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Commodity Important Updates for 29 July 2016

Commodity Tips

Gold trading range for the day is 30760-31420. Gold pared gains after prices rose as the Federal Reserve gave no indication whether it would raise rates at its next meeting in September. The Fed left interest rates unchanged on Wednesday and said near-term risks to the U.S. economic outlook had diminished. Holdings of the worlds largest gold-backed exchange-traded fund, SPDR Gold Shares have seen an outflow of nearly 28 tonnes in the last three weeks. Uncertainty over the path of interest rates has held gold in check since it rallied to more than two-year highs in the wake of Britains shock vote.

Soyabean trading range for the day is 3580-3666.Soyabean gained tracking higher international market prices on concerns over potential adverse weather over the next month in key US growing regions.On all India basis, it estimated that area under soybean may decrease by about 3% over last year, said SOPA in a release.NCDEX accredited warehouses soyabean stocks dropped by 20 tonnes to 3326 tonnes.At the Indore spot market in top producer MP, soybean gained 32 rupee to 3808 rupee per 100 kgs.

Turmeric trading range for the day is 7802-8370.Turmeric ended with gains on expectation of pickup demand from north India.However upside seen limited as weather in the turmeric-growing regions is expected to remain good for the season.Turmeric acreage in Telangana as on 20-Jul-16 was around 30,000 hectares as compared to 31,000 hectares last year. In Nizamabad, a major spot market in AP, the price ended at 8415.9 rupees dropped -6.7 rupees.

Jeera trading range for the day is 18410-19850.Jeera prices ended with losses on sluggish demand in the major markets of Rajasthan.Exports during April-June were about 45,000 tonnes, sharply up from 27,000 tonnes in the corresponding period last year.NCDEX accredited warehouses jeera stocks gained by 377 tonnes to 5442 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -253.55 rupees to end at 19239.3 rupee per 100 kg.

Aluminium trading range for the day is 106.1-107.7.Aluminium climbed away from its lowest level after the US Fed stopped short of signalling a near-term interest rate rise.Rusal reported a 5% rise in half-year aluminium sales volumes mainly due to the start-up of its Boguchansky smelter.Norways Norsk Hydro has just revised upwards its Chinese demand growth forecast for this year to 5-7 percent. Warehouse stock for Aluminium at LME was at 2312275mt that is down by -5850mt.

Naturalgas trading range for the day is 173.3-205.1.Natural gas surged +7.41% to their biggest daily gains in 2016 after EIA shown supply is declining.EIA said stockpiles grew by 17bcf during the week ended Friday, the smallest increase for a summer week since 2006.Hot summer temperatures are expected to continue over the Lower 48 states through the weekend, except in the Great Lakes area. Working gas in storage totaled 2.858 trillion cubic feet for the same period a year ago.

Menthaoil trading range for the day is 892.2-969.2.Mentha oil spot at Sambhal closed at 1063.50 per 1kg. Spot prices is down by Rs.-7.60-.Mentha oil prices ended with losses on profit booking after prices gained amid reports of crop damage in major plant growing regions.Currently, mentha crop is been harvested and reports of heavy rainfall in the major growing areas in Uttar Pradesh affected arrivals.The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Nickel trading range for the day is 691.2-728.8. Nickel rallied more than 3% on track for more than 12 percent gains in July as the Philippines cracks down on polluting mines. Philippine President Rodrigo Duterte, has warned he could cancel mining projects causing environmental harm. Clues to Chinese demand will come on Monday from surveys of purchasing managers in manufacturing, which probably struggled in July. Warehouse stock for Nickel at LME was at 374598mt that is down by -54mt.

Zinc trading range for the day is 144.7-149.5. Zinc recouped from Wednesdays losses supported by a weaker dollar after Feds statement last night. Goldman says the global Zinc shortage will expand to 360,000 tons in 2017 from 114,000 tons this year. Chinese-owned MMG Ltd. is seeking new zinc mines in Peru, after a dearth of global exploration in past decades led to an output crunch. Warehouse stock for Zinc at LME was at 434025mt that is down by -1575mt.

Copper trading range for the day is 325.3-332.9.Copper trimmed losses as the dollar fell after the US Federal Reserve stopped short of signalling a near-term interest rate rise.Demand for copper in China, has fallen sharply in recent years as growth and investment spending has slowed.Traders are looking forward the big news for copper will be Chinese economic data due next week.Warehouse stock for Copper at LME was at 208725mt that is down by -5700mt.

Crudeoil trading range for the day is 2713-2875. Crude oil dropped as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened. U.S. oil has been under pressure in recent weeks as signs of an ongoing recovery in U.S. drilling activity combined with elevated stocks of fuel products weighed. Because of ongoing oversupply, U.S. bank Goldman Sachs said this week that it did not expect a big recovery in prices any time soon. Goldman continue to expect that oil prices will remain in a $45 per barrel to $50 per barrel trading range through mid-2017 with near-term risks skewed to the downside

Silver trading range for the day is 46543-48531.Silver pared gains as market players digested signals that Fed could avoid a near-term interest rate hike and looked ahead to meeting from the Bank of Japan.The number of Americans filing for unemployment benefits rose more than expected last weekHoldings at ishares silver trust gained by 0.33% i.e. 35.46 tonnes to 10877.53 tonnes from 10842.07 tonnes.Investors are cautious that the Bank of Japan could fail to meet market expectations by approving only slight easing measures.

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