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Commodity Tips and Important Notifications for 26 April 2016

Commodity Tips and Important Notifications for 26 April 2016

Gold trading range for the day is 28967-29447.Gold ticked higher as the dollar gave back some of its recent gains, but caution ahead of the Fed meeting later this week curbed its advance. Fed is not expected to raise interest rates at this week’s meeting but markets will be looking for the U.S. central banks take on the global economy SPDR gold trust holdings dropped by 0.30% i.e. 2.38 tonnes to 802.65 tonnes from 805.03 tonnes. Data showed hedge funds and money managers raised their bullish position in COMEX gold to the highest in 3-12 years.

Silver trading range for the day is 39391-40731.Silver prices gained on the back of rising uncertainty on the markets as demand for safe havens increased. U.S. new home sales unexpectedly fell in March, dampening optimism over the health of the housing market, official data showed. Data showed hedge funds and money managers raised their bullish position in COMEX silver contracts to a record high in the week to April 19.Investors will be closely monitoring the U.S. central banks two-day policy meeting that concludes on Thursday.

Crudeoil trading range for the day is 2819-2975.Crude oil prices dropped as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Production by the OPEC was likely to increase while slowing economic growth, including in emerging markets, could hit oil demand. Indonesias governor to OPEC said that oil at $45 a barrel was not bad and that there would be no urgency to freeze output levels if crude remained at that price. Saudi Arabia is expected to keep its capacity at 12 mbpd as Saudi Arabian Oil will complete an expansion of its Shaybah oilfield by the end of May.

Zinc trading range for the day is 122.7-128.3.Zinc prices ended with losses due to profit taking, weaker stock markets and falling oil prices are all putting pressure on the metals. Global demand is expected to increase by 1%, slightly improving from a 0.7% increase in 2015, according to ILZSG. Zinc daily stocks at Shanghai exchange came down by 3144 tonnes. Warehouse stock for Zinc at LME was at 409575mt that is up by 1875mt.

Chana trading range for the day is 5323-5595. Chana prices ended with losses due to profit booking amid imposition of additional margins on chana. However, restricted arrivals in the physical market due to lower estimated output from the major producing belts, capped some losses. NCDEX accredited warehouses chana stocks dropped by 19 tonnes to 3536 tonnes. In Delhi spot market, chana dropped by -89.4 rupee to end at 5500 rupee per 100 kgs.

Turmeric trading range for the day is 8438-8778. Turmeric prices ended with gains due to increasing demand by participants on anticipation of good export demand. Farmers are holding good quality stocks hoping prices to go up in the coming months. NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 3614 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8779.55 rupees gained 72.05 rupees.

Aluminium trading range for the day is 107.8-111.2.Aluminium jumped to their highest level in nearly 10 months tracking gains on LME amid optimism about a demand pick-up up in top consumer China. Chinas Aluminium output grew 10.3 per cent last year, down from 12.8 per cent in 2014, and was the fourth consecutive year of slowdown. CRU expects 1.47 million tonnes in Aluminium smelting capacity may be resumed this year in China. Warehouse stock for Aluminium at LME was at 2669700mt that is down by -6200mt.

Naturalgas trading range for the day is 129.3-152.1.Natural gas slid from a 10-week high as revised forecasts showed less-intense heat in the Southeast, limiting demand for electricity generation. Above-normal temperatures from Pennsylvania to Texas will give way to cooler readings next week, according to MDA Weather Services. Without sustained heat and a decline in output from shale basins, supplies will be on course to test physical storage constraints in the fall. Stocks were 881 bcf higher than last year at this time and 811 bcf above the five-year average of 1,673 bcf for this time of year.

Jeera trading range for the day is 16645-17315.Jeera prices edged lower on estimates of higher output from the producing regions for this season. Though, some losses were capped on the back of strong export demand as well as seasonal buying at the domestic market. NCDEX accredited warehouses jeera stocks gained by 39 tonnes to 2999 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 373.35 rupees to end at 16973.35 rupee per 100 kg.

Soyabean trading range for the day is 3972-4234.Soyabean prices dropped on weak demand for the Indian soymeal in export market and on hope of higher supply from Brazil. Soybean oil meal exports plunged 99.06% to 430 tons in March compared to 45,917 tons for the corresponding period a year earlier. NCDEX accredited warehouses soyabean stocks gained by 725 tonnes to 13819 tonnes. At the Indore spot market in top producer MP, soybean dropped -90 rupee to 4179 rupee per 100 kgs.

Menthaoil trading range for the day is 814.8-908.8.Mentha oil spot at Sambhal closed at 994.90 per 1kg. Spot prices is down by Rs.-15.40-.Mentha oil prices ended with losses due to profit booking tracking sluggish demand from consuming industries at the spot market. Moreover, ample stock positions on account of rising arrivals from major producing belts of Chandausi in Uttar Pradesh also weighed. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Nickel trading range for the day is 594-617.Nickel prices remains supported to end with gains amid optimism about a demand pick-up up in top consumer China. Prices remained supported as investors returned after seeing signs of stabilization in Chinas economy including industrial output, loans and property sector. A surprise drop in new U.S. home sales data for March supported a view of anemic U.S. economic growth. Warehouse stock for Nickel at LME was at 418998mt that is down by -1926mt.

Copper trading range for the day is 328.8-336.Copper prices dropped on profit booking after recording its best week in more than three years on the back of signs of improving demand in China. Copper prices sentiment has also been dented by figures showing that the market is amply supplied. Data from the International Study Group released last week showed the market was in a seasonally-adjusted supply surplus of 50,000 tonnes in January. Warehouse stock for Copper at LME was at 152400mt that is up by 4600mt.

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