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Commodity Market important Updates for 29 May 2017

JEERA MARGIN UPDATE: Trading and Clearing members are hereby informed that , Additional margin of 5% on both long side and short side (in addition to existing additional margin on both sides) will be imposed on all the running contracts and yet to be launched contracts in Jeera (JEERAUNJHA) with effect from beginning of day Monday, May 29, 2017.

Turmeric trading range for the day is 5306-5510.Turmeric prices ended with gains on short covering amid firmness in spot market.Better production prospects, rising stocks and low export and domestic demand continued pressurizing prices.NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 6657 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5433.95 Rupees dropped -37.5 Rupees.

Soyabean trading range for the day is 2676-2820.Soyabean gained on short covering after prices dropped earlier due to lower demand in the domestic market.However, the arrivals are lower as farmers reluctant to sell at low prices so far this season.NCDEX accredited warehouses soyabean stocks dropped by 28 tonnes to 110915 tonnes.At the Indore spot market in top producer MP, soybean dropped -20 Rupees to 2929 Rupees per 100 kgs.

Menthaoil trading range for the day is 896.7-951.7.Mentha oil spot at Sambhal closed at 1063.20 per 1kg. Spot prices was up by Rs.6.00-.Mentha oil prices ended with gains on the back of pick up in spot demand.Tight stocks position following restricted arrivals from major producing belts in Uttar Pradesh also provided supported prices.As on now stock positions of Mentha in MCX accredited warehouses were around 3709 drums which is 36 drums.

Aluminium trading range for the day is 125-127.4.Aluminium ended with losses tracking LME prices as pressure seen after rise in LME warehouse stocks by 25900 tonnes.Pressure also seen as Chinese exports of semi-finished products rose 8.1 per cent in April to 380,000 tonnes.However downside seen limited as uncertainty over future production in China, which produces more than half the worlds aluminium.

Nickel trading range for the day is 575.5-591.1.Nickel gained on short covering tracking LME prices after trade data showed that the Philippines is ramping up ore exports to China.BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia.U.S. orders for long lasting manufactured goods fell less than forecast in April, although the core reading unexpectedly dipped.

Zinc trading range for the day is 167.6-172.2.Zinc gained as support seen after Shanghai zinc inventories fell to their lowest in more than two years at 91,749 tonnes.Zinc spot premiums in Guangdong contracted rapidly due to increased supplies.The National Bureau of Statistics (NBS) data show Chinas zinc production fell 5.6% year-on-year to 474,000 tonnes in April.

Copper trading range for the day is 361.3-375.7.Copper dropped as momentum sparked by a strike at copper mines, Indonesias Grasberg, eased ahead of the long weekend break in China, the U.S. and Britain.Freeport McMoRan Inc said that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike.China bonded copper premiums jumped $10 to $75, off the years lows to the highest since March amid drawdowns from Chinese exchange inventories.

Naturalgas trading range for the day is 208.5-218.1.Natural prices ended with gains as recent weather forecasts have consistently called for natural gas demand to be slightly stronger than normal.Demand for the week is expected to be moderate largely due to expected cooler temperatures into the weekend in the east-central and southern states.The U.S. Energy Information Administration (EIA) reported that U.S. natural gas stocks increased by 75 billion cubic feet.

Crudeoil trading range for the day is 3083-3285.Crude oil settled higher on short covering after dropped in previous session after investor disappointment that OPEC curbs did not go far enoughThe OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets.OPEC and some non-OPEC producers extended a pledge to cut 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018.

Silver trading range for the day is 39627-40427.Silver prices gained as the dollar retreated with investors shying away from riskier assets following a tumble in oil prices.Pressure seen on prices in the week after minutes from the Fed appeared to show that the majority of the central banks officials remain resolute about hiking rates.Growth of the U.S. economy in the first quarter was revised even higher expected, according to official data.

Gold trading range for the day is 28633-29031.Gold prices gained as political uncertainty led investors to favor bullion over assets considered riskier such as stocks.San Francisco Federal Reserve President John Williams said he is spending more time thinking about how fiscal policies under U.S. President Donald Trump could impact the economy.Federal Reserve Governor Lael Brainard said that a brighter global economy is posing less risk to the Feds outlook for the U.S.

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