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Commodity Tips and Important Notifications for 25 April 2016

Commodity Tips and Important Notifications for 25 April 2016

Gold trading range for the day is 28708-29576.Gold prices ended with losses hurt by a stronger U.S. dollar and a shift in investor expectations for potential interest rate increases this year. Indias gold imports in March slumped 80.5 percent from a year ago to $973 million, the government said. Gold demand in India improved as jewelry retailers reopened stores after a strike, but remained at a discount to the global benchmark. The U.S. Federal Reserve will meet for a two-day policy meeting April 26-27.

Crudeoil trading range for the day is 2841-3021.Crude oil prices rose as market sentiment turned more upbeat amid signs a persistent global supply glut may be easing. Investors also pointed to strong crude imports to China in March as supporting prices. Falling output, especially in US, where many producers have reeled from an up to 70 percent oil price rout since mid-2014, helped to lift the market. U.S. energy firms cut oil rigs for a fifth week in a row to the lowest level since November 2009, oil Services Company said.

Soyabean trading range for the day is 4175-4291.Soyabean prices ended with losses amid profit booking driven by lower soyabean meal export and higher edible oil imports. Indias soybean production during Oct-Mar is estimated by 7.388 million tons while carry forward stocks are estimated at 612,000 tons. NCDEX accredited warehouses soyabean stocks gained by 1694 tonnes to 13094 tonnes. At the Indore spot market in top producer MP, soybean dropped -17 rupee to 4269 rupee per 100 kgs.

Chana trading range for the day is 5268-5680.Chana prices ended with gains due to pickup in demand in the spot market amid restricted supplies from producing belts. Further, expectations of lower output from the major producing regions supported the upside. NCDEX accredited warehouses chana stocks gained by 353 tonnes to 3555 tonnes. In Delhi spot market, chana gained by 289.4 rupee to end at 5589.4 rupee per 100 kgs.

Jeera trading range for the day is 16175-17555.Jeera prices ended with gains on the back of strong export demand as well as seasonal buying at the domestic market. Trade sources expect increased demand on fears of crop damage because of the recent unseasonal rains. NCDEX accredited warehouses jeera stocks dropped by 57 tonnes to 2960 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 35 rupees to end at 16600 rupee per 100 kg.

Aluminium trading range for the day is 106.9-111.9.Aluminum headed for the biggest weekly advance in three years on signs of improving demand in China, even as Goldman Sachs Group Inc. predicted lower prices. Rising metal prices are due to a higher risk appetite among market players which can also be seen in rising stock markets and higher oil prices. Chinas alumina output grew in March as rising prices gave many producers incentive to resume production. Warehouse stock for Aluminium at LME was at 2675900mt that is down by -6650mt.

Naturalgas trading range for the day is 133-147.8.Natural gas prices ended with gains and had their best week of the year on signs that summer-like temperatures in the East will help trim a supply glut. Gas inventories totaled 2.484 trillion cubic feet on April 15, 48.5 percent above the five-year average, according to the U.S. EIA.A gas surplus to the five-year average has narrowed for two straight weeks from a four-year high on an unexpectedly chilly start to April. U.S. natural gas speculators boosted their net long positions by 21,272 contracts to 36,788 on a bet that prices will rise in future months.

Turmeric trading range for the day is 8378-8650. Turmeric prices ended with gains on low arrivals as well as quality arrivals from the major producing belts. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. NCDEX accredited warehouses turmeric stocks gained by 498 tonnes to 3444 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8707.5 rupees remains unchanged at0 rupees.

Nickel trading range for the day is 583.3-631.5. Nickel ended flat as LME nickel ended unchanged at $9,100 after moving as high during the day to $9,360 as market sentiment turned more upbeat. Many larger miners said they are considering potential shutdowns at loss-making operations. Factory conditions in the U.S. remain soft as the PMI Manufacturing Index flash reading for April fell 0.6 to 50.8, sharply below expectations. Warehouse stock for Nickel at LME was at 420924mt that is down by -2628mt.

Zinc trading range for the day is 123.4-131. Zinc prices ended with gains continuing its firm trend as total inventories in the three major markets in China continued to fall. According to the report by WBMS, the worldwide zinc market has recorded a marginal surplus during January to February this year. The Chinese production of locally refined zinc surged higher by nearly 1.3% when compared with 2015. Warehouse stock for Zinc at LME was at 407700mt that is down by -1700mt.

Copper trading range for the day is 324-343.4. Copper rose amid optimism that demand is improving in China, the world’s biggest user. China’s copper concentrate imports surged 34% year-on-year to 4 million tonnes in the first quarter of 2016, according to China Customs data. The global copper market has recorded a surplus of 120,000 tonnes during January to February this year, the WBMS said. Warehouse stock for Copper at LME was at 147800mt that is up by 1525mt.

Silver trading range for the day is 39182-41220.Silver prices dropped amid a considerable sell-off late in the session, as a persistently sluggish dollar surged to one-week highs weighing on metal. Silvers rally in the week has been helped by optimism over Chinese growth, and a break above key chart resistance. Traders continued to digest relatively dovish comments from ECBs Draghi regarding the likelihood of future easing measures from the central bank. Factory conditions in the U.S. remain soft as the PMI Manufacturing Index flash reading for April fell 0.6 to 50.8, sharply below expectations of 52.0.

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