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Important Commodity Notifications 30 March 2016

Important Commodity Notifications 30 March 2016

Commodity Notifications

Crude oil: trading range for the day is 2497-2661.Crude fell sharply by -2.70% ahead of weekly inventory report, paring some losses following dovish remarks from Janet Yellen Oil markets showed little reaction to news that Iran will reportedly attend a highly-anticipated meeting between OPEC and Non-OPEC producers on April 17 in Doha. Crude prices dropped also after Kuwait and Saudi said they would resume production at the jointly operated 300,000bpd Khafji field even as oil output is supposed to be capped. The EIA is due to release official crude inventory data later on Wednesday.

Turmeric: trading range for the day is 8170-8622.Turmeric prices ended with losses due to improved arrivals in 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 209 tonnes to 1146 tonnes. In Nizamabad, a major spot market in AP, the price ended at 9015 rupees remains unchanged at0 rupees.

Jeera: trading range for the day is 15215-15815.Jeera prices gained due to expectation of good export demand as good quality jeera hitting the spot market. Further, restricted supplies from major producing belts too led to an increase in jeera prices.NC DEX accredited warehouses jeera stocks gained by 96 tonnes to 676 tonnes. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 15320 rupee per 100 kg.

Aluminium: trading range for the day is 97.8-99.8.Aluminium prices settled flat as prices remained supported by some signs of tightness in the market. Focus is also on falling stocks in LME warehouses, which at 2.81 million tonnes are down nearly 15 percent from mid-September. A tighter LME Aluminium market can be seen in the narrowing discount for cash metal over the 3-month future, which is now around $8 a tonne from $24 last week. Warehouse stock for Aluminium at LME was at 2814800mt that is down by -6575mt.

Naturalgas: trading range for the day is 126.8-135.4.Natural gas prices rises more than 2% on cooler weather forecast while stockpiles stand above average levels for this time of year Natural-gas stockpiles stood 51% above average levels for this time of year as of March 18, according to the Energy Information Administration Weather forecasts call for some colder-than-average temperatures in the next two weeks, which could increase natural-gas consumption. A weak winter and surging production have resulted in fast-growing stockpiles of natural gas, with the U.S. Energy Department reporting a increase in inventories last week

Chana: trading range for the day is 4385-4583.Chana prices ended with losses on profit booking after prices gained on anticipation of good demand for new season crop. Govt. is creating buffer stock for pulses including chana so that they can stabilize the prices in years to come. Imported chana has also hit the markets this month and traders & stockists are buying up to their respective stock limits for the new season crop. In Delhi spot market, chana dropped by -8.2 rupee to end at 4672.35 rupee per 100 kgs.

Soyabean: trading range for the day is 3933-4119.Soyabean prices dropped on profit booking after prices gained on supply worries in global market and on higher demand from China. Slow harvesting pace in Argentina and Brazil and robust China demand supporting the bean prices. NCDEX accredited warehouses soyabean stocks gained by 121 tonnes to 41132 tonnes. At the Indore spot market in top producer MP, soybean gained 61 rupee to 3971 rupee per 100 kgs.

Menthaoil: trading range for the day is 836.4-864.Mentha oil spot at Sambhal closed at 1006.60 per 1kg. Spot prices is down by Rs.-2.10-.Mentha oil prices dropped on the back of sluggish demand from consuming industries at domestic spot market. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season. At Rampur market total arrivals are at 5 Drums (1-drum=180kg), higher by 2 Drums (1-drum=180kg) from previous days arrivals.

Copper: trading range for the day is 321.9-333.9.Copper prices ended with losses as lingering concerns over the global economy weighed on prices. China is stashing away copper from London warehouses at a breakneck pace, which may put downward pressure on the prices. LME copper inventories have fallen by 40 percent since the start of the year, while Chinas copper imports have risen by over 20 percent. Warehouse stock for Copper at LME was at 149125mt that is down by -2250mt.

Silver: trading range for the day is 36013-37017.Silver recovered from the day’s low after Janet Yellen emphasized that the Federal Reserve should proceed gradually. The Federal Reserve will proceed cautiously with hikes to interest rates, given global risks, Yellen said. Citing increased risks with global financial and economic conditions, as well as longstanding concerns with the price of oil. Holdings at ishares silver trust gained by 0.19% i.e. 19.24 tonnes to 10276.27 tonnes from 10257.03 tonnes.

Gold: trading range for the day is 28181-29063.Gold prices rallied more than 1% after Fed Chair Janet Yellen quelled speculation interest rates will be hiked in April. Yellen, in a speech acknowledged it is too early to say if pickup in core inflation will prove durable. Given the risks to the outlook due to global problems, I consider it appropriate for the Committee to proceed cautiously in adjusting policy, she said. Data showed the Chinas net gold imports via main conduit Hong Kong rose in February from a 17-month low reached in the previous month.

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