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Commodity Important Updates for 1 July 2016

Commodity Important Updates for 1 July 2016

Gold trading range for the day is 31048-31366.Gold eased as the Brexit shock fades, and markets await more developments on the UKs exit from the union. BOEs Carney said the central bank would probably need to pump more stimulus into Britain’s economy over the summer after last week’s decision to leave EU. Factory activity in the U.S. Midwest surged to its highest in almost 1-12 years in June amid strong gains in new orders and production. CME on Thursday raised initial margins for trading COMEX 100 gold futures for speculators by 9.1 percent to $6,600 per contract from $6,050.

Silver trading range for the day is 43682-44874.Silver gained tracking firmness in base metals prices in the wake of last week’s vote in Britain on quitting the European Union. Silver marked its highest since Sept. 2014 at $18.81 per ounce on Thursday, while registering its best quarter in nearly four years. Mark Carney strongly hinted that the Bank of England could ease monetary policy later this summer sending the Pound lower versus the dollar. The report said initial jobless claims in US rose to 268,000, an increase of 10,000 from the previous weeks revised level of 258,000.

Crudeoil trading range for the day is 3242-3386.Crude oil dropped as traders trimmed huge gains from the previous session hoping for more time to assess the UKs landmark decision to leave the EU. Oil production in Nigeria has risen to about 1.9 mbpd from 1.6 million, due to repairs and a lack of new major attacks on pipelines in the Delta region. In Norway, oil companies and trade unions began two-day wage talks in a bid to avert a strike that would initially cut the country’s oil and gas output by 12 percent. Oil output from the OPEC rising to a record 32.82 million barrels per day (bpd) in June, OPEC expects demand for its supplies to be higher still.

Copper trading range for the day is 326.2-334.4.Copper gained amid bets that central banks will move further to shore up economies following the U.K. referendum, boosting the outlook for demand. The ECB is in no rush to ease monetary policy in response to Britains referendum, taking comfort in a calmer-than-feared market reaction. Chinas economy rebounded in the second quarter, with capital expenditures recovering from 5-year lows, a private survey showed. Warehouse stock for Copper at LME was at 191525mt that is down by -2675mt.

Menthaoil trading range for the day is 827.1-837.9.Mentha oil spot at Sambhal closed at 908.20 per 1kg. Spot prices is up by Rs.2.80-.Mentha oil settled down tracking subdued demand from consuming industries at the domestic spot market. Further, rising arrivals from major producing regions of Chandausi in Uttar Pradesh also fuelled the downtrend. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities.

Jeera trading range for the day is 18075-18765.Jeera dropped on profit booking after prices gained due to expectation of higher demand in the physical market in coming weeks. At Rajkot market in Rajkot (Guj.), sources reported arrivals at 320 quintal, higher by 110 quintal as against previous day. NCDEX accredited warehouses jeera stocks gained by 42 tonnes to 3051 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -137.7 rupees to end at 18170 rupee per 100 kg.

Aluminium trading range for the day is 109.5-112.5.Aluminium gained as prices remained supported amid expectations of monetary stimulus underpinned the market. Growth in Chinas manufacturing sector stalled in June, adding to expectations that Beijing will have to roll out more stimulus soon to boost the sluggish economy. Aluminum daily stocks at Shanghai exchange came down by 1243 tonnes. Warehouse stock for Aluminium at LME was at 2387850mt that is down by -5750mt.

Naturalgas trading range for the day is 190.5-202.7.Natural gas rallied after data showed that natural gas supplies in storage in the U.S. rose less than expected last week. The US EIA said in its weekly report that natural gas storage in the US in the week ended June 24 rose by 37bcf.Updated weather forecasting models suggested that temperatures may be hotter than normal throughout most of the contiguous U.S. from July 8 through July 12.Natural gas prices are up nearly 45% since late May as expectations have grown that hot summer weather will lead to heavy demand.

Turmeric trading range for the day is 8212-8372.Turmeric prices dropped on slack upcountry orders at the spot market. At Warangal market sources reported arrivals at 400 bags, lower by 100 bags as against previous day. NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 5631 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8514.45 rupees dropped -80.55 rupees.

Soyabean trading range for the day is 3710-3900.Soyabean prices ended with gains due to the slow start of sowing due to late monsoon arrival. USDA in its weekly crop progress report said around 99% of the crop have emerged compared to 97% a week ago and 98% a year ago. NCDEX accredited warehouses soyabean stocks dropped by 20 tonnes to 21507 tonnes. At the Indore spot market in top producer MP, soybean dropped -27 rupee to 3838 rupee per 100 kgs.

Nickel trading range for the day is 622.9-655.1.Nickel prices dropped as pressure seen amid concerns over growth in top consumer China, despite of gains in other base metal prices. Chinas stainless steel mills used more refined nickel, after plants producing a cheaper, lower nickel alternative went bust. Chinas infrastructure investment in the first five months of 2016 grew 19.8 percent year-on-year, accelerating slightly from Jan-April. Warehouse stock for Nickel at LME was at 379338mt that is down by -948mt.

Zinc trading range for the day is 139.6-144.Zinc prices settled above 142 level at the highest level in nearly a year as expectations of tight markets and potential shortages. Total world stocks of zinc at the end of April stood at about 1.5mtns, according to the ILZS Group. Zinc stocks in LME-approved warehouses, at 443,175 tonnes, have climbed more than 16% this year and are at their highest since the middle of March. Warehouse stock for Zinc at LME was at 443175mt that is up by 16950mt.

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