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Commodity Market important Updates for 07 June 2017

Commodity Market important Updates for 07 June 2017

Jeera trading range for the day is 17825-18775.Jeera prices ended with gains supported by increased buying by retailers and stockists in the domestic spot market. Reports of lower output of jeera during 2016-17 may also boost the prices. NCDEX accredited warehouses jeera stocks dropped by 63 tonnes to 1182 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 148.45 Rupees to end at 18466.65 Rupees per 100 kg.

Turmeric trading range for the day is 5240-5700.Turmeric prices ended with gains supported by increased buying by retailers and stockists in the domestic market. Reports showed about 72,120 tons arrived in May 2017 compared to 30,703 tons during May last year. NCDEX accredited warehouses turmeric stocks dropped by 100 tonnes to 6727 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5433.35 Rupees remains unchanged at0 Rupees.

Soyabean trading range for the day is 2709-2827.Soyabean prices gained due to increasing demand in the domestic spot market. Soybean trading across Madhya Pradesh mandis continued to remain suspended for sixth trading day as traders extended a strike. NCDEX accredited warehouses soyabean stocks dropped by 2233 tonnes to 96514 tonnes. At the Indore spot market in top producer MP, soybean gained 14 Rupees to 2886 Rupees per 100 kgs.

Menthaoil trading range for the day is 875.4-919.Mentha oil spot at Sambhal closed at 1009.90 per 1kg. Spot prices was down by Rs.-9.10-.Mentha oil ended with losses taking weak cues from spot market and rise in arrivals. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the previous day. As per market sources, this year it is expected that 15% production might be increased.

Aluminium trading range for the day is 120.9-123.7.Aluminium prices recovered to end with gains on news that Qatars exports of the metal had been blocked. Norways Norsk Hydro said it was seeking other routes for its aluminium exports from Qatar, which have been blocked as a result of a diplomatic rift.Norsk Hydro and state-owned Qatar Petroleum each own 50 % of the Qatalum joint venture, which produces more than 600,000 tonnes of primary aluminium per year.

Nickel trading range for the day is 565-586.4.Nickel recovered after remained under pressure amid expectations of weak demand as a seasonal construction slowdown in the summer months looms. Reflecting a pullback in orders for durable goods, showing a modest drop in new orders for U.S. manufactured goods in the month of April, US data showed. Germanys construction activity growth improved at the second-fastest rate in over a year in May, survey data from IHS Markit showed.

Zinc trading range for the day is 155.8-162.8.Zinc dropped tracking LME prices closed down 1 percent at $2,461 a tonne due to weak Chinese steel markets. The countrys zinc imports doubled in April to 46,602,597 kg, and total imports in the first four months of 2017 were 162,005,076 kg, US Commerce Department said.British elections, a ECB policy meeting, and former FBI director James Comeys Senate testimony on all set for Thursday.

Copper trading range for the day is 355.9-369.1.Copper prices dipped weighed down by signs of slowing growth in China and the United States.U.S.services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labour market strength. Chinas economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment.

Naturalgas trading range for the day is 189.3-201.1.Natural gas gained on short covering as investors returned to the market to seek cheap valuations in wake of recent losses. Support also seen due to geo-political tension after Saudi, Egypt and Bahrain, said they would sever all ties as market highly reliant on Qatar gas. The move sparked concerns over supply disruptions, as Qatar supplies roughly a third of global liquified natural gas.

Crudeoil trading range for the day is 3013-3137.Crude oil holds its gain as traders bet that US government data will show a ninth consecutive weekly decline in crude supplies. Support seen by heightened political tensions in the Middle East and by signs of a gradual drawdown of bloated fuel inventories in the US.EIA raised its production outlook for this year and next. For 2018, it sees average output of 10.01mbpd, up 0.4% from its previous forecast.

Silver trading range for the day is 40300-41080.Silver prices gained as investor sentiment remained skewed toward safe-haven assets ahead of testimony from the former FBI director and British elections. Market players monitored fresh geopolitical tension in the Middle East as well as the fallout from the weekend terror attack in London. Market players will pay close attention to former FBI director James Comeys testimony before the Senate Intelligence Committee.

Gold trading range for the day is 29172-29782.Gold touched its highest in near seven weeks as stock markets and the dollar weakened ahead of a UK national election and a ECB meeting due later this week. Reduced expectations for aggressive U.S. rate hikes from the Federal Reserve in the second half of this year further boosted the appeal of the yellow metal.ECB policymakers are set to take a more benign view of the economy and will even discuss dropping some of their pledges to ramp up stimulus if needed.

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