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Commodity Important Updates for 8 June 2016

Commodity Important Updates for 8 June 2016

Mentha Oil trading range for the day is 838.4-864.6. Mentha oil spot at Sambhal closed at 964.80 per 1kg. Spot prices is down by Rs.-17.40/-. Mentha oil prices dropped on the back of weak demand from consuming industries at the domestic spot market. Besides, ample stock positions due to rising arrivals from major growing regions also fuelled the downtrend. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities.

Soyabean trading range for the day is 3843-3921. Soyabean prices dropped on hope of higher supply in domestic market following reports of good monsoon season. Prices of bean were also down on demand worries for crop in export market following weak Indian soymeal and US soybean export data. NCDEX accredited warehouses soyabean stocks dropped by 4945 tonnes to 27801 tonnes. At the Indore spot market in top producer MP, soybean dropped -37 rupee to 3975 rupee per 100 kgs.

Chana trading range for the day is 6393-6741.Chana prices gained to hit a new high on the back of lower supply and firm demand in the spot market. The demand for chana has remained strong over the last few days with Ramzan starting followed by Hindu festivals. The government decision to hike the minimum support price for kharif pulses has led to expectations that chana, would receive the same benefits. In Delhi spot market, chana gained by 146.65 rupee to end at 6685 rupee per 100 kgs.

Jeera trading range for the day is 16365-17175.Jeera ended with gains on anticipation of higher physical demand in coming weeks. Prices also up on good buying support by traders and stockiest though they have sourced sufficient quantity for the domestic requirements. NCDEX accredited warehouses jeera stocks dropped by 75 tonnes to 3601 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 103.9 rupees to end at 16827.25 rupee per 100 kg.

Turmeric trading range for the day is 7978-8358.Turmeric prices gained on anticipation of rising export demand in the next two month. Producers are releasing their lower or medium grade turmeric and holding premium quality in the anticipation of better return. At Warangal market sources reported arrivals at 1000 bags, down by 500 bags as compared to previous day. In Nizamabad, a major spot market in AP, the price ended at 8402.5 rupees gained 35.85 rupees.

Silver trading range for the day is 38469-39503.Silver dropped as investors continued to react to abstruse comments from Federal Reserve chair Janet Yellen on the strength of the global economy Feds Yellen provided a largely upbeat assessment of the U.S. economic outlook and said interest rate hikes are coming but gave little sense of when. Holdings at ishares silver trust gained by 0.42% i.e. 44.36 tonnes to 10535.54 tonnes from 10491.18 tonnes. Almost ruling out the possibility of a rate rise at the Feds meeting next week, Feds Lockhart and Bullard, continued to support the prospects of a rate increase soon after.

Crude Oil trading range for the day is 3288-3392.Crude oil gained buoyed by the dollar nearing one-month lows and by falling Nigerian oil output after a spate of attacks on infrastructure. Output of Nigeria’s Bonny Light crude has dropped by around 170,000 barrels per day (bpd), following attacks on pipeline infrastructure Crude reserves at the Cushing, Oklahoma delivery hub slipped by about 1 million barrels over the week to June 3, Genscape said. OPEC failed to agree on a clear oil output strategy last week, but Saudi Arabia’s promise not to flood the market has provided support to oil.

Copper trading range for the day is 295.7-317.5.Copper dropped as pressure seen as copper rising stocks in LME approved warehouses, which have jumped 21 percent to above 196,000 tonnes in the last couple of days. Traders said funds were cutting long positions after copper prices on Monday failed to close above the 100-day moving average. Clues to Chinese growth and demand will comes from trade data due Wednesday and investment and industrial production numbers over the weekend. Warehouse stock for Copper at LME was at 196225mt that is up by 21825mt.

Zinc trading range for the day is 130.4-136.8.Zinc dropped near to 2% on the speculation that higher zinc prices could see higher Chinese output Zinc hit $2,041.50 a tonne on Monday, up around 25 percent so far this year on worries about supplies after mine closures. Japans economy expanded at a 1.9 percent annualized rate in the first quarter of this year, revised up from a preliminary reading of 1.7 percent growth Warehouse stock for Zinc at LME was at 379075mt that is down by -800mt.

Aluminium trading range for the day is 102.9-105.1.Aluminium gains as prices recovered as the dollar fell, after prices dropped earlier due to weak demand growth in China. Chinas foreign exchange reserves dropped by $27.98 billion last month to $3.19 trillion, according to data released by the Peoples Bank of China. Aluminum daily stocks at Shanghai exchange came down by 5888 tonnes. Warehouse stock for Aluminium at LME was at 2494975mt that is down by -6650mt.

Naturalgas trading range for the day is 159.4-169.Natural gas recovered from the early losses as warmer weather lifted cooling demand prospects for the fuel. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. Natural-gas production could soon start to fall dramatically as some natural-gas rigs get reclassified as oil rigs because oil is fetching a better price EIAs storage report slated for release on Thursday is expected to show a build of approximately 77 billion cubic feet for the week ending June 3.

Nickel trading range for the day is 568.2-586.2.Nickel dropped as funds reversed bets on higher prices and negative sentiment created by weak demand growth in China. Chinas foreign exchange reserves in May fell to $3.19 trillion, central bank data showed, likely due to the effects of a stronger dollar and sporadic official intervention. Nickel daily stocks at Shanghai exchange came down by 41 tonnes. Warehouse stock for Nickel at LME was at 396498mt that is up by 738mt.

Gold trading range for the day is 29059-29601.Gold eased as investors turned cautious after the metal failed to sustain a recent rally, gaining after Fed further dampened speculation about an imminent U.S. rate rise. U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter. The World Bank slashed its 2016 global growth forecast to 2.4 percent from the 2.9 percent estimated in January due to stubbornly low commodity prices. Chinas gold reserves were unchanged, at 58.14 million fine troy ounces at the end of May, from the end of April, the central bank said.

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