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Commodity Tips and Important Notifications for 4 May 2016

Commodity Tips and Important Notifications for 4 May 2016

Silver trading range for the day is 40956-42390.Silver dropped despite signs that a widespread global economic slowdown could resurface, as the dollar bounced off 15-month lows. The United States could see two further interest rate rises this year, Atlanta Fed President Dennis Lockhart said. San Francisco Fed President John Williams said that he would support an interest-rate hike in June as long as he sees continued progress on the economy, inflation and jobs. Hedge funds and money managers added to their bullish stance in silver for the 3rd straight week, taking it to a record high in the week to April 26 -US CFTC

Crudeoil trading range for the day is 2821-3057. Crude oil prices dropped as rising output from the Middle East and North Sea renewed concerns about a global supply overhang. Iraq said its oil shipments from southern fields averaged 3.364 million barrels per day (bpd) in April, up from 3.286 million in March. According to private forecaster Genscape, supply levels at the key U.S. delivery hub in Cushing, Oklahoma rose by 871,000 barrels last week. A monthly survey of OPEC producers suggested April output from the cartel was up 170,000 barrels a day month-on-month at 32.64 million barrels a day.

Copper trading range for the day is 324.9-336.9.Copper prices dropped as fears over Chinas economic health intensified after factory activity shrank for a 14th straight month in April. The China Caixin manufacturing purchasing managers index (PMI) for April fell to 49.4 from Marchs 49.7, missing forecasts for 49.9.The euro areas number one economy will slow in the coming two years, the EC said, pointing to a weaker external environment. Warehouse stock for Copper at LME was at 154675mt that is up by 5175mt.

Zinc trading range for the day is 124-129.6.Zinc prices dropped as funds took profits and weaker manufacturing data from China undermined confidence. Industrial production, investment, property market and loans data for March have bolstered hopes of stronger demand in China. Zinc daily weekly at Shanghai exchange came down by 353 tonnes. Warehouse stock for Zinc at LME was at 401800mt that is down by -2475mt.

Nickel trading range for the day is 611.6-657.8. Nickel gained and is the only base metals that managed to finish in positive zone following renewed strength in the greenback and some disappointing economic data. Nickel prices have seen a little support on the expectations that the market will see a supply deficit this year. Nickel’s recent price fall triggered many miners to curb production. Warehouse stock for Nickel at LME was at 417504mt that is up by 66mt.

Turmeric trading range for the day is 8192-8500. Turmeric prices ended with losses due to higher arrivals compared to last year. However, the total production in the coming year is expected to be around 68 lakh bags, up 20 lakh bags from the last year. NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 3759 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8727.85 rupees dropped -2.6 rupees.

Aluminium trading range for the day is 106.1-112.9.Aluminium dropped soft global manufacturing activity unsettled markets only recently soothed by a signs of a pickup in Chinas economic activity. Global manufacturing growth almost stalled last month as rising price halted a pick-up in new orders, a survey showed. Activity at Chinas factories shrank for the 14th straight month in April as demand stagnated, forcing companies to shed jobs at a faster pace Warehouse stock for Aluminium at LME was at 2639075mt that is down by -6650mt.

Naturalgas trading range for the day is 134.4-142.8. Natural gas ended higher, one day after plunging by the most in three months, as traders returned to the market to seek cheap valuations. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. Total U.S. natural gas storage stood at 2.557 trillion cubic feet as of last week, according to the U.S. Energy Information Administration. Though pipeline data in recent months have begun to show output declines, the market is still well supplied.

Jeera trading range for the day is 16505-17735. Jeera prices ended with losses due to a decline in the export demand at the spot market. Though, some losses were capped as the crop may witness some damage due to the extended dry spell in the growing regions. NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 3394 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -307.9 rupees to end at 17218.75 rupee per 100 kg.

Chana trading range for the day is 5382-5718. Chana prices ended with gains despite demand remained lower than normal as buyers remains sidelined. Import of pulses rose 26 per cent to 5.79 million tonnes (mt) last financial year to meet rising domestic demand. NCDEX accredited warehouses chana stocks dropped by 41 tonnes to 3357 tonnes. In Delhi spot market, chana gained by 52.6 rupee to end at 5610 rupee per 100 kgs.

Soyabean trading range for the day is 4014-4126. Soyabean prices gained tracking firmness in spot demand amid supply worries from Argentina and in domestic market. SOPA revised downwards 2015-16 soybean production to 6.929 million tons compared to earlier estimate of 7.388 million tons. NCDEX accredited warehouses soyabean stocks gained by 184 tonnes to 55319 tonnes. At the Indore spot market in top producer MP, soybean gained 5 rupee to 4073 rupee per 100 kgs.

Menthaoil trading range for the day is 844.9-900.5. Mentha oil spot at Sambhal closed at 1014.50 per 1kg. Spot prices is down by Rs.-1.70/-. 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. The current year production can slip more that 35% due to lower plantings on falling prices in the last two years.

Gold trading range for the day is 29944-30588.Gold dropped as the U.S. dollar moved higher and a Federal Reserve official pointed to the possibility of two interest rate hikes in 2016.Feds Lockhart told that although it is still possible to raise short-term interest rates this year, further tightening depends entirely on how the economy evolves. Investors will be eyeing U.S. data this week to gauge the strength of the economy and its impact on the Feds monetary policy. Hedge funds and money managers cut their net long position in gold futures and options, taking it off a 3-12-year high.

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