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Commodity Updates for 15 March 2016

Commodity Updates for 15 March 2016

Commodity Updates : Crudeoil trading range for the day is 2406-2630.Crude oil dropped following comments from Iran’s oil minister that the country wouldnt take part in coordinated production cuts. OPEC has predicted global demand for its crude oil will be less than previously thought in 2016 as supply from rivals proves more resilient to low prices.The International Energy Agency (IEA) said that oil prices had bottomed out due to U.S. and other output cuts.Morgan Stanley said that hedging plus storage were capping prices, meaning that traders were selling futures to hedge forward production and storage.

Zinc trading range for the day is 117.5-122.9.Zinc dropped weighing on the metal market was a firmer dollar index as investors geared up for Japanese and U.S. central bank policy meetings.Euro zone industrial production grew sharply and by more than expected in January, the European Union statistics office said.Net foreign exchange sales by Chinas central bank fell sharply to 227.9 billion yuan ($35.1 billion) in February from Januarys 644.5 billion yuanWarehouse stock for Zinc at LME was at 459275mt that is down by -2975mt.

Menthaoil trading range for the day is 864.9-912.7.Mentha oil spot at Sambhal closed at 1038.20 per 1kg. Spot prices is down by Rs.-10.20-.Mentha oil settled down driven by weak trend in the spot market on sluggish demand.Further, adequate stock positions on account of higher supplies from major growing regions of Chandausi in Uttar Pradesh, also influenced prices.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 566.3-604.5.Nickel settled down amid firmer dollar index as investors geared up for Japanese and U.S. central bank policy meetings.Queensland nickel refinery is unlikely to restart until late July, politician and mining magnate Clive Palmer said on MondayOfficial data showed that Chinas factory output in the first two months of the year slowed to the weakest level since November 2008Warehouse stock for Nickel at LME was at 422730mt that is down by -2124mt.

Turmeric trading range for the day is 8756-9708.Turmeric prices gained because of poor arrivals of quality stocks and demand from North India.Arrivals in the producing centres such as Nizamabad and Erode are below last years level.The traders are keen in buying the quality turmeric, which is held by farmers on expectation on higher prices later in the season.In Nizamabad, a major spot market in AP, the price ended at 8937.5 rupees gained 90.3 rupees.

Aluminium trading range for the day is 102.1-105.9.Aluminium has hit a three-week low and copper also has fallen, weighed by a stronger US dollar and weak Chinese industrial output.Chinese factory output growth was the weakest since the global financial crisis, while retail sales rose by the least since May 2015.Fixed asset investment (FAI), however, was higher than expected and there were signs of recovery in the countrys property sector.Warehouse stock for Aluminum at LME was at 2877525mt that is down by -6775mt.

Naturalgas trading range for the day is 115.8-130.2.Natural gas settled down as revised forecasts left investors with a mixed picture for end-of-winter gas-fired heating demand.Natural gas storage in the US fell by 57bcf last week, according to the U.S. Energy Information Administration, in line with expectations.Total U.S. natural gas storage stood at 2.479tcf, 36.8% higher than levels at this time a year ago and 29.4% above the five-year average for this time of year.The EIAs next storage report is due on Thursday, March 17. Inventories fell by 43bcf in the same week last year.

Jeera trading range for the day is 14425-15155.Jeera prices ended with losses due to profit booking on lack of export demand at the spot market.However downside seen limited on reports of damage to crop in some regions of Gujarat and Rajasthan.Moreover, the production in Syria and Turkey, is projected to be 15% lower due to the geo-political tensionsIn Unjha, a key spot market in Gujarat, jeera edged down by -97.75 rupees to end at 15025 rupee per 100 kg.

Chana trading range for the day is 4399-4569.Chana gains amid expectation of late arrivals of new season chana as some parts of in North and Central India are experiencing unseasonal rains.Imported chana has also hit the markets this month and traders & stockists are buying up to their respective stock limits for the new season crop.In the second advance estimate for 2015-16, government forecasted 8.09 mt of chana this year, which is more than production estimated last year.In Delhi spot market, chana gained by 50 rupee to end at 4800 rupee per 100 kgs.

Soyabean trading range for the day is 3715-3819.Soyabean dropped on profit booking after gained on supply worries after the USDA trimmed 2015-16 US soybean production forecast for March.The USDA cut US production estimates to 106.9 million tons in March compared to 107 million tons in the previous month.NCDEX accredited warehouses soyabean stocks dropped by 56 tonnes to 44610 tonnes.At the Indore spot market in top producer MP, soybean gained 19 rupee to 3790 rupee per 100 kgs.

Copper trading range for the day is 330.3-341.3.Copper settled flat as the dollar maintained its strength ahead of a slew of central bank meetings this week. A slide in copper inventories on the LME to the lowest levels in 18 months is prompting some speculators to shift bets away from volatile benchmark futures to spreads.Hedge funds and money managers increased their net long positions in COMEX copper futures and options to the most optimistic since May, CFTC data showed.Warehouse stock for Copper at LME was at 174175mt that is down by -1800mt.

Silver trading range for the day is 36756-38474.Silver dropped tracking weakness in gold and crude oil prices as investors braced for further declines ahead of a trio of key central bank meetings later this week.The U.S. Federal Reserves two-day policy meeting will start on Tuesday and be watched for clues on the future pace of U.S. rate increases.In February, non-farm payrolls surged by 242,000, considerably above consensus estimates of gains of 190,000.

Gold trading range for the day is 28846-29748.Gold dropped as stock markets and the dollar gained, and investors squared positions ahead of closely watched policy meeting of U.S.The weak move in gold over the last two sessions followed Fridays brief bounce to a 13-month high after the ECB signalled an end to rate cutsSPDR gold trust holdings dropped by 1.08% i.e. 8.63 tonnes to 790.14 tonnes from 798.77 tonnes. Hedge funds and money managers increased their bullish COMEX gold position to the highest in 13 months, the eighth increase in the last nine weeks.

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