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Commodity Important Updates for 13 June 2016

Commodity Important Updates for 13 June 2016

Gold trading range for the day is 29689-30339.  Gold rebounded to a fresh three-week high, as investor risk aversion lifted appetite for the metal, putting it on track for a second straight weekly rise. Prices are likely to be bolstered in the next two weeks by nervousness over Britain’s June 23 referendum on its EU membership. SPDR gold trust holdings gained by 0.74% i.e. 6.54 tonnes to 893.92 tonnes from 887.38 tonnes.  Gold discounts in India expanded to their widest in nearly 3-12 months amid lackluster demand elsewhere in Asia.

Crudeoil trading range for the day is 3239-3401.  Crude oil dropped after data showing the U.S. oil drilling rig count rising for a second week in row and a stronger dollar weighed on demand.  U.S. oil drillers added three oil rigs in the week to June 10, after a nine-rig rise in the previous week.  US oil drillers have been producing about 850,000 fewer barrels per day in recent weeks than this time a year ago, but output picked up modestly last week.  Unplanned outages, most notably in Nigeria, where militant groups have inflicted serious damage on local infrastructure have drained global supply.

Nickel trading range for the day is 586.9-609.3. Nickel settled down but gained by more than 4 percent spurred by concern about potential disruptions to supply in Colombia and the Philippines. There’s concern that nickel may enter a deficit if the Philippines stops providing ore to China for nickel pig iron production. The ECB entered new territory in its efforts to stimulate the euro regions flagging economy, plunging into the corporate bond market. Warehouse stock for Nickel at LME was at 394662mt that is down by -84mt.

Chana trading range for the day is 6671-7167. Chana prices gained supported by strong demand at domestic spot market and restricted supplies from producing regions.  Prices have been surging higher on anticipation of supply crunch in coming months due to lower production and good demand.  To control prices exchange has increase 10% special margin for buy side, now total margin increased to 55% for long side. In Delhi spot market, chana gained by 322.2 rupee to end at 7146.3 rupee per 100 kgs.

Jeera trading range for the day is 16365-17175.  Jeera prices ended with gains on restricted supply from the producing belts.  Export demand may pick up as prices have been going down since last one month.  NCDEX accredited warehouses jeera stocks dropped by 39 tonnes to 3472 tonnes.  In Unjha, a key spot market in Gujarat, jeera edged up by 83.85 rupees to end at 16853.1 rupee per 100 kg.

Turmeric trading range for the day is 7936-8200. Turmeric dropped on good sowing acreage due to better irrigation facilities and sufficient rains in the producing belts of Tamil Nadu. Turmeric arrivals have been higher in February, March and April compared to last year but the arrivals have slowed in May as per data. However, the arrivals are higher by 105% in May 2016 compared to last year same month. In Nizamabad, a major spot market in AP, the price ended at 8353.95 rupees dropped -3.55 rupees.

Soyabean trading range for the day is 3852-3936. Soyabean prices dropped on weak demand in the domestic markets. The USDA in its monthly report is expected to trim its estimate for 2016-17 U.S. and world soybean ending stocks from last month. NCDEX accredited warehouses soyabean stocks gained by 89 tonnes to 27104 tonnes. At the Indore spot market in top producer MP, soybean dropped -11 rupee to 3987 rupee per 100 kgs.

Menthaoil trading range for the day is 834.5-859.7. Mentha oil spot at Sambhal closed at 945.60 per 1kg. Spot prices is down by Rs.-13.30-. Mentha oil settled down on the back of weak demand from consuming industries at the domestic spot market.  Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. At Sambhal market total arrivals are at 200 Drums (1-drum=180kg), up by 50 Drums (1-drum=180kg) from previous trading day.

Naturalgas trading range for the day is 168.9-176.1. Natural gas prices ended with losses on expectations that the current glut of the fuel could shrink faster than expected. Prices on Thursday jumped to a nine-month high after government data showed a supply gain that fell short of estimates, signaling production declines. Natural gas has surged from a 17-year low in March on speculation that a sweltering summer will boost demand as explorers in shale reservoirs curtail production. Gas production in the lower 48 states is down 1.5 percent from a record 82.81 billion cubic feet a day in February, data from Point Logic Energy show.

Aluminium trading range for the day is 104-107. Aluminium prices settled flat amid pressure from weak demand growth in top consumer China. Chinas exports of unwrought aluminum and aluminum semis were 420,000 mt in May, with YTD exports from January to May at 1900,000 mt, down 7.9 % YoY.  Even though inventories were plentiful, with LME stocks around 2.5 million tonnes, most of the metal was locked up in financing deals. Warehouse stock for Aluminium at LME was at 2474225mt that is down by -7400mt.

Zinc trading range for the day is 136.2-141.2. Zinc prices rallied on expectations that mine closures will cause shortages. Chinese trade data on suggested the country imported commodities in relatively large quantities last month. Despite the need for stocks replenishment after the Dragon Boat Festival in China, arriving shipments during the holiday will be large. Warehouse stock for Zinc at LME was at 380400mt that is down by -500mt.

Copper trading range for the day is 297.6-304.4. Copper fell and remained near its lowest since February and was on course for its worst week in more than a month as stockpiles jumped the most since 2005.  Chinas imports of unwrought copper and copper semis were 430,000 mt during May, with YTD imports from January to May at 2310,000 mt up 22.1 % YoY. An unexpected drop in weekly U.S. jobless claims soothed worries about Chinese economic growth and increased the possibility of a U.S. rate rise in June or July. Warehouse stock for Copper at LME was at 210675mt that is down by -2550mt.

Silver trading range for the day is 40504-41422. Silver prices gained as investors remained bullish on the precious metal while global bond yields and stocks continued to dip. Investors continued to pile into safe-haven assets such as precious metals, as government bond yields worldwide tumbled to fresh record lows. Holdings at ishares silver trust gained by 0.49% i.e. 51.75 tonnes to 10587.29 tonnes from 10535.54 tonnes. In Fridays June flash report, Michigans Consumer Survey Center said its consumer sentiment index fell by 0.4 to 94.3, remaining near one-year highs.

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