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Commodity Market important Updates for 25 May 2017

Commodity Market important Updates for 25 May 2017

Jeera trading range for the day is 17225-18225.Jeera prices ended with losses amid low domestic and exports demand at the spot market.The arrivals have now slowed downward in the physical market but the trade has been slow down. NCDEX recognised warehouses jeera stocks gained by 240 tonnes to 1833 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -33.35 Rupees to end at 18266.65 Rupees per 100 kg.

Turmeric trading range for the day is 5120-5552.Turmeric prices ended with losses amid weakness in spot demand due to supply pressure.At Nizamabad market, sources reported arrivals at 5000 quintals, down by 3000 quintals as against previous day.NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 6667 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5471.45 Rupees dropped -66.05 Rupees.

Soyabean trading range for the day is 2687-2803.Soyabean prices dropped due to reports of higher stocks of soybean with farmers and traders.Indias 2016-17 soybean sowing stood at 11.47 million hectare which resulted in output of 10.5 million tons of the seed.NCDEX accredited warehouses soyabean stocks dropped by 3092 tonnes to 112893 tonnes.At the Indore spot market in top producer MP, soybean dropped -32 Rupees to 2952 Rupees per 100 kgs.

Menthaoil trading range for the day is 931.5-978.3.Mentha oil spot at Sambhal closed at 1057.20 per 1kg. Spot prices was up by Rs.1.90-.Mentha oil prices ended with gains amid rising demand in the domestic spot market.Further, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh, too supported prices.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 124.6-127.4.Aluminium dropped LME prices gained 0.1 % to close at $1,945 amid deepening global shortage of aluminium.Moodys cited the growing leverage in China for the downgrade, and warned about slowing economic growth.New U.S. single-family home sales tumbled from near a 9-12-year higher in April, but the housing recovery likely remains intact amid a tightening labor market.

Nickel trading range for the day is 578.3-605.9.Nickel prices dropped below 590 level dragged downward by losses in steel and after China trade data showed a surge in ore imports from the Philippines.Lower Chinese steel and iron ore prices and a surge in Chinese nickel ore imports from the Philippines drove the nickel prices.A 4,128-tonne rise in on-warrant nickel at LME-registered warehouses to 269,808 tonnes helped drive prices down by signalling good supply.

Zinc trading range for the day is 168.6-173.4.Zinc dropped tracking LME prices dropped by 0.9 % low at $2,635 on concerns that slowing economic growth in China.This week zinc prices surged on the back of a sustained crackdown in Chinas polluting steel industry, which fuelled worries about supply.The global zinc markets fell into a deficit in March after surpluses in February, data from the International Lead and Zinc Study Group (ILZSG) showed.

Copper trading range for the day is 365.5-375.7.Copper prices sagged after Chinas credit rating was down graded by Moodys for the first time in nearly 30 years.Moodys said it expected the financial strength of Chinas economy to erode in the coming years as growth slows and debt continues to rise.Chinas imports of refined copper in April slid by 41 % from a year ago, as traders found their buying power crimped by tighter access to credit.

Naturalgas trading range for the day is 203.3-213.3.Natural gas settled below 209 level as updated weather forecasting models points to weaker demand for the fuel.Latest U.S. weather model called for mild temperatures over the next two weeks, which should reduce demand during that time. Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand.

Crudeoil trading range for the day is 3286-3392.Crude oil prices retreated slightly after inventory data while traders awaited the outcome of discussions in Vienna.Crude inventories fell 4.4mbls in the week ended May 19, while Gasoline inventories fell only 787,000 barrels.OPEC scheduled to decide whether to extend an agreement to cut world supply. Last meet OPEC had cut supplies by 1.8mbpd, not can extend same.

Silver trading range for the day is 39314-40146.Silver dropped as investors looked ahead to minutes of Feds latest policy meeting due later in the global day for further hints on the timing of the next U.S. rate hike.U.S. home resales fell from a more than 10-year high in April, weighed downward by a chronic shortage of houses on the market that is keeping prices elevated.Feds Kashkari said while the U.S. economy is closer now than it was in March to full employment, he still does not know if we are there yet.

Gold trading range for the day is 28591-28821.Gold remained under pressure as investors awaited cues on the U.S. Federal Reserves rate hike stance from the minutes of its last meeting.Fed policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdownward was temporary.WGC is making a case for a low tax structure for gold under the GST regime to ensure better transparency in the trade and to boost demand.

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