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Commodity Market important Updates for 12 June 2017

Jeera trading range for the day is 18130-18570.Jeera prices ended with losses on profit booking amid fall in demand at the spot market. Though, some losses were capped as the jeera arrival in May is lower this year compared to last year. NCDEX accredited warehouses jeera stocks gained by 7 tonnes to 1122 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -12.1 Rupees to end at 18433.35 Rupees per 100 kg.

Turmeric trading range for the day is 5338-5706.Turmeric prices ended with gains triggered by uptick in domestic as well export demand in the spot market. The Maharashtra government has urged the Centre to exempt turmeric from the goods and services tax.NCDEX accredited warehouses turmeric stocks dropped by 40 tonnes to 6643 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5525 Rupees gained 20.45 Rupees.

Soyabean trading range for the day is 2720-2890.Soyabean prices dropped on profit booking after prices gained amid concerns over lower supplies following strikes by farmers Soybean arrivals in local mandis during May were at 450,000 unchanged from previous month on need based consumption and selling in local mandis. NCDEX accredited warehouses soyabean stocks dropped by 620 tonnes to 90202 tonnes.At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2886 Rupees per 100 kgs.

Menthaoil trading range for the day is 900.8-936.6.Mentha oil spot at Sambhal closed at 1034.50 per 1kg. Spot prices was up by Rs.15.10-.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 120.7-123.7. Aluminium gains helped by better Chinese trade data that showed imports and exports picked up in May. Prices also seen supported on news that Qatars exports of the metal had been blocked and rising geopolitical tensions. Miner Alcoa said it had restarted half the capacity at its 300,000 tonnes per year Portland smelter in Australia.

Nickel trading range for the day is 561.1-586.3.Nickel prices ended with gains helped by better Chinese trade data that showed imports and exports picked up in May. The global nickel market deficit is expected to narrow amid increased supply and reduced demand, resulting in low nickel prices. Nickel production at major domestic smelters to hold largely stable in June, with output expected at 12,300-12,900 tonnes.

Zinc trading range for the day is 156.6-166.6.Zinc prices gained as support seen after update some Chinese zinc smelters will undertake maintenance cycle in June, and will hurt zinc production. Zinc ingot inventories in Guangdong fell 6,200 tonnes to a record low of 26,000 this past week. Chinas refined zinc output was 407,000 tonnes in May, down 1.5% on the month and 10.4% year-on-year.

Copper trading range for the day is 366.7-382.7.Copper prices gains helped by concerns over supply from Chile and falling stocks of the metal. China reported stronger-than-anticipated exports and imports for May, indicating the economy is holding up better than expected. According to China Customs, imported copper concentrate supply is ample in Chinas market as strikes make limited impact on copper supply.

Naturalgas trading range for the day is 193.7-199.1.Natural gas prices settled after prices traded in range on larger-than-expected climb in U.S. supplies. Total natural gas in storage currently stands at 2.631 trillion cubic feet, according to the U.S. EIA 11.2% lower than levels at this time a year ago. Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.

Crudeoil trading range for the day is 2884-3012.Crude oil prices gains after a Nigerian oil pipeline leak offset fears that excess Nigerian crude would add to the uptick in global production. OPECs battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, is swamping the Atlantic Basin. Libyas 270,000-bpd Sharara oilfield has reopened after a workers protest and should return to normal production within three days.

Silver trading range for the day is 39345-40121.Silver dropped despite renewed political uncertainty in the UK, after the general election resulted in a hung parliament. With the start of Brexit talks less than two weeks away, investors fear that Theresa Mays faces a difficult start to Brexit negotiations. The Federal Reserve is widely expected to hike its benchmark rate at its June 13-14 meeting.

Gold trading range for the day is 28812-29204.Gold dropped as the dollar strengthened despite a market fraught with the type of political drama that would ordinarily have offered a boost to prices. Pressure also seen after British elections failed to deliver a clear majority for PM Theresa May, helping lift the dollar index to its highest since late May. Dealers in India, were offering a discount of up to $3.5 an ounce over official domestic prices, the highest since the last week of December.

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