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Commodity Market important Updates for 19 April 2017

Turmeric trading range for the day is 6020-6220.Turmeric prices ended with losses tracking lower prices in spot market due to lower demand.Turmeric arrivals in the country is sliding in the last fortnight to 40,014 tons (April 1-15) compared to 53,762 tons during second half of March.NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 3169 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5850 Rupees dropped -125 Rupees.

Soyabean trading range for the day is 2974-3050.Soyabean prices gained on account of diminishing supplies in the domestic market.Still, the soybean market is likely to be underpinned by strong demand from China in the months ahead.NCDEX accredited warehouses soyabean stocks dropped by 5272 tonnes to 172892 tonnes.At the Indore spot market in top producer MP, soybean gained 5 Rupees to 3087 Rupees per 100 kgs.

Menthaoil trading range for the day is 947.7-975.7.Mentha oil spot at Sambhal closed at 1110.60 per 1kg. Spot prices was down by Rs.-6.70-.Mentha oil dropped on the speculation the area under cultivation can increase this year resulting good production.A better price recovery in mentha oil is expected to boost production of the crop by 12% this year.A large number of small and marginal farmers from Uttar Pradesh, Himachal Pradesh, Haryana and other places sowed mentha in January.

Aluminium trading range for the day is 119.5-126.7.Aluminium dropped as pressure seen across the base metals, while prices look firm on signs of robust demand in China and production cuts.Three new aluminium projects with a capacity of 2 million tonnes have been halted in Xinjiang in western China for violating rulesChinese data out on Monday with GDP rising 6.9% against 6.8%, industrial production rose 7.6% suggesting a continuing recovery in growth.

Nickel trading range for the day is 586.7-634.1.Nickel prices dropped as geopolitical worries from sabre-rattling over North Korea to a snap UK general election hurt investor appetite.The lack of upside momentum in most of the metals since mid-February has increased the chance of stale long liquidation and this remains a risk. According to trade statistics released by US, the export of nickel scrap by the country declined by nearly 7% over the previous month in February this year.

Zinc trading range for the day is 157.8-170.8.Zinc dropped as pressure seen after disappointing U.S. housing starts data and nerves over trade talks between the United States and JapanZinc smelters will only report limited output growth because of low zinc concentrate inventories and at the same time, inventories will fall as consumption improves with warmer weather.Refined zinc supply remains resilient in the country, where refined production rose by 4.4% year-on-year in the first two months of 2017.

Copper trading range for the day is 352.9-373.9.Copper fell as Freeport McMoRan Inc has received a preliminary approval to resume copper concentrate exports from its Indonesian unit.Pressure also seen as risk aversion in the wider markets linked primarily to North Korea bled through into the base metals complex.Hedge funds and other money managers increased their net long positions in COMEX copper, U.S. CFTC data showed.

Natural gas trading range for the day is 199.1-207.3.Naturalgas fell as questions over the balance of supply and demand kept investors cautious.Weather patterns are expected to be rather bearish through the first half of the week due to mostly mild temperatures dominatingHowever, a colder weather system will track over the southern and eastern U.S. later in the week through early next week.

Crude oil trading range for the day is 3348-3438.Crude oil dropped on news that U.S. shale oil output was expected to post the biggest monthly rise in more than two years.The energy minister of OPEC member the United Arab Emirates said he saw healthy oil demand growth this year and believed inventories would fall.Crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, still close to record highs, according to data from the API.

Silver trading range for the day is 41324-42800.Silver prices dropped as election uncertainty in France and the United Kingdom weighed on investors sentiment after the Easter long weekend.The IMF raised its 2017 global growth forecast on Tuesday due to manufacturing and trade gains in Europe, Japan and ChinaLingering worries about the upcoming French presidential elections on April 23 further supported demand for assets perceived as safer.

Gold trading range for the day is 29148-29722.Gold held steady supported by a weaker dollar, geopolitical concerns about North Korea and nervousness ahead of the French presidential election.Tension surrounding North Korea has mounted over the past week as U.S. President has taken a tough rhetorical line with Pyongyang, boosting demand.British Prime Minister Theresa May called for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union.

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