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Important Commodity Notifications 23 March 2016

Important Commodity Notifications 23 March 2016

Important Commodity Notifications

Gold trading range for the day is 28644-29542.Gold settled firm as investors digested comments from Fed officials on the timing of next U.S. rate hike also safe-haven appeal seen after the bomb attacks in Belgium. Both San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart said in separate news reports that a rate hike could come as early as next month. The U.S. central bank surprised markets last week by cutting its rate hike projections more than expected, down from four to two in 2016.

Crude oil trading range for the day is 2700-2840.Crude oil dropped marginally in volatility session as traders digested news of an apparent terrorist attack in the Belgian capital of Brussels. API said crude stock fell 1.37mbls last week, while distillates stocks eased 391kbls and gasoline stock dropped 4.302mbls as US refiners gear up for the summer driving season. Libya does not plan to attend an April 17 meeting of oil producers about freezing supply to support prices, a Libyan OPEC delegate said The OPEC general secretary hopes oil prices will reach moderate levels as he remains optimistic about Iran’s participation in April freeze talks.

Silver trading range for the day is 37434-38506.Silver settled flat as investors sought assets seen as havens from risk after deadly bomb attacks hit Brussels airport. Chicago Fed President Charles Evans said as long as inflation is under running the Feds 2% target, there is time to assess the global risks and hold off on raising rates again. Holdings at ishares silver trust dropped by 0.43% i.e. 44.41 tonnes to 10230.39 tonnes from 10274.80 tonnes. China imported 180,131 kilograms of silver in February, down by 7.4 percent from the same month a year ago, a jump in imports in January.

Zinc trading range for the day is 122.2-125.4.Zinc remained in negative territory in low volumes in a holiday-shortened week while the market looks for fresh direction. Fed adopted a more cautious tone than was anticipated, reducing the number of rate rises it anticipates making this year to two from the four it envisaged at its December meeting. Zinc daily stocks at Shanghai exchange came up by 1349 tonnes. Warehouse stock for Zinc at LME was at 441350mt that is down by -2050mt.

Turmeric trading range for the day is 8828-9068.Turmeric settled up as prices seen supported on rising demand from buyers at the spot market. The arrivals have improved last week at 8,725 tonnes compared to 5,151 tonnes last week across the country as per data. NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 568 tonnes. In Nizamabad, a major spot market in AP, the price ended at 9015 rupees gained 17.5 rupees.

Aluminium trading range for the day is 98.4-100.6.Aluminium dropped as prices come under further pressure from Chinese exports and expectations of large surpluses for some years. Some Japanese Aluminium buyers have agreed to pay a premium of $115 per tonne for primary metal to be shipped in the April-June quarter. Aluminum stockpiles have been falling along with other metals as the LME tightens warehousing rules to prevent queues from building. Warehouse stock for Aluminium at LME was at 2837275mt that is down by -9225mt.

Naturalgas trading range for the day is 118.7-126.7.Natural gas settled unchanged in the volatile session but sentiments remain firm as traders considered forecasts for colder weather Total US natural gas storage stood at 2.478tcf as of last week, 40.2% higher than levels at this time a year ago. Market experts warned that stockpiles at the end of March will hit at an all-time high of around 2.5trillion cubic feet. Natural gas are down nearly 20% so far this year as weak winter heating demand, near-record production and record-high storage levels dragged down prices.

Jeera trading range for the day is 14960-15670.Jeera prices ended with gains due to expectation of good export demand. At Jodhpur (Rajasthan) market sources reported arrivals at 2500 quintals, lower by 500 quintals as compared to previous day. The export of jeera during first 8 month of 2015- 16 (Apr-Nov) is 56,787 ton, which is, lower as compared to last year. In Unjha, a key spot market in Gujarat, jeera edged up by 198.95 rupees to end at 15283.35 rupee per 100 kg.

Chana trading range for the day is 4247-4435.Chana dropped on profit booking after prices gained driven by pick-up in demand at the spot market ahead of the Festival holiday later this week. Further, crop damage caused by recent unseasonal rains in some growing states too supported chana prices uptrend. Market participants were expecting a little damage to the chana crop in recently recent unseasonal rains. In Delhi spot market, chana gained by 4.75 rupee to end at 4475 rupee per 100 kgs. BUY CHANA APR @ 4290 SL 4260 TGT 4330-4390.

Soyabean trading range for the day is 3901-4037.Soyabean prices ended with gains as there was expectation of higher demand from industrial buyers. Limited arrivals in spot market and clues from International markets too trigger the prices. NCDEX accredited warehouses soyabean stocks dropped by 851 tonnes to 40961 tonnes. At the Indore spot market in top producer MP, soybean gained 38 rupee to 3885 rupee per 100 kgs.

Menthaoil trading range for the day is 793.4-864.6. Mentha oil spot at Sambhal closed at 998.90 per 1kg. Spot prices is down by Rs.-17.60. Mentha oil prices ended with losses on the back of weak demand from consuming industries at the domestic spot market. Further, higher supplies from major growing regions of Chandausi in Uttar Pradesh also weighed on mentha oil prices. At Rampur market estimated market supply was at 3 Drums (1-drum=180kg), lower by 2 Drums (1-drum=180kg) as compared to previous day.

Nickel trading range for the day is 571-597.2.Nickel settled up while traded steadied as the market waited to see whether signs of stronger demand in China are confirmed over coming months. A sign of change and a sign that NPI production in China is probably slowing is the pick-up in refined nickel imports into China. Chinas data showed home prices in China climbed at their fastest pace in almost two years in February. Warehouse stock for Nickel at LME was at 431148mt that is down by -1176mt.

Copper trading range for the day is 335.9-341.3.Copper prices slipped as the dollar rose and the market waited to see whether signs of stronger demand in China are confirmed over coming months. The global world refined copper market showed a 47,000-tonne deficit in December, compared with a 31,000-tonne deficit in November, the ICSG said. Chinas demand for copper is forecasted to slow down this year from a 2.8 percent increase in 2015.Warehouse stock for Copper at LME was at 151975mt that is down by -3300mt.

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