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Commodity Market important Updates for 14 June 2017

Commodity Market important Updates for 14 June 2017

Jeera trading range for the day is 18040-18540.Jeera prices gained due to falling arrivals and likely emergence of export demand at lower prices. Indian exporter offered jeera at $2,900 per tons while Syrian exporters are offering the spice at $2,750 tons.NCDEX accredited warehouses jeera stocks gained by 102 tonnes to 1277 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -16.65 Rupees to end at 18400 Rupees per 100 kg.

Turmeric trading range for the day is 5486-5638.Turmeric gained on short covering after prices dropped as sowing operations are likely to start soon Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization.NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 6643 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5535.7 Rupees gained 22.05 Rupees.

Soyabean trading range for the day is 2766-2812.Soyabean prices ended with losses on good sowing progress in the current kharif crop.Soybean stock with farmers was 4.1 mln tn at the end of May, more than double the stock a year ago, the SOPA said in a report. NCDEX accredited warehouses soyabean stocks dropped by 1966 tonnes to 88067 tonnes.At the Indore spot market in top producer MP, soybean gained 43 Rupees to 2929 Rupees per 100 kgs.

Menthaoil trading range for the day is 895-929.4.Mentha oil spot at Sambhal closed at 1024.00 per 1kg. Spot prices was up by Rs.0.30-.Mentha oil ended with gains taking strong cues from spots market. As per sources, climatic condition is good for the mentha crop due to which it is expected that this year production might increase In recent years the production and consumption of synthetic mentha has increased which is impacting the demand of natural mentha.

Aluminium trading range for the day is 120-122.4.Aluminium prices traded in the range as Qatar aluminium exports goes as planned despite tensionsHydro, last week said new export routes had been established but declined at the time to say which countries it would go through.The timing and pace of further U.S. tightening could set the course for base metal prices in coming months.

Nickel trading range for the day is 554.2-575.Nickel recovered on short covering after prices dropped pressured by a fall in Chinese steel prices and ahead of expected weaker Chinese data.The data on Chinese retail sales, industrial growth and urban investment is due on Wednesday and consensus forecasts are weaker for all three.French bank Natixis has sued metals broker Marex Spectron for $32 million over alleged fraudulent receipts for nickel stored at warehouses in Asia

Zinc trading range for the day is 156-160.8.Zinc prices ended with losses tracking Shanghai prices slumped towards seven-month lows alongside falling steel.Premiums for zinc held in Chinas bonded zones have surged to $195-205 from $155 last week.Signs of supply stress also showed on the ShFE, where front month prices flaring to more than 2000 yuan above the third month futures contract.

Copper trading range for the day is 363.9-376.5.Copper eased ahead of the U.S. Federal Reserves interest rate decision due later in the week.Codelco has confirmed that its Antofagasta operations are all operational once again after adverse weather in Chile last week.A small majority of traders in Chinas financial markets think its central bank will likely raise short-term interest rates this week.

Naturalgas trading range for the day is 185.9-200.7.Natural gas dropped as traders monitored shifting weather forecasts to assess the outlook for early-summer demand and supply levelsWarm to hot conditions will dominate the eastern half of the country this week, as strong high pressure continues to spread.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand.

Crudeoil trading range for the day is 2915-3031.Crude oil prices fell after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back.Data from the American Petroleum Institute showed that U.S. crude stocks rose by 2.8 million barrels in the week to June 9 to 511.4 million.Saudi Arabia, is leading an effort by the Organization of the OPEC to cut production by almost 1.8 mbpd until the end of the first quarter of 2018.

Silver trading range for the day is 38376-39282.Silver prices dropped as the market awaited signals of future monetary tightening by the U.S. Federal Reserve.A recent run of disappointing U.S. economic data combined with growing uncertainty about the Trump administrations ability sparked doubts over the Feds ability to raise rates.Fed is widely expected to raise interest rates in its meeting, although investors will focus on any new hints on the pace of hikes this year.

Gold trading range for the day is 28734-29096.Gold prices traded in the range as investors prepared for a rate hike by the Federal Reserve.The Federal Reserve at its two-day policy meeting, at which it is widely expected to raise the fed funds target range by a quarter point.The U.S. central bank will release its latest forecasts for economic growth and interest rates, known as the dot-plot.

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