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Commodity Market important Updates for 21 April 2017

Commodity Market important Updates for 21 April 2017

Jeera trading range for the day is 19075-19735. Jeera dropped on late profit booking after prices seen supported amid rising domestic and export demand. As per third advance estimates for 201617, production of Jeera in Gujarat revised down to 2.12 lt, down 4% from its 2nd estimates. NCDEX accredited warehouses jeera stocks gained by 21 tonnes to 894 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -60.25 Rupees to end at 19021.9 Rupees per 100 kg.

Turmeric trading range for the day is 6054-6210. Turmeric prices ended with gains as support seen due to rising exports demand at the spot market. At Nizamabad market arrivals were reported at 15000 quintals, lower by 3000 quintals as against previous day. NCDEX accredited warehouses turmeric stocks dropped by 318 tonnes to 3208 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 2966-3100. Soyabean prices gained as supplies are diminishing but the demand for crushing is intact due to encouraging soy meal exports. As per data, arrivals of soybean during Apr 1-15 are 120,423 while during in Mar it was about 1,64,286 tonnes during same time frame. NCDEX accredited warehouses soyabean stocks dropped by 664 tonnes to 170780 tonnes. At the Indore spot market in top producer MP, soybean gained 3 Rupees to 3089 Rupees per 100 kgs.

Menthaoil trading range for the day is 935.6-956.4. Mentha oil spot at Sambhal closed at 1103.50 per 1kg. Spot prices was up by Rs.8.50-. Mentha oil prices gained on short covering amid rise in demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. India exported 21,150 metric tonnes of mentha and allied products, valued at Rs 2,577.59 crore in FY16.

Aluminium trading range for the day is 121.7-127.7. Aluminium gains tracking LME prices climbed 2.1%, biggest daily price gain since November, despite news that output in China rose to 2.707 million tonnes in March. The metal is the biggest LME gainer this year with a rise of 15 percent, as high prices and optimism about demand are encouraging additional supply. Total aluminium production in top producer China in March rose to 2.707 million tonnes last month from 2.534 million in February, IAI data showed.

Nickel trading range for the day is 596.4-625.2. Nickel prices gains tracking rise in LME prices reflecting a lack of immediately available supply. The global market for refined nickel deepened its deficit to 4,400 tonnes in February from a deficit of 1,100 tonnes in January. Nickel daily stocks at Shanghai exchange came up by 60 tonnes.

Zinc trading range for the day is 159.7-175.3. Zinc gained as the biggest gainer among other base metals on the back of robust gains in overnight London trading and buoyant equity markets. The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,915 yuan ($3,184) a tonne. Zinc daily stocks at Shanghai exchange came down by 3781 tonnes.

Copper trading range for the day is 355.2-369.2. Copper prices gained as investors, speculators and consumers resumed buying after recent losses, expecting increased seasonal demand. Prices also seen by news that Indonesian workers at U.S. mining giant Freeport McMoran Inc will stage a month-long protest against layoffs starting May 1. Rio Tinto cut its copper guidance to 500,000-550,000 tonnes from as much as 665,000 tonnes as a result of a strike at the Escondida mine in Chile.

Naturalgas trading range for the day is 199.7-209.7. Natural gas prices have experienced a volatile week while settled down yesterday at 203.40 after government data. EIA said in its weekly report that natural gas storage in the U.S. rose by 54 billion cubic feet in the week ended April 14. Colder weather system will track over the southern and eastern U.S. from Friday through next Wednesday to bring an increase in demand.

Crudeoil trading range for the day is 3257-3353. Crude dropped but held the psychologically important $50 mark while concerns over rising US oil production seen. OPEC members Saudi and Kuwait signaled that the OPEC, including Russia, would likely extend their oil output cut beyond June. US crude oil production rose to 9.25mbpd, up almost 10% since mid-2016. US inventories of 532mbls remained near all-time records reached in March.

Silver trading range for the day is 40785-42335. Silver prices edged lower amid fading demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea. Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next months run-off. The Labor Department said initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15.

Gold trading range for the day is 29141-29419. Gold held steady with tensions surrounding upcoming French elections on Sunday underpinning the safe-haven demand. Feds Kaplan said that two more interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds. New applications for U.S. jobless benefits rose slightly more than expected last week, but a drop in the number of Americans on unemployment rolls to a 17-year low.

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