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Important Commodity Notifications 6 April 2016

Important Commodity Notifications 6 April 2016

Commodity Notifications

Gold trading range for the day is 28258-29198.Gold gained as risk appetite evaporated, pushing global stocks lower and knocking the dollar to a 17-month low against the yen. Bullion prices pared gains after an industry report showed the U.S. economy’s service sector grew more quickly in March. Feds Kashkari said he is comfortable with the current stance of U.S. monetary policy, and expects moderate economic growth ahead. Fed Chair Janet Yellen said last week that the U.S. central bank would proceed cautiously with rate increases.

Silver trading range for the day is 35549-36607.Silver gained as retreating oil prices and steep declines in global equity markets underpinned demand for assets perceived as safer. Data showed the U.S. trade deficit widened more than expected in February as a rebound in exports was offset by an increase in imports. Holdings at ishares silver trust gained by 0.31% i.e. 32.56 tonnes to 10411.09 tonnes from 10378.53 tonnes. Wednesday’s minutes of Feds latest policy meeting are also in focus, as market players search for fresh clues on the timing of the next U.S. rate hike.

Crudeoil trading range for the day is 2337-2417.Crude dropped before turning positive as an unexpected decline in monthly US gasoline demand for gasoline was fairly strong in January despite poor weather on the month, before steadily increasing again late in February. The Kuwaiti governor for OPEC, said that there were positive indications an agreement will be reached during a producer meeting scheduled for April 17 in Qatar. Iran has made it clear that it is not looking to cap its production until levels reach those of the pre-sanction period.

Copper trading range for the day is 312.9-318.5.Copper edged higher as the market took a breather, but slowing growth in China and global oversupply kept a lid on prices. While Chinas manufacturing activity unexpectedly expanded for the first time in nine months in March, factories still shed jobs at a significant rate. Copper looks to remain under pressure as a seasonal uptick in Chinese economic activity isnt enough to offset strong inventory levels. Warehouse stock for Copper at LME was at 141425mt that is down by -2050mt.

Zinc trading range for the day is 118.5-123.1.Zinc dropped as concerns over weak Chinese demand and rising supply return following a rebound in prices at the start of the year. Data showed the biggest fall in German factory orders for six months, suggesting that Europe’s biggest economy is becoming caught up in a global slowdown. LME Zinc was the biggest loser, sliding 2.2 percent to end at $1,812.50 a tonne after failing several times in recent weeks to break above $1,880. Warehouse stock for Zinc at LME was at 433775mt that is down by -300mt.

Soyabean trading range for the day is 4073-4265.Soyabean prices ended with losses tracking weakness in spot demand amid profit booking. However downside seen limited on supply worries from United States and Argentina. NCDEX accredited warehouses soyabean stocks gained by 50 tonnes to 41447 tonnes. At the Indore spot market in top producer MP, soybean gained 5 rupee to 4133 rupee per 100 kgs.

Jeera trading range for the day is 15975-16585.Jeera prices ended with losses due to profit booking after prices gained due to strong demand of exporters in local mandis. As per sources, the total jeera production is projected to decline by 15 percent to reach 45 lakh tonnes. NCDEX accredited warehouses jeera stocks gained by 252 tonnes to 1711 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 125 rupees to end at 16158.35 rupee per 100 kg.

Aluminium trading range for the day is 99.9-102.7.Aluminium prices ended with losses on concerns over demand from top consumer China. The Federal Reserve Bank of Atlanta lowered its first quarter U.S. GDP growth estimate to 0.4%, from previous forecasts of 0.7% last week. Investors await a wave of public comments from key Fed policymakers, including Yellen, for further signals on the pace of the Feds current tightening cycle. Warehouse stock for Aluminium at LME was at 2769925mt that is down by -6350mt.

Naturalgas trading range for the day is 124.6-138.6.Natural gas declined as investors cashed out of the market to lock in gains from a recent rally. A day earlier, prices gained as updated weather forecasting models pointed to a burst of chillier-than-normal weather. But market is worried that stockpiles at the end of March will hit at an all-time high of around 2.5tcf.Total natural gas storage stood at 2.468tcf as of last week, according to the US EIA, 40.6% higher than levels at this time a year ago

Turmeric trading range for the day is 8066-8554.Turmeric prices ended with losses due to record supplies in local mandis. The total production in the coming year is expected to be around 68 lakh bags, up 20 lakh bags from the last year. NCDEX accredited warehouses turmeric stocks gained by 130 tonnes to 1879 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8731.55 rupees dropped -53.75 rupees.

Chana trading range for the day is 4757-5001. Chana settled up by 0.27% as demand surpasses arrivals due to increased procurement by government. The sources stated that total production will witness some decline due to weak crop in Rajasthan and Madhya Pradesh. NCDEX accredited warehouses chana stocks gained by 30 tonnes to 60 tonnes. In Delhi spot market, chana gained by 16.3 rupee to end at 5050 rupee per 100 kgs.

Menthaoil trading range for the day is 781.3-834.1. Mentha oil spot at Sambhal closed at 961.30 per 1kg. Spot prices is down by Rs.-26.20/-. Mentha oil prices dropped on account of weak demand from consuming industries in the spot market. Besides, higher supplies from major producing belts of Chandausi in Uttar Pradesh also fuelled the downtrend. Technically market is under fresh selling as market has witnessed gain in open interest by 5.52% to settled at 5539

Nickel trading range for the day is 550.2-578.2.Nickel gained taking a breather after sliding in last some sessions, but slowing growth in China and global oversupply kept a lid on prices. Data showed the U.S. trade deficit widened more than expected in February as a rebound in exports was offset by an increase in imports. Nickel daily stocks at Shanghai exchange came up by 2759 tonnes. Warehouse stock for Nickel at LME was at 430506mt that is down by -1350mt.

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