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Commodity Tips and Important Notifications for 28 April 2016

Commodity Tips and Important Notifications for 28 April 2016

Gold trading range for the day is 29166-29544.Gold gains as weaker than expected U.S. data weighed on the dollar ahead of the Federal Reserve’s monetary policy decision Data showed orders for long-lasting U.S. manufactured goods rebounded far less than expected in March. Global gold demand tumbled by 24 percent year on year to 781 tonnes in the first three months of the year, its weakest quarter in seven years. Chinas net gold imports via main conduit Hong Kong climbed to a three-month high in March on restocking after the New Year holiday.

Silver trading range for the day is 39842-41260.Silver extended gains after advancing overnight as investors awaited the Feds monetary policy statement for fresh guidance on the future path of U.S. interest rates. Slowing silver supplies combined with firm manufacturing and investment demand could give silver prices strong support in 2016.Pending home sales in the U.S. rose more than expected in March, bolstering optimism over the health of the housing sector, industry data showed. Holdings at ishares silver trust gained by 0.26% i.e. 26.63 tonnes to 10437.72 tonnes from 10411.09 tonnes.

Zinc trading range for the day is 123.2-127.4.Zinc prices dropped by worries that expectations of stronger demand in China were overly optimistic. Global demand is expected to increase by 1%, slightly improving from a 0.7% increases in 2015, according to International Lead and Zinc Study Group data. Zinc daily stocks at Shanghai exchange came up by 2215 tonnes. Warehouse stock for Zinc at LME was at 407975mt that is down by -225mt.

Mentha oil trading range for the day is 846.1-889.3.Mentha oil spot at Sambhal closed at 998.70 per 1kg. Spot prices is up by Rs.10.80-.Mentha oil prices gained driven by pickup in demand from alloy-makers at the domestic spot market. Prices also seen supported in the anticipation that current year production can slip more that 35% due to lower plantings. Meanwhile support also seen from the latest reports showing Mentha Oil export in 2014-15 has surpassed targeted 21000 tons.

Soyabean trading range for the day is 3951-4127.Soyabean prices gained on short covering tracking firmness in spot demand after prices dropped on hope of higher supply. Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. NCDEX accredited warehouses soyabean stocks gained by 190 tonnes to 15248 tonnes. At the Indore spot market in top producer MP, soybean gained 16 rupee to 4118 rupee per 100 kgs.

Turmeric trading range for the day is 8130-8558.Turmeric prices gained supported by good demand on anticipation of good export demand as good quality crop arriving in the physical market. 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 30 tonnes to 3644 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8763.8 rupees gained 7.3 rupees.

Jeera trading range for the day is 16335-17945.Jeera prices ended with gains as the crop may witness some damage due to the extended dry spell in the growing regions. Further, anticipation of lower arrivals due to abnormally high-temperature too fuelled the uptrend. NCDEX accredited warehouses jeera stocks gained by 162 tonnes to 3199 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 55.8 rupees to end at 16928.55 rupee per 100 kg.

Aluminium trading range for the day is 107.4-110.8.Aluminium gains tracking gains on the London Metal Exchange amid optimism on demand picking up in China. Aluminums average price over the past 50 days this week climbed above its 200-day average for the first time since January 2015.Norsk Hydro, said the global primary metal market was largely balanced this year, but it added that global inventories remained high. Warehouse stock for Aluminium at LME was at 2656725mt that is down by -7075mt.

Naturalgas trading range for the day is 138.3-149.7.Natural gas recovered from lows and settled flat as traders looked ahead to fresh weekly information on U.S. gas inventories. The U.S. EIAs storage report is expected to show a build of approximately 71 billion cubic feet for the week ending April 22.Total U.S. natural gas storage stood at 2.484 trillion cubic feet as of last week, according to the U.S. Energy Information Administration. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring gas demand.

Chana trading range for the day is 5289-5633.Chana prices gained after pickup in demand in the spot market amid restricted supplies from producing belts. However, some gains were capped as traders eyed a heavy dose of action from the government in case prices surge further. NCDEX accredited warehouses chana stocks dropped by 41 tonnes to 3358 tonnes. In Delhi spot market, chana gained by 53.85 rupee to end at 5600 rupee per 100 kgs.

Nickel trading range for the day is 598.3-621.1.Nickel prices ended with gains supported by a weaker dollar and strong oil prices. Global nickel demand will slightly outpace supply this year, the International Nickel Study Group said, ending four years of surplus. Output of nickel will drop to 1.913 million tonnes in 2016, although consumption will increase to 1.962 million tonnes, it said. Warehouse stock for Nickel at LME was at 416352mt that is down by -1704mt.

Copper trading range for the day is 320.3-331.3.Copper prices dropped as worries over demand in top consumer China outweighed support from a softer dollar. Chile is expected to produce 5.77 million tonnes of the metal in 2016 and prices for the industrial metal are seen averaging $2.15 a pound for the year. Copper inventories on the SHFE fell by 28,983 tonnes in the week ending Apr. 15, but the declines slowed down to 253 tonnes in the week ending Apr. 22. Warehouse stock for Copper at LME was at 152200mt that is down by -275mt.

Crudeoil trading range for the day is 2887-3063.Crude oil prices gained driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April. Prices received extra support from news that Saudi Arabia and Kuwait appear no closer to restarting their jointly operated Khafji oilfield. According to EIA, commercial crude stockpiles added 1.999 million barrels following the 2.080 million barrel hike seen in the previous seven days. The American Petroleum Institute reported a draw of nearly 1.1 million barrels in U.S. crude inventories last week.

Gold trading range for the day is 29166-29544.Gold gains as weaker than expected U.S. data weighed on the dollar ahead of the Federal Reserve’s monetary policy decision Data showed orders for long-lasting U.S. manufactured goods rebounded far less than expected in March. Global gold demand tumbled by 24 percent year on year to 781 tonnes in the first three months of the year, its weakest quarter in seven years. Chinas net gold imports via main conduit Hong Kong climbed to a three-month high in March on restocking after the New Year holiday.

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although household’s real income has risen at a solid rate and consumer sentiment remains high. The Fed said.

Still, the tone was partly downbeat in the statement.

The FOMC, which started raising the federal funds rate from near zero in mid-December, left the funds rate in a 25 to 50 basis point target range, on a 9-1 vote, as Kansas City Federal Reserve Bank President Esther George dissented in favor of an immediate rate hike for the second straight meeting.

The Feds policy making FOMC left short-term interest rates unchanged Wednesday as expected, but tweaked its policy statement, possibly preparing financial markets for another modest rate hike in coming months.

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