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Commodity Market important Updates for 04 May 2017

Jeera trading range for the day is 17915-19295.Jeera prices ended with losses amid lower domestic and exports demand at the spot market.Furthermore, huge stocks at the spot markets following higher supplies from the major growing regions in Gujarat and Rajasthan too fuelled the downtrend.NCDEX accredited warehouses jeera stocks gained by 102 tonnes to 1384 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -362.9 Rupees to end at 18693.35 Rupees per 100 kg.

Turmeric trading range for the day is 5528-5904.Turmeric prices dropped amid sufficient stocks at the spot markets following pick-up in arrivals from producing belts.Turmeric farmers and traders have been hit hard by poor sales during peak season.NCDEX accredited warehouses turmeric stocks gained by 69 tonnes to 4381 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5650 Rupees dropped -140 Rupees.

Soyabean trading range for the day is 2876-2966.Soyabean prices dropped on higher arrivals and subdued demand for soymeal in local mandis.All India soybean arrivals were stood at 150,000-155,000 bags (90 kilogram per bag) as compared to 65,00-70,000 bags.NCDEX accredited warehouses soyabean stocks dropped by 613 tonnes to 147515 tonnes.At the Indore spot market in top producer MP, soybean dropped -23 Rupees to 3058 Rupees per 100 kgs.

Menthaoil trading range for the day is 904-940.6.Mentha oil spot at Sambhal closed at 1071.40 per 1kg. Spot prices was down by Rs.-13.10-.Mentha oil dropped as counter witnessed fresh selling amid of reports that carryover stocks are huge against the current consumption level.Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco products) is witnesing slow down in demand. The demand for mentha at both the local front from the stockists as well as at the export front is not indicating any positive growth.

Aluminium trading range for the day is 122.1-124.3.Aluminium dropped tracking 0.3 percent drop in LME prices as dollar rose, ahead of a U.S. Federal Reserve statement.Aluminiums global surplus will fall sharply this year due to an environmental crackdown in top producer China and move to a deficit in 2018.Aluminium producer Norsk Hydro sees a fairly balanced market in 2017 despite a huge spike in Chinas production.

Nickel trading range for the day is 582.1-618.9.Nickel on MCX settled down -3.09% at 595 after Philippine Environment Secretary Regina Lopez was sackedMs Lopez ordered an audit of the countrys nickel mines. She had wanted to close mines producing around 8.7% of world supply on environmental grounds.Indonesias state-controlled miner PT Aneka Tambang will resume exports of nickel ore this month, with an initial shipment of 150,000 tonnes expected to leave for China in early May

Zinc trading range for the day is 162.1-170.5.Zinc dropped -3.03% as pressure seen after the workers at a zinc smelter in Peru called off a strike.The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017South Korea re-issued a tender to buy 1,000 tonnes of zinc for July arrival

Copper trading range for the day is 353.6-379.Copper prices dropped as supply fears were eased by a large rise in stocks and worries over Chinese demand pulled down prices of steel and iron ore.On-warrant inventories available for delivery at LME-registered warehouses increased by 38,950 tonnes, or 32 percent, to 160,200 tonnes, the highest since mid-April.Funds net long position rose to 55,899 lots on Friday from 52,365 lots the previous week, LME data showed.

Naturalgas trading range for the day is 203-209.8.Natural gas prices inched up from weak momentum pushing higher, though chilly spring weather forecasts limited any rally.A strong spring storm tracking through the southeastern US with heavy showers and thunderstorms will push this weekendTraders are eyeing for the EIAs next storage report which is expected to show a build of 65bcf in the week ended April 28.

Crudeoil trading range for the day is 3012-3132.Crude oil prices dropped after data showed a lower than expected decline in U.S. inventories.U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said.OPEC and several other key producers including Russia have agreed to cut output by 1.8 mbpd for the first half of 2017 to try to reduce a global glut.

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