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Commodity Market important Updates for 31 March 2017

Jeera trading range for the day is 17600-18590.Jeera dropped on profit booking after prices seen supported due to good physical and export demand coupled with reports of lower production. As per second advance estimates for 201617, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt.NCDEX accredited warehouses jeera stocks gained by 15 tonnes to 516 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -10 Rupees to end at 18015 Rupees per 100 kg.

Turmeric trading range for the day is 6224-6444.Turmeric prices dropped due to good arrivals and lower physical demand.The turmeric arrival in the country is on higher side during second half of March to 79,534 tonnes.NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 1944 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6163.1 Rupees dropped -10 Rupees.

Soyabean trading range for the day is 2813-2911.Soyabean dropped tracking weakness in spot demand and overseas prices on expectations for increased plantings in North America.However downside seen limited amid the meal exports coupled with slower arrivlas.NCDEX accredited warehouses soyabean stocks dropped by 123 tonnes to 193460 tonnes.At the Indore spot market in top producer MP, soybean dropped -7 Rupees to 3021 Rupees per 100 kgs.

Menthaoil trading range for the day is 981.1-1019.1.Mentha oil spot at Sambhal closed at 1134.40 per 1kg. Spot prices was up by Rs.7.40-.Menthaoil prices dropped on fresh selling after the speculation that sowing activity had been increased in key production area.Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season.At Barabanki market estimated market supply was at 100 Drums(1-drum-180kg), up by 60 Drums(1-drum-180kg) from previous trading day.

Aluminium trading range for the day is 125.2-128.6.Aluminium rallied tracking LME Aluminium which hit its highest level in nearly two years as support seen after Chinas supply cut.China said it would require aluminium smelters to cut capacity by 30 per cent over the winter heating months as part of its anti-pollution measures.Aluminium on the LME climbed 0.8 per cent to close at $US1,960 a tonne, its strongest since May 2015.

Nickel trading range for the day is 635.5-658.1.Nickel settled unchanged after prices earlier gained tracking LME prices with lower prices sparking some consumer buying.Indonesias state-owned miner Aneka Tambang has been granted an initial approval to export up to 2.7 million tonnes of nickel ore over the next 12 monthsNickel daily stocks at Shanghai exchange came down by 927 tonnes.

Zinc trading range for the day is 181.1-187.1.Zinc dropped on profit booking after rise seen in dollar and ahead of fresh economic data from China.Korea Zinc Inc, has agreed to take a 15 percent drop in annual processing fees for 2017 as smelters grapple with a dearth of mine supply.Zinc daily stocks at Shanghai exchange came up by 172 tonnes.

Copper trading range for the day is 377.2-392.2.Copper dropped tracking weakness in LME prices as immediate supply threats eased.Workers at Perus biggest copper mine, Freeport-McMoRan Incs Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike Copper output in world No. 1 producer Chile fell 16.7 percent in February, when a strike hit the huge Escondida mine.

Naturalgas trading range for the day is 201.7-212.9.Natural gas dropped after data showed that natural gas supplies in storage in the US fell broadly in line of expectations.EIA said in its weekly report that natural gas storage in the U.S. declined by 43bcf in the week ended March 24.Weather systems will track across the country the next several days with rain, snow, and thunderstorms, but with limited cold air.

Crudeoil trading range for the day is 3189-3315.Crude oil prices gained after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.Prices also gained supported by disruptions in Libyan supplies and amid speculation that OPEC will extend its production-cut deal beyond June.OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year.

Silver trading range for the day is 41729-42609.Silver prices dropped as the dollar strengthened amid expectations for more U.S. interest rate hikes this year.The Fed raised interest rates earlier this month and stuck to its outlook for two more hikes this year.Prospects for the U.S. economy have brightened now that fiscal stimulus from Washington appears more likely, so the Fed will need to keep raising rates.

Gold trading range for the day is 28369-28807.Gold dropped after data showed that the U.S. economy grew faster than expected, reinforcing expectations for more U.S. interest rate hikes this year.Chicago Fed President Charles Evans, said he was in line with most of his colleagues in supporting further rate hikes this year.Gross domestic product increased at a 2.1% annualized rate instead of the previously reported 1.9% pace, in its third GDP estimate for the period. C

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