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Commodity Tips and Important Notifications for 11 May 2016

Commodity Tips and Important Notifications for 11 May 2016

Crudeoil trading range for the day is 2852-3032.Crude rose sharply, amid heavy short covering as the EIA hiked its 2017 projection for prices and production. The API said crude oil stock rose 3.450mbls last week, well above the 300,000 build seen. Distillates stocks dropped 1.360 million barrels. Crude stockpiles in the U.S. are at their highest levels in more than 80 years and are perilously close to reaching full storage capacity. Saudi Arabia, state-run company Aramco outlined plans to ramp up production in response to expectations of soaring demand.

Copper trading range for the day is 308.5-317.5.Copper dropped after a stronger dollar and renewed jitters about Chinese economic growth tarnished demand for commodities. U.S. job openings increased in March to the highest in eight months and layoffs continued to decline, indicating the labor market remains fairly robust Stocks of copper in warehouses monitored by the Shanghai Futures Exchange are down from record highs in the middle of March. Warehouse stock for Copper at LME was at 160900mt that is up by 1300mt.

Nickel trading range for the day is 572-593.Nickel rebounded following Monday’s slide, amid a severe downdraft in steel prices and as governments step in to subsidies stricken plants. Base metals to remain hostage to changing expectations about U.S. rate rises and dollar moves over the coming months Nickel daily stocks at Shanghai exchange came down by 77 tonnes. Warehouse stock for Nickel at LME was at 414714mt that is up by 24mt.

Menthaoil trading range for the day is 858.3-879.3.Mentha oil spot at Sambhal closed at 1005.00 per 1kg. Spot prices is down by Rs.-6.90-.Mentha oil prices dropped on the back of easing demand from consuming industries at the spot market. Besides, rising arrivals from major growing regions of Chandausi in Uttar Pradesh also influenced mentha oil prices. Prices had significantly dropped since last 6months as demand from consuming industries is mute.

Soyabean trading range for the day is 3912-4130. Soyabean prices dropped owing to lack of consistency in demand for soybean meal and slowing demand for refined soy oil. According to USDA, U.S. soybean sowing rose to 23 percent planted which is above 5-year average of 16 percent and last week figure of 8 percent. NCDEX accredited warehouses soyabean stocks dropped by 527 tonnes to 49530 tonnes. At the Indore spot market in top producer MP, soybean dropped -25 rupee to 4102 rupee per 100 kgs.

Jeera trading range for the day is 16300-17100.Jeera prices dropped on ample stocks position following higher supply from the producing belts. In Rajasthan, jeera output expected to be lower this year, compared to last year due to hot weather and lower acreage. NCDEX accredited warehouses jeera stocks gained by 23 tonnes to 3743 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -103.35 rupees to end at 16871.65 rupee per 100 kg.

Aluminium trading range for the day is 102.7-104.9.Aluminium prices dropped pressured by worries over renewed weakness in Chinas economy China is considering setting up a fund to cope with the closure of Aluminium producers and combat volatility in the futures market. Chinas Aluminium producers have previously pledged to cut production amid plunging prices for the metal. Warehouse stock for Aluminium at LME was at 2605500mt that is down by -7125mt.

Naturalgas trading range for the day is 138.1-148.3.Natural gas rose sharply by 2.56% as forecasts for late this week and early next week turned cooler, boosting near-term demand expectations for the heating fuel. A weather system with heavy showers and thunderstorms is tracking through the central U.S. with slightly cool conditions expected to last through May 16.Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. The EIAs next storage report slated for release on Thursday is expected to show a build of approximately 60 billion cubic feet for the week ending May 6.

Turmeric trading range for the day is 8048-8284.Turmeric prices gained on receiving few upcountry demands from North India. 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 89 tonnes to 4122 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8712.5 rupees remains unchanged at0 rupees.

Chana trading range for the day is 5575-5749. Chana prices dropped triggered by ample stocks at the spot market on increased supplies from producing belts. To control the prices, center has asked states to impose stock holding limits for traders on all varieties of pulses in order to curb hoarding. Import of pulses rose 26 per cent to 5.79 million tonnes (mt) last financial year to meet rising domestic demand. In Delhi spot market, chana dropped by -20.85 rupee to end at 5762.5 rupee per 100 kgs.

Nickel trading range for the day is 572-593.Nickel rebounded following Monday’s slide, amid a severe downdraft in steel prices and as governments step in to subsidies stricken plants. Base metals to remain hostage to changing expectations about U.S. rate rises and dollar moves over the coming months Nickel daily stocks at Shanghai exchange came down by 77 tonnes. Warehouse stock for Nickel at LME was at 414714mt that is up by 24mt.

Zinc trading range for the day is 122.3-124.3.Zinc prices ended with gains recovering from lows as a softer dollar and strong oil prices supported prices. Chinas consumer inflation remained modest in April, while producer prices four-year slump moderated as commodity prices rebounded. German industrial output rose strongly in the first quarter and exports soared in March, data showed Warehouse stock for Zinc at LME was at 393475mt that is down by -825mt.

Silver trading range for the day is 40502-41076.Silver ended with small gains as investors reacted to relatively flat China inflation data and an unexpected rise in U.S. job openings in a pair of closely watched reports. The U.S. Department of Labor said that job openings in March rose by 149,000 on a seasonally-adjusted basis, lifting the job opening rate by 0.1% to 3.9%.Holdings at ishares silver trust dropped by 0.31% i.e. 32.55 tonnes to 10421.95 tonnes from 10454.50 tonnes. The Federal Reserve has continually reiterated that it is taking a data-driven approach to the timing of its first interest rate hike in 2016.

Gold trading range for the day is 29494-30008.Gold dropped as the dollar remained strong, curbing appetite for the precious metal. Bullion seen under pressure, failing to fully benefit from data last week showing that the U.S. economy added the fewest jobs in seven months in April. SPDR gold trust holdings gained by 0.28% i.e. 2.38 tonnes to 839.25 tonnes from 836.87 tonnes. The global gold hedge book grew by 18 tonnes in the fourth quarter, an industry report showed, and producers continued to hedge in 2016.

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