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Commodity Important Updates for 14 July 2016

Commodity Important Updates for 14 July 2016

Gold trading range for the day is 31011-31451. Gold pushed higher bouncing off a two-week low as investors assessed the possibility of more monetary easing by global central banks. Stocks recovered as prospects of solid U.S. growth when investors risk appetite damaged by uncertainty from Brexit. Despite better-than-expected U.S. non-farm payrolls data, the Federal Reserve should be in no rush to raise interest rates Holdings of SPDR Gold Trust, fell 1.63 percent to 965.22 tonnes on Tuesday, its biggest one-day decline since Dec. 2,2015.

Copper trading range for the day is 328.5-342.9.Copper surged as its imports to top consumer China remained solid in June and as investors bet Beijing will stimulate its economy further. Chinas copper imports dipped 2.3 percent in June to 420,000 tonnes from a month earlier, data showed. Chinas exports fell more than expected in June as global demand remained stubbornly weak Warehouse stock for Copper at LME was at 233050mt that is down by -1700mt.

Zinc trading range for the day is 143.7-149.3.Zinc retreated on profit booking amid expectation of more easing in major economies including China, after prices marked a new 13-month high. LME zinc on-warrant or available inventories are down at 418,300 tonnes, but remain up 21 percent since June 10.Zinc daily stocks at Shanghai exchange came up by 5661 tonnes. Warehouse stock for Zinc at LME was at 439200mt that is down by -250mt.

Menthaoil trading range for the day is 845.7-881.3.Mentha oil spot at Sambhal closed at 957.30 per 1kg. Spot prices is up by Rs.16.20-.Mentha oil prices gained driven by improved demand from consuming industries at the spot market. Moreover, lower supplies amid restricted physical arrivals from the major producing regions also supported mentha oil. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Jeera trading range for the day is 18585-19655.Jeera dropped amid profit booking on account of subdued demand at the physical markets. Meantime, new crop supplies have started in Turkey and it may impact Indian jeera demand in the global market. NCDEX accredited warehouses jeera stocks gained by 316 tonnes to 4400 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -92.95 rupees to end at 18591.65 rupee per 100 kg.

Aluminium trading range for the day is 110.3-113.5.Aluminium prices dropped on profit booking following rallies the session before in expectation of more easing in major economies including China. Euro zone industrial production plunged by more than expected in May, depressed mostly by a steep fall in energy output. Aluminum daily stocks at Shanghai exchange came down by 474 tonnes. Warehouse stock for Aluminium at LME was at 2332075mt that is down by -6050mt.

Naturalgas trading range for the day is 177.4-191.Natural gas recovered from the days low on expectations of strong demand and a smaller-than-normal increase in inventories. Hot temperatures prompt consumers to turn up the air-conditioning, increasing demand for gas-powered electricity. Forecasts for the next two weeks show very hot and humid conditions and with near record breaking heat over portions of the central US Concerns about ample stockpiles of natural gas have limited price gains in recent weeks.

Turmeric trading range for the day is 7928-8160.Turmeric prices gained on expectation of lower stocks due to lower production in key growing regions amid back-to-back years of drought. Sowing in Andhra Pradesh was 287 hectares, lower by 63% compared to previous year sowing of 781 hectares. NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5618 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8268.75 rupees dropped -40.6 rupees.

Soyabean trading range for the day is 3730-3920.Soaybean gained on reports of lower acreage and heavy rains in soybean producing areas, which may damage crop. Total area sown under kharif oilseed crops is 8.228 million hectare compared to 10.115 million hectare reported in the same period a year ago. NCDEX accredited warehouses soyabean stocks dropped by 893 tonnes to 18366 tonnes. At the Indore spot market in top producer MP, soybean dropped -29 rupee to 3726 rupee per 100 kgs.

Nickel trading range for the day is 668.4-726. Nickel dropped tracking weakness in LME prices on profit booking drove prices down 1.3 percent to end at $10,350 after hitting $10,670, its highest since October. The stainless steel making ingredient has been buoyed by a mining crackdown in the Philippines, the largest supplier of nickel ore to China. The Philippine crackdown is likely to have only a muted impact on exports to China in the short term Warehouse stock for Nickel at LME was at 378402mt that is up by 282mt.

Crudeoil trading range for the day is 2910-3186. Crude dropped sharply retreating back near two-month lows hurt by evidence of a global supply glut. Crude erased most of its gains when prices soared after forecasts from OPEC showed that world demand could increase EIA said in its Report that commercial crude inventories decreased by 2.5mbls last week for the week ending on July 8. Gasoline production increased last week, averaging over 10.2 million barrels per day.

Silver trading range for the day is 47143-48443.Silver pushed higher bouncing off a two-week low hit overnight, as investors assessed the possibility of more monetary easing by global central banks. Silver surged as fears surrounding global growth in wake of Britain’s vote to exit the European Union sent investors flooding into safe haven assets. Accommodative monetary policies favor bullion as well as equities because low interest rates encourage investors to opt for assets that do not rely on interest yields. Market participants are also betting that the Federal Reserve would hold off on raising borrowing costs this year, despite last week’s upbeat U.S. jobs report.

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