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Important Commodity Notifications 22 March 2016

Important Commodity Notifications 22 March 2016

Important Commodity Notifications

Gold trading range for the day is 28664-29252.Gold fell with demand for bullion hurt as the dollar arrested three weeks of declines after hawkish comments from US Federal Reserve officials. Market will be paying attention to FOMC member speeches to judge the balance of opinion among policymakers on the prospect of further rate hikes. SPDR gold trust holdings gained by 0.33% i.e. 2.68 tonnes to 821.66 tonnes from 818.98 tonnes. The focus now shifts to US existing home sales numbers in the afternoon, Wednesday’s new home sales and Friday’s third estimate of Q4 GDP growth.

Silver trading range for the day is 37309-38217.Silver gained marginally while Gold dropped as traders booked profits after gains from last week’s dovish interest rate announcement by the Fed. Silver significantly lowered the gold-to-silver ratio. The gold-to-silver ratio was trading at 79, substantially lower the level of 83 at the start of the month. Holdings at ishares silver trust gained by 0.55% i.e. 56.25 tonnes to 10274.80 tonnes from 10218.55 tonnes. Investors will be paying close attention to a number of speeches from key Fed officials this week.

Crudeoil trading range for the day is 2668-2840.Crude oil prices recovered erasing early losses amid signs that US stockpiles are beginning to decrease. Data showed crude inventories at the Cushing, Oklahoma delivery hub for US futures fell for the first time since January. Crude stockpiles in Cushing fell 570,574 barrels to 69.05 million in the week to March 18, citing data from market intelligence firm Genscape. U.S. energy firms last week added one oil rig after 12 weeks of cuts, according to data from industry firm Baker Hughes.

Nickel trading range for the day is 564.1-596.5.Nickel gains as expectations of stronger demand in China and falling inventories reinforced positive sentiment, but a firmer dollar limited gains. Global Ferronickel Holdings Inc, may boost its output if nickel prices sustain a rebound from decade-lows amid signs of a recovery in Chinas economy. According customs data, China imported 29,300 tonnes of refined nickel in February, up almost threefold on last year. Warehouse stock for Nickel at LME was at 432324mt that is down by -2184mt.

Menthaoil trading range for the day is 825.3-885.9.Mentha oil spot at Sambhal closed at 1016.50 per 1kg. Spot prices is down by Rs.-7.60-.Mentha oil settled down driven by weak trend in the spot market on sluggish demand. However downside seen limited 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.

Soyabean trading range for the day is 3683-4051.Soyabean prices ended with gains amid short covering on supply worries from US after prices dropped amid lower demand as crushing is very much reduced. According to USDA weekly sales report, last week net sales were up by 51% from previous week at 623,700 tons. NCDEX accredited warehouses soyabean stocks gained by 111 tonnes to 41812 tonnes. At the Indore spot market in top producer MP, soybean gained 30 rupee to 3847 rupee per 100 kgs.

Chana trading range for the day is 4205-4465.Chana prices gained supported by crop damage caused by recent unseasonal rains in some growing states. According to AAFC the production of Chana will increase to 100,000 tons while this year 2015-16 its production is estimated to be 90,000 tons. Next year the price of chana is expected to be $725-$755 on an average while this year the average is estimated to be $730-$760.In Delhi spot market, chana dropped by -229.75 rupee to end at 4470.25 rupee per 100 kgs.

Turmeric trading range for the day is 8548-9160. Turmeric prices ended with gains supported by rising demand from buyers at the spot market. New season crop has hit the markets but majority of arrivals are of medium quality turmeric. NCDEX accredited warehouses turmeric stocks gained by 130 tonnes to 518 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8997.5 rupees gained 70.6 rupees.

Aluminium trading range for the day is 99.3-100.7. Aluminium prices ended with small losses despite of falling aluminum stocks in China’s five major markets. Aluminum stocks in China’s five major markets have posted their first decline since the 2016 Chinese Lunar New Year holiday. Aluminum daily stocks at Shanghai exchange came down by 5892 tonnes. Warehouse stock for Aluminium at LME was at 2846500mt that is down by -8725mt.

Naturalgas trading range for the day is 119.7-128.7.Natural gas dropped moving further away from last week’s one-month high as spring-like temperatures and a widening supply glut weighed. Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-winter heating demand. The bountiful stockpiles and massive reserves in the United States are not supportive of the price. EIA reported a withdrawal from natural gas inventories of only one billion cubic foot as of March 11.

Jeera trading range for the day is 14635-15675.Jeera prices ended with gains due to some fresh export enquiries at the spot market. Though, some gains were capped on arrivals of new crop to the market and early harvesting in the producing regions of Gujarat. NCDEX accredited warehouses jeera stocks gained by 120 tonnes to 416 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 96.9 rupees to end at 15084.4 rupee per 100 kg.

Zinc trading range for the day is 119.5-126.7.Zinc prices ended with gains continuing its firm trend on expectations of tight supplies. U.S. Federal Reserve policymakers last week said it would be appropriate to raise rates by half a percentage point this year. Zinc daily stocks at Shanghai exchange came down by 49 tonnes. Warehouse stock for Zinc at LME was at 443400mt that is down by -3275mt.

Copper trading range for the day is 334.2-342.8.Copper rose underpinned by expectations that U.S. and European central banks will keep loose monetary policies and amid stronger seasonal demand. On the LME, stockpiles have shrunk to the smallest in more than a year, suggesting that European or U.S. traders may have more difficulty securing metal. Money managers cut a net-long position in U.S. copper futures in the week to March 15 by 3,787 to 27,862 contracts, U.S. CFTC data showed. Warehouse stock for Copper at LME was at 155275mt that is down by -3000mt.

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