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Commodity Market important Updates for 06 April 2017

Jeera trading range for the day is 18335-19595.Jeera prices gained on a lower output forecast and strong demand from overseas buyers. Exporters are likely to fetch better realisation due to the quality of the jeera crop.NCDEX accredited warehouses jeera stocks gained by 132 tonnes to 744 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18290 Rupees per 100 kg.

Turmeric trading range for the day is 6274-6614.Turmeric prices gained on rising exports demand at the spot market. However upside seen limited due to higher arrivals from the producing regions. NCDEX accredited warehouses turmeric stocks gained by 75 tonnes to 2008 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6154.55 Rupees dropped -18.55 Rupees.

Soyabean trading range for the day is 2946-2994.Soyabean prices gained due to bargain buying and lower arrivals from major producing belts at spot market.The US Department of Agriculture last week forecast record-sized US soy plantings near 89.5 million acres, topping expectations.NCDEX accredited warehouses soyabean stocks dropped by 2515 tonnes to 189308 tonnes.At the Indore spot market in top producer MP, soybean gained 29 Rupees to 3031 Rupees per 100

Menthaoil trading range for the day is 980.8-1018.2.Mentha oil spot at Sambhal closed at 1133.50 per 1kg. Spot prices was up by Rs.18.00-.Mentha oil prices gained on short covering amid increased demand in the domestic spot market.Further, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported prices. However upside seen limited amid reports that carryover stocks are huge against the current consumption level.

Aluminium trading range for the day is 126.1-128.7.Aluminium gained supported by Chinese demand at the start of the seasonally strongest quarter for industrial metals.A surge in US factory jobs indicated that the sectors energy-led recovery was gaining momentum.Data showed activity at Chinas factories expanded for a ninth straight month in March but at a softer pace as new export orders slowed.

Nickel trading range for the day is 646.4-686.6.Nickel gained driven higher by gains in the steel sector after a cyclone in Australia damaged transport routes for coking coal. Data from payrolls processor ADP showed private employers added 263,000 jobs in March.U.S. manufacturing activity retreated from a 2-12-year high in March amid a decline in production and an inventory drawdown.

Zinc trading range for the day is 177.6-183.Zinc gained on short covering tracking rise in LME prices after China returned after a two-day public holiday.The discount of LME cash zinc to the three-month contract moved to $27.25 a tonne, its widest since October 2015.Factories across Europe and much of Asia posted another month of solid growth in March, rounding off a strong quarter for manufacturers.

Copper trading range for the day is 374.7-392.7.Copper gained following upbeat jobs data from the United States and the return of Chinese buyers after a two-day break.Prices came under pressure last week from indications that a number of production outages that had driven prices sharply higher in February were coming to an end.Peru will likely gradually increase its copper production to 3.1 million tonnes in 2021 from an annual 2.35 million tonnes expected for both this year and next.

Crudeoil trading range for the day is 3280-3400.Crude oil prices pared gains after a surprise rise in inventories and uncertain prospects for President Trumps proposed tax cuts and spending plansEIA said in its weekly report that crude oil inventories rose by 1.566mbls in the week ended March 31.Goldman Sachs expects oil prices to remain between US$50-55 per barrel between 2018-2020.

Silver trading range for the day is 41974-42660.Silver prices eased pressured by a surge in the dollar, after the release of bullish U.S. private sector job growth.The ADP National Employment Report showed that U.S. private employers added 263,000 jobs in March, beating forecasts of 187,000 additions. Euro zone businesses enjoyed their best quarter in six years at the start of 2017 and although growth was not quite as fast as a flash estimate, the upturn was broad-based.

Gold trading range for the day is 28550-29168.Gold fell after better-than-expected U.S. jobs data boosted U.S. bond yields and the dollar.Feds minutes showed most policymakers think the central bank should take steps to begin trimming its $4.5 trillion balance sheet later this year. Investors were cautious ahead of a potentially tense meeting between Trump and Chinese President Xi Jinping, the first between the worlds two most powerful leaders.

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