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Commodity Market important Updates for 23 May 2017

Aluminium trading range for the day is 124.5-125.9.Aluminium settled flat as prices remained under pressure amid lack of stimulus from new capacity cut program.Global Aluminium production climbed during January to March this year by 7.2 per cent compared with the first three months of 2016.Chinese output was estimated at 8201 kilo ton and this currently accounts for just under 56 per cent of the world production total.

Nickel trading range for the day is 598.6-612.2.Nickel prices gained on the back of a sustained crackdown in Chinas polluting steel industry, which fuelled worries about steel supply and lifted the prices.Chinas Tangshan city launched a campaign to improve air quality, saying steel mills that fail to meet emission standards face suspension and heavy fines.The Flash MarkitNikkei Japan Manufacturing PMI fell to 52.0 in May on a seasonally adjusted basis, from a final 52.7 in the previous month.

Zinc trading range for the day is 168.4-171.6.Zinc gained on fresh buying as prices gaining support from falling stocks in LME-approved warehouses and dollar weakness.Shanghai zinc surged on the back of a sustained crackdown in Chinas polluting steel industry, which fuelled worries about supply.Chinas economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said.

Copper trading range for the day is 366.3-374.3.Copper gained as support seen after dollar slipped to a more than six-month low on Monday, weighed down by an uncertain U.S. political climate.Soothing regulatory comments and the Peoples Bank of Chinas cash injection offset worries over tighter banking regulations and economic growth.Freeport McMoRan mine will extend a strike for a second month, a union official said in an ongoing dispute over employment terms and layoffs.

Naturalgas trading range for the day is 210.6-216.8.Naturalgas gained after warmer than normal weather is now forecast in United States which will increase cooling demand.Natural gas prices are largely tied to weather forecasts, and the latest forecast from natgasweather.com is supportive of higher prices.Stockpiles held in underground storage in the lower 48 states rose by 68 billion cubic feet (Bcf) for the week ended May 12, 2017

Crudeoil trading range for the day is 3270-3350.Crude oil gained more than 1% as support seen on the combination of optimism surrounding this weeks OPEC meeting and a generally stronger Euro tone.Prices getting support from expectations that OPEC would extend its production cuts for a further nine months at its meeting on May 25th.NYMEX open interest was at another one-year high which indicates that overall market volatility is likely to remain at elevated levels.

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