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Commodity Market important Updates for 26 May 2017

Commodity Market important Updates for 26 May 2017

Jeera trading range for the day is 17285-18035.Jeera prices ended with gains on rising exports demand at the spot market. However upside seenlimited amid sufficient stocks position following increased arrivals from producing regions. NCDEX accredited warehouses jeera stocks dropped by 48tonnes to 1785 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 20 Rupees to end at 18286.65 Rupees per 100 kg.

Turmeric trading range for the day is 5162-5534.Turmeric prices ended with gains on short covering triggered by uptick in domestic as well exportdemand in the spot market.Markfed will purchase turmeric from farmers at a market intervention price at Duggirala market yard till June 30.NCDEXaccredited warehouses turmeric stocks dropped by 30 tonnes to 6637 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5471.45Rupees dropped -66.05 Rupees.

Soyabean trading range for the day is 2703-2779.Soyabean gained driven by a firming trend in the spot demand and global market. Indias 2016-17soybean sowing stood at 11.47 million hectare which resulted in output of 10.5 million tons of the seed.NCDEX accredited warehouses soyabean stocksdropped by 1950 tonnes to 110943 tonnes.At the Indore spot market in top producer MP, soybean dropped -3 Rupees to 2949 Rupees per 100 kgs.

Menthaoil trading range for the day is 897.5-921.3.Mentha oil spot at Sambhal closed at 1057.20 per 1kg. Spot prices was remain unchangeby Rs.0.00-.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 approved warehouses were around 3709 drums which is 36 drums less in comparison to previous day.

Aluminium trading range for the day is 125.2-127.Aluminium prices gains as support seen on plans by Chinese authorities to clampdown on polluting industries.China produces more than half of the worlds aluminium, estimated at around 60 million tonnes this year.Global demand for aluminium continued to grow in the first quarter of 2017, led by the transportation sector, while supply is expected to tighten in the second half.

Nickel trading range for the day is 575.1-594.9.Nickel prices dropped as pressure after BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit.Pressure also seen on prices after China trade data showed a surge in ore imports from the Philippines.The Dragon Boat Festival in China on Monday and Tuesday and public holidays in much of Europe on Monday have subdued volumes in industrial metals markets.

Zinc trading range for the day is 167-172.4.Zinc prices dropped amid expectations of weaker demand in top consumer China over the coming months.Moodys downgraded Chinas credit rating saying it expects the financial strength of the economy to erode in coming years as growth slows.China issued a draft of new rules for property sales and leasing to improve management and operation in a part of the services sector that is
often poorly regulated.

Copper trading range for the day is 365.1-377.7.Copper prices recovered from lows amid worries about prolonged disruptions at the giant Grasberg copper mine in IndonesiaAn estimated 9,000 workers at Grasberg operated by Freeport McMoRan will extend a strike for a second month.Inventories of the metal at 321,575 tonnes in LME warehouses are downward more nine percent since hitting a 7-month higher above 354,000 tonnes earlier in May.

Natural gas trading range for the day is 205.4-219.4.Natural gas dropped following data showing that natural gas supplies in storage in the U.S. rose more than expected last week.EIA reported that U.S. natural gas stocks increased by 75 billion cubic feet for the week ending May 19.Demand for the next week is expected to be moderate largely due to expected cooler temperatures into the weekend.

Crude oil trading range for the day is 3037-3435.Crude oil dropped as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts.OPEC and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.OPEC and non-members led by Russia decided to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude.

Silver trading range for the day is 39614-40084.Silver held steady as the dollar weakened after minutes from a US Fed suggested that the central bank could take a more cautious approach.Fed policymakers had agreed at the meeting that they should hold off from raising rates until it is clear that a recent U.S. economic slowdown.US Silver Eagle sales surged 140% in May, sales reached 2,005,000 so far in May compared to 835,000 in April.

Gold trading range for the day is 28550-28820.Gold prices little changed despite significant geopolitical tensions and Federal Reserve talk.Jobless- claims data showing that the US labor market remains healthy eight years into an economic expansion appeared to support rate hike.Federal fund futures suggested that traders believe there is an 83 % probability that the Fed will raise rates at its June meet.

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