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Commodity Market important Updates for 11 April 2017

Jeera trading range for the day is 18770-19510.Jeera prices gained in the wake of reports of fall in output in both Gujarat and Rajasthan. Daily jeera arrivals have been rising in the markets of Gujarat.NCDEX accredited warehouses jeera stocks gained by 189 tonnes to 828 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 123.35 Rupees to end at 18713.35 Rupees per 100 kg.

Turmeric trading range for the day is 6130-6406.Turmeric prices dropped due to rising arrivals on the back of increased output.Indias Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period.NCDEX accredited warehouses turmeric stocks gained by 128 tonnes to 2454 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5981.65 Rupees remains unchanged at0 Rupees.

Soyabean trading range for the day is 2880-2958.Soyabean dropped tracking weakness in spot demand on oversupply woes despite of hope of higher demand.Prices remained under pressure on expectation of bumper output in India and other top producers of the world.NCDEX accredited warehouses soyabean stocks dropped by 1679 tonnes to 186561 tonnes.At the Indore spot market in top producer MP, soybean gained 12 Rupees to 3042 Rupees per 100 kgs.

Menthaoil trading range for the day is 974-1012.2.Mentha oil spot at Sambhal closed at 1133.30 per 1kg. Spot prices was up by Rs.7.80-.Mentha oil prices dropped on speculation that the area under cultivation can increase this year resulting good production. However downside seen limited amid tight stocks position on restricted supplies from producing belts.Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.

Aluminium trading range for the day is 122.3-126.5.Aluminium dropped as supply concerns eased and demand remained weak in top metal consumers such as China.LME stocks are falling at a fast pace and physical premiums are rising, although as ever with aluminium appearances can be slightly deceptive.Aluminium daily stocks at Shanghai exchange came up by 2175 tonnes.

Nickel trading range for the day is 644.7-662.5.Nickel traded in the range while LME Nickel price ended unchanged at $10,180, balanced by potentially bullish andbearish news. A suspended Philippine nickel miner has asked President Rodrigo Duterte to allow it to ship ore stockpiles after some cargoes were seized.Cyclonic winds and heavy rain buffeted New Caledonia, prompting residents of the French South Pacific territory to halt mining of nickel

Zinc trading range for the day is 164.8-174.6.Zinc prices dropped dragged down by weakness in steel and also after news that two flood-hit mines in Peru were ready to restart.Zinc prices touched a peak of $2,980.50 a tonne in mid-February on worries that major mine closures last year would lead to severe shortages.Globally speaking, zinc supply has already been rising again since September.

Copper trading range for the day is 368.8-377.8.Copper eased as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply.LME copper stocks are at the lowest since early March, while ShFE copper stocks rose last week, but are down from near one-year highs reached a month ago.Hedge funds and money managers cut their net long position in copper futures U.S. Commodity Futures Trading Commission data showed.

Natural gas trading range for the day is 205.9-214.5.Naturalgas settled down marginally while continuing a small retreat from 2 12-month highs on mild weather may limit demand.US NOAA temperatures are forecast to be above normal across most of the southern and eastern United States through the next month.Hedge funds and other money managers had amassed a net long position equivalent to 3,280 billion cubic feet.

Crudeoil trading range for the day is 3341-3471.Crudeoil prices climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions.Support also seen after the update that Libyas Sharara oilfield was shut after a group blocked a pipeline linking it to an oil terminal.Headlines of Chinese troop deployments to the North Korean border that spooked markets and once again spurred a geopolitical fear bid in bullion

Silver trading range for the day is 40818-41742.Silver prices edged lower as the U.S. dollar continued to remain supported by Federal Reserve policy tightening expectations.Prices will see support as growing geopolitical tensions continued to drive safe-haven demand.iShares Silver Trust shrink at the fastest pace in at least 3 years, with shareholders liquidating 346 tonnes of the trusts physical silver backing.

Gold trading range for the day is 28541-28899.Gold recovered from the days low and held firm buoyed by its safe-haven status amid rising political tensions.Expectations that the Federal Reserve will hike rates in June continued to limit upside for gold prices.Hedge funds and money managers upped their net long position in COMEX gold for the third straight week in the week to April 4, US CFTC

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