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Commodity Market important Updates for 10 July 2017

Commodity Market important Updates for 10 July 2017

Gold trading range for the day is 27481-28269.Gold fell to the lowest in nearly four months after stronger than expected US jobs data increased the likelihood of another U.S. interest rate increase.U.S. non farm payrolls jumped by 222,000 jobs last month, the Labor Department said, beating expectations of a 179,000 gain. SPDR gold trust holdings dropped by 0.63% i.e. 5.32 tonnes to 835.35 tonnes from 840.67 tonnes. Silver trading range for the day is 35090-38010.Silver prices slumped after data showed an improvement in the U.S. labor market.The latest batch of mostly upbeat jobs data, fuelled expectations that the Fed would continue with its plan to hike rates later this year.The Bureau of Labor Statistics reported, nonfarm payrolls grew by 222,000 in June, well above expectations of a 179,000 increase. Aluminium trading range for the day is 123.2-126.2.Aluminium dipped after touching a five-week high in the previous session, hit by profit taking and by signs that supply is still robust.Earlier this year, China ordered steel and aluminium producers in 28 cities to slash output during winter as Beijing intensifies its war on smog.Aluminium inventories in warehouses monitored by the SHFE rose 1,006 tonnes from last Friday to 433,548, their highest since May 2013. Nickel trading range for the day is 571.2-593.Nickel prices dropped as pressure following Indonesias approval for third company for nickel ore exports. The news from the Philippines has eased worries about shortages of the metal used to make stainless steel, where production is slowing.Chinas refined nickel output fell during the first half of 2017. Zinc trading range for the day is 178-182.8.Zinc settled flat paring its gains...
Commodity Market important Updates for 06 July 2017

Commodity Market important Updates for 06 July 2017

Gold trading range for the day is 27915-28287.Gold should recover today as yesterday Fed minutes showed a growing split among policymakers on the inflation outlook and the dollar pared gains. North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead.WGC expects Indias demand for gold to be 650750 tons in 2017 and rise to 850950 tons by 2020. Silver trading range for the day is 36848-38084.Silver pushed lower by a strengthening dollar and rising U.S. bond yields while investors looked ahead to Federal Reserve minutes. Fed minutes showed a growing split among policymakers on the inflation outlook and the dollar pared gains, lifting the precious metal. A missile launch by North Korea caused only a brief rally for bullion prices, seen as a safe haven in times of uncertainty. Crudeoil trading range for the day is 2843-3115.Crude oil prices dropped after Russia ruled out any proposals to deepen the OPEC-led production cuts. Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials. Oil exports by the OPEC rose for a second month in June, despite its pledge to hold back production between January this year and March 2018 in order to prop up prices. Naturalgas trading range for the day is 175.8-200.4.Natural gas prices dropped below 185 level extending losses amid bearish weather forecasts that should limit demand for the fuel. Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks...
Commodity Market important Updates for 05 July 2017

Commodity Market important Updates for 05 July 2017

Gold trading range for the day is 27994-28274.Gold prices rose boosted by haven demand after North Korea spooked investors by test-launching a long-range missile. Upbeat U.S. manufacturing data reinforced expectations for another rate hike by the Federal Reserve this year.A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country. Silver trading range for the day is 37378-37964.Silver prices remained under pressure as the release of minutes from the U.S. Federal Reserves last meeting remained in focus. U.S. manufacturing data boosted expectations the Fed would raise interest rates again this year as other central banks shift towards tighter monetary policy. BOEs Ian McCafferty stuck to his view that interest rates should rise now, saying that the economy has not slowed by as much as predicted. Crudeoil trading range for the day is 3021-3099.Crude oil prices gains on tentative signs that a persistent rise in U.S. crude production may be slowing. The global oil market is expected to rebalance in the second half of 2017, International Energy Agency chief Fatih Birol said. There are also growing doubts over OPECs ability to hold back enough production amid a boost from members exempt from supply cuts. Naturalgas trading range for the day is 190.1-197.1.Naturalgas prices marginally gained but movement was lacklustre trading during the day with US markets closed for a holiday. Lacklustre market conditions have limited moves in natural gas prices with scope for limited gains over the next few days on stronger demand conditions. Last week US EIA said in its weekly report that natural gas storage...
Commodity Market important Updates for 03 July 2017

Commodity Market important Updates for 03 July 2017

Jeera trading range for the day is 18765-19445.Jeera prices ended with gains backed by rising demand at the spot market.Prices also seen supported on restricted inflow due to end of season and depleted stocks because of lower output.NCDEX accredited warehouses jeera stocks gained by 135 tonnes to 1313 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 163.65 Rupees to end at 18704.55 Rupees per 100 kg. Turmeric trading range for the day is 6322-6598.Turmeric gained due to higher export demand and poor arrivals.Turmeric sowing may be lower this year in Tamil Nadu due to lack of rains in the main producing areas.NCDEX accredited warehouses turmeric stocks gained by 3079 tonnes to 9798 tonnes.In Nizamabad, a major spot market in AP, the price ended at 6287.5 Rupees gained 61.05 Rupees. Soyabean trading range for the day is 2858-2978.Soyabean prices gained on lower sowing along with reports of poor monsoon progress sparked supply shortage.All India soybean arrivals were stood at 100,000-155,000 bags (90 kilogram per bag) as compared to 160,000-175,000 bags.NCDEX accredited warehouses soyabean stocks dropped by 6744 tonnes to 54074 tonnes.At the Indore spot market in top producer MP, soybean gained 2 Rupees to 2938 Rupees per 100 kgs. Menthaoil trading range for the day is 882.8-906.Mentha oil spot at Sambhal closed at 1002.70 per 1kg. Spot prices was down by Rs.-2.30-.Mentha oil prices holding below 900 level remains weak as demand is weak ahead of GST as traders are avoiding fresh buying from market.As per sources, new crops are arriving in the physical market due to which supply is more in the spot market.It is...
Commodity Market important Updates for 14 June 2017

Commodity Market important Updates for 14 June 2017

Jeera trading range for the day is 18040-18540.Jeera prices gained due to falling arrivals and likely emergence of export demand at lower prices. Indian exporter offered jeera at $2,900 per tons while Syrian exporters are offering the spice at $2,750 tons.NCDEX accredited warehouses jeera stocks gained by 102 tonnes to 1277 tonnes.In Unjha, a key spot market in Gujarat, jeera edged down by -16.65 Rupees to end at 18400 Rupees per 100 kg. Turmeric trading range for the day is 5486-5638.Turmeric gained on short covering after prices dropped as sowing operations are likely to start soon Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization.NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 6643 tonnes.In Nizamabad, a major spot market in AP, the price ended at 5535.7 Rupees gained 22.05 Rupees. Soyabean trading range for the day is 2766-2812.Soyabean prices ended with losses on good sowing progress in the current kharif crop.Soybean stock with farmers was 4.1 mln tn at the end of May, more than double the stock a year ago, the SOPA said in a report. NCDEX accredited warehouses soyabean stocks dropped by 1966 tonnes to 88067 tonnes.At the Indore spot market in top producer MP, soybean gained 43 Rupees to 2929 Rupees per 100 kgs. Menthaoil trading range for the day is 895-929.4.Mentha oil spot at Sambhal closed at 1024.00 per 1kg. Spot prices was up by Rs.0.30-.Mentha oil ended with gains taking strong cues from spots market. As per sources, climatic condition is good for the mentha crop due to which it is expected that this year production...
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