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Commodity Tips and Important Notifications for 9 May 2016

Commodity Tips and Important Notifications for 9 May 2016

Gold trading range for the day is 29846-30686.Gold jumped after U.S. non-farm payrolls data for April came in weaker than expected. New York Fed President William Dudley told that two rate hikes in 2016 remain a reasonable expectation. SPDR gold trust holdings gained by 0.57% i.e. 4.75 tonnes to 834.19 tonnes from 829.44 tonnes. Chinas gold reserves stood at 58.14 million fine troy ounces at the end of April, up from 57.79 million fine troy ounces at the end of March.

Crude oil trading range for the day is 2860-3078.Crude oil gains as the dollar softened in response to weaker than expected U.S. jobs data and the domestic rig count slid to fresh all-time record low. Oil services firm Baker Hughes said in its weekly rig count report that oil rigs in the U.S. fell by four to 328 for the week ending on April 29.The U.S. Department of Energy reported that nationwide production fell by 113,000 barrels per day, marking the strongest weekly decline since last July. OPEC production is expected to remain relatively steady until the world’s largest oil cartel convenes for a highly-anticipated meeting on June 2 in Vienna.

Soyabean trading range for the day is 4009-4105.Soyabean prices ended with losses on subdued demand in export market of India and United States. Soyabean production estimates for 2015-16 have been revised downwards by 6.21% in its mid-term review by industry body SOPA.NCDEX accredited warehouses soyabean stocks dropped by 604 tonnes to 51899 tonnes. At the Indore spot market in top producer MP, soybean dropped -26 rupee to 4080 rupee per 100 kgs.

Turmeric trading range for the day is 7872-8304.Turmeric prices dropped due to negligible upcountry orders from the north Indian pockets. Pressure also seen on account of poor demand due to higher supply of inferior or lower grade turmeric from the producing regions. NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 3898 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8712.5 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 105.1-108.3.Aluminium prices dropped on expectations of an oversupplied market adding to the pressure. Even though Aluminium inventories are high, nearly all of them are locked up in financing deals, reducing material available to the market. Aluminum weekly stocks at Shanghai exchange came down by 7762 tonnes. Warehouse stock for Aluminium at LME was at 2617550mt that is down by -2900mt.

Naturalgas trading range for the day is 135-143.4.Natural gas prices shook off early declines and rose in tandem with oil as Canadian wildfires spread, increasing estimates of lost production. Updated weather forecasting models showed that temperatures may be warmer than normal on the U.S. East Coast from May 9 to May 13 after a cold spell. The U.S. Energy Department said that nationwide domestic gas stockpiles grew 68 billion cubic feet last week, slightly more than expected. Stockpiles are now 2.625 trillion cubic feet, nearly 47% higher than average for this time of year.

Jeera trading range for the day is 16760-17480. Jeera prices dropped on ample stocks position following higher supplies from producing belts. Market players are still expecting some more export enquiries on reports of good quality jeera production this year NCDEX accredited warehouses jeera stocks gained by 78 tonnes to 3618 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -22.2 rupees to end at 17100 rupee per 100 kg.

Chana trading range for the day is 5497-5711.Chana gains as prices seen supported due to fall in domestic production due to back-to-back drought. In a bid to control pulses prices that are inching close to Rs. 200kg, the Centre said it has released 10,400 tonnes from its buffer stock. The Centre has built a buffer of 50,000 tonnes by way of domestic procurement. In Delhi spot market, chana gained by 20 rupee to end at 5635.2 rupee per 100 kgs.

Menthaoil trading range for the day is 851.5-898.7.Mentha oil spot at Sambhal closed at 1011.80 per 1kg. Spot prices is up by Rs.6.20-.Mentha oil prices gained amid rising demand from consuming industries at the spot market. Further, limited stock positions due to restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also fuelled the uptrend. At Sambhal market sources reported arrivals at 60 Drums (1-drum=180kg), higher by 10 Drums (1-drum=180kg) from previous trading day.

Nickel trading range for the day is 593.2-615.2.Nickel prices bounced back as the dollar slid, but the market braced for another sell-off by funds reversing bets on higher prices. Nickel gained more than 11 percent last month on speculation of improving demand from stainless steel mills in China. Nickel stocks in LME registered warehouses at 415,284 tonnes are down from above 450,000 tonnes in the middle of January. Warehouse stock for Nickel at LME was at 415284mt that is up by 150mt.

Zinc trading range for the day is 122.5-127.5.Zinc prices gained as prices bounced back from lows on short covering after drop in dollar, while a deteriorating technical picture pointed to consolidation. Recent zinc price gains failed to incentive large numbers of zinc smelters to restart. Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 10,600 to 361,300 tonnes this past week. Warehouse stock for Zinc at LME was at 395175mt that is down by -1225mt.

Copper trading range for the day is 315.8-324.6.Copper prices ended with gains as the U.S. currency slid after a weak U.S. April jobs report. The economic recovery in the euro area is expected to continue, supported by household consumption and rebounding investments, but risks remain on the downside. Signaling a shortage in nearby physical stocks of metal, copper for delivery flared out to an $8.50 premium against delivery. Warehouse stock for Copper at LME was at 159025mt that is up by 2300mt.

Silver trading range for the day is 40872-42270.Silver rallied after U.S. employers added the fewest workers in seven months, weakening the case for the Federal Reserve to raise interest rates. Four regional Fed presidents said that they were open to considering a rate increase in June if its justified by economic data. The Labor Department report showed the U.S. economy added 160,000 jobs in April, the fewest in seven months. In April, the FOMC said in its monetary policy statement that it will take a data-driven approach with the timing of its next interest rate hike.

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