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Commodity Market important Updates for 03 July 2017

Commodity Market important Updates for 03 July 2017

Jeera trading range for the day is 18765-19445.Jeera prices ended with gains backed by rising demand at the spot market.Prices also seen supported on restricted inflow due to end of season and depleted stocks because of lower output.NCDEX accredited warehouses jeera stocks gained by 135 tonnes to 1313 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 163.65 Rupees to end at 18704.55 Rupees per 100 kg.

Turmeric trading range for the day is 6322-6598.Turmeric gained due to higher export demand and poor arrivals.Turmeric sowing may be lower this year in Tamil Nadu due to lack of rains in the main producing areas.NCDEX accredited warehouses turmeric stocks gained by 3079 tonnes to 9798 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6287.5 Rupees gained 61.05 Rupees.

Soyabean trading range for the day is 2858-2978.Soyabean prices gained on lower sowing along with reports of poor monsoon progress sparked supply shortage.All India soybean arrivals were stood at 100,000-155,000 bags (90 kilogram per bag) as compared to 160,000-175,000 bags.NCDEX accredited warehouses soyabean stocks dropped by 6744 tonnes to 54074 tonnes.At the Indore spot market in top producer MP, soybean gained 2 Rupees to 2938 Rupees per 100 kgs.

Menthaoil trading range for the day is 882.8-906.Mentha oil spot at Sambhal closed at 1002.70 per 1kg. Spot prices was down by Rs.-2.30-.Mentha oil prices holding below 900 level remains weak as demand is weak ahead of GST as traders are avoiding fresh buying from market.As per sources, new crops are arriving in the physical market due to which supply is more in the spot market.It is expected that this year production might increase around 15% which is also creating pressure on the mentha prices.

Aluminium trading range for the day is 123-124.4.Aluminium dropped amid profit booking after update Environmental protection checks in Zhejiang, have been postponed early July.Market has been worried that aluminum production will be affected significantly during the winter heating season.South Korea bought 4,000 tonnes of aluminium for September 20 arrival via tenders that closed, state-run Public Procurement Service (PPS) said.

Nickel trading range for the day is 599.8-611.6.Nickel prices gained as support seen due to better than expected factory growth in top metals consumer China.A strike at the SLN nickel plant in New Caledonia has begun to hit production as the company is incurring monthly losses in excess of $US22 million.The Philippines new environment secretary will oversee nickel ore producing regions in the southern Mindanao region and Palawan province next month.

Zinc trading range for the day is 175.8-181.2.Zinc prices dropped on profit booking but still prices ended with gains on weekly basis as supplies were still insufficient.Spot zinc premiums in Chinas major markets turned to discounts on June 29.Public Procurement Service (PPS) announced bid solicitation again on its website June 29 for 2,000 tonnes of zinc, which will end on June 4.

Copper trading range for the day is 384-392.6.Copper prices settled flat paring its gains pressured by a firmer dollar and a rise in inventories, offsetting better than expected factory growth in China.Copper production at Chiles Escondida copper mine, the worlds largest, fell 63 percent in the first quarter of 2017 from a year earlier amid a prolonged strike.Chinas factories grew at the quickest pace in three months in June, buoyed by strong new orders in a sign of stabilising growth.

Naturalgas trading range for the day is 189.7-199.9.Natural gas dropped on profit booking after prices continued its gains amid bullish weather forecasts that should provide a boost in demand for the fuel.Meanwhile, updated weather forecasting models continued to point to increased summer demand in the weeks ahead.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 46 billion cubic feet.

Crudeoil trading range for the day is 2907-3003.Crude oil gained as data showed the number of active U.S. drilling rigs declined for the first time since January.Barker Hughes reported its weekly U.S. rig count fell by 2 to a total of 756, ending a trend that has seen the number of U.S. rigs increase since for six-straight months.U.S. crude production fell for the first time this year in April, reining in exuberance over rapidly growing domestic output.

Silver trading range for the day is 38456-39142.Silver prices edged lower weighed by the upbeat U.S. economic growth data, although hawkish comments by several central banks limited the greenbacks gains.U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion.Official data showed that U.S. gross domestic product rose 1.4% in the first quarter, revised up from the previous reading of a 1.2% expansion. C

Gold trading range for the day is 28280-28688.Gold eased as hints from leading central banks that the era of easy money may be coming to a close pushed bond yields higher, hurting the prices.Comments from ECB, BOE and BOC central banks indicated that quantitative easing programmes put in place in the wake of the financial crisis may be being wound up.Gold premiums in India jumped to the highest level in 7-12 months as consumers advanced purchases to avoid paying higher tax.

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