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Commodity Market important Updates for 03 April 2017

Jeera trading range for the day is 17775-18595.Jeera settled down on late selling after prices earlier gains on a lower output forecast.Exporters are likely to fetch better realisation due to the quality of the jeera crop.NCDEX accredited warehouses jeera stocks gained by 38 tonnes to 554 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18025 Rupees per 100 kg.

Turmeric trading range for the day is 6306-6490.Turmeric prices dropped as pressure continues as turmeric output is expected to be bumper.New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha.NCDEX accredited warehouses turmeric stocks dropped by 159 tonnes to 1785 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees remains unchanged at0 Rupees.

Soyabean trading range for the day is 2926-2960.Soyabean prices dropped on higher arrivals in local mandis and on subdued demand for soymeal from poultry sectors.Arrivals in the local mandis were estimated at 130,000-133,000 bags as compared to 50,000-65,000 bags on the previous day.NCDEX accredited warehouses soyabean stocks dropped by 622 tonnes to 192838 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 Rupees to 3014 Rupees per 100 kgs.

Menthaoil trading range for the day is 983.3-1003.5.Mentha oil spot at Sambhal closed at 1127.20 per 1kg. Spot prices was down by Rs.-7.20-.Mentha oil prices dropped because of fall in demand in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices.Production was lower due to un-favorable weather conditions during the crops harvesting period.

Aluminium trading range for the day is 125.7-128.3.Aluminium dropped on profit booking tracking LME prices closed down 0.5 percent at $1,962.50 a tonne, but still posted its biggest quarterly gain in 6-12 years.LME stocks of aluminum sank below the 2 million-tonne level earlier in month and at current 1,886,400 tonnes are at their lowest since December 2008.Japans quarterly premiums, which act as a benchmark across much of the Asian region, are in part a reflection of local market conditions.

Nickel trading range for the day is 638.7-664.5.Nickel prices dropped after LME prices dropped by 1 percent at $10,030 on prospects of rising Indonesian supply.Indonesias state-owned miner Aneka Tambang has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 months.Activity in Chinas manufacturing sector unexpectedly grew at its fastest pace in nearly five years in March, adding to evidence that economy has gained momentum.

Zinc trading range for the day is 175-185.8.Zinc prices dropped as LME zinc finished the day down 3.1 percent at $2,770 due to concerns over failure in output cut by zinc smelters.Zinc prices standouts among a brightening outlook for base metals, with supply constraints and China-driven demand set to lift prices in coming months.Korea Zinc Inc, the worlds third-largest zinc smelter, has agreed to take a 15 percent drop in annual processing fees for 2017.

Copper trading range for the day is 375-387.4.Copper slipped as the end of a strike at Perus biggest copper mine dampened fears of reduced supply that had driven the metal higher this quarter.Chiles state copper company Codelco produced 1.83 million tonnes of copper in 2016, of which 1.71 million tonnes came from its wholly-owned.Freeport-McMoRan Incs Indonesian unit is close to reaching a deal that would allow the copper producer to temporarily resume concentrate exports.

Naturalgas trading range for the day is 202.1-212.1.Natural gas prices dropped as investors began to contemplate how much natural gas will be added to storage as spring begins.Total natural gas in storage currently stands at 2.049 trillion cubic feet, according to the U.S. EIA, 17.1% lower than levels at this time a year ago.Data from the U.S. Energy Information Administration showed that domestic supplies of natural gas fell by 43 billion cubic feet for the week ended March 24.

Crudeoil trading range for the day is 3229-3315.Crude oil prices gained on a growing sense that OPEC and non-member Russia would extend their production cut, seeking to drive the market higher.The U.S. energy department released report saying the countrys oil demand for that month was up 0.9 percent at 19.234 million barrels per day.Energy services firm Baker Hughes said U.S. oil rigs increased by 10 to 662 in the week, making the first quarter the strongest for oil rig additions since mid-2011.

Silver trading range for the day is 41737-42655.Silver prices gained buoyed by a weaker dollar, after the release of mostly negative economic data.Prices remained steady with global political uncertainty, the upcoming elections in Europe in particular, seen supporting prices of the metal.Holdings at ishares silver trust dropped by 0.17% i.e. 17.68 tonnes to 10274.29 tonnes from 10291.97 tonnes.

Gold trading range for the day is 28499-28897.Gold prices gained as uncertainty over U.S. President Donald Trumps tax and investment plans and elections in Europe fuelled demand for bullion as a safe haven.Federal Reserve officials seemingly dovish remarks and uninspiring data on the U.S. economy tamped down the sanguine mood from earlier in the week.Comments by the president of the New York Federal Reserve meanwhile reinforced expectations of U.S. interest rate hikes this year. C

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