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Commodity Tips and Important Notifications for 10 May 2016

Commodity Tips and Important Notifications for 10 May 2016

Gold trading range for the day is 29478-30378.Gold dropped as the strengthening dollar and a sharper appetite for assets seen as higher risk sparked selling across commodities.New York Federal Reserve President William Dudley said two U.S. rate hikes this year were still a reasonable expectation.Hedge funds and money managers raised their net long positions in COMEX gold contracts in the week to May 3, U.S. CFTC data showed.Indians bought a third less gold than last year during Akshaya Tritiya, as droughts have hit the earnings of millions of farmers and the metals price rallied.

Crude oil trading range for the day is 2809-3097.Crude oil dropped after traders took in their stride the impact of wildfires on Canadas oil output and after another inventory build at the U.S. hub for crude prices.Falih said that the worlds largest crude exporter was committed to meeting demand and would maintain its stable petroleum policies.World oil supply remains in a glut, however, with an estimated oversupply of around 1.5 million bpd.Traders were re-focussing on North Americas brimming crude inventories despite the disruptions from Canada, which exports most of its crude to US.

Copper trading range for the day is 308.5-321.9.Copper dropped after the dollar withstood a weaker U.S. jobs report that largely kept rate hike expectations intact.Chinas imports of copper fell 21.1 percent from record levels one month ago to 450,000 tonnes in April, data from the General Administration of Customs showed.Hedge funds and money managers raised their net long positions in COMEX copper contracts in the week to May 3, U.S. CFTC data showed.Warehouse stock for Copper at LME was at 159600mt that is up by 575mt.

Mentha oil trading range for the day is 865.4-893.Mentha oil spot at Sambhal closed at 1011.90 per 1kg. Spot prices is up by Rs.0.10-.Mentha oil prices dropped on rising arrivals from major producing belts of Chandausi in Uttar Pradesh.However downside seen limited in the anticipation that current year production can slip more that 35%.As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Soyabean trading range for the day is 4059-4133.Soyabean prices gained tracked by higher prices in international markets as strong demand from China buoyed the market.Chinese soybean imports surged 33 percent higher in April from a year ago, setting a monthly record, amid strong demand.NCDEX accredited warehouses soyabean stocks dropped by 1842 tonnes to 50057 tonnes.At the Indore spot market in top producer MP, soybean gained 47 rupee to 4127 rupee per 100 kgs.

Chana trading range for the day is 5634-5740.Chana prices ended with gains due to pick up in demand in the spot market against restricted supplies from producing regions.According to APEDA during the first 11 months of financial year 2015-16, about 217,843 tons of pulses have been exported from the country.NCDEX accredited warehouses chana stocks gained by 80 tonnes to 3499 tonnes.In Delhi spot market, chana gained by 148.15 rupee to end at 5783.35 rupee per 100 kgs.

Turmeric trading range for the day is 7922-8294.Turmeric prices gained on expectation of rise in export demand at the spot market.Farmers are holding good quality stocks hoping prices to go up in the coming months.NCDEX accredited warehouses turmeric stocks gained by 135 tonnes to 4033 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 102.7-106.3.Aluminium prices dropped amid renewed jitters about Chinese economic growth tarnished demand for commodities.Chinas consumer prices rose 2.3 percent in April from the same period last year, the same pace as in March and slightly less than markets had expected.Chinas exports and imports fell more than expected in April, underlining weak demand at home and abroad.Warehouse stock for Aluminium at LME was at 2612625mt that is down by -4925mt.

Naturalgas trading range for the day is 137.6-143.8.Natural gas hold 140 level while sentiments remain weak as weather forecasts limited expectations for gas-fired heating or cooling demand.Updated forecasts show temperatures remaining normal for the most part into late May, with no apparent ramp-up to summer-like heat on the horizon.Data released by the US CFTC shows speculators growing increasingly bearish on the market as it pulls back from a bull run that lasted into late April.Total US natural gas storage stood at 2.625tcf as of last week, according to the US EIA.

Nickel trading range for the day is 561.6-611.8.Nickel prices dropped disappointing Chinese data and dollar strength weighed on sentiment.Chinas monthly trade data showed that both exports and imports fell more than expected in April, added to concerns over the health of the economy.Chinas exports slumped 1.8% from a year earlier, worse than forecasts for a decline of 0.1%, while imports dropped 10.9%, compared to expectations for a fall of 5.0%. Warehouse stock for Nickel at LME was at 414690mt that is down by -594mt.

Zinc trading range for the day is 120.1-125.9.Zinc dropped as weak trade data from top consumer China highlighted poor demand growth prospects and the dollar rose.Chinas exports and imports fell more than expected in April, underlining weak demand at home and abroad.New York Federal Reserve President William Dudley said two U.S. rate hikes this year were still a reasonable expectation.Warehouse stock for Zinc at LME was at 394300mt that is down by -875mt.

Silver trading range for the day is 39892-41988.Silver dropped as the dollar firmed after data showing improving U.S. wage growth offset an overall weaker payroll report.New York Fed President William Dudley said that it was reasonable to expect two more rate hikes this year despite weaker-than-expected April data on hiring.Charles Evans said the U.S. economys fundamentals are solid and growth this year should pick up to around 2.5%.The Labor Department reported Friday that the U.S. economy added 160,000 jobs last month, the smallest increase since September and well below forecasted.

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