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Important Commodity Notifications for 16 March 2016

Important Commodity Notifications for 16 March 2016

Precious Metals

Gold trading range for the day is 28708-29364.Gold dropped as investors waited for the outcome of the Federal Reserve policy meeting. The Federal Reserve is not expected to raise U.S. rates after this week’s two-day meeting ending on Wednesday.SPDR Gold Trust, said its holdings rose 0.26 percent to 792.23 tonnes on Tuesday from 790.14 tonnes on Monday. Indian jewellers continued their strike against introduction of excise duty on gold ornaments for the 15th day Tuesday.

Silver trading range for the day is 36658-37526.Silver prices sank as investors readjusted positions ahead of the Federal Reserve’s two-day monetary policy meeting. The U.S. Commerce Department said that retail sales fell 0.1% last month, while sales for January were revised sharply lower to show a 0.4% decline Report showed that manufacturing conditions in New York expanded for the first time in eight months in March, as new orders and shipments improved Investors in the market anticipate the pace of increases to be gradual amid concerns over tepid growth overseas and divergent monetary policies.

Base Metals

Copper trading range for the day is 329.6-339.6.Copper gains amid prospect of a stronger global economy and easing worries about demand growth in top consumer China. Prices traded in the range ahead of a U.S. Fed meeting where monetary officials are expected to affirm at least one further rate hike is on the cards this year. Retailers in China are shedding staff, slowing expansion plans and seeing stocks pile up in warehouses as shoppers tighten their belts. Warehouse stock for Copper at LME was at 170075mt that is down by -4100mt.

Zinc trading range for the day is 115.4-121.Zinc dropped below 118 despite the expectations that prices may outperform due to tighter supplies caused by shutdowns. Expectations are for zinc to outperform other industrial metals due to tighter supplies caused by shutdowns. Zinc daily stocks at Shanghai exchange came up by 5761 tonnes. Warehouse stock for Zinc at LME was at 455675mt that is down by -3600mt.

Nickel trading range for the day is 568.5-594.1.Nickel dropped ahead of a U.S. Fed meeting where monetary officials are expected to affirm at least one further rate hike is on the cards this year. Persistent weakness in Chinas steel demand is likely to create an overhang of the material used to make stainless steel. Report showed that manufacturing conditions in New York expanded for the first time in eight months in March, as new orders and shipments improved Warehouse stock for Nickel at LME was at 434028mt that is up by 11298mt.

Aluminum trading range for the day is 101.1-104.5.Aluminium dropped tracking LME aluminum which ended down at $1,520 a tonne as an oversupplied market and Chinese exports are expected to create pressure.JP Morgan recommended that clients take short positions in December 2016 aluminium and nickel futures. Concerns about overcapacity re-emerged after China Hongqiao Group announced plans to boost capacity by 16% this year. Warehouse stock for Aluminium at LME was at 2870325mt that is down by -7200mt.

Energy

Crude oil trading range for the day is 2400-2518.Crude oil prices dropped after OPEC said that global demand for its crude would be lower than previously thought in 2016.OPEC said supply from rivals is proving more resilient to low prices, increasing the excess supply in the market. To tackle the surplus, Saudi Arabia and non-OPEC member Russia, along with Qatar and Venezuela have proposed major producers freeze output at January levels. While Russian and Saudi production remains stable, Iran has trebled its output to around 3.1 million bpd, from close to 1 million bpd in January.

Naturalgas trading range for the day is 119-131.2.Natural gas rallied up by 2% on short covering as Nymex Natural gas prices shown recovery from 17-year lows continued.Prices received additional support after forecasts showed cooler weather that would boost late-winter heating demand for the fuel in the eastern US next week. Worry there may be too much gas left in storage at the end of March when utilities traditionally start injecting the fuel back into storage for the next winter.The EIAs next storage report is due on Thursday, March 17. Inventories fell by 43bcf in the same week last year.

Agro Commodity

Mentha oil trading range for the day is 876.5-894.9.Mentha oil spot at Sambhal closed at 1035.40 per 1kg. Spot prices is down by Rs.-2.80-.Mentha oil prices gained tracking rising demand from consuming industries at the domestic spot market.Besides, restricted supplies from major growing regions of Chandausi in Uttar Pradesh, also added support to mentha oil prices uptrend.At Sambhal market sources reported arrivals at 105 Drums (1-drum=180kg), down by 5 Drums (1-drum=180kg) from previous trading day.

Soyabean trading range for the day is 3695-3801.Soyabean prices ended with losses on profit booking after prices gained in last some session on back of limited arrivals. Estimation for Argentina, 2015-16 crop output maintained at 58.5 million tons unchanged from previous month and 61.4 million tons a year ago.NCDEX accredited warehouses soyabean stocks dropped by 665 tonnes to 43945 tonnes.At the Indore spot market in top producer MP, soybean dropped -5 rupee to 3785 rupee per 100 kgs.

Chana trading range for the day is 4298-4530.Chana prices ended with losses due to profit booking after prices gained due to unseasonal rains in North and Central India.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 -40.2 rupee to end at 4759.8 rupee per 100 kgs.

Turmeric trading range for the day is 9108-9420.Turmeric prices ended with losses on profit booking after prices gained on account of good upcountry demand at the spot market.However, reports of shortfall in production in the key growing areas of Andhra Pradesh and Maharashtra also limited the downside.NCDEX accredited warehouses turmeric stocks gained by 89 tonnes to 228 tonnes.In Nizamabad, a major spot market in AP, the price ended at 8985.7 rupees gained 48.2 rupees.

Jeera trading range for the day is 14530-14870.Jeera prices ended with losses on profit booking amid lack of export demand. However downside seen limited on concerns over lower output due to jeera flower dropping in some areas in north Gujarat.As per second advance estimate of Gujarat for 2015-16 jeera production is pegged at 211,000 ton up from 197,000 a year ago. In Unjha, a key spot market in Gujarat, jeera edged up by 58.35 rupees to end at 15083.35 rupee per 100 kg.

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