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Commodity Market important Updates for 25 April 2017

Commodity Market important Updates for 25 April 2017

Jeera trading range for the day is 18425-19505.Jeera prices ended with losses on profit booking amid slowdown in buying activities due to higher prices.There are expectations that jeera production in current season may decrease slightly from last year as against earlier expectations of higher crop.NCDEX accredited warehouses jeera stocks dropped by 6 tonnes to 903 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -55.85 Rupees to end at 18828.55 Rupees per 100 kg.

Turmeric trading range for the day is 6092-6332.Turmeric settled flat on steady pace of new crop supplies amid higher production restricted the gains. Turmeric farmers and traders have been hit hard by poor sales during peak season.NCDEX accredited warehouses turmeric stocks gained by 79 tonnes to 3496 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5862.5 Rupees gained 2.5 Rupees.

Soyabean trading range for the day is 3020-3084.Soyabean prices dropped tracking weakness in spot demand on increasing arrivals in local mandis.All India soybean arrivals were stood at 125,000-130,000 bags (90 kilogram per bag) as compared to 120,00-125,000 bags.NCDEX accredited warehouses soyabean stocks dropped by 6821 tonnes to 162282 tonnes.At the Indore spot market in top producer MP, soybean gained 14 Rupees to 3121 Rupees per 100 kgs.

Menthaoil trading range for the day is 941.1-961.9.Mentha oil spot at Sambhal closed at 1099.50 per 1kg. Spot prices was down by Rs.-9.00-.Mentha oil prices ended with losses on profit booking and fall in demand in the domestic spot market. Further, ample stocks position on higher supplies from producing regions too influenced mentha oil prices.Stock positions of Mentha in MCX accredited warehouses were around 6443 drums, which is 12 drums less against previous day.

Aluminium trading range for the day is 123.6-126.2.Aluminium gains as support seen from environmental crackdown which has risen to the top of the domestic policy agenda and aluminium smeltersAluminium stocks in LME-registered warehouses fell to their lowest since Nov. 2008.United company RUSAL says Q1 total alumina production declined by 2.6 pct quarter-on-quarter.

Nickel trading range for the day is 589.3-608.1.Nickel remained under pressure on weak stainless steel sector and as more Indonesian NPI production capacity has been brought online. Nickel market is being underestimated and more opportunities could lie in nickel rather than zinc, Royal Nickel Corp president and CEO Mark Selby said.The global market for refined nickel deepened its deficit to 4,400 tonnes in February from a deficit of 1,100 tonnes in January.

Zinc trading range for the day is 164.7-169.1.Zinc ended with small gains as prices struck a note of caution as investors continued to grapple with geopolitical risks amid mixed fundamentals.The chance that Emannuel Macron will win French presidential election increased, with concerns over eurozone political risk down, also supported prices.US March new home sales and April Richmond Feds manufacturing index will be released today.

Copper trading range for the day is 359.5-366.9.Copper gains as centrist candidate Emmanuel Macrons strong performance in the first round of the French presidential election boosted appetiteFreeport-McMoRan Inc warned it would punish workers for absenteeism at its Indonesian unit, a day after one of its main unions announced plans to go on a strike.The global refined copper market had a 51,000 tonne surplus in January, up from a 44,000 tonne surplus in January last year, ICSG said.

Naturalgas trading range for the day is 192.2-205.2.Natural Gas prices dropped as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels.Weather systems will impact, with showers and cooling combining to drive slightly stronger than normal demand.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand.

Crudeoil trading range for the day is 3133-3275.Crude oil dropped on lack of confirmation that OPEC will extend output cuts, while Russia indicated it can lift output.Russian output could climb to its highest rate in 30 years if producers do not extend a 6-month supply reduction deal beyond June 30.Sentiments remain weak on signs that rising US shale production offset efforts by OPEC to cut output by almost 1.8mbpd in the first half of the year.

Silver trading range for the day is 40650-41430.Silver opened with gap down as investors pulled out of safe-haven assets after pro-European candidate Emmanuel Macron won the first round.Silver dropped after polls indicated Mr Macron would emerge victorious against anti-EU candidate Marine Le Pen in the run-off vote, scheduled for May 7.Support seen after North Korea said that it was ready to sink a US aircraft carrier, as two Japanese navy ships joined a U.S. carrier group.

Gold trading range for the day is 28824-29404.Gold fell after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion.Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff.Holdings of SPDR Gold Trust, the worlds largest gold-backed exchange-traded fund, rose 0.17 percent to 860.17 tonnes on Monday.

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