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Important Commodity Notifications 5 April 2016

Important Commodity Notifications 5 April 2016

Commodity Notifications

Nickel trading range for the day is 546.4-566.4.Nickel gained on short covering as the market took a breather after sliding amid slowing growth in top consumer China. LME nickel inventories edged higher, highlighting oversupply of the metal mainly used to make stainless steel. Nickel inventories are not really moving in the right direction, still got about 505,000 tonnes combined in LME and Shanghai. Warehouse stock for Nickel at LME was at 431856mt that is up by 54mt.

Menthaoil trading range for the day is 812.8-837.4.Mentha oil spot at Sambhal closed at 987.50 per 1kg. Spot prices is up by Rs.0.70-.Mentha oil prices gained amid improved demand from consuming industries at the spot market. Further, tight stocks position on restricted supplies from major producing regions of Chandausi in Uttar Pradesh also supported prices. As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season.

Turmeric trading range for the day is 8068-8656.Turmeric gained on reports of a shortfall in production in the key growing areas of Andhra Pradesh and Maharashtra. Prices also seen supported due to due to anticipation of fall in output by 15-20% due to adverse weather. NCDEX accredited warehouses turmeric stocks gained by 104 tonnes to 1749 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8785.3 rupees remains unchanged at0 rupees.

Jeera trading range for the day is 15745-16645. Jeera prices gained on the back of short supply coupled with good demand from stockiest. Meantime there are reports that untimely rains in some parts of Gujarat and Rajasthan has affected the crop and quality may be poor. NCDEX accredited warehouses jeera stocks gained by 99 tonnes to 1459 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 713.35 rupees to end at 16033.35 rupee per 100 kg.

Aluminium trading range for the day is 100.6-103.Aluminium dropped as investors pared long positions on persisting concern over Chinese growth and metals demand. Chinas manufacturing purchasing managers index showed improving conditions for the first time in eight months. In warehouses tracked by the London Metal Exchange, aluminum inventories shrank for a 14th straight session, the longest streak of declines since Feb. 12.Warehouse stock for Aluminium at LME was at 2776275mt that is down by -6775mt.

Naturalgas trading range for the day is 127.6-140.4.Natural gas soared as updated weather forecasting models pointed to a burst of chillier-than-normal weather across most parts of the U.S. in the coming days. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-winter heating demand. However, a warmer-than-normal winter due to the El Nio weather pattern has limited the amount of heating days and reduced demand for the fuel. Total U.S. natural gas storage stood at 2.468 trillion cubic feet as of last week, according to the U.S.

Chana trading range for the day is 4808-4902.Chana prices ended with gains as demand surpasses arrivals due to increased procurement by government. According to the State Department of Agriculture, Rajasthan’s chana yields are estimated to be higher this year. Imported chana has also hit the markets and traders & stockiest are buying up to their respective stock limits for the new season crop. In Delhi spot market, chana gained by 283.7 rupee to end at 5033.7 rupee per 100 kgs.

Soyabean trading range for the day is 4127-4311.Soyabean surged on supply worries following slower harvesting pace in US and on improved demand from China. USDA farmers planned to seed 82.236 million acres of soybeans compared to 82.650 million a year ago. NCDEX accredited warehouses soyabean stocks gained by 202 tonnes to 41397 tonnes. At the Indore spot market in top producer MP, soybean gained 77 rupee to 4128 rupee per 100 kgs.

Zinc trading range for the day is 121-124.2.Zinc dropped dragged down by a strong U.S. jobs report that raised the likelihood of interest rate hikes soon and adding to concerns over demand in China. Activity in Chinas manufacturing activity unexpectedly expanded in March for the first time in nine months, an official survey showed. In the week ahead, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s latest policy meeting. Warehouse stock for Zinc at LME was at 434075mt that is down by -950mt.

Copper trading range for the day is 310.4-320.6.Copper prices dropped as concerns over a slowdown in demand from top consumer China weighed. Prices were largely hurt by data that showed U.S. nonfarm payrolls rose more than expected last month, underscoring the strength in the economy. Hedge funds and money managers trimmed their net long positions in copper in the week to March 29, U.S. CFTC data showed. Warehouse stock for Copper at LME was at 143475mt that is up by 75mt.

Crudeoil trading range for the day is 2340-2500. Crude dropped by 3% after the update that Iran will raise its crude output and exports until it reaches pre-sanction levels. Major global oil producers are scheduled to meet in Doha on April 17 to discuss a potential freezing of oil output. In a bearish note from BNP Paribas on the increased likelihood that oil could retest yearly lows amid signals of mounting stockpiles worldwide. Iran is hesitant to take part in any deal forcing it to limit production, as the Persian Gulf nation returns to global markets.

Silver trading range for the day is 35265-36153.Silver dropped as better than expected U.S. employment data sparked speculation the Fed could raise interest rates sooner and faster than expected. Robust U.S. jobs data indicated strength in the economy and stoked speculation the Fed could raise interest rates soon. Holdings at ishares silver trust gained by 0.33% i.e. 34.18 tonnes to 10378.53 tonnes from 10344.35 tonnes. In the week ahead, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s latest policy meeting.

Gold trading range for the day is 28222-28536.Gold dropped on worries that the Fed will hike US interest rates earlier than market expectations and on outflows from bullion-backed ETF. Feds Rosengren, said it was surprising that futures markets currently imply only one or no interest-rate hikes this year, a prediction he said could prove too pessimistic. Assets of the fund fell 0.29% to 815.72 tonnes on Monday, the fund last week experienced its first net weekly outflow this year. Indias gold imports in February fell 34% compared with the same period last year as high prices and hopes for a cut in import taxes kept buyers away.

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