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Commodity Important Updates for 22 June 2016

Commodity Important Updates for 22 June 2016

Gold trading range for the day is 30000-30758. Gold fell as fears that Britain could vote to leave the European Union in Thursday s referendum receded. Two opinion polls suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.39 percent to 912.33 tonnes on Tuesday, the highest since September 2013. A vote on June 23 by Britain to leave the 28-member EU, dubbed Brexit, could tip Europe back into recession, putting more pressure on the global economy.

Silver trading range for the day is 40822-42014. Silver dropped as polls showing British voters tilting toward remaining in the European Union reduced investor demand for a haven. The market will watch Fed Chair Janet Yellen s testimony before the Senate Banking Committee for more clues on the timing of the next interest rate rise. Holdings at ishares silver trust dropped by 0.43% i.e. 44.34 tonnes to 10359.63 tonnes from 10403.97 tonnes. The Federal Reserve s ability to raise interest rates this year may hinge on a rebound in hiring that would convince policymakers the U.S. economy is not faltering, its head Janet Yellen told lawmakers.

Nickel trading range for the day is 609.2-630. Nickel dropped as pressure seen by a surge in Chinese exports that raised concerns about global oversupply and a stronger dollar. China s central bank has studied allowing commercial banks to participate in the offshore yuan market, according to an official microblog post from the PBOC. Investors remain wary ahead of Thursday s Brexit vote, as well as Federal Reserve chief Janet Yellen s two-day testimony before Congress. Warehouse stock for Nickel at LME was at 386064mt that is up by 156mt.

Nickel trading range for the day is 609.2-630. Nickel dropped as pressure seen by a surge in Chinese exports that raised concerns about global oversupply and a stronger dollar. China s central bank has studied allowing commercial banks to participate in the offshore yuan market, according to an official microblog post from the PBOC. Investors remain wary ahead of Thursday s Brexit vote, as well as Federal Reserve chief Janet Yellen s two-day testimony before Congress. Warehouse stock for Nickel at LME was at 386064mt that is up by 156mt.

Mentha Oil trading range for the day is 835.2-863.2. Mentha oil spot at Sambhal closed at 934.80 per 1kg. Spot prices is up by Rs.1.60/-. Mentha oil prices gained tracking rising demand from consuming industries in the spot market. Further, restricted arrivals from major producing regions of Chandausi in Uttar Pradesh, also fuelled the uptrend. At Chandausi market total arrivals are at 50 Drums (1-drum-180kg), up by 20 Drums (1-drum-180kg) from previous trading day.

Soyabean trading range for the day is 3797-3891. Soyabean prices gained on speculation of lower supply in domestic market and on higher demand for the crop. SOPA projected bean stocks at end of 2015-16 season lower at 471,000 ton due to fall in output. NCDEX accredited warehouses soyabean stocks dropped by 575 tonnes to 24870 tonnes. At the Indore spot market in top producer MP, soybean gained 32 rupee to 3937 rupee per 100 kgs.

Jeera trading range for the day is 17440-17850. Jeera prices dropped on profit booking after prices gained in last session on expectation of export demand and lower arrivals. After suffering a setback during the last fiscal, jeera exports have picked in the last 3-4 months with emergence of demand from China. NCDEX accredited warehouses jeera stocks gained by 6 tonnes to 3487 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 245 rupees to end at 17625 rupee per 100 kg.

Turmeric trading range for the day is 8024-8248.Turmeric prices gained due to good buying support from retailers and stockiest and rising export demand. Producers are releasing their lower or medium grade Turmeric and holding premium quality in the anticipation of better return. NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 5775 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8435.25 rupees gained 79.75 rupees.

Naturalgas trading range for the day is 180.8-191.8.Natural gas rose as forecasts for continued above-normal temperatures across most parts of the U.S. throughout most of summer raised demand. Updated forecasts said temperatures in the Midwest and eastern seaboard will be warmer than previously expected going into the July 4 holiday weekend. EIAs storage report slated for release on Thursday is expected to show a build in a range between 55 to 66bcf for the week ending June 17.Total U.S. natural gas storage stood at 3.041 trillion cubic feet, 20.8% higher than levels at this time a year ago.

Aluminium trading range for the day is 109.1-111.1.Aluminium bucked the weaker trend, and ended with gains amid reports of falling Chinese inventories. Russian Aluminium giant Rusal Plc may reduce its output capacity by 200,000 tonnes of Aluminium prices fall below $1,500 per tonne. Some of the new (Chinese) power grids being constructed are using Aluminium, that’s been supportive of the demand side. Warehouse stock for Aluminium at LME was at 2434550mt that is down by -6625mt.

Crudeoil trading range for the day is 3298-3402.Crude oil fell on profit booking and amid concerns that a possible British exit from the EU would impact global demand for energy products. New polls show the British will narrowly choose to remain in the EU, but risk aversion kept oi prices below $50.U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The fresh data revealed that Saudi Arabia pumped 10.262 million barrels per day (bpd) in April, more than 10.224 million bpd a month earlier.

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