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Commodity Tips and Important Notifications for 5 May 2016

Commodity Tips and Important Notifications for 5 May 2016

Gold trading range for the day is 29742-30438.Gold dropped as the greenback moved higher in anticipation of US labor market data. Data showed that the U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound. Gold imports fell sharply by 67.33% to 19.6 tonnes in Apr16 as jewelers strike opposing excise duty significantly hit demand for the metal. Assets of SPDR Gold Trust, the world’s top gold-backed exchange-traded fund, rose to their highest since December 2013 on Monday.

Silver trading range for the day is 40757-41907.Silver dropped as the U.S. dollar staged a recovery after a pair of Federal Reserve officials talked up U.S. interest rate hikes this year. Silver soared to USD 17.85oz driven by a substantial pick up in bullish positioning and a positive outlook for the physical market. Holdings at ishares silver trust dropped by 0.46% i.e. 48.31 tonnes to 10490.00 tonnes from 10538.31 tonnes. Attention is now turning to Friday’s non-farm payrolls report, a key barometer of the health of the U.S. economy, with expectations that it will fall short of forecasts.

Crudeoil trading range for the day is 2830-3030.Crude oil dropped after data showed U.S. crude oil stockpiles rose more than expected to fresh record highs last week as imports ticked higher Support seen as traders paid close attention to developments in Canada, where boomtown Ft. McMurray was evacuated due to an approaching wildfire. The latest EIA weekly inventory report showed US crude oil inventories growing by 2.8mbls in the week ending April 29.The American Petroleum Institute said that US crude inventories climbed by 1.3 million barrels in the week to April 29.

Copper trading range for the day is 321.5-331.9.Copper dropped as weak global manufacturing activity unsettled markets only recently soothed by signs of a possible pickup in Chinas economy. Chinas refined copper output in 2016 will probably remain around last year’s levels, as output cuts pledged in December are offset by new capacity. Global manufacturing growth almost stalled last month as rising prices halted an upturn in new orders, a survey showed. Warehouse stock for Copper at LME was at 156500mt that is up by 1825mt.

Zinc trading range for the day is 124-127.4.Zinc dropped on global growth worries and amid a Chinese clampdown on commodity futures trading. Activity in Chinas service sector expanded again in April, though the gains were slightly less robust than in March, a private survey showed The CaixinMarkit services PMI for April dropped to 51.8 from 52.2 in March, as new business increased at the fastest pace since January Warehouse stock for Zinc at LME was at 397525mt that is down by -4275mt.

Nickel trading range for the day is 623.6-640.2.Nickel dropped on a stronger dollar and as weak manufacturing data, particularly from top consumer China, highlighted poor demand prospects. Chinese data showing factory activity in the world’s top metals consumer shrank for a 14th consecutive month has muddied the outlook for metals demand Investors are waiting to see if industrial production, investment, loans and property market data for April confirms the pickup seen in March. Warehouse stock for Nickel at LME was at 416442mt that is down by -1062mt.

Soyabean trading range for the day is 3983-4191.Soyabean prices ended with gains amid ongoing speculation over significant crop losses in Argentina. However, expectation of good production next year due to Indias good monsoon forecast, capped some gains. NCDEX accredited warehouses soyabean stocks dropped by 827 tonnes to 54492 tonnes. At the Indore spot market in top producer MP, soybean gained 10 rupee to 4083 rupee per 100 kgs.

Chana trading range for the day is 5419-5609.Chana prices dropped due to impositions of higher margins and corrective measures taken by various state to curb the rising prices of pulses. 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 gained by 1 tonnes to 3358 tonnes. In Delhi spot market, chana dropped by -25.75 rupee to end at 5584.25 rupee per 100 kgs.

Turmeric trading range for the day is 8042-8426.Turmeric prices ended with losses on profit booking after prices gained due to limited supplies local mandies. Turmeric prices expected to look up in the coming week because of fears of weak output caused by lower rains of 2015.NCDEX accredited warehouses turmeric stocks gained by 79 tonnes to 3838 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8725 rupees dropped -2.85 rupees.

Aluminium trading range for the day is 107.4-110.2.Aluminium prices dropped as the recent spike in prices prompting Aluminium producers to restart their plants Adding to that 1.7 million tonnes per year of capacity had already been restarted so far this year. Aluminum daily stocks at Shanghai exchange came down by 1615 tonnes. Warehouse stock for Aluminium at LME was at 2626725mt that is down by -12350mt.

Naturalgas trading range for the day is 135.7-148.3.Natural-gas prices rose as improving demand and shrinking supply keep traders betting on a rebound. The US EIAs storage report slated for release on Thursday is expected to show a build of approximately 69bcf for the week ending April 29.Prices have been rising in recent weeks as speculators bet that massive spending cuts from producers, and demand from warm weather. Colder-than-normal weather in the Northeast and Midwest has led to late-season heating demand, about 1.8 billion cubic feet more a day than last week.

Jeera trading range for the day is 16725-17465.Jeera prices gained due to good export demand on availability of higher quality jeera and reports of yield loss in Gujarat. Expectation of jeera output to be lower this year, compared to last year due to hot weather and lower acreage in Rajasthan too supported. NCDEX accredited warehouses jeera stocks gained by 119 tonnes to 3513 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -38.75 rupees to end at 17180 rupee per 100 kg.

Menthaoil trading range for the day is 842.1-886.1.Mentha oil spot at Sambhal closed at 1011.70 per 1kg. Spot prices is down by Rs.-2.80-.Mentha oil 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 supported. At Sambhal market total arrivals are at 80 Drums (1-drum=180kg), higher by 10 Drums (1-drum=180kg) from previous days arrivals.

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