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Commodity Market important Updates for 10 May 2017

Commodity Market important Updates for 10 May 2017

Jeera trading range for the day is 18020-18960.Jeera gained on short covering amid falling arrivals in the markets of Gujarat and Rajasthan helping the prices to recover in the coming week.Indias 2016-17 jeera export is estimated at 120,000 ton-second highest in a decade.NCDEX accredited warehouses jeera stocks gained by 102 tonnes to 2122 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -97.4 Rupees to end at 18669.25 Rupees per 100 kg.

Turmeric trading range for the day is 5442-5834.Turmeric ended with gains on low level buying after prices dropped by around 12 percent last week amid weak local and export buying.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 gained by 30 tonnes to 4897 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5434.4 Rupees gained 57.75 Rupees.

Soyabean trading range for the day is 2919-2969.Soybean dropped on profit booking after prices gained on lower arrivals in local mandis.However, due to poor remuneration this year soybean growers in MP, are expected to shift to pulses and cotton tempted by attractive prices.NCDEX accredited warehouses soyabean stocks dropped by 1013 tonnes to 136983 tonnes.At the Indore spot market in top producer MP, soybean gained 3 Rupees to 3075 Rupees per 100 kgs.

Menthaoil trading range for the day is 895.6-958.Mentha oil spot at Sambhal closed at 1058.90 per 1kg. Spot prices was up by Rs.10.70-.Mentha oil ended with gains on short covering amid uptick in demand in the domestic spot market.Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported prices.Now on domestic side traders had estimated earlier total production in the range of 35000-37000 tons for this year.

Aluminium trading range for the day is 120-122.2.Aluminium ended with nominal gains despite LME prices fell 0.5 percent to $1,870.50 as the dollar rose.Chinas exports of unwrought aluminum and aluminum semis were 430,000 mt in April, with YTD exports from January to April at 1490,000 mt, up 0.9 % YoY.Aluminum output in China will refresh record high in May since growing profit brought by falling costs will incentivize production

Nickel trading range for the day is 577.8-613.4.Nickel gained on short covering helped by cutbacks at NPI plants in China.Support also seen after the Philippines new environment minister said it was possible to strike a balance between mining and protecting natural resources.Cimatu said he has yet to take a position on decisions made by Lopez including her orders to shut more than half the countrys mines.

Zinc trading range for the day is 164.4-173.Zinc prices gained as plans to boost infrastructure spending in China and the United States are bolstering market sentiment.Chinas refined zinc production fell to 413,000 tonnes in April 2017, a drop of 3.95% month-on-month and 5.92% year-on-year.Total refined zinc output in the first four months of the year was 1.711 million tonnes, a fall of 1.84% on a yearly basis.

Copper trading range for the day is 352.9-364.5.Copper inched up as some investors looked for bargains after sharp overnight losses on fresh signs of a slowdown in Chinese demand.Imports of unwrought copper dropped 30.2 percent to 300,000 tonnes in April from March, and 33.2 percent from the year earlier month.Money managers raised their net long position in copper futures and options in the week to May 2, Commodity Futures Trading Commission data showed. C

Naturalgas trading range for the day is 203.1-213.5.Natural gas gained as traders monitored shifting weather forecasts to assess the outlook for spring demand and supply levelsCool conditions are expected to linger, although warming slightly mid-week before another weather systems with reinforcing coolingNatural gas demand will remain stronger than normal, mainly driven primarily by the cooler than normal northeastern U.S.

Crudeoil trading range for the day is 2910-3054.Crude oil dropped rattled by concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output.U.S. crude production has risen by over 10 percent since mid-2016 to 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia.Saudi Energy Minister Khalid Al-Falih: Saudi Arabia has made long term commitment to Asia. Want to play bigger role in meeting Asia demand.

Silver trading range for the day is 37452-38326.Silver fell as the election of centrist Emmanuel Macron as French president reduced demand for bullion as a safe haven.Feds Rosengren said the fall of U.S. unemployment below its natural equilibrium could prompt faster interest-rate hikes if it were to drop below 4 percent.Demand for silver ETF jumped from 2006 through 2012 amid expectations that solar panels and appliances would help lift prices.

Gold trading range for the day is 27809-28255.Gold dropped sliding to the lowest level in around eight weeks amid fading demand for safe-haven assets.Sentiments dropped in bullion as uncertainty over the French election came to end on Sunday, following Emmanuel Macrons victorySupporting news for bullion can be with rekindled fears that North Korea could be gearing up for another weapons test.

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