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Commodity Market important Updates for 09 May 2017

Commodity Market important Updates for 09 May 2017

Jeera trading range for the day is 18050-18850.Jeera prices dropped amid subdued demand at spot market mainly on export buying. New crop arrivals are increasing steadily across major spot markets and they are much higher compared to last year.NCDEX accredited warehouses jeera stocks gained by 303 tonnes to 2020 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 291.65 Rupees to end at 18766.65 Rupees per 100 kg.

Turmeric trading range for the day is 5382-5602.Turmeric gained on short covering after prices dropped by around 12% last week as higher supplies in the market amid weak demand weighed. Steady pace of new crop supplies amid higher production also weighed on prices.NCDEX accredited warehouses turmeric stocks gained by 227 tonnes to 4867 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5376.65 Rupees dropped -23.35 Rupees.

Soyabean trading range for the day is 2908-3012.Soyabean prices dropped on profit booking after prices gained on lower arrivals in local mandis.Soybean acreages in Madhya Pradesh, is expected to fall as poor remuneration may prompt farmers to switch to other cash crops.NCDEX accredited warehouses soyabean stocks dropped by 7640 tonnes to 137996 tonnes.At the Indore spot market in top producer MP, soybean gained 23 Rupees to 3072 Rupees per 100 kgs.

Menthaoil trading range for the day is 898.1-917.5.Mentha oil spot at Sambhal closed at 1048.20 per 1kg. Spot prices was down by Rs.-19.30-.Menthaoil dropped amid of reports that carryover stocks are huge against the current consumption level, while the stocks is also been sufficient. Downside seen limited on expectations that demand from the pharmaceutical industries might pick-up in coming days. India exported 21,150 metric tonnes of mentha and allied products, valued at Rs 2,577.59 crore in FY16.

Aluminium trading range for the day is 119.5-122.7.Aluminium dropped tracking LME aluminium prices fell by 1.3 percent on fresh signs of a slowdown in Chinese demand.Aluminum ingot stocks in Chinas five major markets, Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, will stay persistently high for the foreseeable futureAluminum daily stocks at Shanghai exchange came up by 1656 tonnes.

Nickel trading range for the day is 576.8-598.8.Nickel prices traded in range despite of higher steel prices in ChinaPhilippine President Rodrigo Duterte has appointed a former military man as the new environment minister after Congress dismissed his first choice.Nickel ore inventories at seven major Chinese ports dropped in the week ending May 5.

Zinc trading range for the day is 162.4-169.2.Zinc settled flat as LME Zinc prices closed in a small backwardation for the first time since Feb. 20Plans to boost infrastructure spending in China and the United States are bolstering market sentiment.Zinc daily stocks at Shanghai exchange came down by 1904 tonnes.

Copper trading range for the day is 351.4-361.6.Copper slid after data showed a sharp drop in imports in April into China, feeding pessimism over demand following hefty inflows into LME inventories last week.Chinas April copper imports fell 30 percent month on month to 300,000 tonnes, data from the General Administration of Customs showed.Copper inventories in LME warehouses dipped by 3,100 tonnes, exchange data showed, after surging more than 100,000 tonnes in the previous three days.

Naturalgas trading range for the day is 197.9-212.7.Naturalgas dropped as traders monitored shifting weather forecasts to assess the outlook for spring demand.Weather appears to have shifted which could help boost demand, but colder than normal weather should reduce cooling demand.Total natural gas in storage currently stands at 2.256tcf, 13.7% lower than levels at this time a year ago.

Crudeoil trading range for the day is 2914-3048.Crude oil gave up its gains as the market weighed news from OPEC and other producers about prolonging output cuts against data showing the recovery in U.S. drilling.Saudi Energy Min Al-Falih: Oil market moving toward rebalancing. US inventories will continue downward trend.Saudi Energy Min Al-Falih: Oil market continues to improve from early last year. Oil market hit by low seasonal demand; US refinery work.

Silver trading range for the day is 37714-38436.Silver recovered from the days low to as markets reacted to Emmanuel Macrons swift victory in the second round of Frances presidential election.Investor sentiment in the euro zone hit its highest level in almost a decade in May, improving more than expected.The U.S. Labor Department reported that job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low

Gold trading range for the day is 27967-28299.Gold recovered on bargain-hunting after having dipped to a seven-week low earlier as safe-haven demand ebbed awayThe U.S. economys weak performance at the start of the year should slow Fed plans for further rate increases, now broadly expected to resume at June meeting.Holdings of SPDR Gold Trust, the worlds largest gold-backed exchange-traded fund, fell 0.14 percent to 851.89 tonnes on Monday.

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