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Commodity Market important Updates for 06 June 2017

Commodity Market important Updates for 06 June 2017

Jeera trading range for the day is 17340-18720.Jeera prices gained as traders are expecting fresh export demand in view of paucity of supplies in the global markets.Prices also seen supported on anticipation of demand from physical market players amid falling supplies.NCDEX accredited warehouses jeera stocks gained by 42 tonnes to 1245 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 178.9 Rupees to end at 18318.2 Rupees per 100 kg.

Turmeric trading range for the day is 5306-5430.Turmeric prices ended with losses amid anticipation of balanced supplies as demand is need based and steady.Farmers may cut supplies to the market amid fears of fall in acreage because of prevailing lower prices.NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 6827 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5433.35 Rupees dropped -32.3 Rupees.

Soyabean trading range for the day is 2698-2776.Soyabean prices gained on short covering after prices dropped on increasing arrivals in local mandis and lower demand.Soybean farmers are offloading stocks to raise funds for sowing.NCDEX accredited warehouses soyabean stocks dropped by 939 tonnes to 98747 tonnes.At the Indore spot market in top producer MP, soybean dropped -13 Rupees to 2872 Rupees per 100 kgs.

Menthaoil trading range for the day is 888.6-922.Mentha oil spot at Sambhal closed at 1019.00 per 1kg. Spot prices was down by Rs.-30.00-.Mentha oil ended with losses on diminishing demand in the domestic spot market.As per sources, arrivals have increased in the major spot markets of Uttar Pradesh, which might pressurize the prices.Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is 48 drums more against the previous day.

Aluminium trading range for the day is 120.9-124.7.Aluminium prices dropped as LME aluminium ended down 1.5 percent at $1,903 as pressure seen amid signs of slowing growth in China.U.S. services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labor market strength.Chinas economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment.

Nickel trading range for the day is 566.2-580.2.Nickel dropped tracking LME prices on the speculation that Chinese base metals demand is expected to taper off in the second half of the year Activity in Chinas services sector expanded at the fastest pace in four months in May thanks to a surge in new orders, a private business survey showed.Euro zone business activity remained strong in May, underpinned by increasing demand.

Zinc trading range for the day is 157-164.8.Zinc prices ended with losses tracking renewed weakness in steel markets.Concern about moderating demand trends in China including a slowdown in real estate price growth have unnerved the market.The World Bank maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade.

Copper trading range for the day is 360-368.6.Copper slipped as the dollar recovered and investors eyed an increase in Shanghai inventories.Freeport McMoRan Inc said that mining and milling rates at its Grasberg copper mine in Indonesia had been affected by an extended strike.Hedge funds and money managers trimmed their net long position in COMEX copper, U.S. Commodity Futures Trading Commission data showed.

Naturalgas trading range for the day is 186.1-199.9.Natural gas slid after the US weather model called for mild temperatures over the next two weeks.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand.Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 88 and 98bcf.

Crudeoil trading range for the day is 2967-3161.Crude oil dropped hit by concerns that a political rift between Qatar and several Arab states would undermine an OPEC-led push to tighten the market.Market participants are sensitive to Middle East tensions because they worry about supply disruptions from the region.Data from energy services company Baker Hughes showed that U.S. drillers last week added rigs for the 20th week in a row, the longest such streak on record.

Silver trading range for the day is 40115-40789.Silver gained as safe-haven demand on renewed geopolitical tensions and a flurry of risk events later during the week.Silver is expected to remain supported during the week, as market participants will contend with a raft of risk events that could rattle markets.Holdings at ishares silver trust dropped by 0.36% i.e.38.26 tonnes to 10562.91 tonnes from 10601.17 tonnes.

Gold trading range for the day is 29102-29356.Gold gained buoyed as a disappointing U.S. jobs report appeared to dilute the prospects for an aggressive string of interest rate hikes in US.U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum.Indian Rural Gold demand will be good as good monsoon, rise in MSPs, rural employment guarantee scheme and waiver of farm loans will support demand.

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