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Commodity Market important Updates for 26 April 2017

Jeera trading range for the day is 18620-19860.Jeera prices ended with gains on rising exports demand at the spot market. Gujarat Agriculture Department in its 3rd advance estimates for 201617 has revised down the production estimates to 2.12 lt.NCDEX accredited warehouses jeera stocks gained by 33 tonnes to 936 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 114.3 Rupees to end at 18942.85 Rupees per 100 kg.

Turmeric trading range for the day is 6144-6300.Turmeric prices traded in the range and settled flat due to lower demand and the supplies too reduced. At Nizamabad market arrivals were reported at 12000 quintals, down by 10000 quintals as against previous day.NCDEX accredited warehouses turmeric stocks gained by 189 tonnes to 3685 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5850 Rupees dropped -12.5 Rupees.

Soyabean trading range for the day is 2933-3063.Soyabean prices ended with losses tracked by lower prices in the overseas markets following rapid US planting.As per data, arrivals of soybean during Apr 1-20 is 1,75,634 tonnes while during in Mar it was about 2,09,993 tonnes during same time frame.NCDEX accredited warehouses soyabean stocks dropped by 4805 tonnes to 157477 tonnes.At the Indore spot market in top producer MP, soybean dropped -21 Rupees to 3100 Rupees per 100 kgs.

Menthaoil trading range for the day is 930.5-953.1.Mentha oil spot at Sambhal closed at 1093.50 per 1kg. Spot prices was down by Rs.-6.00-.Mentha oil settled down on profit booking and fall in demand in the domestic spot market. Also the farmers are bringing their produce in moderate amount to the market which is weighing of prices.A large number of small and marginal farmers from Uttar Pradesh, Himachal Pradesh, Haryana and other places sowed mentha.

Aluminium trading range for the day is 123.8-126.8.Aluminium gained as support came after aluminium producer Alcoa Corp raised its forecast for aluminium demand growth in 2017 to 4.5-5 percentAluminum output in China will grow 10.3% in 2017 compared with 2016, the China Non-Ferrous Metals Industry Association (CNIA) predicted.The CNIA sees a 230,000 tonne surplus in China aluminum market this year while expecting global aluminum market to remain in deficit.

Nickel trading range for the day is 588.3-602.9.Nickel settled flat recovering from lows as short covering seen after U.S. dollar lost ground against the euro in the wake of the French election.In recent months, news stories on nickel have been dominated by concerns over supply of nickel ores and concentrates from the Philippines and Indonesia. Nickel daily stocks at Shanghai exchange came up by 17000 tonnes.

Zinc trading range for the day is 164.7-169.1.Zinc eased as investors looking to book gains after a surprise overnight lift following a market-friendly French presidential vote.U.S. consumer confidence fell from a more than 16-year high in April and new home sales surge to an eight-month high.Zinc daily stocks at Shanghai exchange came down by 2727 tonnes.

Copper trading range for the day is 362.2-369.4.Copper gains as risk appetite continued to strengthen following centrist Emmanuel Macrons victory in the first round of the French presidential election. Workers at mining company Southern Copper Corp in Peru have reached a deal with management to end a two-week strike.Chinas refined copper imports fell 36.2 percent in March versus a year ago, customs data showed.

Naturalgas trading range for the day is 199.7-206.3.Naturalgas edged lower for the fourth straight session as mild spring weather dampened demand for the fuel. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring demand.Weather systems will sweep across the Great Lakes and Northeast with showers and slightly cool temperatures through the end of the month.

Crudeoil trading range for the day is 3137-3217.Crude oil dropped as doubt swirling over OPECs ability to force global crude inventories to drop, sentiment has turned more bearish.Crude oil inventories unexpectedly rose 900,000 barrels at the end of last week, the American Petroleum Institute (API) showed.Russia said its oil output could climb to the highest rate in 30 years if OPEC and non-OPEC producers do not extend their supply reduction deal beyond June 30.

Silver trading range for the day is 39864-41364.Silver dropped despite a slump in the dollar, as investors continued to favour riskier assets for the second straight day. U.S. consumer confidence fell from a more than 16-year high in April, but new home sales surge to an eight-month high.Holdings at ishares silver trust gained by 0.61% i.e. 6183 tonnes to 10181.70 tonnes from 10119.87 tonnes.

Gold trading range for the day is 28578-29188.Gold eased as investor sentiment remains skewed toward riskier assets in the wake of the French election results on Sunday.Goldman Sachs, in a note said it continues to expect gold to come under pressure in the near term on a potential rally in real interest rates.Holdings of SPDR Gold Trust, the worlds largest gold-backed exchange-traded fund, fell 0.69 percent to 854.25 tonnes on Tuesday. C

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