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Commodity Important Updates for 22 Nov 2016

Commodity Important Updates for 22 Nov 2016

Aluminium trading range for the day is 115.3-118.7.Aluminium gained reflecting a lack of immediately available supply.Prices also rose due partly to rising prices of coal, a key input material, and after new Chinese regulations over truck loads disrupted transit.Aluminium stocks at three major Japanese ports stood at 278,200 tonnes at the end of October, down 2.9 percent from the previous month.

Naturalgas trading range for the day is 191.3-207.1.Natural gas price rose as colder weather boosted optimism over demand for heating consumption.Recently prices were under pressure from warmer-than-average temperatures this month, as well as a record level of supply in storage.However, the approach of the winter season and colder temperatures has given prices a boost, as investors bet that heating demand will pick up.

Jeera trading range for the day is 17120-18320.Jeera prices gained on hopes of good export buying in the coming months.Prices also gained due to reports of robust demand from overseas buyers amid fall in output of other exporting nations Syria and Turkey.NCDEX accredited warehouses jeera stocks dropped by 57 tonnes to 929 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 18218.75 rupee per 100 kg.

Turmeric trading range for the day is 6930-7450.Turmeric prices gained on expectations of rise in demand due to tigh supply position.A likely rise in output with acreage increasing in major producing regions Andhra Pradesh, Tamil Nadu, Telangana and Maharashtra limited the upside.NCDEX accredited warehouses turmeric stocks dropped by 145 tonnes to 2504 tonnes.In Nizamabad, a major spot market in AP, the price ended at 7591.65 rupees gained 62.7 rupees.

Soyabean trading range for the day is 3041-3139.Soyabean settled flat supported by robust demand in export market while expectation of higher supply limited the upside.However robust crop progress data from United States, the worlds biggest bean grower, hinted oversupply woes.NCDEX accredited warehouses soyabean stocks gained by 11215 tonnes to 87007 tonnes.At the Indore spot market in top producer MP, soybean gained 20 rupee to 3068 rupee per 100 kgs.

Menthaoil trading range for the day is 935.7-973.1.Mentha oil spot at Sambhal closed at 1063.00 per 1kg. Spot prices is down by Rs.-10.00-.Mentha oil dropped on profit booking amid downtick in physical demand for mentha oil.Further, sufficient stocks position on higher supplies from producing regions too fuelled the downtrendChina and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted exports.

Nickel trading range for the day is 740.2-795.Nickel rallied as industrial metals renewed their advance amid optimism over demand in China and the U.S.Real gross domestic product of the member countries of the OECD area picked up markedly in the third quarterTechnically market is under short covering as market has witnessed drop in open interest by -25.3% to settled at 7409

Zinc trading range for the day is 172.2-177.8.Zinc gained as investors allocated into the beaten-down sector on prospects that rising oil prices will stoke inflation into next year.The global zinc market deficit narrowed to 19,900 tonnes in September from an upwardly revised deficit of 26,000 tonnes in AugustClues on future U.S. policy under Donald Trump rather than economic data will likely dominate minds and markets in the week ahead.

Copper trading range for the day is 368.8-385.8.Copper rallied on expectations of improving appetite from China and higher demand from the U.S. market as the dollar pared recent gains.In the physical market, copper premium in Shanghai stayed firm at $95 a tonne, up from $70 a month ago.Hedge funds and money managers raised their net long position in COMEX copper futures and options to a record for the second straight week.

Crudeoil trading range for the day is 3107-3425.Crude oil prices rose as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years.Markets were being supported by advancing plans by OPEC to cut production in a bid to prop up the market following over two years of low prices.Such a deal has proved tricky to agree as some producers, most notably Iran, have been reluctant to cut output.

Silver trading range for the day is 40230-40928.Silver prices gained as the U.S. dollar fell further after snapping a 10-day rising streak.With traders pricing in near certainty that U.S. borrowing costs will rise next month, silver investors are heading for the exit.This month, almost $79 million was pulled from iShares Silver Trust, the largest exchange-traded fund backed by the metal.

Gold trading range for the day is 28840-29348.Gold gains helped by physical buying after the metal slid to a 5-12-month low.Feds William Dudley said the post-U.S. election market reaction is not concerning in terms of planned interest rate increases.SPDR gold trust holdings dropped by 0.71% i.e. 6.53 tonnes to 908.76 tonnes from 915.29 tonnes.

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