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Commodity Market important Updates for 19 May 2017

Turmeric trading range for the day is 5340-5816.Turmeric prices dropped on expectation of good production in the ongoing season due to favourable weather conditions Turmeric farmers and traders have been hit hard by poor sales during peak season.NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 5815 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5511.65 Rupees dropped -25.85 Rupees.

Soyabean trading range for the day is 2777-2865.Soyabean prices dropped tracking weakness in spot demand and due to forecasts of ample supplies in global markets. Farmers in MP are expected to offload 70-80% of their stocks to raise fund for sowingNCDEX accredited warehouses soyabean stocks dropped by 2568 tonnes to 122151 tonnes.At the Indore spot market in top producer MP, soybean gained 10 Rupees to 3017 Rupees per 100 kgs.

Menthaoil trading range for the day is 952.1-969.3.Mentha oil spot at Sambhal closed at 1070.10 per 1kg. Spot prices was down by Rs.-6.10-.Mentha oil settled down amid reports that carryover stocks are huge against the current consumption level.As per sources, local demand is moderate from both the local industries as well as stockists.The arrivals have slightly increased in the major spot markets of Uttar Pradesh, to meet the existing demand for the produce.

Aluminium trading range for the day is 121.7-126.7.Aluminium gained despite political uncertainty in the US hit hopes that President Donald Trump would be able to boost infrastructure spending.Base metals got support as Indian rupee weakened over 1.1%, its steepest fall in 21-month against the US dollar. US Commerce Department launched an investigation into whether aluminium imports from China and elsewhere were compromising US national security.

Nickel trading range for the day is 575.5-605.9.Nickel prices gained more that 1.5% despite investors shunned risk and bet on rising supply from Indonesia and Philippines.Metals prices found little support from data that showed Chinese real-estate prices climbed in April.Demand for industrial metals expected to slow in China amid renewed focus on consumption

Zinc trading range for the day is 157.4-168.4.Zinc on MCX settled up 0.06% at 164.45 as support seen after Indian rupee weakened over 1.1%, its steepest fall in 21-month.LME Zinc fell as uncertainty about US Presidents future undermined expectations of a boost to infrastructure spending in the US. Chinas production of zinc fell 5.6 percent to 474,000 tonnes, its lowest in more than two years, according to the NSB.

Copper trading range for the day is 353.5-371.3.Copper recovered on rupee weakness while uncertainty about Donald Trumps future undermined expectations of a boost to infrastructure spending in US.China and U.S. domestic policy will dominate the path of least resistance for copper and other base metalsWeaker April economic data from China, which accounts for nearly half of global consumption of industrial metals

Naturalgas trading range for the day is 202.2-214.Naturalgas edged higher despite data showing that natural gas supplies in storage in the U.S. rose more than expected last week.The latest U.S. weather model called for mild temperatures over the next two weeks, which should reduce demand during that time.EIA said in its weekly report that natural gas storage in the US rose by 68bcf in the week ended May 12.

Crudeoil trading range for the day is 3076-3288.Crude settled higher as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut.Prices have been trapped in a tight range in recent weeks as rising US production has erased the effects of output cuts.Saudi Arabia and Russia agreed earlier this week that production cuts needed to be extended for a period of nine months until March 2018.

Silver trading range for the day is 38101-39769.Silver dropped despite investors feeling increasingly nervous over the future of Trumps US presidency sought safe havens for their money.Gold gained as speculation seen that Trump would be able to follow through on his campaign promises for tax cuts, deregulation and fiscal stimulus.President Donald Trump is facing heavy criticism for his supposed ties to Russia and handling of classified intelligence.

Gold trading range for the day is 28322-29196.Gold rallied as concern over US President Donald Trump spurred a sell off in emerging market currencies.President Donald Trump, striking a defiant tone after days of political tumult, denied colluding with Russia during his 2016 campaign. Gold pulled back from two-week highs after stronger US manufacturing and initial jobless claims data dented the flight to safety trade.

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