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Commodity Market important Updates for 13 April 2017

Jeera trading range for the day is 18730-19730.Jeera dropped on profit booking after prices gained due to expectation of good demand for exports coupled with lower than expected supplies.The arrivals have been lower during the second half of current month compared to last month same period while the demand have increased.NCDEX accredited warehouses jeera stocks gained by 159 tonnes to 834 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -6.45 Rupees to end at 18840 Rupees per 100 kg.

Turmeric trading range for the day is 6098-6318.Turmeric prices dropped tracking lower prices in spot market due to higher supplies and steady demand.Turmeric farmers and traders have been hit hard by poor sales during peak season.NCDEX accredited warehouses turmeric stocks gained by 179 tonnes to 2803 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5970 Rupees dropped -10 Rupees.

Soyabean trading range for the day is 2900-2996.Soyabean gained on account of lower arrivals in the mandis due to hoarding by farmers and demand hopes also supporting prices.The USDA maintained 2016-17 United States soybean production forecast for April while hiked forecast for ending stockpilesNCDEX accredited warehouses soyabean stocks dropped by 1759 tonnes to 183059 tonnes.At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3059 Rupees per 100 kgs.

Menthaoil trading range for the day is 976.6-990.6.Mentha oil spot at Sambhal closed at 1120.20 per 1kg. Spot prices was up by Rs.3.70-.Mentha oil gained amid pick-up in demand in the domestic spot market. Further, tight stocks due to fall in arrivals from Chandausi too led to the rise in mentha oil prices. However upside seen limited on speculation that the area under cultivation can increase this year resulting good production.

Aluminium trading range for the day is 121.1-124.7.Aluminium dropped tracking LME prices amid impatience over the lack of details around Trumps plans for infrastructureAluminium stocks held in LME-registered warehouses fell to their lowest since late 2008, exchange data showed.Aluminium daily stocks at Shanghai exchange came up by 10048 tonnes.

Nickel trading range for the day is 620.8-641.8.Nickel dropped as a tentative recovery in broader financial markets lost steam, with geopolitical tensions and fading hopes of a boost to U.S. demand putting pressure on prices.Miners in the worlds top producer of the raw metal were allowed to remove previously mined ore that could pose environmental hazards.Two biggest nickel miners in the Philippines said prices for the metal would be robust this year due to growing demand from China.

Zinc trading range for the day is 164.1-170.3.Zinc gained on short covering after prices dropped recently as data showed Chinese mine supply surged by nearly a fifth last year.The global zinc market moved into a surplus of 19,800 tonnes in February from a deficit of 22,300 tonnes in January, data from ILZSG showed.In the first two months of the year, the zinc market was in a deficit of 2,000 tonnes versus a surplus of 44,000 tonnes in the same period last year.

Copper trading range for the day is 357-375.8.Copper eased shrugging off a tentative recovery in the broader financial markets as geopolitical tensions and fading hopes for a boost to U.S. demand pressured prices.The metal slipped this week along with other cyclical assets as concerns over North Korea and the Middle East ratcheted up. Prices remained under pressure amid impatience over the lack of details around Trumps plans for infrastructure

Naturalgas trading range for the day is 201.3-209.9.Natural gas recovered on short-covering ahead of the weekly US Energy Information Administration natural gas storage report. Weather systems will track across the Upper Great Lakes and Northeast Thu-Fri and Mon-Tue for slight and increases in heating demand. Traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels.

Crudeoil trading range for the day is 3405-3497.Crude oil prices dropped as prices gave back some of its gain despite bullish data showing a surprise inventory draw.EIA said in its weekly report that crude oil inventories fell by 2.166 million barrels in the week ended April 7. Prices were boosted earlier after the reports that Saudi has told officials from the OPEC that it wants to extend an agreement to cut output.

Silver trading range for the day is 41994-42522.Silver settled flat after prices seen supported as heightened geopolitical tensions underpinned safe haven demand for the precious metal.Investors continued to play it safe as concerns over U.S. military action against Syria and North Korea along with worries over the French presidential election.Chinese President Xi Jinping called for a peaceful resolution of escalating tensions on the Korean peninsula during a call with U.S President Donald Trump.

Gold trading range for the day is 29101-29361.Gold steadied as the dollar reversed losses and political tensions simmered, leaving investor interest in safe havens like the precious metal largely intact.President Donald Trump told the dollar is getting too strong and that he would prefer the Federal Reserve to keep interest rates low. Meanwhile, tensions continued over the US relationship with Russia over Syria and in the Korean peninsula and worries about the upcoming French presidential election.

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