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Commodity Market important Updates for 27 March 2017

Jeera trading range for the day is 17395-18785.Jeera prices pared all of its gains on profit booking after prices rallied on expectation of rising exports demand in coming months.The carryover stock has dipped to about 2 lakh bags as against the normal 20-25 lakh bags, thereby reducing the availability.NCDEX accredited warehouses jeera stocks dropped by 93 tonnes to 411 tonnes.In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18025 Rupees per 100 kg.

Turmeric trading range for the day is 6174-6638.Turmeric prices ended with losses due to higher arrivals and lower demand physical demand.The supplies are improving and there is good demand for the new season crop too.NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 1408 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees remains unchanged at0 Rupees.

Soyabean trading range for the day is 2839-2977.Soyabean prices dropped on profit booking due to higher supplies compared to last week.Reports showing that arrivals of soybean are about 48,859 tonnes vs 23,832 tonnes last week same time.NCDEX accredited warehouses soyabean stocks dropped by 804 tonnes to 198086 tonnes.At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3037 Rupees per 100 kgs.

 Menthaoil trading range for the day is 974.7-994.3.Mentha oil spot at Sambhal closed at 1124.30 per 1kg. Spot prices was remain unchangeby Rs.0.00-.Mentha oil edged higher amid rise in physical demand for mentha oil in the domestic spot market.Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices.However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh.

Aluminium trading range for the day is 125.1-126.9.Aluminium gained tracking LME aluminium prices gained 0.3 percent as the political heat is rising in the aluminium market.Daily average primary aluminium output in China fell to 90,500 tonnes in February from 95,200 tonnes the month earlier, IAI data showed.Chinas aluminium production increased to 2.84 million tones (Mt) in February (28 working days), up 21.1 % year-on-year.

Nickel trading range for the day is 634-659.4.Nickel prices dropped after update the Philippines environment ministry has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore.The volume of nickel ore stocks from the mines may well exceed 1 million tonnes, or about a months worth of consumption by top buyer China.The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas.

Zinc trading range for the day is 181.2-186.6.Zinc gained as broader investor sentiment revived as disruptions piled up in the zinc market.Commodity markets have soared since November on expectations Trump will increase spending on infrastructure.Noranda Income Fund said zinc output at its Quebec plant, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on.

Copper trading range for the day is 376.7-385.5.Copper dropped with striking union members agreeing to return to work at the worlds top copper mine, in Chile.The strike at Chiles Escondida, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract.Copper stocks in LME approved warehouses have shot up 63 percent since March 2 to 312,525 tonnes while on warrant inventories have doubled.

Natural gas trading range for the day is 195.4-203.8.Natural gas prices gained with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather.Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S.The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17.

Crude oil trading range for the day is 3106-3176.Crude oil prices recovered from lows supported by a fall in Saudi exports to the United States.Saudi Arabia said its crude exports to the United States would fall by around 300,000 barrels per day (bpd) between February and March.In US, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up U.S. oil production.

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