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Important Commodity Notifications 20 April 2016

Important Commodity Notifications 20 April 2016

Commodity Notifications

Gold trading range for the day is 28925-29575.Gold rose as disappointing U.S. housing data dented the dollar and supported the Federal Reserve’s cautious stance on interest rates. New York Fed President William Dudley warned that the U.S. central bank is likely to stick to a cautious approach on tightening monetary policy. SPDR gold trust holdings dropped by 0.91% i.e. 7.43 tonnes to 805.03 tonnes from 812.46 tonnes. Hedge funds and money managers raised their bullish bets on gold and silver in the week to April 12, U.S. Commodity Futures Trading Commission data showed.

Soyabean trading range for the day is 4158-4292.Soyabean gained on supply worries after USDA trimmed US soybean ending stockpiles estimation and on strong demand from China. USDA trimmed its forecast for 2015-16 US soybean ending stockpiles to 445 mln bushels in April compared to 460 mln bushels in the previous month. NCDEX accredited warehouses soyabean stocks gained by 1621 tonnes to 44945 tonnes. At the Indore spot market in top producer MP, soybean gained 22 rupee to 4219 rupee per 100 kgs.

Chana trading range for the day is 5116-5530.Chana prices rallied continuing its previous gains on account of lower crop output from the major producing belts. 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 1010 tonnes to 2108 tonnes. In Delhi spot market, chana gained by 480.4 rupee to end at 5700 rupee per 100 kgs.

Turmeric trading range for the day is 8170-8550.Turmeric prices dropped due to lack of upcountry orders from the north Indian pockets. Prices also remained under pressure as arrivals are likely to increase in the wake of forecast of above normal rains. NCDEX accredited warehouses turmeric stocks gained by 170 tonnes to 2272 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8679.55 rupees dropped -10.9 rupees.

Aluminium trading range for the day is 103.5-106.3.Aluminium gained after weak U.S. data pushed the dollar lower and reinforced growing optimism over stronger demand from top consumer China. But Chinese exports and oversupply are expected to weigh on prices over the coming weeks and months. Aluminium daily stocks at Shanghai exchange came up by 821 tonnes. Warehouse stock for Aluminium at LME was at 2695775mt that is down by -9775mt.

Naturalgas trading range for the day is 126.2-143.4.Natural gas prices rose more than 6% as a recovery in oil prices after steep declines in the previous session saw risk appetite sharpen. Weather forecasting models called for some colder-than-average temperatures in the next two weeks, which could increase natural gas consumption. A warmer-than-normal 2015-2016 winter in the U.S. reduced demand for natural gas as an indoor-heating fuel. Stockpiles are currently standing at more than 50% above their five-year average for this time of year.

Jeera trading range for the day is 15875-16755.Jeera prices gained on account of rising domestic demand coupled with strong international buying in the spot market. Market players are still expecting some more export enquiries on reports of good quality jeera production this year. NCDEX accredited warehouses jeera stocks gained by 198 tonnes to 2763 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 16116.65 rupee per 100 kg.

Menthaoil trading range for the day is 820.6-875.2.Mentha oil spot at Sambhal closed at 984.00 per 1kg. Spot prices is up by Rs.16.80-.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. 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 590-623.2.Nickel gains fuelled by a talk of stockpiling by Chinas state buyer and 24% percent reduction in Chinas nickel output in the first two months of the year. The global market for refined nickel swung to a small 3,600-tonne surplus in February, from a deficit the month before, INSG data showed. China and other major steel-producing countries failed on Monday to agree measures to tackle a global steel crisis. Warehouse stock for Nickel at LME was at 424080mt that is up by 390mt.

Zinc trading range for the day is 124.3-128.9.Zinc prices gained after signs that growth is bottoming out in top consumer China. U.S. housing starts fell more than expected in March and permits for future home construction hit a one-year low. Confidence among Japanese manufacturers rose in April but is expected to worsen again in the coming three months. Warehouse stock for Zinc at LME was at 411100mt that is down by -2150mt.

Crudeoil trading range for the day is 2701-2907.Crude prices rose as a strike by oil workers in Kuwait slashed the country’s output levels and overshadowed a deadlock. APIs weekly crude inventory report showed a gain for crude stocks of 3.1 million barrels at the end of last week. Prices surged as labor stoppage in Kuwait where thousands of workers struck for a third consecutive day while railing for public sector pay reforms. Market players will be focusing on data on Wednesday showing a larger than expected increase in crude stockpiles also underlined oversupply concerns.

Silver trading range for the day is 37952-40940.Silver jumped more than 3.5% to its highest in more than 11 months on a softer dollar and robust buying in China. Heavy purchases so call short-covering seen in the market as silver triggered many stop loss once it breached 11 months high Traders were also watching for comments from Federal Reserve officials to gauge the outlook for U.S. monetary policy. Support seen as markets imply no further hikes until December, Fed projections imply about two more hikes before year end.

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