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Commodity Market important Updates for 05 July 2017

Commodity Market important Updates for 05 July 2017

Gold trading range for the day is 27994-28274.Gold prices rose boosted by haven demand after North Korea spooked investors by test-launching a long-range missile. Upbeat U.S. manufacturing data reinforced expectations for another rate hike by the Federal Reserve this year.A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country.

Silver trading range for the day is 37378-37964.Silver prices remained under pressure as the release of minutes from the U.S. Federal Reserves last meeting remained in focus. U.S. manufacturing data boosted expectations the Fed would raise interest rates again this year as other central banks shift towards tighter monetary policy. BOEs Ian McCafferty stuck to his view that interest rates should rise now, saying that the economy has not slowed by as much as predicted.

Crudeoil trading range for the day is 3021-3099.Crude oil prices gains on tentative signs that a persistent rise in U.S. crude production may be slowing. The global oil market is expected to rebalance in the second half of 2017, International Energy Agency chief Fatih Birol said. There are also growing doubts over OPECs ability to hold back enough production amid a boost from members exempt from supply cuts.

Naturalgas trading range for the day is 190.1-197.1.Naturalgas prices marginally gained but movement was lacklustre trading during the day with US markets closed for a holiday. Lacklustre market conditions have limited moves in natural gas prices with scope for limited gains over the next few days on stronger demand conditions. Last week US EIA said in its weekly report that natural gas storage in the US rose by 46bcf in the week ended June 23.

Menthaoil trading range for the day is 876-904.Mentha oil spot at Sambhal closed at 1002.90 per 1kg. Spot prices was up by Rs.6.10-.Mentha oil prices ended with gains due to uptick in demand in the domestic spot market. Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported prices. Stock positions of mentha in MCX warehouses were around 4674 drums which is 48 drums more against the previous day while in process were 408 drums.

Aluminium trading range for the day is 123.3-125.7.Aluminium dropped as pressure seen amid growing supply and weakening demand. Aluminum ingot stocks in Chinas five major markets returned to growth last week after falling for two weeks in a row. Total stocks in these five regions increased 10,000 tonnes week-on-week to 1.2 million tonnes as of June 30.

Nickel trading range for the day is 582.6-614.4.Nickel dropped on expectations of plentiful supply from Indonesia and the Philippines. Inventories of nickel ore at chinas major seven ports were up 330,000 tonnes last week. Trade was thin as U.S. markets were closed for the Independence Day holiday and Volumes are very low so markets are easily moved.

Zinc trading range for the day is 178.5-183.7.Zinc ended with losses on profit booking tracking weakness in LME prices after prices gained amid dwindling stocks and shortages.Macquarie expects a 650,000-tonne zinc shortfall this year and sees prices breaching $3,000 a tonne by the fourth quarter. U.S. factory activity rose sharply in June to its highest level in almost three years suggesting economic growth in the second quarter gained some steam.

Copper trading range for the day is 382-389.4.Copper dropped on profit booking tracking weakness in LME prices despite of fall in on-warrant stockpiles available to the market at LME warehouses to 176,125 tonnes. Chinas central bank said that it would continue to implement a prudent and neutral monetary policy, and keep liquidity in the countrys financial system basically stable. Chiles Antofagasta was facing potential strikes at two mines with combined annual production of 160,000 tonnes.

Jeera trading range for the day is 17720-19250.Jeera prices ended with losses due to fall in demand at the spot market. However, some losses were capped as the jeera arrival in June is lower this year compared to May as well as June last year.NCDEX accredited warehouses jeera stocks dropped by 9 tonnes to 1313 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18704.55 Rupees per 100 kg.

Turmeric trading range for the day is 6332-6644.Turmeric dropped on profit booking after prices gained due to higher export demand and poor arrivals. Anticipation of lower acreage during the current season also supported the prices. NCDEX accredited warehouses turmeric stocks dropped by 19 tonnes to 6590 tonnes. In Nizamabad, a major spot market in AP, the price ended at 6325 Rupees dropped -5 Rupees.

Soyabean trading range for the day is 2931-3091.Soyabean prices gained amid lower pace in physical arrivals and lower sowing data compared to last year. Global soybean production in 2016-17 is seen at 351 mln tn, up 36 mln tn from the estimated output for 2015-16.NCDEX accredited warehouses soyabean stocks dropped by 1607 tonnes to 51258 tonnes. At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2917 Rupees per 100 kgs.

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