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Commodity Market important Updates for 11 July 2017

Commodity Market important Updates for 11 July 2017

Gold trading range for the day is 27522-27956.Gold prices edged up after nearing technical support and as traders awaited signals from central banks on interest rate hikes. Pressure continues from Friday after upbeat monthly data on U.S. jobs supported expectations for at least one more rate hike from the Federal Reserve this year. The U.S. economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets.

Silver trading range for the day is 35063-37337.Silver gains as prices recovered on short covering as investors looked ahead to testimony from Fed chair Janet Yellen later this week on the health of the economy. The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Feds plans to raise interest rates once more this year. Investors will also keep an eye out on a few U.S. economic reports, with Fridays inflation data in the spotlight, for further clues on the timing of the next Fed rate hike.

Crudeoil trading range for the day is 2793-2935.Crude oil recovered on short covering but sentiment remained negative as fears grew that rising output from US, Nigeria and Libya would continue to weigh. OPEC is expected to insist Libya and Nigeria take part in the cartels supply quota plan. U.S. energy firms added seven oil drilling rigs last week, marking a 24th week of increases out of the last 25 and bringing the total count up to 763.

Naturalgas trading range for the day is 183.8-193.2.Naturalgas settled up 2.27% at 189.40 as prices rebounded on expectations that high temperatures would boost natural gas demand The latest weather forecasts continue to suggest that an area of high pressure will be anchored over the US with very hot conditions The hot conditions should have an important impact in boosting demand for natural gas and there is scope for a further net increase in prices.

Menthaoil trading range for the day is 925.8-947.8.Mentha oil spot at Sambhal closed at 1059.10 per 1kg. Spot prices was up by Rs.14.40-. Mentha oil prices settled flat as arrivals of the new crop, have started in the key wholesale markets of Sambhal and Chandausi in Uttar Pradesh. As per sources, demand is weak ahead of GST as local traders and mentha consuming industries are avoiding bulk buying. The expectation of good production of mentha during the year has boosted the demand for natural mentha.

Aluminium trading range for the day is 120.1-125.3.Aluminium dropped as pressure seen after aluminum ingot stocks in Chinas five major markets rose for two weeks in a row last week. Investors have been worried that monetary tightening in China would hit economic growth. Chinas economy will maintain steady and improving momentum in the second half of this year, but it still faces many difficulties.

Nickel trading range for the day is 568.4-590.4.Nickel settled flat after prices seen under pressure on expectations Indonesia and Malaysia will step up ore shipments. Cuba plans to produce 54,500 tonnes of nickel and cobalt sulfides this year. Japans core machinery orders unexpectedly tumbled in May and the government downgraded the outlook for orders for the first time in eight months.

Zinc trading range for the day is 175.7-182.1.Zinc prices dropped as metals market was subdued inflation data in top metals market China as the economy loses momentum. Chinas producer price index (PPI) rose 5.5 percent in June from a year earlier, the National Bureau of Statistics (NBS) said. Zinc weekly stocks at Shanghai exchange came up by 2066 tonnes.

Copper trading range for the day is 374.4-383.2.Copper dipped as rising inventories indicated healthy supplies, which outweighed worries about possible strikes at mines in Chile. Stocks in LME warehouses rose by 4,900 tonnes to 319,975 and have gained 32 percent since June 28, showing supplies are adequate. Hedge funds and money managers in the week to July 3 raised their net long position in COMEX copper futures and options, U.S. CFTC data showed.

Jeera trading range for the day is 18395-18925. Jeera prices ended with gains due to tight stocks because of end of season. Lower stocks in the production centres due to fall in production also supporting prices. NCDEX accredited warehouses jeera stocks gained by 24 tonnes to 1310 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 200 Rupees to end at 18704.55 Rupees per 100 kg.

Turmeric trading range for the day is 6864-7184.Turmeric prices gains on improving demand from upcountry buyers at the spot market. Turmeric acreage is likely to decline this season due to poor realization and adverse weather. NCDEX accredited warehouses turmeric stocks gained by 199 tonnes to 6585 tonnes. In Nizamabad, a major spot market in AP, the price ended at 6850 Rupees gained 290.35 Rupees.

Soyabean trading range for the day is 3022-3128.Soyabean prices ended with gains on expectation of good physical buying and irregular monsoon. Area under soybean crop across the country for the 2017-18 kharif was 53.6 lakh hectares till last week, up by about 10% on year. NCDEX accredited warehouses soyabean stocks dropped by 878 tonnes to 45768 tonnes. At the Indore spot market in top producer MP, soybean gained 73 Rupees to 3017 Rupees per 100 kgs.

 

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