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Commodity Market important Updates for 17 May 2017

Commodity Market important Updates for 17 May 2017

Jeera trading range for the day is 17660-18420.Jeera prices gained trackinng firmness in spot demand on lower arrivals from the producing regions.Sources estimate Indias jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimated.NCDEX accredited warehouses jeera stocks gained by 297 tonnes to 2473 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 3.1 Rupees to end at 18423.1 Rupees per 100 kg.

Turmeric trading range for the day is 5526-5810.Turmeic prices dropped tracking weakness in spot demand as demand was lower from industrial buyers.Andhra Pradesh government projected 2016-17 turmeric crop at 155,000 ton up from 121,000 ton in the previous year.NCDEX accredited warehouses turmeric stocks gained by 239 tonnes to 5625 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5566.65 Rupees gained 6.65 Rupees.

Soyabean trading range for the day is 2733-2931.Soyabean prices ended with losses on account of lower demand and arrivals in local mandis spurted as marginal.Arrivals in the local mandis also rose as farmers are offloading to prepare for next sowing.NCDEX accredited warehouses soyabean stocks dropped by 842 tonnes to 127274 tonnes.At the Indore spot market in top producer MP, soybean dropped -45 Rupees to 2996 Rupees per 100 kgs.

Menthaoil trading range for the day is 940.8-966.8.Mentha oil spot at Sambhal closed at 1072.00 per 1kg. Spot prices was up by Rs.3.20-.Mentha oil dropped amid reports that carryover stocks are huge against the current consumption level.As per sources, local demand is moderate from both the local industries as well as stockists.Stock positions of Mentha in MCX accredited warehouses were around 4499 drums, while in process were 24 drums.

Aluminium trading range for the day is 121-124.8.Aluminium prices gained as support seen after Chinese government is taking action around pollution and the environment.Chinas plans to tackle overcapacity in aluminium market act as a positive sentiments for aluminium prices.Chinas war on smog has helped limit aluminium supply this year, boosting prices.

Nickel trading range for the day is 574.8-596.4.Nickel prices dropped as concern seen with Chinas growth which took a step back in April after a surprisingly strong start to the yearPhilippine nickel miners are looking for a strong rebound in nickel production this year with newly appointed Environment Secretary.Chinas growth is set for its weakest patch since the global financial crisis as authorities pull back on the stimulus

Zinc trading range for the day is 160.1-165.5.Zinc dropped as Chinas latest moves to curb shadow banking and risky investment dented the growth outlook in China.Chinas growth is set for its weakest patch since the global financial crisis as authorities pull back on the stimulus.Chinas property resale market cooled a notch in April due to intensified government curbs.

Copper trading range for the day is 357.5-365.5.Copper recovered from lows on short covering after prices dropped amid worries about Chinas slowing economic growth and tighter capital markets in China.Chinas growth took a step back in April after a surprisingly strong start to the year.The chief executive of Freeport-McMoRan said demand for copper remains strong, with Europe and North America showing steady improvement.

Naturalgas trading range for the day is 199.3-219.5.Natural gas dropped 4% after the latest US weather model called for mild temperatures over the next two weeks.Updated weather forecasts that indicate mild weather across the mid-west, a development that may reduce the demand for natural gas.Weather forecast for the US is conducive to slightly stronger than normal natural gas use through the coming week.

Crudeoil trading range for the day is 3085-3183.Crude oil dropped as investors awaited a fresh weekly batch of U.S inventory data amid growing support from energy ministers for prolonged supply cuts to March 2018.Energy ministers from Saudi Arabia and Russia said they would support an extension of the supply-cut agreement into March 2018.U.S. crude oil inventories rose by 882,000 barrels to 523.4 million, compared with expectations for a decrease of 2.4 million barrels, API data showed.

Silver trading range for the day is 38505-38895.Silver gains as signs of slowing economic activity in the U.S. saw investors temper expectations for more rate hikes by the Federal Reserve.The number of building permits issued fell 2.5% to a seasonally adjusted 1.229 million units last month from 1.260 million the month before. Holdings at ishares silver trust gained by 0.42% i.e. 44.15 tonnes to 10649.70 tonnes from 10605.55 tonnes.

Gold trading range for the day is 27968-28198.Gold gained as the U.S. dollar slid amid signs of slowing economic activity in the U.S. and following another controversy from President Donald Trump.The U.S. economy is forecast to expand at a 4.1-percent annualized pace in the second quarter following the release of April figures on housing starts and industrial output.Data showed that the number of housing starts and building permits issued in the U.S. unexpectedly declined in April.

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