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Commodity Market important Updates for 29 March 2017

Jeera trading range for the day is 17535-18905. Jeera prices ended with gains on lower arrivals from the producing belts. Moreover, expectation of rising exports demand also added support to jeera prices uptrend. NCDEX accredited warehouses jeera stocks gained by 42 tonnes to 516 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 18025 Rupees per 100 kg.

Turmeric trading range for the day is 6184-6500. Turmeric prices dropped on profit booking despite of fall in arrivals from the producing belts. Turmeric prices are seen lower due to expectations of higher output and limited buying by stockists. NCDEX accredited warehouses turmeric stocks gained by 29 tonnes to 1686 tonnes. In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees remains unchanged at0 Rupees.

Soyabean trading range for the day is 2854-2914. Soyabean gained tracking firmness in spot demand on lower arrivals in local mandis. Soybean arrivals in the local mandis were estimated at 40,000-50,000 bags as compared to 125,000-135,000 bags on the previous day. NCDEX accredited warehouses soyabean stocks gained by 402 tonnes to 194062 tonnes. At the Indore spot market in top producer MP, soybean gained 4 Rupees to 3016 Rupees per 100 kgs.

Mentha oil trading range for the day is 970.4-992.4. Mentha oil spot at Sambhal closed at 1120.30 per 1kg. Spot prices was down by Rs.-1.40-. Mentha oil gained recovering on some buying after prices remained under pressure amid of reports that carryover stocks are huge Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco products) is witnesing slow down in demand. Now on domestic side traders had estimated earlier total production in the range of 35000-37000 tons for this year.

Aluminium trading range for the day is 124-127.2. Aluminium gained buoyed by brighter data from the United States, and expectations of seasonally improving second-quarter demand. Aluminium for tomorrownext day deliveries on the LME have flared into backwardation, reflecting a lack of easily available supply. Some Japanese aluminium buyers have agreed to pay producers a premium of $128 per tonne for shipments in the April-June quarter.

Nickel trading range for the day is 625.5-660.1. Nickel gained on short covering tracking LME prices gained by 2.3 percent after prices dropped amid receding worries about supply shortages. Cash LME nickel fell to a $67 discount, the steepest discount since Jan 2015, reflecting a market in ample supply. U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism.

Zinc trading range for the day is 176.6-186.2. Zinc prices regains to end with gains as some investors refocused on Trumps promised tax reforms and strong economic data. Chinas central bank said it would provide financial support to help manufacturers upgrade and modernize. Zinc daily stocks at Shanghai exchange came up by 327 tonnes.

Copper trading range for the day is 374.4-391. Copper prices gained on U.S.-led buying after data showed a surge in U.S. consumer confidence to a 16-year high. Chinas central bank said it would provide financial support to help manufacturers upgrade and modernize. Workers are returning to work this week at Escondida in Chile, the worlds biggest copper mine, after a strike that began on Feb. 9.

Naturalgas trading range for the day is 199.3-211.5. Natural gas edged higher regaining strength as traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand. Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 43 and 54 bcf.

Crudeoil trading range for the day is 3102-3212. Crude oil rallied amid word that Libya has halted the pipeline from its biggest field. The OPEC member will see output down 252,000 bpd due to armed protests. OPEC is expected to extend its supply quota plan with Russia through 2017 in hopes of ending the global supply glut.

 

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