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Commodity Market important Updates for 24 May 2017

Commodity Market important Updates for 24 May 2017

Jeera trading range for the day is 17710-18310.Jeera prices ended with losses amid lower domestic and exports demand at the spot market.Steady supply in the major spot market Unjha has kept the markets on the lower side.NCDEX accredited warehouses jeera stocks dropped by 390 tonnes to 1593 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -138.45 Rupees to end at 18300 Rupees per 100 kg.

Turmeric trading range for the day is 5336-5712.Turmeric prices ended with losses due to easing demand at the domestic spot markets. As turmeric sowing starts in June, early onset arrivals and better prospects for rains could be good for the crop sowing.NCDEX accredited warehouses turmeric stocks gained by 210 tonnes to 6637 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5537.5 Rupees dropped -6.25 Rupees.

Soyabean trading range for the day is 2745-2845.Soyabean prices dropped due to reports of higher stocks of soybean with farmers and traders.Soyabean prices also dropped by lower demand in spot markets as 60 percent of soybean mills in MP reported to have shut down.NCDEX accredited warehouses soyabean stocks dropped by 772 tonnes to 115985 tonnes.At the Indore spot market in top producer MP, soybean dropped -32 Rupees to 2984 Rupees per 100 kgs.

Menthaoil trading range for the day is 928.9-955.9.Mentha oil spot at Sambhal closed at 1055.30 per 1kg. Spot prices was up by Rs.2.80-.Mentha oil prices ended with losses amid muted demand in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too weighed. As on now stock positions of Mentha in MCX accredited warehouses were around 3709 drums which is 36 drums less in comparison to previous day

Aluminium trading range for the day is 123.8-127.8.Aluminium rallied to settle at 126.45 as support seen after dollar dropped after weakening US economic data.Support also seen after the speculation that new aluminum production capacity has been halted in China on air pollutionGovernment proposals to cut aluminum output later this year and plowed into the SHFE aluminum market driving up prices.

Nickel trading range for the day is 595.1-612.9.Nickel dropped as prices retreated tracking weakness in LME by 0.5 percent to close at $9,345 after Chinese ore imports surged 48 percent.Chinas Tangshan city launched a campaign to improve air quality, saying steel mills that fail to meet emission standards face suspension and heavy fines.Recovering ore exports from the Philippines were responsible for the bulk the April rebound.

Zinc trading range for the day is 169.5-174.1.Zinc prices ended with gains as support seen after imports rose from China underlining potential shortagesImports of refined zinc to China increased 21% in April to 47,469 tonnes yoy while shipments of ore and concentrates jumped 44%, customs data showed.Chinese government is moving to curb zinc production, as part of a drive to reduce pollution across the country.

Copper trading range for the day is 367.6-376.8.Copper gained as support seen after update workers at the giant Grasberg copper mine at Freeport McMoRan Inc will extend a strike for a second month.The global world refined copper market showed a 93,000 tonnes surplus in February, compared with a 55,000 tonnes surplus in January, the ICSG said.Hedge funds and other money managers increased their net long position in COMEX copper in the week ended May 16, U.S. CFTC data showed.

Naturalgas trading range for the day is 205.4-217.6.Natural gas dropped on longliquidation as traders monitored shifting weather forecasts to assess the outlook for demand and supply levels.Natural gas prices have closely tracked weather forecasts as traders try to gauge the impact of shifting outlooks on spring heating demand.Latest forecast calls for slightly higher than normal natural gas demand in the week ahead, appears to be already priced into the market.

Crudeoil trading range for the day is 3262-3386.Crude oil prices gained expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories.Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing.U.S. crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said.

Silver trading range for the day is 39367-40541.Silver pared gained amid growing expectations that Fed would increase its benchmark rate in June, which pushed the dollar off the lows, denting demand.A U.S. interest rate hike next month is a distinct possibility, the head of the Federal Reserve Bank of Philadelphia, Patrick Harker, said.Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.

Gold trading range for the day is 28654-29014.Gold prices settled flat pulling back from a three-week high, with dollar finding support as the euro weakened in the wake of terror attack.Minutes from the Feds most recent meeting will be due tonight which may deliver more guidance on the central banks plans for another rate hike.President Trump asked lawmakers to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs.

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