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Commodity Tips and Important Notifications for 29 April 2016

Commodity Tips and Important Notifications for 29 April 2016

Gold trading range for the day is 29111-30015.Gold gained as the U.S. dollar tumbled against the yen after the Bank of Japan surprised markets by keeping monetary policy steady. European Central Bank (ECB) president Mario Draghi defended record low interest rates and explained that Germans have investment options. SPDR gold trust holdings gained by 0.19% i.e. 1.49 tonnes to 804.14 tonnes from 802.65 tonnes. The Fed left interest rates unchanged following its two-day meeting and issued a statement implying it was in no hurry to raise rates.

Silver trading range for the day is 40103-41621.Silver gained as investors continued to digest dovish signals from the Fed on the gradual path of tightening it will pursue in the coming months Investors continue to speculate when the Fed will increase its interest rates, after keeping them unchanged at its meeting on Wednesday. The US economy expanded 0.5% annually in the first quarter, well below the fourth quarters 1.4% annualized pace, new government data showed. The Labor Department said that jobless claims remained near 43-year lows last week, confirming expectations for a firming jobs market.

Crudeoil trading range for the day is 2968-3120.Crude oil gained after U.S. crude output dropped and Federal Reserve policy maker’s signaled they’re open to raising interest rates in June. The World Bank boosted its forecast for oil prices this year, projecting that U.S. output cuts will steepen in the second half of 2016.Crude production fell to 8.94 million barrels a day last week, the least since October 2014, Energy Information Administration data show. Supplies at Cushing, Oklahoma, the delivery point for WTI and the nation’s biggest oil-storage hub, climbed by 1.75 million barrels.

Copper trading range for the day is 321.5-329.3.Copper dropped after Chinese exchanges stepped up efforts to cool speculation in some commodities. Prices have been weighed down after stockpiles in warehouses tracked by the LME reached the highest in a month, indicating supplies are more plentiful. Clues to Chinese demand will come next week with the release of surveys of purchasing managers in the country’s manufacturing sector. Warehouse stock for Copper at LME was at 150725mt that is down by -1475mt.

Zinc trading range for the day is 123.2-128.8.Zinc gained as prices remained supported after ILZSG forecasted zinc market to have a deficit in 2016. U.S. economic growth braked sharply to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports. Zinc daily stocks at Shanghai exchange came down by 929 tonnes. Warehouse stock for Zinc at LME was at 406800mt that is down by -1175mt.

Nickel trading range for the day is 598.9-623.9.Nickel gained due to a lower dollar after the U.S. central bank left interest rates on hold and as the market waited for confirmation of stronger demand in China. Investors await the release of key U.S. inflation data on Friday for a more accurate gauge of price stability in the world’s largest economy. Gross domestic product in the U.S. showed a larger-than-expected deceleration in the first quarter to the slowest pace in two years, according to official preliminary data. Warehouse stock for Nickel at LME was at 415752mt that is down by -600mt.

Menthaoil trading range for the day is 853.3-877.5.Mentha oil spot at Sambhal closed at 995.10 per 1kg. Spot prices is down by Rs.-3.60-.Mentha oil prices dropped tracking weak demand from consuming industries at the domestic spot market. Moreover, rising arrivals from major growing regions of Chandausi in Uttar Pradesh also weighed on prices. At Sambhal market arrivals were reported at 80 Drums (1-drum=180kg), lower by 920 Drums (1-drum=180kg) as against previous day.

Aluminium trading range for the day is 107.6-112.Aluminium gained because of the potential for tightness on the LME due to rising cancelled warrants, now around 45 percent. Cancelled warrants are metal earmarked for delivery and so not available to the market. Prices of the front-month Aluminium contract on the Shanghai Metal Exchange, rose more than 7 percent in the first quarter of 2016.Warehouse stock for Aluminium at LME was at 2652475mt that is down by -4250mt.

Naturalgas trading range for the day is 135.4-145.6.Natural gas prices ended with losses as heavy supplies continue to weigh on the market. The U.S. Energy Information Administration (EIA) reported that U.S. natural gas stocks increased by 73 billion cubic feet for the week ending April 22.The five-year average for the week is an injection of around 52 billion cubic feet, and last year’s storage addition for the week totaled 84 billion cubic feet. Stockpiles are about 52% above their levels of a year ago and about 48% above the five-year average.

Jeera trading range for the day is 17165-17745.Jeera prices gained amid uptick in domestic as well as exports demand in the spot market. Further, expectations of lower output in the producing regions too fuelled the uptrend. NCDEX accredited warehouses jeera stocks gained by 96 tonnes to 3295 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 311.45 rupees to end at 17240 rupee per 100 kg.

Turmeric trading range for the day is 8198-8510.Turmeric prices ended with losses on easing demand from retailers and stockiest amid adequate stocks on higher arrivals. 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 10 tonnes to 3654 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8715.9 rupees dropped -47.9 rupees.

Chana trading range for the day is 5281-5599.Chana prices dropped amid profit booking due to government’s measures to check surging prices. Import of pulses rose 26 per cent to 5.79 million tonnes (mt) last financial year to meet rising domestic demand NCDEX accredited warehouses chana stocks gained by 91 tonnes to 3449 tonnes. In Delhi spot market, chana gained by 60.25 rupee to end at 5660.25 rupee per 100 kgs.

Soyabean trading range for the day is 3902-4094.Soyabean prices dropped on subdued demand for the Indian soymeal in export market and on hope of higher supply from Brazil. 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 853 tonnes to 16101 tonnes. At the Indore spot market in top producer MP, soybean dropped -35 rupee to 4083 rupee per 100 kgs.

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