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Important Commodity Notifications 12 April 2016

Important Commodity Notifications 12 April 2016

Commodity Notifications

Gold trading range for the day is 29023-29553.Gold jumped to a three-week peak on expectations that Fed will not raise U.S. interest rates soon. Dollar dropped as Fed Chair Janet Yellen last month doused expectations for hikes in US interest rates anytime soon. Indian jewelers reopened their shops after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewelry. Gold discounts in India dropped to $20 an ounce against $32 last week as compare with the LBMA a global benchmark.

Silver trading range for the day is 36312-38570.Silver spiked to nearly three-week highs on expectations that the Federal Reserve will keep interest rates on hold. Weak economic data and uncertainty over US monetary policy has contributed to risk aversion, boosting investor appetite for bullion. Silver prices outperformed Gold helped ratio to moved back to just under 78:1, meaning that silver continues to firm relative to gold. Fed Chair Janet Yellen said last Thursday that the U.S. economy was on a solid course and still on track to warrant further interest rate hikes.

Copper trading range for the day is 303.6-311.6.Copper prices dropped due to stronger dollar despite Chinese inflation data fuelled speculation on the prospect of further monetary. Shanghai Futures Exchange copper inventories fell last week, while LME inventories in Asia increased, particularly in Singapore and South Korea. Hedge funds and money managers sharply cut their bullish position in COMEX copper contracts to a five-week low in the week to April 5, government data showed. Warehouse stock for Copper at LME was at 147350mt that is up by 1675mt.

Zinc trading range for the day is 114.8-119.4.Zinc prices dropped on the expectation that Chinese demand is subdued and expected to remain so. Consumer prices for March in China fell 0.4%, more than the expected 0.3% decline month-on-month and up 2.3% year-on-year. A fall in U.S. wholesale inventories pointed to a sharper than expected slowdown in first-quarter economic growth. Warehouse stock for Zinc at LME was at 429750mt that is down by -2125mt.

Chana trading range for the day is 4943-5145.Chana prices ended with gains amid expectations of lower output from the major producing belts. The sources stated that total production will witness some decline due to weak crop in Rajasthan and Madhya Pradesh. The daily arrivals have also been reduced sharply from last few days. In Delhi spot market, chana dropped by -100 rupee to end at 5100 rupee per 100 kgs.

Aluminium trading range for the day is 98.5-101.9.Aluminium prices dropped on concerns about when demand will grow again and ample supply in China. The German economy picked up pace at the start of this year, driven by strong domestic demand, but foreign trade prospects remain subdued. Chinas economic indicators showed signs of improvement in the first quarter but a sluggish world economy and volatile markets deprive the changes of a solid basis. Warehouse stock for Aluminium at LME was at 2742650mt that is down by -7000mt.

Naturalgas trading range for the day is 123.7-134.5.Natural gas dropped near to 5% as forecasts for mild weather across US this week weighed on the demand outlook for the fuel. Updated weather forecasting models pointed to a mild start over US this week, with milder temperatures also expected over much of the country. Total US natural gas storage stood at 2.480tcf, 40.6% higher than levels at this time a year ago and 35.3% above the five-year average for this time of year. Market players will be focusing on weekly US storage data on Thursday for fresh supply-and-demand signals.

Jeera trading range for the day is 16140-16630.Jeera prices settled with gains due to rising demand from stockiest and exporters at the spot market. Though, some gains were capped on account of a surge in the supply from the producing regions. NCDEX accredited warehouses jeera stocks gained by 75 tonnes to 2077 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -10.7 rupees to end at 16250 rupee per 100 kg.

Turmeric trading range for the day is 8328-8664.Turmeric settled flat on profit booking after gaining due to good domestic demand and export demand on good quality arrivals from the producing belts. Prices also seen supported because of poor output and insufficient arrivals of the new crop in main producing centers. NCDEX accredited warehouses turmeric stocks gained by 39 tonnes to 2072 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8740.9 rupees dropped -11.6 rupees.

Soyabean trading range for the day is 4106-4230.Soyabean prices ended with gains on supply worries from Brazil and United States and on higher demand from China. As per Customs General Administration, Chinas soybean imports for February month jumped 5.8% to 4.51 million tons on year. NCDEX accredited warehouses soyabean stocks gained by 310 tonnes to 42484 tonnes. At the Indore spot market in top producer MP, soybean gained 15 rupee to 4163 rupee per 100 kgs.

Menthaoil trading range for the day is 790.9-812.1. Mentha oil spot at Sambhal closed at 951.40 per 1kg. Spot prices is up by Rs.2.70/-. Mentha oil prices gained tracking rising demand from consuming industries at the spot market. Further, restricted supplies from major producing regions of Chandausi in Uttar Pradesh also supported mentha oil. Prices also seen supported in the anticipation that current year production can slip more.

Nickel trading range for the day is 556.3-582.9.Nickel prices dropped amid slowing growth in top consumer China and global oversupply of the metal weighed. Nickel ore inventories at six major Chinese ports were up 90,000 tonnes last week, according to data. Chinas government set the CPI growth target at about 2.3% for 2016, which serves as the ceiling of Premier Li Keqiangs reasonable range of economic growth. Warehouse stock for Nickel at LME was at 428442mt that is down by -234mt.

Crudeoil trading range for the day is 2567-2757.Crude oil gained in a rally fueled by strong markets, ahead of a meeting of oil producers in Doha next Sunday aimed at freezing current output levels. Iraq increased crude output to a record level in March, ahead of a meeting in Qatar of OPEC members and other producers on capping production to curb a global glut. The OPEC and other major producers such as Russia are set to meet in the Qatari capital Doha on April 17 to decide on a possible freeze in crude output. Oil traders continue to place hopes on the oil producers meeting to prop up crude prices that have been severely depressed by a global supply glut.

Gold trading range for the day is 29023-29553.Gold jumped to a three-week peak on expectations that Fed will not raise U.S. interest rates soon. Dollar dropped as Fed Chair Janet Yellen last month doused expectations for hikes in US interest rates anytime soon. Indian jewelers reopened their shops after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewelry. Gold discounts in India dropped to $20 an ounce against $32 last week as compare with the LBMA a global benchmark.

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