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Important Commodity Notifications 13 April 2016

Important Commodity Notifications 13 April 2016

Commodity Notifications

Silver trading range for the day is 37211-38921. Silver gains tracking firmness in base metals and crude oil prices on the back of expectations that the Fed will stick to a cautious approach on tightening monetary policy. The Fed will likely have to raise interest rate around four times this year, Richmond Fed President Jeffrey Lacker said Gold/silver ratio, hit its lowest in three weeks as silver outperformed gold, an ounce of gold now buys 77.7 ounces of silver, compared with 83.3 ounces in late February. Speculation that interest rates will stay low also helped gold and silver in their own right.

Crudeoil trading range for the day is 2622-2872.Crude oil after a report that top producers Russia and Saudi Arabia have agreed to freeze output. Many members of OPEC plus outside producers such as Russia are meeting Doha, Qatar, on Sunday to discuss freezing output. U.S. crude stocks rose by a larger than expected 6.2 million barrels to 536.3 million last week, data from industry group the API showed. Global oil demand will grow by 1.16 million barrels per day this year, a 10,000-barrel rise compared with earlier estimates, the EIA said in its monthly forecast.

Copper trading range for the day is 304.8-321.2.Copper gained as encouraging economic signals from China were offset by a looming slowdown in seasonal demand. Signs in Chinas physical market were also looking positive, with local metal trading at a premium to front month ShFE futures for the past four sessions. Federal Reserve Chair Janet Yellen said that the U.S. central banks interest-rate decisions will depend on how the economy performs. Warehouse stock for Copper at LME was at 146450mt that is down by -900mt.

Menthaoil trading range for the day is 793.7-855.5.Mentha oil spot at Sambhal closed at 957.00 per 1kg. Spot prices is up by Rs.5.60-.Menthaoil settled up as support triggered by export as well as domestic demand from pharma and fragrances companies. Prices also seen supported in the anticipation that current year production can slip more that 35% due to lower plantings. The ban on gutka and increased supply of synthetic mentha oil in the global market has increased due to which upside were capped.

Turmeric trading range for the day is 8094-8554.Turmeric prices dropped on account of easing demand from retailers and stockiest at the spot market. Arrival of the spice did not increase despite the farmers having huge stock of old and new turmeric with them. Yesterday around 10,200 bags arrived and 65 per cent were sold. In Nizamabad, a major spot market in AP, the price ended at 8692.85 rupees dropped -48.05 rupees.

Aluminium trading range for the day is 98.9-103.5.Aluminium prices ended with gains helped by a rise in crude oil prices and signs of stabilizing demand in China. Chinese Aluminium production in February fell to 2.07 million tonnes, down from 2.48 million in January, data from the IAI showed. Aluminum daily stocks at Shanghai exchange came up by 545 tonnes. Warehouse stock for Aluminium at LME was at 2735200mt that is down by -7450mt.

Naturalgas trading range for the day is 126.8-134.4.Naturalgas rallied 2.98% on short-covering on expectations of a drop in US production. Prices look firm as forecasts for a late season cold snap in the eastern U.S. boosted demand prospects. A strong Spring storm and associated cool blast will track across the eastern US with showers and powerful thunderstorms. EIA said that natural-gas production in the seven key shale-drilling regions should fall by 491mcfpd, in May compared to April.

Jeera trading range for the day is 15455-16435. Jeera prices dropped amid lack of buying and improving supplies from the producing belts. Though, some losses were capped due to some fresh export enquiries at the spot market. NCDEX accredited warehouses jeera stocks gained by 44 tonnes to 2121 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -216.65 rupees to end at 16033.35 rupee per 100 kg.

Chana trading range for the day is 4922-5082.Chana prices ended with losses amid subdued demand in the spot market against ample stocks on higher supplies. According to the State Department of Agriculture, production of chana is estimated to be 1.20 million tons in Rajasthan this year NCDEX accredited warehouses chana stocks gained by 229 tonnes to 289 tonnes. In Delhi spot market, chana dropped by -19.4 rupee to end at 5080.6 rupee per 100 kgs.

Soyabean trading range for the day is 4083-4229.Soyabean prices dropped on hope of higher supply in domestic market following expectation of above than the normal monsoon rains. 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 313 tonnes to 42797 tonnes. At the Indore spot market in top producer MP, soybean dropped -8 rupee to 4155 rupee per 100 kgs.

Nickel trading range for the day is 561.9-605.7.Nickel gained bolstered by higher oil prices and hopes that production cuts at mines were starting to curb surpluses. Investors were waiting for upcoming reports from mining groups, which will give signals about how production suspensions and closures have affected overall output levels. Nickel, mainly used to make stainless steel, slid more than 40 percent last year, which has piled pressure on producers. Warehouse stock for Nickel at LME was at 428640mt that is up by 198mt.

Zinc trading range for the day is 114.3-126.5.Zinc prices ended with gains after LME inventories fell 6,025 tonnes or 1.4 percent, the biggest decline since September 2007.LME zinc stocks have shed 16 percent since Feb. 18 as the impact of mine shutdowns is felt in the market. Zinc daily stocks at Shanghai exchange came down by 149 tonnes. Warehouse stock for Zinc at LME was at 423725mt that is down by -6025mt.

Gold trading range for the day is 29102-29612.Gold settled flat as the dollar bounced from eight-month lows, offsetting gains from earlier in the session when investors piled into the safe-haven asset. The International Monetary Fund lowered its global economic growth forecasts for the remainder of the year. SPDR gold trust holdings dropped by 0.22% i.e. 1.79 tonnes to 817.81 tonnes from 819.60 tonnes. Gold also benefited from weakness in stock markets, as a downbeat first batch of corporate results prodded stock markets lower.

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