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Important Commodity Notifications 17 March 2016

Important Commodity Notifications 17 March 2016

Precious Metals

Gold trading range for the day is 28789-29233.Gold dropped as prices struggled for direction as investors looked ahead to Feds decision for fresh guidance on the future path of U.S. interest rates. The U.S. central bank held interest rates steady after its two-day meeting, as expected. However, fresh projections from policymakers showed they expected two quarter-point rate hikes by years end. SPDR gold trust holdings gained by 0.37% i.e. 2.97 tonnes to 795.20 tonnes from 792.23 tonnes.

Silver trading range for the day is 36658-37292.Silver remained under pressure as investors were waiting for the outcome of the Federal Reserve policy meeting. Fed policymakers had been expected to leave short-term interest rates unchanged while signaling that a rate hike is not too far off. The U.S. Department of Labor said its Consumer Price Index fell by 0.2% in February, in line with consensus estimates of a 0.3% decline. Solid U.S. data readings more recently have rekindled market expectations of further tightening this year.

Base Metals

Copper trading range for the day is 331.8-338.6.Copper prices remained in the range as Chinas government pledged more economic support, while gains were capped ahead of the outcome of Fed meeting. Still, reflecting ample supply, premiums for copper shipments bound for China fell by $7.50 to $80, the lowest level since late December. Shanghai copper stocks have doubled since the start of the year to sit at record highs of 350,000 tonnes as a steep selloff in LME copper prices. Warehouse stock for Copper at LME was at 167025mt that is down by -3050mt

Zinc trading range for the day is 116.2-120.Zinc gained as prices drew some support from positive U.S inflation data, although investors expect it would have little to no impact on the FOMC decision. Underlying U.S. inflation increased more than expected in February, which could keep the Fed on course to gradually raise interest rates this year. Zinc daily stocks at Shanghai exchange came up by 899 tonnes. Warehouse stock for Zinc at LME was at 452525mt that is down by -3150mt.

Nickel trading range for the day is 566.4-589.8.Nickel prices dropped as stocks of refined metal have continued to rise. Nickels freefall may have halted as output cuts move the chronically oversupplied market towards deficit, but prices are unlikely to recover sharply. Global demand for nickel is expected to rise to 1.965 million tonnes in 2016 from 1.905 million in 2015, the International Nickel Study Group predicts. Warehouse stock for Nickel at LME was at 435702mt that is up by 1674mt.

Aluminium trading range for the day is 100.7-102.9.Aluminium settled down in cautious trade ahead of the outcome of a Federal Reserve policy meeting. Aluminium stocks at three major Japanese ports stood at 365,600 tonnes at the end of February, down 0.7 percent from a month earlier. Aluminum daily stocks at Shanghai exchange came up by 3561 tonnes. Warehouse stock for Aluminium at LME was at 2867925mt that is down by -2400mt.


Crudeoil trading range for the day is 2435-2619.Crude oil rallied after OPEC and non-OPEC producers agreed to hold their next meeting on a plan to freeze output levels in Doha. Plans for a meeting of major oil producers next month to discuss limiting output and a dovish Fed statement added to gains for crude.US Energy Information Administration reported a 1.3 million-barrel rise in crude-oil supplies for the week ended March 11.Qatari oil ministry said members of the OPEC will meet with Russian energy officials in April to hash out an agreement to limit output

Naturalgas trading range for the day is 121.4-129.Naturalgas rebounded from earlier losses and gained as traders keep anticipating a tighter market in the months to come. EIA s storage report slated for release on Thursday is expected to show a withdrawal of only 9bcf for the week ending March 11.Experts worry there may be too much gas left in storage at the end of March when utilities traditionally start injecting the fuel back into storage for the next winter. Despite recent gains, prices are down nearly 17% so far this year as near-record production and record-high storage levels dragged down prices.

Agro Commodity

Menthaoil trading range for the day is 853.5-898.3.Mentha oil spot at Sambhal closed at 1030.90 per 1kg. Spot prices is down by Rs.-4.50-.Mentha oil prices dropped driven by subdued demand from consuming industries at the domestic spot market. Further, rising arrivals from major producing regions of Chandausi in Uttar Pradesh also fuelled the downtrend. Sambhal market sources reported arrivals at 105 Drums (1-drum=180kg), down by 5 Drums (1-drum=180kg) from previous trading day.

Soyabean trading range for the day is 3703-3761.Soyabean prices dropped owing to expectation of lower demand as edible oil imports increased for February month keeping ample stocks in pipeline. Prices of bean were down after the United States department of agriculture (USDA) report fall in weekly soybean export sales. NCDEX accredited warehouses soyabean stocks dropped by 1295 tonnes to 42650 tonnes. At the Indore spot market in top producer MP, soybean gained 3 rupee to 3788 rupee per 100 kgs.

Chana trading range for the day is 4298-4442.Chana prices ended with losses on profit booking as arrivals have picked up in major mandis. However, market participants expecting production loss due to forecast of unseasonal rains in North and Central India. The FCI is going to start the procurement operations for pulses, the corporation has been given target to procure 40,000 tons of gram. In Delhi spot market, chana dropped by -59.8 rupee to end at 4700 rupee per 100 kgs.

Turmeric trading range for the day is 8824-9380.Turmeric prices dropped on hopes of increase in turmeric production with favorable Southwest monsoons. Initial reports say the production could be lower by 15%-20% this year because of scanty rains in some producing areas. NCDEX accredited warehouses turmeric stocks gained by 120 tonnes to 348 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8926.9 rupees dropped -58.8 rupees.

Jeera trading range for the day is 14250-14730. Jeera prices dropped due to decline in the export demand at the spot market. As per the final rabi sowing report, Jeera is planted in about 10.8% more area at 2,95,400 hectares compared to 2,66,700 hectares last year same time. NCDEX accredited warehouses jeera stocks gained by 24 tonnes to 230 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -201.55 rupees to end at 14881.8 rupee per 100 kg.

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