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Commodity Market important Updates for 02 June 2017

Commodity Market important Updates for 02 June 2017

Jeera trading range for the day is 17620-17960. Jeera prices ended with gains on anticipation of demand from the physical market. As per data, about 10,688 tonnes of jeera arrived in May 2017 compared to 14,302 May last year.NCDEX accredited warehouses jeera stocks fall by 33 tonnes to 1281 tonnes. In Unjha, a key spot market in Gujarat, jeera edged upward by 69.25 Rupees to end at 18146.15 Rupees per 100 kg.

Turmeric trading range for the day is 5346-5474. Turmeric prices ended with gains due to short covering on anticipation of good demand. Turmeric output is expected to rise to 173,000 tons in the crop season 2017-18 compared to 155,000 tons in the year ago period. NCDEX accredited warehouses turmeric stocks dropped by 114 tonnes to 6683 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5430 Rupees fall -7.5 Rupees.

Soyabean trading range for the day is 2741-2821.Soyabean prices ended with gains on short covering after prices dropped amid high supplies and good progress of new season crop. As per data, arrivals of soybean during the second half of May increase to 1.28 lt as compared to first half. NCDEX accredited warehouses soyabean stocks dropped by 1015 tonnes to 100134 tonnes. At the Indore spot market in top producer MP, soybean gained 13 Rupees to 2878 Rupees per 100 kgs.

Menthaoil trading range for the day is 926.1-947.1. Mentha oil spot at Sambhal closed at 1060.30 per 1kg. Spot prices was up by Rs.3.20-.Mentha oil prices ended with losses as demand is minimal from local stockists as well as from mentha consuming industries. As per sources, during last six month around 14500 MT of mint products were exported. As on now stock positions of Mentha in MCX accredited warehouses were around 4315, while in process was 108 drums.

Aluminium trading range for the day is 122.8-125.8. Aluminium fall as pressure seen after a survey showed Chinas manufacturing activity contracted unexpectedly in May. Traders are watching large holdings of LME cash contracts and warrants of aluminium. Spot premiums have softened in Japan and the United States, although some Japanese buyers face low inventories due to solid local demand.

Nickel trading range for the day is 563.4-582.4.Nickel was down to settled near 570 level pressed by selling concerned about the supply rise in Indonesia and the Philippines.Nickel was also caught up in broader negative sentiment after a survey showed Chinas manufacturing activity contracted unexpectedly in May Inventories at LME warehouses remain at elevated levels even though they were well below their 2015 peak.

Zinc trading range for the day is 163.3-168.3.Zinc prices fall as inflows of imported zinc added to supplies despite fewer shipments from zinc smelters.Spot trading in Shanghai market was slack due to month-end liquidity crunch and soft demand.Zinc inventories in Shanghai increased 8,000-9,000 tonnes compared to levels before the Chinese Dragon Boat Festival during May 28-30.

Copper trading range for the day is 364.1-372.3.Copper prices settled flat undermined by concerns over weakening demand and oversupply. BHP Billiton said it had lifted a declaration of force majeure at its Escondida copper mine in Chile.A survey showed Chinas manufacturing activity unexpectedly contracted in May for the first time in 11 months.

Natural gas trading range for the day is 187.4-205.6. Naturalgas fall below 195 level on new selling tapped their lowest levels since mid-March after weekly data show rise in inventories. Energy Information Administration reported that US natural gas stocks increased by 81 billion cubic feet for the week ending May 26. The rise in open interest is supportive to the bearish case, warning that natural gas prices likely had move room to fall.

Crude oil trading range for the day is 3088-3210. Crude oil gains after data showed that supplies of U.S. crude fell more than expected and were down for the eighth consecutive week.EIA showed crude inventories dropped 6.4mbls, exceeding the 4.4mbl drop forecast while US production increased continue to boost output Traders remain unconvinced that OPECs supply quota plan will eat away at a stubborn global supply glut.

Silver trading range for the day is 39005-40469.Silver prices settled down in volatile session as participants are cautious ahead of the Federal Open Market Committee meeting The greenback recovered amid ongoing fears investigations into President Donald Trumps ties with Russia could hamper his administrations progress. Private employers added 253,000 jobs in May, according to payroll processor ADP, well above Wall Street expectations of a 185,000 rise.

Gold trading range for the day is 28785-29113. Gold prices dropped as expectations that the US Federal Reserve will hike interest rates this month weighed on prices Positive payroll data from the United States could mean the Fed will raise rates as expected at its June 13-14 meeting Support can be seen as Italy could call an early election and the UK election, combined with the approaching start of Brexit negotiations.

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