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Commodity Market important Updates for 24 April 2017

Jeera trading range for the day is 18775-19575.Jeera prices ended with losses tracking weakness in spot demand on profit booking. However downside seen limited amid lower production estimates by Gujarat Agriculture Department in its 3rd advance estimates for 201617.NCDEX accredited warehouses jeera stocks gained by 15 tonnes to 909 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -137.5 Rupees to end at 18884.4 Rupees per 100 kg.

Turmeric trading range for the day is 6022-6474.Turmeric prices gained on lower arrivals and steady increase in demand at lower levels. At Nizamabad market arrivals were reported at 15000 quintals, lower by 3000 quintals as against previous day.NCDEX accredited warehouses turmeric stocks gained by 209 tonnes to 3417 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5860 Rupees gained 60 Rupees.

Soyabean trading range for the day is 3021-3087.Soyabean prices gained on account of diminishing supplies in the domestic market. Soybean arrivals in local mandis are expected to gather pace after May 20. NCDEX accredited warehouses soyabean stocks dropped by 1677 tonnes to 169103 tonnes.At the Indore spot market in top producer MP, soybean gained 18 Rupees to 3107 Rupees per 100 kgs.

Menthaoil trading range for the day is 939.5-958.3.Mentha oil spot at Sambhal closed at 1108.50 per 1kg. Spot prices was up by Rs.5.00-.Mentha oil prices gained amid rise in demand in the domestic spot market.Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.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 123.4-127.Aluminium dropped on profit booking tracking LME prices fell 0.5 percent amid rise in Shanghai stocks.LME holdings are sitting at just 1.7 million tons and inventories in Shanghai, meanwhile, are at their highest in about a year.Market needs to closely watch the implementation of crackdowns on illegal aluminium projects.

Nickel trading range for the day is 595.5-621.1.Nickel dropped on profit booking tracking weakness in LME prices dropped by 1.5 percent to $9,345 as a smaller discount indicates tighter supply.Worlds nickel market was in deficit of 20,000 tonnes during the first two months of 2017, according to latest data from WBMS.The discount of LME cash nickel to the three-month contract shrank to $50 a tonne from $67.50 late last month, the largest since January 2015.

Zinc trading range for the day is 163.5-172.5.Zinc dropped tracking LME prices closed 1.8 percent lower at $2,584 as recent price gains have spurred miners around the world to increase output.WBMS data show global zinc market was in 177,000 tonnes of deficit during January and February 2017, compared to 258,000 tonnes of deficit in 2016.Expected shortages of zinc, may not materialize this year because recent price gains have spurred miners around the world to increase output.

Copper trading range for the day is 357.9-368.5.Copper dropped as worries over political instability and global demand prompted investors to cut bets on higher prices.Chinas refined copper output rose 8.5 percent in March from a year ago to 764,000 tonnes, its highest since at least December 2015.The International Copper Study Group said the global world refined copper market showed a 51,000-tonne surplus in January.

Naturalgas trading range for the day is 195.9-208.5.Natural gas prices ended with losses as momentum-based traders pile on to a recent losing skid tied to a weak time of year for demand. A late-winter rally has been followed up by a steady retreat throughout April, a time of year when temperate weather often lowers demand for the heating fuel.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 54 billion cubic feet.

Crudeoil trading range for the day is 3127-3345.Crude oil prices dropped on renewed concerns that increasing U.S. production and high inventories will thwart OPECs attempts to reduce the global crude glut. Prices seen pressure as doubts emerged over the effect of the OPECnon-OPEC production cut by almost 1.8 million barrels per day (bpd) during the first half of the year.Saudi Arabia and Kuwait, favour extending their production-limiting deal with non-member producers into the second half of the year.

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