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Important Commodity Notifications 7 April 2016

Important Commodity Notifications 7 April 2016

Commodity Notifications

Silver trading range for the day is 35478-36534. Silver prices ended with losses as a recovery in the dollar prompted some to cash in gains. Fed Chair Janet Yellen last week assured markets the central bank would be cautious in raising rates, stating that there are plenty of risks to its forecast. After the minutes, traders added slightly to bets that the Fed will raise rates earlier than December, the timing that had been expected before the release. The Federal Reserve Bank of Atlanta cut its estimate for U.S. first-quarter economic growth from 0.7% to 0.4%, which would be its slowest growth in two years.

Copper trading range for the day is 313.7-318.9.Copper recovered from lows after prices seen pressure due to stronger dollar and mixed economic data from China. Chinese copper demand is expected to grow by 0.6 percent this year, lower than the 3.8 percent growth seen last year. Japans Pan Pacific Copper smelter, plans to produce 297,200 tonnes of refined copper in the first half of its 2016 financial year that began in April. Warehouse stock for Copper at LME was at 141075mt that is down by -350mt.

Zinc trading range for the day is 117.6-121.8. Zinc ended with losses as concerns of rising supply and weak Chinese demand weighed on prices. German economic growth looked set to accelerate in the first quarter of 2016 after official figures showed industrial output fell less than expected in February. Zinc daily stocks at Shanghai exchange came up by 963 tonnes. Warehouse stock for Zinc at LME was at 433625mt that is down by -150mt.

Soyabean trading range for the day is 4092-4230. Soyabean prices ended with gains due to lower supplies and good crushing demand in the spot market. USDA said US soybean export inspections last week totaled 204,974 tons, below the range of trade forecasts of 300,000 to 500,000 tons. NCDEX accredited warehouses soyabean stocks gained by 253 tonnes to 41700 tonnes. At the Indore spot market in top producer MP, soybean dropped -1 rupee to 4132 rupee per 100 kgs.

Chana trading range for the day is 4831-4979.Chana prices ended with gains due to increased demand for new season crop. Market participants are expecting good spot demand in coming months, as arrivals have been steady across country. Moreover, Govt. has also started to procure directly from farmers to create buffer stock for pulses including chana. In Delhi spot market, chana dropped by -6.8 rupee to end at 5043.2 rupee per 100 kgs.

Turmeric trading range for the day is 8210-8546.Turmeric prices gained as the turmeric output in 2015-16 is estimated to fall due to poor monsoon and drought-like situation. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 1909 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8731.55 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 98.5-102.5.Aluminium prices dropped as worries grew that Chinese smelters are restarting output, adding to a global supply glut. The recent spike in prices in the first quarter has been welcomed by producers to reactivate their production. Aluminum daily stocks at Shanghai exchange came down by 1944 tonnes. Warehouse stock for Aluminium at LME was at 2763750mt that is down by -6175mt.

Naturalgas trading range for the day is 125.4-130.8.Natural gas dropped to a more than one-week low as traders looked ahead to fresh weekly information on U.S. gas inventories. EIAs storage report slated for release on Thursday is expected to show a build of approximately 7bcf for the week ending April 1.Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks. Citibank lowered their 2016 average price forecast to $2.10mmBtu from their previous expectation of $2.50mmBtu.

Jeera trading range for the day is 15910-16300.Jeera prices dropped on account of higher supply from the producing regions. Though, some losses were capped due to good demand for new season crop at the spot market. NCDEX accredited warehouses jeera stocks gained by 21 tonnes to 1732 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -77.1 rupees to end at 16081.25 rupee per 100 kg.

Menthaoil trading range for the day is 792.3-822.1. Mentha oil spot at Sambhal closed at 970.40 per 1kg. Spot prices is up by Rs.9.10/-. Mentha oil prices ended with gains driven by improved demand from consuming industries at the domestic spot market. Further, tight stocks position on account of restricted supplies from Chandausi in Uttar Pradesh also supported prices. Prices also seen supported in the anticipation that current year production can slip more that 35% due to lower plantings.

Nickel trading range for the day is 561-581.Nickel ended with gains continuing its firm trend tracking firmness in LME prices as support came after rise in crude oil prices. Chinas Caixin services purchasing managers index rose to 52.2 last month, up from February’s reading of 51.2.Chinas exports likely returned to growth for the first time in nine months in March while the pace of bank lending may have picked up. Warehouse stock for Nickel at LME was at 432024mt that is up by 1518mt.

Crudeoil trading range for the day is 2334-2612.Crude oil surged more than 5% rebounding from recent losses amid hopes for a deal to freeze supplies. Support seen after the surprising draw down in US crude oil inventories also fueled the rally. EIA showed US crude oil inventories falling by 4.9 million barrels in the week ending April 1.In Europe, North Sea oil field maintenance expected next month lent support to Brent futures, which are priced off North Sea supplies.

Gold trading range for the day is 28423-28959.Gold fell as a recovery in equities and the dollar prompted some profit-taking after Tuesdays rally. Policymakers had signaled that they expected to raise rates twice in 2016 but the timing of the hikes still appears up in the air. Assets in SPDR Gold Trust rose 0.51 percent to 819.60 tonnes on Wednesday, the first inflow in nearly two weeks. In India Jewellers and bullion traders kept shutters down for the 36th day against the proposal of 1% excise duty on jewellery

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