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 8 July 2016

Commodity Important Updates for 8 July 2016

Crude Oil trading range for the day is 2899-3339.Crude oil prices dropped after the U.S. government reported a weekly crude draw within forecasts that disappointed market bulls expecting larger declines. Libyan officials said oil export terminals that have been shut since 2014 could open again soon, potentially restoring 600,000 bpd of crude export capacity. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.223 million barrels in the week ended July 1.Traders continued to be worried over global economic slowdown that could also have a negative impact on crude oil demand.

Aluminium trading range for the day is 109.4-112.2.Aluminium prices ended with losses as uncertainty about Brexit kept the prices under pressure. U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week Aluminum daily stocks at Shanghai exchange came down by 804 tonnes. Warehouse stock for Aluminium at LME was at 2357025mt that is down by -5925mt.

Nickel trading range for the day is 634.5-693.1.Nickel dropped on profit booking after prices rising continuing concerns about potential disruptions to the supply of nickel ore from Philippines to China. The new Philippine President said he would crack down on mines violating environmental rules. German industrial output plunged unexpectedly in May for its steepest monthly drop since August 2014, data showed, suggesting economy lost steam in the second quarter. Warehouse stock for Nickel at LME was at 378264mt that is up by 636mt.

Naturalgas trading range for the day is 180.5-195.1. Natural gas pared gains to drop after data showed that natural gas supplies in storage in the U.S. rose less than expected last week. The U.S. EIA said in its weekly report that natural gas storage in the U.S. in the week ended July 1 rose by 39 billion cubic feet. Total U.S. natural gas storage stood at 3.179 trillion cubic feet, 16.9% higher than levels at this time a year ago. Meanwhile, updated weather forecasting models showed that temperatures may be mostly normal in the lower 48 states from July 15 through July 19.

Menthaoil trading range for the day is 825.3-845.9. Mentha oil spot at Sambhal closed at 923.50 per 1kg. Spot prices is up by Rs.5.60/-. Mentha oil 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. At Sambhal market total arrivals are at 225 Drums (1-drum=180kg), down by 25 Drums (1-drum=180kg) as compared to previous day.

Jeera trading range for the day is 17600-19110.Jeera gained due to rising demand in physical market and anticipation of improved export demand in coming months. Further, lower arrivals as monsoon hit most parts of Gujarat too supported the prices. NCDEX accredited warehouses jeera stocks gained by 226 tonnes to 3542 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 551.2 rupees to end at 18442.85 rupee per 100 kg.

Turmeric trading range for the day is 7888-8092.Turmeric prices gained due to good demand despite sowing progressing well in South India. Farmers are holding good quality stocks hoping prices to go up in the coming months. NCDEX accredited warehouses turmeric stocks dropped by 30 tonnes to 5622 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8369.4 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3755-3881.Soyabean prices dropped on steady physical demand as monsoon rains hit the soybean sowing regions of MP and Maharashtra. India’s soybean output in crop year 2015-16 may slump to 11-year low as two years of drought resulting in crop damage and a fall in yield. NCDEX accredited warehouses soyabean stocks dropped by 112 tonnes to 21061 tonnes. At the Indore spot market in top producer MP, soybean dropped -49 rupee to 3793 rupee per 100 kgs.

Aluminium trading range for the day is 109.4-112.2.Aluminium prices ended with losses as uncertainty about Brexit kept the prices under pressure. U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week Aluminum daily stocks at Shanghai exchange came down by 804 tonnes. Warehouse stock for Aluminium at LME was at 2357025mt that is down by -5925mt.

Zinc trading range for the day is 139.6-144.Zinc prices ended with losses as pressure continued as global economic concerns mounted. Weak manufacturing data from China has spurred speculation the country will start a fresh round of economic stimulus to boost growth. Payroll processing firm ADP said non-farm private employment rose by 172,000 in June, above expectations for an increase of 159,000.Warehouse stock for Zinc at LME was at 440800mt that is down by -950mt.

Copper trading range for the day is 314.4-327.6.Copper dropped as the dollar strengthened and investors continued to be unsettled about the aftermath of the UKs vote to leave EU. Top copper exporter Chile is expected to produce 5.74 million tonnes of the metal in 2016, down 0.5 percent from last year. Coppers contango on the LME is widening now, and is expected to expand further as more inventories will flow into LME warehouses Warehouse stock for Copper at LME was at 220725mt that is down by -1825mt.

Silver trading range for the day is 45543-48659.Silver prices ended with losses as pressure came due to strength in stocks and the dollar limited gains. According to the minutes of Feds meeting, policymakers agreed that it was prudent to wait for additional data before considering another rate hike. Traders all but ruled out further rate hikes by the Fed this year in the aftermath of Britain’s vote to leave the European Union. Traders are awaiting further clues on the outlook for Federal Reserve policy from Fridays U.S. non-farm payrolls (NFP) data.

Gold trading range for the day is 31476-32378.Gold prices ended with losses as investors digested a pair of mostly upbeat U.S. employment reports. U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week SPDR Gold Trust, said its holdings fell 0.42 percent to 978.29 tonnes on Thursday from 982.44 tonnes on Wednesday. Chinas gold reserves stood at 58.62 million fine troy ounces at the end of June, up from 58.14 million at the end of May, the central bank said.

Click here to know more: Commodity Tips

2
 
error: Content is protected !!