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Commodity Tips and Important Notifications for 12 May 2016

Commodity Tips and Important Notifications for 12 May 2016

Jeera trading range for the day is 16280-17240.Jeera prices gained on reports of damage to crop in some regions of Gujarat and Rajasthan. 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 207 tonnes to 3950 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 119.6 rupees to end at 16991.25 rupee per 100 kg.

Turmeric trading range for the day is 8108-8256.Turmeric prices gained due to good buying support from retailers and stockists at the spot market. Further, lower stocks following tight supplies from the producing belts too fuelled the uptrend. NCDEX accredited warehouses turmeric stocks gained by 130 tonnes to 4252 tonnes.

Chana trading range for the day is 5635-5807.Chana prices gained due to pick up in demand in the spot market against restricted supplies from producing regions. Import of pulses rose 26 per cent to 5.79 million tonnes (mt) last financial year to meet rising domestic demand, Parliament was informed. At Amravati market in Maharashtra estimated market supply was at 1200 quintals, higher by 200 quintals as compared to previous day. In Delhi spot market, chana gained by 61.2 rupee to end at 5823.7 rupee per 100 kgs.

Aluminium trading range for the day is 103.1-105.7.Aluminium prices ended with gains supported by lower US dollar and drop in LME stocks. But sentiment remains cautious overall slowing global growth and a quieter-than-expected second quarter are weighing on prices. Indonesia’s In alum plans to double Aluminium output to 500,000 Tyr by 2020Warehouse stock for Aluminium at LME was at 2598125mt that is down by -7375mt.

Naturalgas trading range for the day is 139.8-148.2.Natural gas settled up on expectations that stockpiles grew last week by less than average for this time of year. Support also seen as cold temperatures in the next two weeks could also spur more heating demand, limiting injections into storage in the coming weeks. Traders are eyeing on the EIAs next storage report slated for release on Thursday is expected to show a build of approximately 60bcf for the week ending May 6. Pressuring prices downward is the start of spring like temperatures and limited natural gas demand for cooling.

Menthaoil trading range for the day is 851.5-891.3.Mentha oil spot at Sambhal closed at 1006.20 per 1kg. Spot prices is up by Rs.1.20-.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 prices. Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into a proportionate fall in Mentha oil production this year.

Nickel trading range for the day is 579.7-599.9.Nickel gained as the lower dollar triggered a flurry of fund buying, while the market waited for clues to the strength of demand, particularly in China. Chinas economy faces downward pressure but will be able to meet its economic growth target for the year. Economic slowdown in emerging market countries is showing signs of abating, the OECD said. Warehouse stock for Nickel at LME was at 414024mt that is down by -690mt.

Zinc trading range for the day is 122.7-129.3.Zinc prices gained on worries that mine closures will create shortages. Demand is set to exceed supply for zinc and some other industrial metals, the mining and trading company said at a conference. LME stocks fell below 400,000 tonnes this month to the lowest since 2009, around a third of prices seen during 2013s record peaks. Warehouse stock for Zinc at LME was at 392600mt that is down by -875mt.

Copper trading range for the day is 309.1-318.5.Copper prices gained as the lower dollar triggered a flurry of fund buying, while the market waited for clues to the strength of demand. Stocks of copper in warehouses approved by the LME are up nearly 15 percent at 161,625 tonnes since early April. Producers and consumers of industrial metals are mostly absent from the market, even though many think prices bottomed in January. Warehouse stock for Copper at LME was at 161625mt that is up by 725mt.

Crudeoil trading range for the day is 2888-3182.Crude oil price surged to settle above $46 after a surprisingly big drop in U.S. crude oil inventories. Energy Information Administration reported a 3.4 million-barrel decline in crude-oil supplies for the week ended May 6.This week, Saudi Arabia made changes at the top of its oil ministry and said production will rise over the next few years. Imports from Canada, where a raging wildfire has curtailed production in Alberta’s oil sands region, were 2.953mbpd, compared with 2.924 bpd a week earlier.

Silver trading range for the day is 40389-42289.Silver gained as the dollar eased off two-week highs from the previous session in quiet trade, while investors continued to await a controversial Brexit vote in late-June Prices were supported largely by expectations that the next U.S. interest rate increase will only happen later in the year. Investors continued to digest comments from Federal Reserve Bank of New York president William Dudley a session earlier on the strength of the dollar. Dudley emphasized that the U.S. central bank could still raise interest rates as much as twice this year in spite of the downbeat employment data.

Gold trading range for the day is 29708-30188.Gold gained as the dollar’s rally paused and shares fell, rekindling investor appetite for the precious metal. Goldman increased its gold price forecasts for coming months, citing stronger net speculative positioning. SPDR gold trust holdings gained by 0.32% i.e. 2.67 tonnes to 841.92 tonnes from 839.25 tonnes. India’s gold imports could hit a record high this year amid widespread smuggling to sidestep government levies on overseas shipments.

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