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Commodity Market important Updates for 10 July 2017

Commodity Market important Updates for 10 July 2017

Gold trading range for the day is 27481-28269.Gold fell to the lowest in nearly four months after stronger than expected US jobs data increased the likelihood of another U.S. interest rate increase.U.S. non farm payrolls jumped by 222,000 jobs last month, the Labor Department said, beating expectations of a 179,000 gain. SPDR gold trust holdings dropped by 0.63% i.e. 5.32 tonnes to 835.35 tonnes from 840.67 tonnes.

Silver trading range for the day is 35090-38010.Silver prices slumped after data showed an improvement in the U.S. labor market.The latest batch of mostly upbeat jobs data, fuelled expectations that the Fed would continue with its plan to hike rates later this year.The Bureau of Labor Statistics reported, nonfarm payrolls grew by 222,000 in June, well above expectations of a 179,000 increase.

Aluminium trading range for the day is 123.2-126.2.Aluminium dipped after touching a five-week high in the previous session, hit by profit taking and by signs that supply is still robust.Earlier this year, China ordered steel and aluminium producers in 28 cities to slash output during winter as Beijing intensifies its war on smog.Aluminium inventories in warehouses monitored by the SHFE rose 1,006 tonnes from last Friday to 433,548, their highest since May 2013.

Nickel trading range for the day is 571.2-593.Nickel prices dropped as pressure following Indonesias approval for third company for nickel ore exports. The news from the Philippines has eased worries about shortages of the metal used to make stainless steel, where production is slowing.Chinas refined nickel output fell during the first half of 2017.

Zinc trading range for the day is 178-182.8.Zinc settled flat paring its gains as pressure seen as after update China zinc output rose in June.Chinas refined zinc output jumped 8.8% on-month to 457,000 tonnes in June, but declined 0.8% on a yearly basis.Chinas refined zinc output in the first six months of the year was 2.59 million tonnes, a drop of 2.52% on a yearly basis.

Copper trading range for the day is 376.3-385.3.Copper prices dropped as the dollar gained after a report showed the U.S. economy created far more jobs than expected in June and the previous months.The mood in Chinese markets has been cautious ahead of a raft of data expected to show steady growth although.Bonded zone inventories in Shanghai were some 535,000 tonnes this past week, compared to 545,000 tonnes last week.

Naturalgas trading range for the day is 181-192.8.Natural gas prices ended with losses as EIA reports larger-than-expected climb in U.S. supplies.Sentiments also remained weak as cooler than normal weather is forecast to cover most of the east coast of the United States over the next 8-14 days.Data from the U.S. Energy Information Administration showed that domestic supplies of natural gas rose by 72 billion cubic feet.

Crudeoil trading range for the day is 2779-2975.Crude oil prices dropped after data showed U.S. production and rig counts rose last week just as OPEC exports hit a 2017 high.President Vladimir Putin, said he wanted to continue cooperating with other countries to reduce price volatility.OPEC delegates said they were encouraged by Russias openness to talking about changes to an OPEC-led deal to cut oil supplies.

Jeera trading range for the day is 18270-18700.Jeera dropped on profit booking after prices gained supported by increased buying by retailers and stockists at the spot market.In 201617, country exports increase by 26% to 1.24 lt in as per the data release by Dept. of commerce, GOI. The NCDEX accredited warehouses jeera stocks dropped by 56 tonnes to 1286 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -20 Rupees to end at 18704.55 Rupees per 100 kg.

Turmeric trading range for the day is 6566-7122.Turmeric ended with gains continuing its trend 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 204 tonnes to 6386 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6559.65 Rupees gained 102.5 Rupees.

Soyabean trading range for the day is 2984-3060.Soyabean dropped on late profit booking after prices gained on expectation of good physical buying due to good rally in prices.Pressure also seen on prices amid an anticipation that the acreage may improve in coming weeks due to good rains NCDEX accredited warehouses soyabean stocks dropped by 4335 tonnes to 46646 tonnes.At the Indore spot market in top producer MP, soybean gained 13 Rupees to 2944 Rupees per 100 kgs.

Menthaoil trading range for the day is 915.7-953.7.Mentha oil spot at Sambhal closed at 1044.70 per 1kg. Spot prices was down by Rs.-4.40-.Mentha oil prices gains due to uptick in demand in the domestic spot market.Mentha output this year is likely to rise by 10-12% to 36,000 tn, as weather remained largely conducive throughout the season.The expectation of good production of mentha during the year has boosted the demand for natural mentha.

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