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Commodity Important Updates for 28 June 2016

Commodity Important Updates for 28 June 2016

Gold trading range for the day is 31268-31880.Gold prices climbed as aftershocks from Britain’s vote to leave the European Union pushed investors towards the safe-haven asset. Goldman Sachs has raised its gold price forecasts saying Brexit suggested a more sustainable impact on the trajectory of U.S. interest rates. SPDR gold trust holdings gained by 1.40% i.e. 13.07 tonnes to 947.38 tonnes from 934.31 tonnes. Chinas gold imports via the main conduit Hong Kong rose nearly 68 percent in May to the highest since December, data showed.

Copper trading range for the day is 314.2-322.2.Copper remained supported as funds and traders reversed short-term bets of lower prices on expectations of economic stimulus. The central Peoples Bank of China said it will continue to implement prudent monetary policy and proactive fiscal policy. Hedge funds and money managers lowered their net short position in copper futures and options, taking it off the prior week’s record, CFTC data showed. Warehouse stock for Copper at LME was at 191700mt that is down by -675mt.

Nickel trading range for the day is 597.3-622.3.Nickel prices dropped weighed down by a stronger U.S. as caution dominated the market in the aftermath of Britain’s vote last week to leave EU.A survey shows growth in Chinas manufacturing sector likely stalled in June adding to expectations that Beijing will have to roll out more stimulus. Nickel daily stocks at Shanghai exchange came up by 268 tonnes. Warehouse stock for Nickel at LME was at 381792mt that is down by -312mt.

Zinc trading range for the day is 134.6-137.6. Zinc dropped after LME data showed nearly 20,000 tonnes of metal arrived in LME warehouses, highlighting the issue of “hidden” inventories. Britain plunged deeper into political crisis in the wake of the referendum, leaving EU and world officials confused about what to do next. Zinc daily stocks at Shanghai exchange came down by 673 tonnes. Warehouse stock for Zinc at LME was at 429775mt that is up by 17625mt.

Naturalgas trading range for the day is 180-191. Natural gas prices rose pushing back toward the 10-month highs set last week as power-sector demand keeps supporting the market. Demand has kept rising in recent weeks, confounding some who expected the rally would lead power plants to buy other fuels instead. Hotter weather has increased power demand, average daily gas consumption has climbed to more than 65bcf a day in June, up about 1.6% from May. Natural gas producers are injecting natural gas supplies into storage in order to prepare for the winter, peak demand season.

Mentha Oil trading range for the day is 814.9-859.5. Mentha oil spot at Sambhal closed at 915.00 per 1kg. Spot prices is down by Rs.-13.80/-. Mentha oil prices dropped tracking subdued demand from consuming industries in the spot market. Further, higher supplies from major producing belts also weighed on mentha oil prices. At Sambhal market arrivals were reported at 250 Drums (1-drum=180kg), up by 50 Drums (1-drum=180kg) as against previous day.

Soyabean trading range for the day is 3761-3851.Soyabean dropped on profit booking after gaining on supply worries in domestic market. 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 855 tonnes to 22212 tonnes. At the Indore spot market in top producer MP, soybean dropped -27 rupee to 3875 rupee per 100 kgs.

Jeera trading range for the day is 17225-18765.Jeera prices rallied on account of good demand from local and upcountry buyers. Market is expecting higher orders from China as adverse weather has hit production there. NCDEX accredited warehouses jeera stocks dropped by 424 tonnes to 2934 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 351.15 rupees to end at 18113.65 rupee per 100 kg.

Turmeric trading range for the day is 8120-8432. Turmeric prices edged higher on receipt of some orders from North India. Turmeric production for the current crop year (2015-16) is estimated to be around 315,000 tons. NCDEX accredited warehouses turmeric stocks dropped by 194 tonnes to 5541 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8509.05 rupees gained 97.95 rupees.

Aluminium trading range for the day is 106.6-110.2.Aluminium prices dropped amid worries that recent gains could mean Chinese smelters restarting shuttered output. Some Japanese Aluminium buyers have agreed to pay producers a premium of $90 per tonne for metal to be shipped in the July-September quarter Aluminium stocks held at three major Japanese ports climbed for the first time in nine months in May due to an increase in imports. Warehouse stock for Aluminium at LME was at 2408975mt that is down by -6900mt.

Crude Oil trading range for the day is 3042-3312.Crude oil prices dropped, extending sharp declines after Britain’s vote to leave the European Union sparked a sharp selloff in global markets on Friday. Of more concern to the market is a building refined products glut, especially in Asia. There is a possibility that refiners dial back production and curb orders for their main feedstock crude oil, potentially weighing on prices. The fresh weekly stockpile data may come back into focus later this week, with the API set to unveil its data as soon as on Tuesday.

Silver trading range for the day is 41884-42868.Silver dropped as caution dominated the market in the aftermath of Britain’s vote last week to leave the European Union. The Brexit referendum verdict likely means the U.S. Federal Reserve’s ambitions for two rate rises this year have been placed on hold. Holdings at ishares silver trust gained by 0.17% i.e. 17.74 tonnes to 10350.76 tonnes from 10333.02 tonnes. Technically market is under fresh selling as market has witnessed gain in open interest by 2.01% to settle at 10948.

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