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Commodity Tips and Important Notifications for 6 May 2016

Commodity Tips and Important Notifications for 6 May 2016

Gold trading range for the day is 29659-30299.Gold fell as the dollar rebounded on optimism the U.S. economy could bounce back after nearly stalling in the first quarter. The Fed raised rates for the first time in a decade in December from near zero but has since stood pat, in part because of global economic uncertainty. SPDR gold trust holdings gained by 0.47% i.e. 3.90 tonnes to 829.44 tonnes from 825.54 tonnes. Chinas gold consumption in the first quarter of 2016 fell 3.91 percent year-on-year to 318.28 tonnes.

Silver trading range for the day is 40694-42206.Silver settled ended with losses as pressure seen from the firm U.S. dollar ahead of Fridays U.S. payrolls report Silver demand hit a record high last year as increased buying by the coin and bar, jewelry and photovoltaic sectors offset weakness in industrial demand. Holdings at ishares silver trust dropped by 0.34% i.e. 35.50 tonnes to 10454.50 tonnes from 10490.00 tonnes. Investors are eyeing U.S. economic data to gauge the Federal Reserve’s outlook on monetary policy.

Crudeoil trading range for the day is 2840-3118.Crude oil prices gained as prospects over supply disruptions from Canada a Libya offset a stronger-than-expected rise in US crude inventories. Moreover, escalating tension in Libya is also supporting oil prices as it may reduce crude oil supplies from the North African nation.US stockpiles continued to grow last week, hitting a fresh record high, increasing worries that the global supply glut will not ease any time soon.US crude production slipped to 8.83 million bpd over the measured week, from 8.94 million bpd in the week to April 22.

Menthaoil trading range for the day is 851.1-874.7.Mentha oil spot at Sambhal closed at 1005.60 per 1kg. Spot prices is down by Rs.-6.10-.Mentha oil prices dropped driven by subdued demand from consuming industries at the spot market. Further, ample stock positions on account of rising arrivals from major producing regions of Chandausi in Uttar Pradesh also influenced prices. At Sambhal market total arrivals are at 80 Drums (1-drum=180kg), higher by 10 Drums (1-drum=180kg) from previous days arrivals.

Soyabean trading range for the day is 4027-4201.Soyabean prices dropped on profit booking after prices gained owing to concerns over crop production in Argentina Informa Economics, a private analytics firm, lowered its estimate of 201516 soybean harvest in Brazil and Argentina, sources said. NCDEX accredited warehouses soyabean stocks dropped by 1989 tonnes to 52503 tonnes. At the Indore spot market in top producer MP, soybean gained 23 rupee to 4106 rupee per 100 kgs.

Chana trading range for the day is 5466-5672.Chana prices gained as physical demand continued to increase on expectation of lower domestic supplies during off-season. Center told that they has released 10,400 tons of tur and urad from its buffer stock for retail sale at subsidized rate. NCDEX accredited warehouses chana stocks gained by 61 tonnes to 3419 tonnes. In Delhi spot market, chana gained by 30.95 rupee to end at 5615.2 rupee per 100 kgs.

Turmeric trading range for the day is 8126-8306.Turmeric prices ended with gains on short covering after prices dropped due to negligible upcountry orders from the north Indian pockets. Many traders have started buying the turmeric in large scale though they are getting limited demand from North India. At Nizamabad market arrivals were reported at 3000 quintals, down by 2000 quintals as compared to previous day. In Nizamabad, a major spot market in AP, the price ended at 8712.5 rupees dropped -12.5 rupees.

Aluminium trading range for the day is 105.6-109.4.Aluminium prices ended with losses hurt by perceptions the market remains well supplied. The economic recovery in the euro area is expected to continue but risks remain on the downside, the European Central Bank said. Aluminum daily stocks at Shanghai exchange came down by 1204 tonnes. Warehouse stock for Aluminium at LME was at 2620450mt that is down by -6275mt.

Naturalgas trading range for the day is 133.7-147.9.Natural gas dropped sharply after the EIA reported a storage injection that was somewhat greater than what the market was expecting. Updated weather forecasting models showed that temperatures may be warmer than normal on the U.S. East Coast from May 9 to May 13 after a cold spell this week. The US EIA said in its weekly report that natural gas storage in the US in the week ended April 29 rose by 68bcf against 64bcf.Inventories now stand at 2,625 Bcf and are a robust 861 Bcf greater than last year and 836 Bcf more than the five-year average.

Jeera trading range for the day is 16495-17575.Jeera prices ended with losses tracking weakness in spot demand amid profit booking. However downside seen limited due to good export demand on availability of higher quality jeera and reports of yield loss in Gujarat. NCDEX accredited warehouses jeera stocks gained by 27 tonnes to 3540 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -57.8 rupees to end at 17122.2 rupee per 100 kg.

Nickel trading range for the day is 574.8-641.2.Nickel prices dropped as LME Nickel closed down 4.5 percent at $9,020 on worries about market surpluses. Glencores nickel production meanwhile rose 16 percent during the quarter to 27,600 tonnes, especially due stronger output from its Murrin Murrin mine in Australia. Traders are waiting for U.S. non-farm payrolls data for further clues as to the timing of further interest rate increases from the Federal Reserve. Waurehouse stock for Nickel at LME was at 415134mt that is down by -1308mt.

Zinc trading range for the day is 122-126.4.Zinc dropped as the stronger dollar weighed on prices, with a slide below key technical support and concerns about demand adding to the downward pressure. Chinese data showed factory activity in the world’s top metals consumer shrank for a 14th consecutive month in April has blunted optimism over demand for metals. Zinc daily stocks at Shanghai exchange came down by 149 tonnes. Warehouse stock for Zinc at LME was at 396400mt that is down by -1125mt.

Copper trading range for the day is 314.1-327.7.Copper dropped as a stronger dollar prompted commodity markets to take a breather after April’s broad-based rally. Glencore said it had reduced output of copper by 4% during the first three months of the year to 335,000 tonnes, reflecting planned suspensions. Signaling a shortage in nearby physical stocks of metal, copper for delivery Friday flared out to an $8.50 premium against delivery. Warehouse stock for Copper at LME was at 156725mt that is up by 225mt.

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