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Commodity Market important Updates for 28 April 2017

Commodity Market important Updates for 28 April 2017

Jeera trading range for the day is 18875-19405.Jeera prices dropped on profit booking after prices gained recently amid rising exports demand at the spot market. The arrivals have been lower during the first half of current month compared to second half of last month.NCDEX accredited warehouses jeera stocks dropped by 188 tonnes to 1105 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 80.5 Rupees to end at 19023.35 Rupees per 100 kg.

Turmeric trading range for the day is 5990-6246.Turmeric prices ended with losses due to fall in demand at the spot market. Turmeric farmers and traders have been hit hard by poor sales during peak season.NCDEX accredited warehouses turmeric stocks gained by 49 tonnes to 3904 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 2910-2990.Soyabean dropped on anticipation of lower demand against increasing arrivals in the domestic spot markets.The U.S. Department of Agriculture raised its forecast for Brazilian soybean production for the 20162017 crop year.NCDEX accredited warehouses soyabean stocks dropped by 2157 tonnes to 152529 tonnes.At the Indore spot market in top producer MP, soybean dropped -19 Rupees to 3081 Rupees per 100 kgs.

Menthaoil trading range for the day is 923.3-951.7.Mentha oil spot at Sambhal closed at 1088.60 per 1kg. Spot prices was down by Rs.-6.00-.Mentha oil ended with losses amid sluggish demand in the domestic spot market.As per the sources, arrival has increased in all the major spot markets of Uttar Pradesh.Also the farmers are bringing their produce in moderate amount to the market which is also pressuring the prices.

Aluminium trading range for the day is 120.5-127.1.Aluminium dropped as the pace of expansion in Chinas manufacturing sector likely slowed this month, as factory-gate price-growth slowed.The U.S. Commerce Department launched an investigation to determine whether a flood of aluminum imports from China and elsewhere was compromising U.S. national security.Prices felt pressure as investors withdrew from riskier assets as an unconvincing U.S. tax cut plans cooling investors spirits.

Nickel trading range for the day is 582.9-604.7.Nickel gains as support seen after Philippine Environment Secretary Regina Lopez said she would ban open-pit mining in the country.Each open pit is a financial liability for government for life, Lopez told. It kills the economic potential of the place.However gains were limited amid pick-up in Chinas nickel oreconcentrate imports from Indonesia, which helped counter falling imports from the Philippines.

Zinc trading range for the day is 163.8-170.Zinc prices dropped the market is getting worried about the tightening monetary process in China.Also the Trump reflation trade is still unwinding because the market is not convinced that the tax package will be approved.The global zinc market is forecast to register a deficit of 226,000 tonnes in 2017, while the lead market will be close to balanced, the ILZSG said.

Copper trading range for the day is 359.9-368.9.Copper prices dropped as markets were underwhelmed by the Trump administrations proposed tax cuts and the focus shifted to concerns over Chinas manufacturing growth. The pace of expansion in Chinas manufacturing sector likely slowed this month, as factory-gate prices lost steam.Freeport McMoRan is preparing three copper concentrate export shipments from its giant Grasberg mine in Indonesia after a 15-week outage.

Naturalgas trading range for the day is 204-212.6.Natural gas prices dropped as warmer weather across the United States caused demand to tumble.EIA reported that U.S. natural gas stocks increased by 74 billion cubic feet for the week ending April 21.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 3056-3236.Crude oil dropped weighed down by oversupply, but losses were limited by expectations that major exporters would agree to extend production cuts.Pressure also after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market. Libyas Sharara oilfield, with a production capacity of almost 300,000 bpd, has restarted after the end of protests that had blocked pipelines there.

Silver trading range for the day is 39332-40256.Silver remained under pressure after U.S. President Donald Trump announced unfunded tax cuts, while comments from ECBs Draghi weakened the euro.New orders for U.S.-made capital goods rose less than expected in March, but a second straight monthly increase in shipments suggested business investment accelerated.The European Central Bank left its benchmark interest rate unchanged at a record-low 0.0%, in line with forecasts.

Gold trading range for the day is 28649-28877.Gold traded in range as a long-awaited U.S. tax cut plan from the Trump Administration failed to inspire investors, who were disappointed by the lack of new details.ECB stuck to its ultra-easy policy stance as inflation continues to undershoot its target but explicitly acknowledged the vigour of the euro zone economy The U.S. Department of Labor said initial jobless claims increased by 14,000 in the week ending April 22 to a four-week high of 257,000.

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