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Commodity Important Updates for 9 June 2016

Commodity Important Updates for 9 June 2016

Mentha Oil trading range for the day is 840.9-862.7.Mentha oil spot at Sambhal closed at 962.50 per 1kg. Spot prices is down by Rs.-2.30-.Mentha oil gained tracking rising demand from consuming industries at the spot market. Further, tight stocks position on restricted arrivals from major producing regions of Chandausi in Uttar Pradesh also supported. 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 3844-3944. Soyabean prices gained on short covering amid demand worries in global market. According to SOPA, this year, soybean production is expected to be lower at 69.29 lakh tons NCDEX accredited warehouses soyabean stocks dropped by 413 tonnes to 27388 tonnes. At the Indore spot market in top producer MP, soybean dropped -1 rupee to 3980 rupee per 100 kgs.

Jeera trading range for the day is 16610-17160. Jeera settled up flat due to ample stock position following higher supply from the producing belts. As per third advance estimate of Gujarat State for 2015-16, production pegged at 2.13 lakh tonnes (lt) higher by about 7 per cent NCDEX accredited warehouses jeera stocks dropped by 90 tonnes to 3511 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 22.65 rupees to end at 16889.3 rupee per 100 kg.

Turmeric trading range for the day is 8072-8328.Turmeric prices dropped due to reports of lower domestic demand and expectation of higher sowing prospects. Farmers are holding good quality stocks hoping prices to go up in the coming months. NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 5462 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8372.5 rupees dropped -30 rupees.

Chana trading range for the day is 6402-6700. Chana prices ended with losses due to profit booking after prices gained due to strong demand and restricted supplies. Government agencies have so far procured 51,000 tonnes of kharif and 60,000 tonnes of rabi pulses so far. Also, about 13,000 tonnes of imported pulses have arrived and delivery of about 6,000 tonnes is in the pipeline, an official release said. In Delhi spot market, chana dropped by -22.1 rupee to end at 6728.95 rupee per 100 kgs.

Silver trading range for the day is 38522-41310.Silver gained as the pace of hiring by U.S. employers in April decelerated to a two-year low in April, pushing the dollar down to fresh monthly lows. Investors have almost priced out the chance of a rate increase at the Feds June 14-15 policy review, and see the likelihood of a July rate hike reduced to around 26 percent The U.S. Labor Department said in its monthly Job Openings and Labor Turnover Survey, that the rate of hiring fell to 3.5% in April from 3.7% in March. Yellens comments, however, have done little to convince market players that the Fed could resume tightening in the coming months.

Copper trading range for the day is 301.3-308.5.Copper recovered after Chinas May copper imports jumped 19.4 percent year on year to 430,000 tonnes. Copper has been pressured, however, by heavy inflows of metal into LME warehouses, the biggest delivery in more than a decade. Chinese imports of copper concentrate jumped by 13 percent on the previous month and were up 45 percent from a year ago. Warehouse stock for Copper at LME was at 207300mt that is up by 11075mt.

Crudeoil trading range for the day is 3333-3449. Crude hit 2016 highs settled above $51 a barrel on worries about sabotage of oil facilities in Nigeria. EIA showed U.S. crude stocks last week fell by 3.23mbls to 532.5mbls, marking their third consecutive weekly fall. Prices continued to receive a boost from a conflict in Nigeria, which has led to widespread output slowdowns among major producers. China s General Administration of Customs reported that monthly crude imports fell to 32.24 million, amid rising congestion at a main port.

Naturalgas trading range for the day is 161.3-168.7. Naturalgas dropped in thin trading range as bloated stockpiles and cautious traders have caused prices to pull back from a recent rally. Prices snapped a two-session winning streak pulling back the market from a seven-month high and a rally that had led to 51% gains since early March. Global prices will remain under pressure as demand remains tepid leaving suppliers to scramble for new markets, according to the IEA Today from the US EIA will likely show a 79-billion-cubic-feet addition to gas stockpiles in the week ended June 3.

Aluminium trading range for the day is 103.2-108.6.Aluminium climbed to the highest level in a month, bolstered by buying from industrial consumers Even though inventories were plentiful, with LME stocks around 2.5 million tonnes, most of those were locked up in financing deals Aluminium exports at 420,000 tonnes, up by 5 percent on month Warehouse stock for Aluminium at LME was at 2488325mt that is down by -6650mt.

Nickel trading range for the day is 571-613.6.Nickel prices rallied an improving trade outlook in China boosted investor appetite for commodities Support also seen as the dollar stayed weak on expectations of a delayed rate hike by the Federal Reserve with a two-day holiday in China. Signs are emerging that a downturn in the United States and China, may have bottomed, the OECDs monthly leading indicator showed. Warehouse stock for Nickel at LME was at 395514mt that is down by -984mt.

Zinc trading range for the day is 131.3-141.1.Zinc prices rallied tracking LME prices, touching a 10-month high on tightening supply. Chinas central bank also slashed its forecast for exports, predicting a second straight annual fall in shipments. In China, a trade balance of $50.0 billion is expected for May on imports that were seen down 6.0% and exports showing a fall of 3.6% year-on-year. Warehouse stock for Zinc at LME was at 382150mt that is up by 3075mt.

Gold trading range for the day is 29260-29910. Gold gained bolstered by a weaker dollar on declining expectations that the U.S. Federal Reserve will raise interest rates any time soon. Signs are emerging that a downturn in the United States and China, may have bottomed out, the OECD s monthly leading indicator showed. Nervousness over Britain s referendum on its EU membership on June 23 could also bolster gold prices over the next few weeks. Russia produced 67.75 tonnes of gold in January-April 2016, up from 63.27 tonnes in the same period last year, the finance ministry said.

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