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Commodity Market important Updates for 13 June 2017

Commodity Market important Updates for 13 June 2017

Jeera trading range for the day is 18010-18640. Jeera prices ended with losses on profit booking after prices gained amid pick-up in domestic as well as export demand Prices also seen supported on a lower output forecast and strong demand from overseas buyers. NCDEX accredited warehouses jeera stocks gained by 53 tonnes to 1175 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -16.7 Rupees to end at 18416.65 Rupees per 100 kg.

Turmeric trading range for the day is 5476-5628. Turmeric prices gains tracking firmness in spot demand amid anticipation of fall in acreage due to lower prices. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year. NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 6653 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5513.65 Rupees dropped -11.35 Rupees.

Soyabean trading range for the day is 2744-2836. Soyabean ended with gains as support seen on expectation that the MSP for soybean may increase and lower arrivals in the physical market. USDA left domestic soybean production unchanged in monthly report, but bumped both old-crop and new-crop soybean ending stocks. NCDEX accredited warehouses soyabean stocks dropped by 169 tonnes to 90033 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 897.6-924. Mentha oil spot at Sambhal closed at 1023.70 per 1kg. Spot prices was down by Rs.-10.80-. Mentha oil prices fall as arrivals of the new crop, have started in the key wholesale markets of Sambhal and Chandausi in Uttar Pradesh. About 100-120 drums in Sambhal and 70 drums in Chandausi (per day) of mentha oil have been arriving. Expectations of higher output in 2017 will further dampen the sentiment moving ahead.

Aluminium trading range for the day is 120.5-122.7. Aluminium dropped as pressure seen after update China may be building up stocks ahead of this winters planned cuts. Miner Alcoa said it had restarted half the capacity at its 300,000 tonnes per year Portland smelter in Australia crippled by a blackout half a year ago. London Metal Exchange stocks continue to trend lower but SHFE stocks continue to rise.

Nickel trading range for the day is 551.4-588.2. Nickel prices dropped on expectations of rising supplies and weak demand from stainless steel mills. According to our latest estimates, the LME speculative short has increased to 16.3 percent of open interest, the largest short seen since late January 2016. The nickel market which had moved into deficit between supply and demand last year, is likely to move into small surplus during the remainder of 2017.

Zinc trading range for the day is 156.5-164.9. Zinc prices dropped as pressure seen as economic data from China that could yield clues to future demand growth. Chinas economy is expected to show steady growth in May, buoyed by solid gains in trade and investment Zinc ingot inventories in Guangdong fell 6,200 tonnes to a record low of 26,000 this past week.

Copper trading range for the day is 369.9-377.7. Copper prices slipped ahead of a meeting of the U.S. Federal Reserve and economic data from China that could yield clues to future demand growth. Chinas economy is expected to show steady growth in May, buoyed by solid gains in trade and investment. Traders were watching stock movements in LME approved warehouses which rose to 279,575 tonnes, but overall inventories are still down more than 20% since May 4.

Naturalgas trading range for the day is 191.6-201. Natural gas on MCX settled down as investors continue to digest the latest weather reports Price action suggests that investors may be trying to build a support base by holding the market in a range while waiting for the hot summer weather to return. Mild weather so far this spring and a slow but steady increase in production has also kept a lid on rallies.

Crudeoil trading range for the day is 2913-3053. Crude oil gained lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers. A drawdown in crude oil inventories will accelerate in the next three to four months, Saudi Energy Minister Khalid Al-Falih said. The Saudi energy minister said: There is no evidence a pact by global oil producers to curb output needs to be adjusted.

Silver trading range for the day is 38743-39829. Silver prices dropped as investors looked ahead to a Federal Reserve policy meeting, while keeping an eye on political developments in the U.K. U.S. inflation expectations tumbled last month, with one key measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of New York survey A key focus for markets this week is the Federal Reserves two-day policy meeting that ends on Wednesday.

Gold trading range for the day is 28872-29110. Gold prices remained in range ahead of a two-day Fed policy meeting that could give clues on the pace of possible U.S interest rate hikes over the rest of the year. The focus is on whether the Fed thinks the U.S. economy is robust enough to withstand further rate increases through 2017. Hedge funds and money managers raised their net long position in COMEX gold for the third straight week to the highest in seven months, CFTC showed. C

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