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Commodity Market important Updates for 20 April 2017

Jeera trading range for the day is 19055-19975.Jeera prices ended with losses on profit booking after prices gained on a lower output forecast and strong demand from overseas buyers. 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 12 tonnes to 873 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 82.15 Rupees to end at 19082.15 Rupees per 100 kg.

Turmeric trading range for the day is 5990-6206.Turmeric prices ended with losses on profit booking after prices gained as support seen as the turmeric arrivals in the country is sliding.Indias crucial monsoon rains are expected to be average in 2017, a senior official at the weather office said, easing concerns over farm.NCDEX accredited warehouses turmeric stocks gained by 357 tonnes to 3526 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5800 Rupees dropped -50 Rupees.

Soyabean trading range for the day is 2981-3025.Soyabean traded in range as prices seen some pressure tracking weakness in spot demand and overseas prices after a sell-off in the Chinese soy complex.Prices of bean were down as daily arrivals in the local mandis rose after the forecast of good monsoon.NCDEX accredited warehouses soyabean stocks dropped by 1448 tonnes to 171444 tonnes.At the Indore spot market in top producer MP, soybean dropped -1 Rupees to 3086 Rupees per 100 kgs.

Menthaoil trading range for the day is 917.9-972.1.Mentha oil spot at Sambhal closed at 1095.00 per 1kg. Spot prices was down by Rs.-15.60-.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 121.6-124.Aluminium prices gained after an initial retreat on signs of robust demand and output cuts in China.Three new aluminium projects with a capacity of 2 million tonnes have been halted in Xinjiang in western China for violating rules aimed at curbing capacity.Confidence among Japanese manufacturers has risen for an eighth straight month to a level not seen since before the 2008 global financial crisis.

Nickel trading range for the day is 595.3-621.7.Nickel gained on short covering tracking LME prices closing up 0.3% at $9,340, after touching $9,305, its lowest since June, on Tuesday.The global market for refined nickel deepened its deficit to 4,400 tonnes in February from a deficit of 1,100 tonnes in January.The International Monetary Fund raised forecasts for Chinas economic growth in 2017 and 2018.

Zinc trading range for the day is 160.8-168.Zinc dropped tracking LME prices closing up 1% at $2,550, rising above its 200-day moving average after prices dropped due to mounting China steel inventoriesPrices in Chinas sizzling property market, accelerated in March on a monthly basis, shaking off cooling measures introduced to dampen speculative demand.Chinas March zinc output rose 0.8 percent year on year to 504,000 tonnes

Copper trading range for the day is 352.6-369.8.Copper settled flat as concerns Chinas demand could temper in the coming quarter as Beijing acts on runaway property prices capped gains. Freeport McMoRan Inc received preliminary approval to resume copper concentrate exports and hopes to apply for an export permit this week.Chinas March refined copper output rose 8.5 percent year on year to 764,000 tonnes, National Bureau of Statistics said on Thursday.

Natural gas trading range for the day is 200.8-211.8.Natural gas settled higher bouncing from weeks low as traders monitored shifting weather forecasts.Weather patterns are expected to be rather bearish through Thursday due to mostly mild temperatures dominating.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand.

Crude oil trading range for the day is 3241-3487.Crude oil dropped following a surprise increase in gasoline inventories, and declines in energy shares weighed on U.S. stocks.EIA reported that crude supplies fell by a more-than-expected 1 million barrels for the week ended April 14Gasoline supplies rose for the first time since February, while crude oil inventories fell by 1mbls.

Silver trading range for the day is 41538-42230.Silver dropped as demand for the precious metal eased, after the dollar bounced off session lows, despite ongoing geopolitical tensions over North Korea.The Federal Reserve said in its Beige Book that the U.S. economy expanded at a modest-to-moderate pace between mid-February and the end of March. Holdings at ishares silver trust dropped by 0.29% i.e. 29.44 tonnes to 10149.32 tonnes from 10178.76 tonnes.

Gold trading range for the day is 29094-29520.Gold dropped as the dollar and stocks gained, though tensions over North Korea and upcoming French and UK elections underpinned demand in the safe-haven asset.A run of disappointing U.S. economic data and doubts the Trump administration will progress with tax cuts have quelled expectations of faster inflationSPDR Gold Trust said its holdings rose 1.39 percent to 860.76 tonnes on Wednesday from 848.92 tonnes on Tuesday. C

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