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Important Commodity Notifications 18 April 2016

Important Commodity Notifications 18 April 2016

Commodity Notifications

Crude oil prices tumbled after a meeting by major producers in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.

Gold trading range for the day is 28732-29106.Gold rose after three days of declines as the U.S. dollar and major stock markets weakened. Chicago Federal Reserve President Evans said the Fed seems to be on track for at least two interest rate increases over the rest of the year. SPDR gold trust holdings dropped by 0.33% i.e. 2.68 tonnes to 812.46 tonnes from 815.14 tonnes. Indias gold imports in 201516 fiscal year, ended on March 31, dropped 16 percent from a year ago to 926 tonnes.

Silver trading range for the day is 37951-38925.Silver prices remained supported as the release of upbeat data Chinese economic growth boosted demand for the precious metal. San Francisco Fed President John Williams said that the bank could hike rates two or three times this year. Holdings at ishares silver trust dropped by 0.85% i.e. 88.78 tonnes to 10366.70 tonnes from 10455.48 tonnes. Investors also pushed back expectations on the timing of the next rate hike by the Federal Reserve after dovish comments from Fed Chair Janet Yellen.

Crude oil trading range for the day is 2618-2790.Crude oil prices dropped ahead of a weekend meeting that could yield an output freeze by major producers. The long awaited oil output freeze deal in Doha did not materialize after Saudi Arabia demanded Iran take part in the agreement. The IEA expressed similar doubts that a deal could help boost persistently low oil prices. Any agreement between OPEC and Non-OPEC to freeze production near current levels will have limited impact on global supply.

Copper trading range for the day is 313.1-320.5.Copper prices ended with losses amid with mixed data out of the US and China fueling speculation over the health of the global economy. Import of unwrought copper and products to China rose for the first time in 2016, growing 36% on a monthly basis to 570,000 metric tons. The Peoples Bank of Chinas (PBoC) effort to regain confidence in the Chinese economy and prevent a major recession appears to be working. Warehouse stock for Copper at LME was at 147975mt that is up by 1475mt.

Zinc trading range for the day is 122-126.Zinc gained after Chinese trade data brightened the outlook for demand in the world’s biggest metals consumer, prompting some investors to shift. Zinc has rebounded by about 30 percent since touching a 6-12 year low of $1,444.50 in mid-January as investors expect mine closures to lead to shortages Zinc weekly stocks at Shanghai exchange came up by 149 tonnes. Warehouse stock for Zinc at LME was at 415100mt that is down by -3450mt.

Chana trading range for the day is 4897-5329.Chana ended with gains on fear of lower-than-expected production coupled with high domestic demand from the food industry. In 2015-16, chana imports touched a record high, surpassing the previous record of 7 lt in 2012-13.NCDEX accredited warehouses chana stocks gained by 809 tonnes to 1098 tonnes. In Delhi spot market, chana gained by 139 rupee to end at 5219.6 rupee per 100 kgs.

Aluminium trading range for the day is 102.2-104.Aluminium prices dropped dented by uncertainty after China agreed to scrap some export subsidies on a range of products, including Aluminium. Chinas exports in March returned to growth for the first time in nine months, adding to further signs of stabilization in Chinas economy that cheered regional investors. Around 116,050 tonnes more inventories were due to leave LME-approved warehouses after a steady stream of withdrawal notices in recent weeks. Warehouse stock for Aluminium at LME was at 2712850mt that is down by -8650mt.

Naturalgas trading range for the day is 122.5-134.9.Natural gas prices dropped with a record glut for end-of-winter stockpiles still weighing on prices. Inventories are 63% higher than they were at this time a year ago and 52% higher than the five-year average, the U.S. Energy Information Administration said. U.S. natural gas production continues to break record even as prices remain at historic lows. U.S. natural gas speculators trimmed their bullish bets just one week after they switched their positions from net short to net long for the first time since 2014.

Jeera trading range for the day is 15565-16285.Jeera prices gained due to expectation of good export demand. Further, estimation of decline in production of jeera by 15% as compared to previous year too fuelled the uptrend. NCDEX accredited warehouses jeera stocks gained by 444 tonnes to 2565 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 83.3 rupees to end at 16116.65 rupee per 100 kg.

Turmeric trading range for the day is 8174-8542.Turmeric gained as market participants expect good domestic demand and export demand on good quality arrivals from the producing belts. Traders have received one or two fresh demand from North India and also were getting medium quantity arrival for sale. NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 2102 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8690.45 rupees dropped -2.4 rupees.

Soyabean trading range for the day is 4105-4285.Soyabean gained after USDA trimmed US soybean ending stockpiles estimation and also maintained output forecast. Indians 201516 soybean production lowered to 7.5 million tonnes from 8.0 million tonnes in the reports. NCDEX accredited warehouses soyabean stocks gained by 527 tonnes to 43324 tonnes. At the Indore spot market in top producer MP, soybean gained 42 rupee to 4197 rupee per 100 kgs.

Soyabean trading range for the day is 4105-4285.Soyabean gained after USDA trimmed US soybean ending stockpiles estimation and also maintained output forecast. Indians 201516 soybean production lowered to 7.5 million tonnes from 8.0 million tonnes in the reports. NCDEX accredited warehouses soyabean stocks gained by 527 tonnes to 43324 tonnes. At the Indore spot market in top producer MP, soybean gained 42 rupee to 4197 rupee per 100 kgs.

Menthaoil trading range for the day is 816.1-857.9.Mentha oil spot at Sambhal closed at 967.20 per 1kg. Spot prices is up by Rs.0.10-.Mentha oil gained tracking rising demand from consuming industries at the domestic spot market. Further, tight stocks position on account of restricted supplies from producing regions of Chandausi in Uttar Pradesh also supported. 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 582.8-602.4.Nickel prices dropped after strong Chinese economic data raised fears that government stimulus programs in China. China posted its slowest economic growth since 2009, but a surge of new debt appears to be fuelling a recovery in factory activity. Also weighing on markets was uncertainty ahead of the weekends meeting of major oil exporters, who want to rein in ballooning global production. Warehouse stock for Nickel at LME was at 424212mt that is down by -2970mt.

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