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Important Commodity Notifications 29 March 2016

Important Commodity Notifications 29 March 2016

Commodity Notifications

Turmeric trading range for the day is 8180-8988.Turmeric prices ended with losses on expectation of higher arrivals from the producing belts in coming months. Arrivals in Nizamabad and Erode have not picked up yet as farmers are holding good and medium quality stock. NCDEX accredited warehouses turmeric stocks gained by 230 tonnes to 937 tonnes. In Nizamabad, a major spot market in AP, the price ended at 9015 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 98.4-99.2.Aluminium settled flat, as prices recovered amid pickup in seasonal demand and tighter supply following production curtailments in the world’s top producer. Chinas aluminum semis exports totaled 260,000 tonnes in February, down 34.1% from a year ago and down from Januarys 330,000 tonnes. A slump in Chinas aluminum semis exports in February sparked concerns over export volumes in March. Warehouse stock for Aluminium at LME was at 2821375mt that is down by -7925mt.

Naturalgas trading range for the day is 120.5-135.7.Natural gas prices recovered with demand expectations as northeastern temperatures getting colder in early April Price fell to a more than two-week low as updated weather forecasting models pointed to spring-like temperatures. Experts worry that stockpiles at the end of March will hit at an all-time high of around 2.5tcf.Market players will be focusing on weekly U.S. storage data on Thursday for fresh supply-and-demand signals.

Jeera trading range for the day is 15250-15900.Jeera prices ended with gains due to firm domestic demand coupled with increased international buying. Jeera further improved due to rains in major growing regions which led to concerns about damage to the crop. NCDEX accredited warehouses jeera stocks gained by 149 tonnes to 580 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 15320 rupee per 100 kg.

Chana trading range for the day is 4358-4560.Chana prices ended with gains on strong demand amid crop damage caused by recent unseasonal rains in some growing states. However, sharp rise in chana prices may be capped on higher supplies in local mandis. According to the Second Advance Estimate by Government, Gram production estimate has been revised down to 8.09 MMT from targeted estimate of 9.50 MMT. In Delhi spot market, chana gained by 180.55 rupee to end at 4680.55 rupee per 100 kgs.

Soyabean trading range for the day is 3938-4154.Soybean prices ended with gains on expectation of higher demand for crushing as meal demand increases in domestic market. Prices also seen supported due to higher demand from China, the world’s biggest bean consumer, following robust imports data. According to Argentinean Agri. Ministry Soybean crop there is estimated to be around 60.9 million tons compared to 61.4 million tons last year. At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupee to 3910 rupee per 100 kgs.

Menthaoil trading range for the day is 824.1-875.9.Mentha oil spot at Sambhal closed at 1008.70 per 1kg. Spot prices is up by Rs.7.50-.Mentha oil prices ended with gains amid rising demand from consuming industries at the domestic spot market. Besides, restricted arrivals from major growing regions of Chandausi in Uttar Pradesh too fuelled the uptrend. At Rampur market total arrivals are at 5 Drums (1-drum=180kg), higher by 2 Drums (1-drum=180kg) from previous days arrivals. BUY MENTHA OIL MAR @ 845 SL 836 TGT 865-880.

Nickel trading range for the day is 570.3-586.1.Nickel dropped falling to a one-week low, on the Easter break, as a rising US dollar triggered profit-taking Nickel ore inventories at six major Chinese ports fell last week after a 50,000-tonne rise. Nickel daily stocks at Shanghai exchange came up by 114 tonnes. Warehouse stock for Nickel at LME was at 432672mt that is down by -438mt.

Zinc trading range for the day is 118.8-120.6.Zinc prices settled flat after trading in the range as a subdued dollar helped a recovery in metals. Chinas industrial profits returned to growth in the first two months of 2016, partly due to a recovery in the property market. March nonfarm payrolls data and the March ISM manufacturing report, both due Friday, will also be in focus. Warehouse stock for Zinc at LME was at 438175mt that is down by -1575mt.

Copper trading range for the day is 327.7-336.1.Copper traded in the range buoyed by a weaker dollar and encouraging industrial profits in top metals user China. Some brighter fundamental signs are emerging for copper, as surplus metal is shipped to China from Europe where prices and premiums have begun to climb. China also showed some encouraging signs, with ShFE warehouses registering a large weekly draw of 8,878 tonnes. Warehouse stock for Copper at LME was at 151375mt that is up by 700mt.

Crudeoil trading range for the day is 2567-2725.Crude dropped in relatively flat and thin post-Holiday trading, ahead of next month’s highly-anticipated meeting between OPEC and Non OPEC members. With Iran pledging to make up for any lost market share during sanctions, however, any deal between Saudi Arabia and Russia may have little effect on oil prices. Ahead of weekly inventory reports from industry group the API and the EIA, estimated, on average, that crude stocks rose 3.2mbls in the week ended March 25.According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. fell by 15 last week to 372.

Silver trading range for the day is 36190-37088.Silver dropped but recovered from the day’s low as the dollar retreated after weaker-than-expected US data. Liquidity was thin as London and many other gold markets were closed for the Easter Monday holiday. Holdings at shares silver trust gained by 0.26% i.e. 26.64 tonnes to 10257.03 tonnes from 10230.39 tonnes. Market players will be turning their attention to a highly anticipated speech by Yellen on Tuesday for further clues on the timing of the next U.S. rate hike.

Gold trading range for the day is 28163-28673.Gold recovered from the day’s low ahead of remarks by Fed chief Janet Yellen to set the tone ahead of the April rate meeting. Prices trimming losses after data showed US consumer spending rose in line with market expectations in February, while core PCE prices came in below forecasts Holdings in the SPDR Gold Trust, rose to its highest since December 2013 at 26.48 million ounces on Thursday, the latest available data shows. Hedge funds and money managers increased their bullish positions in COMEX gold in the week to March 22, U.S. Commodity Futures Trading Commission data showed.

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