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Commodity Market important Updates for 23 March 2017

Commodity Market important Updates for 23 March 2017

Jeera trading range for the day is 16695-17545. Jeera prices ended with gains on reports of lower production estimates in the producing belts of Gujarat. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags. NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 339 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 89.85 Rupees to end at 17504.15 Rupees per 100 kg.

Turmeric trading range for the day is 6132-6440.Turmeric prices dropped due to increasing in the face of weak domestic and weak export buying. Tight money market and reports of increased production the back of favorable weather may pressurize prices. NCDEX accredited warehouses turmeric stocks gained by 159 tonnes to 1209 tonnes. In Nizamabad, a major spot market in AP, the price ended at 6212.5 Rupees dropped -0.85 Rupees.

Soyabean trading range for the day is 2870-2962.Soyabean prices ended with gains on account of lower supplies at the spot market. Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA data. NCDEX accredited warehouses soyabean stocks dropped by 2694 tonnes to 199277 tonnes. At the Indore spot market in top producer MP, soybean gained 2 Rupees to 3034 Rupees per 100 kgs.

Menthaoil trading range for the day is 948.3-999.5.Mentha oil spot at Sambhal closed at 1119.20 per 1kg. Spot prices was down by Rs.-16.00-.Mentha oil dropped on fresh selling after the speculation that sowing activity had been increased in key production area. Mentha oil prices also dropped on account of muted demand from major consuming industries in the domestic spot market. At Barabanki market estimated market supply was at 60 Drums (1-drum-180kg), higher by 10 Drums (1-drum-180kg) from previous days.

Aluminium trading range for the day is 123.6-127.Aluminium prices recovered from lows as support seen after substantial increases in cancelled warrants. Prices also seen supported amid renewed calls for an appropriate response to overproduction in Chinas aluminum sector. Total cancelled warrants are now their highest since July last year at 895,255 tonnes, of which almost 225,000 tonnes were booked this week.

Nickel trading range for the day is 643.8-669.4.Nickel dropped tracking LME prices falling 1.4 percent to end at $10,020, pulled down by losses in Chinese steel futures. The INSG estimates that global nickel market was in a small deficit of 1,130 tonnes in January 2017 after recording a deficit of 41,520 tonnes in the whole of 2016.The INSG expects a deficit of 66,000 tonnes this year amid growing demand from the stainless steel sector.

Zinc trading range for the day is 181.4-189.6.Zinc prices recovered from the day’s low to settled up by 1.50% after Votorantim says it has halted zinc smelting in Peru amid floods Peru is bracing for another month of flooding after a sudden warming of Pacific waters off Perus coast unleashed deadly downpours in recent weeks. Zinc, up 12% year to date, is being buoyed by record refined output in China and tight supply after a number of mine closures.

Copper trading range for the day is 373.7-387.1.Copper edged higher reversing losses that led prices to trade at a one-week low, as stocks recovered slightly and investors closed out short positions. Prices earlier in the day dropped on concerns that U.S. President Trump had yet to implement mooted tax cuts and infrastructure spending. Copper stocks in Chinas Shenzhen are seen as ample, while China smelters are still not rushing to buy spot copper concentrate shipments.

Silver trading range for the day is 40930-41500.Silver pared gains to settle flat amid doubts over President Trump’s economic policies while weaker than expected economic data supported upside momentum. The National Association of Realtors said existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48 million units last month. A lack of concrete policy from the Trump administration is increasing bullions attraction as a safe-haven investment.

Gold trading range for the day is 28746-28998.Gold gained as the dollar fell to near six-week lows and bond yields sank on uncertainty over the economic policies of U.S. President Donald Trump. The lack of a concrete policy from the Trump administration is worrying investors and more people will opt for gold as a safe-haven investment. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.5 percent to 834.40 tonnes after three sessions of outflows.

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