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Commodity Market important Updates for 08 June 2017

Jeera trading range for the day is 17795-18445.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 weighed. NCDEX accredited warehouses jeera stocks dropped by 33 tonnes to 1149 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -21.2 Rupees to end at 18445.45 Rupees per 100 kg.

Turmeric trading range for the day is 5300-5568.Turmeric prices ended with losses as the turmeric arrivals in the country are higher in the month of May. Better crop prospects in view of normal monsoon rains may continue to put pressure on prices. NCDEX accredited warehouses turmeric stocks dropped by 15 tonnes to 6712 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5477.8 Rupees dropped -22.2 Rupees.

Soyabean trading range for the day is 2736-2884.Soyabean gained amid drastic reduction in soybean arrivals in the physical markets in Madhya Pradesh due to agitation by the farmers. Reports showed that arrivals of soybean during the first 6 days of June drop by 78% to 13,225 tonnes. NCDEX accredited warehouses soyabean stocks dropped by 3518 tonnes to 92996 tonnes.At the Indore spot market in top producer MP, soybean gained 14 Rupees to 2886 Rupees per 100 kgs.

Menthaoil trading range for the day is 892.4-914.2.Mentha oil spot at Sambhal closed at 1016.70 per 1kg. Spot prices was up by Rs.6.80-.Mentha oil gained on short covering after prices dropped as arrivals of the new crop, have started in the key markets of Uttar Pradesh. About 100-120 drums in Sambhal and 70 drums in Chandausi (per day) of mentha oil have been arriving. The new crop of mentha oil is being sold at 975 and 1,010 rupees per kg in Chandausi and Sambhal, respectively.

Aluminium trading range for the day is 121.4-123.6.Aluminium settled flat shrugging most of the disruption in exports from a plant in Qatar part-owned by Norways Norsk Hydro. The US registered a decline in both aluminum imports and exports in April when compared with March, according to the US Department of Commerce. Qatars isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norways Norsk Hydro which warned it would take time to restart them.

Nickel trading range for the day is 561.6-581.8.Nickel dropped tracking LME prices ended down 0.6 percent at as weaker than expected German manufacturing data that pointed to lower demand. Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore pushes prices to one-year lows. Russia reported declines in exports of nickel during January-April when compared with a year ago.

Zinc trading range for the day is 154.2-160.8.Zinc prices dropped as trade entered the northern hemisphere summer lull and markets waited on China data for fresh directional cues. Some Chinese zinc smelters will undertake maintenance cycle in June, and will hurt zinc production. Japans economic growth in the January-March period was severely revised down from the original estimate because of a downward adjustment in business inventories.

Copper trading range for the day is 359.8-366.6.Copper recovered on short covering after prices dropped amid weaker than expected German manufacturing data pointed to lower demand.Prices also seen supported by a fall in stockpiles at LME warehouses by 5,350 tonnes to 294,225 tonnes, down from a recent high of 340,350 tonnes in mid-May. The discount of LME cash copper to the three-month contract rose to $30 a tonne from $14 two weeks ago, indicating tighter supply.

Naturalgas trading range for the day is 193.4-201.Natural prices dropped from days high as inability to sustain keeps the broader bias for the commodity firmly to the downside. Traders monitored shifting weather forecasts to assess the outlook for summer demand and supply levels. Higher US natural gas prices positive for production gains in 17, 18: EIA

Crudeoil trading range for the day is 2853-3167.Crude oil dropped after data showed that U.S. crude supplies rose for the first time in nine weeks, underlining worries over a global supply glut. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3.3 million barrels in the week ended June 2.Inventories of US crude rose by roughly 3.3m barrels in the week ended May 26, confounding expectations of draw of around 3.5m barrels.

Silver trading range for the day is 40207-40963.Silver dropped as the U.S. dollar jumped against the euro following reports that the European Central Bank is preparing to cut its inflation forecast. The ECB will cut its inflation forecast through 2019 because of weaker energy prices, according to officials familiar with the matter. Meanwhile, market players are looking ahead to former FBI director James Comeys testimony before the Senate Intelligence Committee on Thursday.

Gold trading range for the day is 29301-29613.Gold prices fell amid stronger dollar and after a written testimony by a former FBI director to the U.S. Senate was seen as containing few surprises.British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks.Holdings in SPDR Gold Trust rose 1.14 percent to 864.93 tonnes on Wednesday.

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