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Commodity Market important Updates for 09 June 2017

Commodity Market important Updates for 09 June 2017

Jeera trading range for the day is 18005-18675.Jeera prices ended with gains as there is good demand from the physical market players. Lower stocks in the production centers due to declined production and low carryover stocks also supporting prices.NCDEX accredited warehouses jeera stocks dropped by 34 tonnes to 1115 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18445.45 Rupees per 100 kg.

Turmeric trading range for the day is 5344-5532.Turmeric prices ended with gains as support seen after market is expecting lesser sowing this season.Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year.NCDEX accredited warehouses turmeric stocks dropped by 29 tonnes to 6683 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5504.55 Rupees gained 26.75 Rupees.

Soyabean trading range for the day is 2800-2878.Soyabean prices ended with gains amid reduction in soybean arrivals in the physical markets in Madhya Pradesh.Sowing is yet to commence in some key growing states as the oilseed is typically sown after the first monsoon showers.NCDEX accredited warehouses soyabean stocks dropped by 2174 tonnes to 90822 tonnes.At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2886 Rupees per 100 kgs.

Mentha oil trading range for the day is 896-917.2.Mentha oil spot at Sambhal closed at 1016.40 per 1kg. Spot prices was down by Rs.-0.30-.Mentha oil prices ended with gains taking strong cues from spots market.As per sources, climatic condition is good for the mentha crop due to which it is expected.As on now stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the previous day.

Aluminium trading range for the day is 120.9-123.9.Aluminium dropped despite of Chinas data suggested the economy is holding up better than expected despite rising lending rates.Some Japanese aluminium buyers have agreed to pay producers a premium of $119 per tonne for shipments in the July to September quarter, reflecting lower spot premiums.Japans economic growth in the January-March period was severely revised down from the original estimate because of a downward adjustment in business inventories.

Nickel trading range for the day is 560.8-577.2.Nickel remained under pressure despite as better than expected Chinese economic data allayed some concerns about supply.China reported stronger than expected exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than feared.Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore pushes prices to one-year lows.

Zinc trading range for the day is 156-161.4.Zinc prices gained after China reported stronger-than-anticipated exports and imports for May, suggesting the economy is holding up better than expected.Some Chinese zinc smelters will undertake maintenance cycle in June, and will hurt zinc production.About 15,000 tonnes of zinc output will be affected after maintenance at these smelters.

Copper trading range for the day is 359.6-376.6.Copper prices rose to a one-week high after China trade improved in May which alleviated concerns over the health of the worlds second-biggest economy.China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up.Chilean copper company Codelco has restarted operations at mines in the northern part of the country after a rain storm

Naturalgas trading range for the day is 189.5-200.7.Natural gas edged lower after data showed that natural gas supplies in storage in the U.S. rose more than expected last week.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 106 billion cubic feet.That compared with a gain of 81 billion cubic feet in the preceding week, an increase of 65 billion a year earlier.

Crude oil trading range for the day is 2878-3010.Crude oil prices dropped as evidence mounted that a fuel supply overhang continued despite an ongoing effort led by OPEC.Concerns of rising global output, following the return of Nigerian crude to the market and an unexpected surge in US crude stockpiles.Libyas 270,000 bpd Sharara oil field has reopened after a workers protest and should return to normal production within three days.

Silver trading range for the day is 39285-41031.Silver price dipped from the strength of the dollar competing against upward pressures from the political ongoings of the UK election.Investors still await the outcome of Britains national election and opinion polls on the eve of the electionUK elections seemed to have left no single party with a clear claim to power, sideswiping investors who had already weathered major risk events

Gold trading range for the day is 28800-29570.Gold fell as stocks rallied despite dramatic testimony from former FBI director James Comey, who accused President Trump of lying and defaming him.Comey told the SIC he believed President Donald Trump had directed him to drop a FBI probe into former national security adviser Michael Flynn.ECB closed the door on more interest rate cuts judging the euro zone economy to be rebounding, but said inflation looks to remain weak .

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