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Commodity Market important Updates for 03 May 2017

Commodity Market important Updates for 03 May 2017

Jeera trading range for the day is 18415-20255.Jeera dropped on lower domestic and exports demand at the spot market.Furthermore, ample stocks position following higher supplies from major growing regions in Gujarat and Rajasthan also weighed.NCDEX accredited warehouses jeera stocks gained by 159 tonnes to 1282 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 66.25 Rupees to end at 19056.25 Rupees per 100 kg.

Turmeric trading range for the day is 5748-6168.Turmeric prices dropped as fresh selling is observed due to steady demand despite lower arrivals in the physical market. Many traders and farmers expected good sales of turmeric during the peak period, which started a month ago.NCDEX accredited warehouses turmeric stocks gained by 289 tonnes to 4312 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5650 Rupees dropped -140 Rupees.

Soyabean trading range for the day is 2904-3056.Soyabean prices ended with losses tracking weakness in spot demand due to ample available stocks in the country.The USDA raised its forecast for Brazilian soybean production for the 20162017 crop year.NCDEX accredited warehouses soyabean stocks dropped by 1777 tonnes to 148128 tonnes.At the Indore spot market in top producer MP, soybean gained 4 Rupees to 3081 Rupees per 100 kgs.

Mentha oil trading range for the day is 909.3-960.7.Mentha oil spot at Sambhal closed at 1084.50 per 1kg. Spot prices was down by Rs.-3.60-.Mentha oil dropped amid sluggish demand in the domestic spot market.Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices.A large number of small and marginal farmers from Uttar Pradesh, Himachal Pradesh, Haryana and other places sowed mentha in January.

Aluminium trading range for the day is 121.7-124.9.Aluminium recovered from the days low as support seen after the speculation that Aluminiums global surplus will fall sharply Goldman Sachs predicts prices set to rise as China will carry out supply side reform in months ahead.Aluminium producer Norsk Hydro sees a fairly balanced market in 2017 despite a huge spike in Chinas production.

Nickel trading range for the day is 609.7-619.1.Nickel prices traded in range as traders wait to see if Regina Lopez is confirmed as the Philippines Environmental Secretary.Prices started a rally in 2016 when the environmental inspections were underway in the Philippines, but now a good chunk of these gains have unraveled.Prices were also supported by higher demand from China, but recent data has sparked concern that Chinese demand for nickel will stutter.

Zinc trading range for the day is 167.5-172.9.Zinc dropped as prices consolidated after failing to break technical resistance and given a lack of other drivers.Labor union at Votorantim Metais Cajamarquilla zinc smelter said workers canceled their strike plan which was expected to last indefinitely.Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 32,100 to 168,100 tonnes last week.

Copper trading range for the day is 371.9-380.9.Copper dropped as pressure seen on caution over slowing demand in top consumer China.A mineral-rich region of Papua New Guinea has lifted a 40-year-old ban on new mining and exploration, opening the way for copper operations.Anglo American plans to restart production shortly at its El Soldado copper mine in Chile as regulators have approved a new permit plan for the deposit.

Naturalgas trading range for the day is 200.3-212.5.Natural gas dropped as cool weather hit a few key demand areas, raising long-term concerns that summer temperatures may be cooler than expected.Earlier support seen as investors were thinking that production had fallen far enough that the market is now undersupplied on a daily basis.The strength of US demand following the ISM manufacturing data which could curb demand for gas in the industrial complex.

Crudeoil trading range for the day is 2990-3220.Crude oil dropped as rising production in several countries balanced expectations that major exporters would extend output cuts into the second half of the year.Libyas oil production has risen above 760,000 barrels per day (bpd), its highest level since December 2014, the National Oil Corporation (NOC) said.Russian oil production fell slightly last month to 11.00 million bpd, almost hitting its output target under the deal with OPEC, Energy Ministry data showed.

Silver trading range for the day is 38734-39664.Silver dropped as the dollar firmed as the chance of a U.S. government shutdown receded and as stronger equities dampened demand.The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data.Holdings at ishares silver trust gained by 1.06% i.e. 108.93 tonnes to 10417.23 tonnes from 10308.30 tonnes.

Gold trading range for the day is 28502-28686.Gold dropped as demand for riskier assets drove stocks and U.S. treasury yields higher and the dollar hit a six-week peak against the yen.Pressure continues after U.S. lawmakers agreed on a spending package to avert a U.S. government shutdown. U.S. Treasury Secretary Steven Mnuchin said that economic growth of 3% is achievable in the next two years as the Trump administration is planning to dramatically cut taxes.

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