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Commodity Tips and Important Notifications for 22 April 2016

Commodity Tips and Important Notifications for 22 April 2016

Silver trading range for the day is 38388-42270.Silver slipped sharply from an 11-month peak on Thursday as a rebound in the dollar prompted traders to cash in earlier gains. Silver is up more than 5% this week, and on track for its biggest weekly rise since January 2015 after a break of key chart resistance last week sparked a wave of buying. The head of ECB robustly defended the banks policy of printing money and keeping borrowing costs at rock bottom and said interest rates would stay at current record lows Silver broke above key chart resistance last week and reached its most expensive versus gold in six months on Thursday.

Aluminium trading range for the day is 106-110.2. Aluminium prices ended with gains amid worries about tight supply created by a rising tide of cancelled warrants. Also recent support seen as the lower production in the preceding months will not last given that Aluminium prices have picked up considerably. Aluminium daily stocks at Shanghai exchange came down by 7230 tonnes. Warehouse stock for Aluminium at LME was at 2682550mt that is down by -6425mt.

Nickel trading range for the day is 566.6-651.6. Nickel prices dropped tracking LME prices due to profit booking after gaining earlier due to improving technical outlook. China’s purchases of nickel rebounded 45 percent to 42,511 tons last month, the highest level since July, customs data show. The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level since 1973. Warehouse stock for Nickel at LME was at 423552mt that is down by -1668mt.

Zinc trading range for the day is 122.6-130.6. Zinc prices ended with losses due to profit booking amid a strengthening dollar China’s zinc imports jumped 72 percent from a month earlier to 76,998 tons in March and more than doubled to 180,985 tons in the first three months. Zinc daily stocks at Shanghai exchange came down by 1268 tonnes. Warehouse stock for Zinc at LME was at 409400mt that is down by -650mt.

Copper trading range for the day is 321.8-338.8.Copper gained boosted by rising expectations of improving demand growth from China after a string of stronger economic data from the top consumer. Chinas imports of refined copper climbed to a record last month as the economy stabilized. The big driver for prices is the positive economic data from China, including the property market and credit growth. Warehouse stock for Copper at LME was at 146275mt that is up by 75mt.

Gold trading range for the day is 28895-29987.Gold inched down as the ECB held interest rates steady at a highly-anticipated meeting, while hinting that rates could be cut again in the short-term future. ECB chief Mario Draghi said the banks policies are working to stimulate economic recovery. Initial jobless claims in the U.S. fell by 6,000 for the week ending on April 16, dropping to a lower-than-expected 247,000. Traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary.

Mentha oil trading range for the day is 841.5-873.1. Mentha oil spot at Sambhal closed at 996.70 per 1kg. Spot prices is up by Rs.4.20/-. Mentha oil prices ended with gains on the back of rising demand from consuming industries at the spot market. Further, tight stock positions due to restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also added support. Meanwhile support also seen from the latest reports showing Mentha Oil export in 2014-15 has surpassed targeted 21000 tons by 23% at 25750 tons.

Jeera trading range for the day is 15960-16860. Jeera prices gained due to some fresh export enquiries at the spot market. However upside seen limited due to improving supplies from the producing belts. NCDEX accredited warehouses jeera stocks gained by 78 tonnes to 3017 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -72.5 rupees to end at 16565 rupee per 100 kg.

Nickel trading range for the day is 566.6-651.6.Nickel prices dropped tracking LME prices due to profit booking after gaining earlier due to improving technical outlook. Chinas purchases of nickel rebounded 45 percent to 42,511 tons last month, the highest level since July, customs data show. The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level since 1973.Warehouse stock for Nickel at LME was at 423552mt that is down by -1668mt.

Crudeoil trading range for the day is 2828-3002.Crude oil prices fell as Russia and major producers in the Organization of the Petroleum Exporting Countries indicated they will raise output. The IEA said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply. The IEAs chief Faith Birol said that low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in US, Canada, Latin America and Russia. Russia’s energy minister said it might push oil production to historic highs of over 12 mbpd just days after a global deal to freeze output levels collapsed.

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