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Important Commodity Notifications 21 March 2016

Important Commodity Notifications 21 March 2016

Precious Metals

Gold trading range for the day is 28748-29642.Gold prices ended with losses amid heavy profit taking, after soaring over the previous two sessions following dovish comments from Fed.The U.S. central bank held interest rates steady and indicated it would tighten policy this yearSPDR gold trust holdings gained by 1.47% i.e. 11.89 tonnes to 818.98 tonnes from 807.09 tonnes. Jewellers called off a 19-day strike after the government assured they will not be harassed by the excise department in collecting a new tax.

Silver trading range for the day is 36963-38985.Silver prices ended with losses on profit booking as sentiment on the U.S. dollar remained vulnerable after Feds policy statement. The stabilization of the greenback, along with a more upbeat tone on equity markets encouraged by an ongoing rally in oil prices, sapped the safe-haven appeal. Holdings at ishares silver trust gained by 0.82% i.e. 82.89 tonnes to 10218.55 tonnes from 10135.66 tonnes. The greenback found some support however after the U.S. Department of Labor said that jobless claims rose less-than-expected last week.

Base Metals

Copper trading range for the day is 331.7-346.7.Copper slipped from a four-month high as investors locked in gains after a rally prompted by a more dovish U.S. rate outlook. The pullback in copper prices was limited by tentative signs of recovery in Chinas property sector. Copper in the warehouses stood at 158,275 tonnes, down about 30 percent since late November. Warehouse stock for Copper at LME was at 158275mt that is down by -2650mt.

Zinc trading range for the day is 120.6-124.2.Zinc prices ended with small gains while prices gained by over one percent on weekly basis amid signs of tightening supply. World refined zinc production fell to 1.12 million metric tons in January, from 1.14 million in December, the ILZSG said in a report. China zinc ingot output is expected to remain flat at 5.53 million tonnes in 2016 compared with 2015.Warehouse stock for Zinc at LME was at 446675mt that is down by -2325mt.

Nickel trading range for the day is 555.4-609.4.Nickel prices ended with losses tracking weakness in LME nickel prices ceded 2.8 percent to $8,660.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. Nickel ore inventories at six major Chinese ports were 50,000 ton, the rise at port inventories is due mainly to limited buying interest by domestic NPI producers. Warehouse stock for Nickel at LME was at 434508mt that is down by -330mt.

Aluminium trading range for the day is 98.1-102.9.Aluminium continues its weak trend to end with losses as the world’s largest maker of the metal said it will expand capacity. The Aluminium sector continued to suffer from oversupply and the entire industry went into the red as Aluminium remained low. Aluminum weekly stocks at Shanghai exchange came up by 2352 tonnes. Warehouse stock for Aluminium at LME was at 2855225mt that is down by -6900mt.


Crudeoil trading range for the day is 2688-2870.Crude oil prices settled lower after the U.S oil rig count rose for the first time since December, renewing worries of a supply glut.U.S. Energy firms on weekly basis added one oil rig after 12 weeks of cuts, according to data by industry firm Baker Hughes. Crude inventories in the United States increased by 1.3 million barrels in the week to March 11, to a record high of 523.2 million barrels.OPECs Saudi Arabia and non-OPEC producers led by Russia will meet on April 17 in the Qatar capital Doha in an effort to agree the first global supply deal in 15 years.

Naturalgas trading range for the day is 124.7-130.9.Natural gas prices settled flat after recovering after forecasts showed cooler weather that would boost demand for the fuel. Prices rebounded from lows even as production from shale reservoirs shows no sign of the steep decline needed to balance the market. Government data released showed the smallest drop ever in gas inventories for this time of year, stockpiles fell by only 1 billion cubic feet Bullish traders are betting that a hot summer will stoke demand from power plants as an increase in U.S. gas exports erodes the supply glut.

Agro Commodity

Menthaoil trading range for the day is 862.6-878.Mentha oil spot at Sambhal closed at 1024.10 per 1kg. Spot prices is down by Rs.-3.00-.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. At Sambhal market sources reported arrivals at 100 Drums(1-drum=180kg), down by 25 Drums(1-drum=180kg) as compared to previous day.

Soyabean trading range for the day is 3742-3806.Soyabean prices ended with gains on supply worries from United States and on improved demand. Prices were also supported by improved demand after USDA reported higher sales of the bean in last week The USDA cut US, the world’s biggest bean grower, production estimates to 106.9 million tons in March compared to 107 million tons in the previous month. At the Indore spot market in top producer MP, soybean gained 19 rupee to 3817 rupee per 100 kgs.

Chana trading range for the day is 4281-4409.Chana prices ended with losses on profit booking after prices gained amid damage caused by recent unseasonal rains in chana growing regions. Chana arrivals across country recorded at 4713 tonnes, less by about half the volume recorded a day earlier. At Ganj Basoda market in Ganjbasoda total arrivals are at 5000 quintals, up by 2500 quintals as compared to previous day. In Delhi spot market, chana dropped by -12.5 rupee to end at 4700 rupee per 100 kgs.

Turmeric trading range for the day is 8624-8992.Turmeric prices ended with losses on expectation of higher arrivals from the producing belts in coming months. The arrivals have improved this week at 8,725 tonnes compared to 5,151 tonnes last week across the country spot market.NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 388 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8926.9 rupees remains unchanged at0 rupees.

Jeera trading range for the day is 14405-15175.Jeera prices gained on reports of damage to crop in some regions of Gujarat and Rajasthan. 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. At Rajkot market in Rajkot (Guj.) Total arrivals are at 2825 quintal, higher by 25 quintal as compared to previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 107.5 rupees to end at 14987.5 rupee per 100 kg.

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