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Commodity Market important Updates for 12 April 2017

Jeera trading range for the day is 19000-19990.Jeera prices gained due to expectation of good exports demand at the spot market.The latest spell of rainfall last month is estimated to have spoiled 30 per cent of the standing crop.NCDEX accredited warehouses jeera stocks dropped by 153 tonnes to 675 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 133.1 Rupees to end at 18846.45 Rupees per 100 kg.

Turmeric trading range for the day is 6176-6352.Turmeric prices dropped due to rising arrivals on the back of increased output.At Erode market sources reported arrivals at 5000 quintals, lower by 3000 quintals as against previous day.NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 2624 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5981.65 Rupees dropped -2 Rupees.

Soyabean trading range for the day is 2898-2948.Soyabean prices gained due to expectations of higher demand from crushers and in export market. Lower arrivals in the mandis due hoarding by farmers and demand hope also supporting prices.NCDEX accredited warehouses soyabean stocks dropped by 1743 tonnes to 184818 tonnes.At the Indore spot market in top producer MP, soybean gained 9 Rupees to 3051 Rupees per 100 kgs.

Menthaoil trading range for the day is 966.8-996.4.Mentha oil spot at Sambhal closed at 1118.40 per 1kg. Spot prices was down by Rs.-14.90-.Mentha oil prices ended with losses amid easing demand at the spot market. Further, ample stocks position on increased supplies from Chandausi in Uttar Pradesh too led to the decline in mentha oil prices. Prices also remained under pressure on speculation that the area under cultivation can increase this year resulting good production.

Aluminium trading range for the day is 122.6-124.8.Aluminium settled flat as Chinas aluminium makers are expected to step up exports in coming monthsGlobal aluminium stockpiles outside of China have nearly halved to 8 million tonnes, or about 12 weeks of consumption, from a peak above 22 weeks in late 2009.Aluminium daily stocks at Shanghai exchange came up by 2892 tonnes.

Nickel trading range for the day is 617.2-668.Nickel dropped as the two biggest nickel miners in the Philippines, said prices for the metal would be robust this year due to growing demand from China.However downside seen limited as powerful cyclone that hit New Caledonia and shuttered nickel operations has moved offshore.Forecasts from the likes of the World Bank show prices could average around $11,000 in 2017 that would compare to around $9,500 last year.

Zinc trading range for the day is 162.8-170.Zinc fell to a new three-month trough as the market focus is on receding supply worries. Diversified miner Vedanta Resources said refined zinc production at its India unit rose nearly 40 percent in the fourth quarter.Zinc continues to see plenty of sellers lined up on every rally amid increasingly aggressive CTA selling and ongoing long liquidation

Copper trading range for the day is 367.4-377.6.Copper traded in range weighed down by concerns about oversupply as the worlds top two copper mines look to recover from disruptions.Prices have faltered since shipments resumed from BHP Billitons Escondida mine in Chile.A Southern Copper Corp spokesman said its operations in Peru were near normal as workers started an indefinite strike, despite sources said 80% of capacity was affected.

Naturalgas trading range for the day is 198.6-213.8.Natural gas dropped to settle at 203.90 posted its biggest losses in four weeks as traders cautious about whether.Demand will be slightly below normal this week as high pressure holds strong as highs continue to reach the 60s to 80s.Weather system will track across the Northeast for a slight and quick increase in heating demand, although warming back above normal this weekend.

Crudeoil trading range for the day is 3388-3486.Crude oil finished higher as prices rebounded on talk of a possible extension to the OPEC-led production cut agreement.OPEC countries wants to extend the groups agreement to cut crude production for another six months when OPEC meets in May.Support seen on geopolitical worries, North Koreas foreign ministry warned that it was ready for war if the US makes further military moves.

Silver trading range for the day is 40974-42882.Silver rallied as support seen after investors fled risk assets and sought refuge in safe-haven gold amid rising geopolitical tensionsTensions escalated as Western countries were joined by Middle Eastern allies in a push to isolate Syrian President following a chemical attack.Federal Reserve plans to raise U.S. interest rates gradually so as to sustain healthy growth without letting the economy overheat

Gold trading range for the day is 28598-29526.Gold prices rallied as investors fled risk assets and sought refuge in safe-haven gold amid rising geopolitical tensions.Investors poured into safe-haven assets, after expectations grew the U.S. may take military action against North Korea.SPDR gold trust holdings gained by 0.50% i.e. 4.15 tonnes to 842.42 tonnes from 838.26 tonnes.

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