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Commodity Market important Updates for 30 May 2017

Commodity Market important Updates for 30 May 2017

Jeera trading range for the day is 17455-18485. Jeera dropped on profit booking after prices gained following reports of damage to crops in some parts of Rajasthan due to recent rains. Gujarat government has estimated lower output this year due to adverse weather. NCDEX accredited warehouses jeera stocks gained by 63 tonnes to 474 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 5 Rupees to end at 18025 Rupees per 100 kg.

Turmeric trading range for the day is 6244-6520.Turmeric prices gained on short covering after prices dropped on expectations of higher output and increasing supplies of new crop. Turmeric output is expected to be bumper as not only the acreage was higher but weather remained favorable. NCDEX accredited warehouses turmeric stocks gained by 249 tonnes to 1657 tonnes. In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees dropped -6.9 Rupees.

Soyabean trading range for the day is 2841-2921.Soyabean dropped due to higher arrivals and steady demand from the mills. Reports showing that arrivals of soybean during 20-25 March were about 80,555 tonnes against 40,910 tonnes during the previous week. NCDEX accredited warehouses soyabean stocks dropped by 4426 tonnes to 193660 tonnes. At the Indore spot market in top producer MP, soybean dropped -25 Rupees to 3012 Rupees per 100 kgs.

Menthaoil trading range for the day is 968.1-994.1.Mentha oil spot at Sambhal closed at 1121.70 per 1kg. Spot prices was down by Rs.-2.60-.Mentha oil prices dropped as sowing process has started in UP producing area. Further pressure also seen amid ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh. The weather looked good and everything seemed fine as of now as farmers are still under stress.

Aluminium trading range for the day is 123.2-126.8.Aluminium prices dropped tracking weakness in LME prices following curbs on financing in Chinas housing sector. Some Japanese aluminum buyers have agreed to pay producers a premium of $128 per tonne for shipments in the April-June quarter. Aluminum daily stocks at Shanghai exchange came up by 2210 tonnes.

Nickel trading range for the day is 618.8-650.8.Nickel fell as receding worries about supply shortages weighed on prices. Philippines said it would allow miners who had been ordered shut on environmental concerns to export stockpiled material. In other news, nickel ore inventories at seven major Chinese ports stayed on the downward track last week.

Copper trading range for the day is 366-387.2.Copper prices dropped after update as workers at the world’s largest copper mine, BHP Billitons Escondida in Chile, ended their strike. SHFE copper stocks saw a large 12,694 draw from warehouses in the latest week, bringing stocks down to around 312,500 tonnes, the lowest since the start of the month. Hedge funds and money managers boosted their bullish position in copper futures and options by 2,231 lots to 54,680 in the week to March 21.

Naturalgas trading range for the day is 196.4-205.6.Natural gas prices traded in range as forecasts showing cooler weather on the way boosted the heating fuel. A colder weather system will arrive over the Northeast later this week, according to forecasters at NatGasWeather.com. 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.

Silver trading range for the day is 41472-42478.Silver prices gained as growing doubts about U.S. President Donald Trump’s pro-growth economic agenda prompted investors rush to safe havens. Feds Evans said he saw three rate hikes in 2017 as plausible, but added that two or four increases were also a possibility. Feds Kaplan said that he will support further interest rate hikes if the U.S. economy continues to make progress towards its goals of full employment and 2-percent inflation.

Gold trading range for the day is 28660-29012.Gold settled flat paring its gains seen earlier as the dollar slid after President Donald Trump’s failure to pass healthcare reform. Delicate interest-rate hikes are necessary given the United States may be on the cusp of a jump in inflation, William Dudley said. SPDR gold trust holdings gained by 0.32% i.e. 2.66 tonnes to 835.28 tonnes from 832.62 tonnes.

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