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Commodity Important Notifications for 13 May 2016

Commodity Important Notifications for 13 May 2016

Gold trading range for the day is 29580-30256.Gold dropped as a strengthening dollar prompted some buyers to cash in gains after its biggest daily rise this month, briefly paring losses after downbeat U.S. jobs data. Feds Rosengren said the Fed should raise interest rates if data confirms a stronger jobs market and inflation outlook in the second quarter. India’s gold demand could rise as much as 10 percent in 2016, as good monsoon rainfall and a sustained rally in gold prices boost buying, the WGC said. Global gold demand at the start of 2016 rose at its fastest pace ever on inflows from exchange traded funds (ETFs), according to an industry report.

Crudeoil trading range for the day is 3003-3183.Crude oil gained supported by data from the IEA showing tightening supply in addition to a surprise drop in U.S. crude inventories. The IEA raised its 2016 global oil demand growth forecast to 1.2 million barrels per day (bpd) from its April forecast of 1.16 million. Unplanned disruptions to oil output could help run down a global overhang of unused crude this year, the International Energy Agency said. OPEC member Kuwait does not expect any coordinated action to be decided during the group’s upcoming meeting in Vienna on June 2, the country’s acting oil minister said.

Zinc trading range for the day is 121.2-130.2.Zinc prices ended with losses on profit booking after prices gained in last some sessions underpinned by shrinking supply. LME zinc stocks fell to 392,600 tonnes on May 10, the lowest since 2009 and about two-thirds below 2013s record peak. But much stock is thought to have been shifted to cheaper storage outside LME warehouses. Warehouse stock for Zinc at LME was at 391500mt that is down by -1100mt.

Nickel trading range for the day is 563.8-604.8.Nickel dropped after data showed the number of Americans filing for unemployment benefits unexpectedly rose last week to the highest level in more than a year. Compounding the gloom, euro zone industrial production fell for a second straight month in March, depressed by every sector except energy. Pressure also seen after a senior official said that Chinas government will not use excessive investment, or high rates of credit growth to stimulate growth. Warehouse stock for Nickel at LME was at 414018mt that is down by -6mt.

Menthaoil trading range for the day is 842.5-887.9.Mentha oil spot at Sambhal closed at 1002.30 per 1kg. Spot prices is down by Rs.-3.90-.Mentha oil dropped as this season the farmers are seen getting more interested in sowing mentha in the major growing area of Barabanki. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. The preliminary mandi source suggests that production of menthol is likely to be around 34000-35000 tonnes during 2016-17.

Soyabean trading range for the day is 3966-4094.Soyabean prices remained supported after USDA trimmed 2016-17 United States soybean production forecast and on improved China demand. USDA cut 2016-17 US soybean production forecast by 3.27% on lower harvested area and trend yields, the department said. NCDEX accredited warehouses soyabean stocks dropped by 1920 tonnes to 47368 tonnes. At the Indore spot market in top producer MP, soybean dropped -6 rupee to 4111 rupee per 100 kgs.

Chana trading range for the day is 5636-5786.Chana remained under pressure sluggish demand in the spot market against ample stocks positions on increased supplies. Maharashtra government demanded the Centre to release 10,000 tonnes of tur dal immediately from the buffer stock to meet the requirement of pulses. The Centre has procured about 62,178 tonnes of pulses to create buffer stock in order to intervene in the market in case of price rise. In Delhi spot market, chana dropped by -17.95 rupee to end at 5805.75 rupee per 100 kgs.

Chana trading range for the day is 5636-5786.Chana remained under pressure sluggish demand in the spot market against ample stocks positions on increased supplies. Maharashtra government demanded the Centre to release 10,000 tonnes of tur dal immediately from the buffer stock to meet the requirement of pulses. The Centre has procured about 62,178 tonnes of pulses to create buffer stock in order to intervene in the market in case of price rise. In Delhi spot market, chana dropped by -17.95 rupee to end at 5805.75 rupee per 100 kgs.

Turmeric trading range for the day is 8112-8316.Turmeric prices ended with gains after seen supported on expectation of rising demand though, some gains were capped on poor arrival from the producing regions. NCDEX accredited warehouses turmeric stocks gained by 9 tonnes to 4261 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8712.5 rupees remains unchanged at0 rupees.

Aluminium trading range for the day is 101.2-106.2.Aluminium dropped tracking weakness in LME prices ended down 1.2 percent at $1,545 a tonne on worries about global demand. Curtailments in China that have raised local prices compared to LME prices have dampened incentive for exports. Aluminum daily stocks at Shanghai exchange came down by 3122 tonnes. Warehouse stock for Aluminium at LME was at 2589225mt that is down by -8900mt.

Naturalgas trading range for the day is 140.2-148.2. Natural gas dropped after data showed that U.S. natural gas supplies rose less than expected last week. The weather forecast through May 16 calls for some slight increase in demand while overall demand for natural gas is expected to be low through the next seven days. In its weekly report the EIA said natural gas storage in the week ended May 6 rose by 56bcf compared with an increase of 58 bcf. A weather system with heavy showers and thunderstorms is tracking through the central U.S. with slightly cool conditions expected to last through May 16.

Jeera trading range for the day is 16665-17045. Jeera prices gained due to limited arrivals from growing regions. Further, reduced domestic supplies in the physical markets and some export enquiries too fuelled the uptrend. NCDEX accredited warehouses jeera stocks gained by 20 tonnes to 3970 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 52.1 rupees to end at 17043.35 rupee per 100 kg.

Copper trading range for the day is 300.6-321.4. Copper dropped sharply on worries about global demand for industrial metals after worse-than-expected data on US jobs and European industrial output. The report showed that industrial production fell for a second straight month in March, depressed by every sector except energy Chinese manufacturing and trade data from the over the week-end reinforced doubts about demand. Warehouse stock for Copper at LME was at 160000mt that is down by -1625mt.

Silver trading range for the day is 40178-41792.Silver dropped amid a slightly appreciating dollar, as investors awaited the release of a wave of key U.S. economic data at weeks end for further signals. The Labor Department said that initial jobless claims last week rose by 20,000 to 294,000, defying expectations for an increase of 17,000.U.S. Census Bureau is expected to report a sharp increase in retail sales for the month of April, follow a mild decline a month earlier. The Federal Reserve has continually reiterated that it is taking a data-driven approach to the timing of its first interest rate hike in 2016.

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