the prospect of demand exceeding supply for the first time in years, large stockpiles mean the recent price rally could soon fizzle out. Warehouse stock for Nickel at LME was at 377628mt that is up by 780mt.

Turmeric trading range for the day is 7800-8076.Turmeric prices dropped on good sowing progress in the producing belts of South India. In Andhra Pradesh, turmeric sowing complete around 287 hectares as compared to last year 781 hectares. Good monsoon in current year expected increasing Turmeric sowing area in growing regions. In Nizamabad, a major spot market in AP, the price ended at 8369.4 rupees dropped -118.8 rupees.

Aluminium trading range for the day is 109.7-112.5.Aluminium dropped weighed down by worries about global growth after Britain voted to exit the European Union. Japanese Aluminium buyers have agreed to pay producers a premium of $90 to $93 per ton for metal imported in the July-September quarter. Aluminum daily stocks at Shanghai exchange came down by 603 tonnes. Warehouse stock for Aluminium at LME was at 2362950mt that is down by -5300mt.

Naturalgas trading range for the day is 181-192.2.Natural gas recovered from the day’s low with weak sentiments as warm temperatures in key U.S. regions. Forecasts originally called for warmer than normal readings across most parts of the U.S. during the period. Traders looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel. Total U.S. natural gas storage stood at 3.140tcf, 18.5% higher than levels at this time a year ago.

Jeera trading range for the day is 17715-18185.Jeera prices gained on anticipation of improved export demand in coming months. The arrivals may slow down as monsoon hit most parts of Gujarat. NCDEX accredited warehouses jeera stocks gained by 72 tonnes to 3316 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -1.2 rupees to end at 17891.65 rupee per 100 kg.

Soyabean trading range for the day is 3824-3950.Soyabean dropped on profit booking after prices gained on supply worries from Brazil. Brazil soybean output estimates are reduced by 2.5% to 97.7 million tons compared to 100.2 million tons estimated earlier in June. NCDEX accredited warehouses soyabean stocks dropped by 111 tonnes to 21173 tonnes. At the Indore spot market in top producer MP, soybean gained 30 rupee to 3842 rupee per 100 kgs.

Menthaoil trading range for the day is 823.8-842.8.Mentha oil spot at Sambhal closed at 917.90 per 1kg. Spot prices is down by Rs.-1.10-.Mentha oil prices dropped driven by sluggish demand from consuming industries at the spot market. Besides, ample stocks position on higher supplies from Chandausi in Uttar Pradesh too kept pressure on mentha oil prices. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities.

Zinc trading range for the day is 138.4-145.Zinc prices recovered from lows to end with gains on hopes of increased central bank stimulus to offset a likely downturn triggered by Brexit. Chinas central bank said that it would use various policy tools to maintain appropriate liquidity and reasonable growth in credit and social financing. U.S. services industry activity hit a seven-month high in June as new orders surged, suggesting the economy regained speed in the second quarter. Warehouse stock for Zinc at LME was at 441750mt that is unchanged mt.

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