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Commodity Important Updates for 12 July 2016

Commodity Important Updates for 12 July 2016

Gold trading range for the day is 31322-32016.Gold remained under pressure amid speculation central banks in some of the world’s leading economies will step up monetary stimulus. Britains vote to leave the European Union last month has ramped up the urgency for central banks around the world to ease monetary policy. Speculators increased their net long position on COMEX Gold for a fifth straight, to the highest since records became publicly available in 2006.The report showed that the unemployment rate ticked up to 4.9% last month from 4.7% in May, compared to expectations for a rise to 4.8%.

Silver trading range for the day is 47025-49005.Silver prices gained with mild inflation data out of China aiding sentiment for easy monetary policies to continue regionally and globally. The U.S. Department of Labor said the economy added 287,000 jobs in June, blowing past expectations for 175,000 and the largest gain since October. China published weaker than expected inflation data, reinforcing views that more government stimulus steps will be needed to support the economy. In the week ahead, market players will be turning their attention to key economic data out of China, with Friday’s second quarter GDP report in the spotlight.

Crudeoil trading range for the day is 2953-3107. Crude oil dropped over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia. Saudi Arabia energy minister Khalid al-Falih said the oil market was becoming more balanced in terms of supply and demand and prices were stabilizing. Goldman Sachs said that it expected “WTI oil to remain in a range of $45-50 per barrel over the next 12 months”. There is mounting evidence that U.S. oil producers can live with crude prices of $45 or higher, as oil driller’s added rigs for the fifth week in six.

Copper trading range for the day is 317.5-326.1. Copper prices rallied boosted by bets Beijing will announce further stimulus. In China, consumer inflation last month held below the official target of around 3 percent for this year, data showed, and indicating weak demand. Hedge funds and money managers turned net long in copper positions in the week to July 5, U.S. CFTC data showed. Warehouse stock for Copper at LME was at 222600mt that is down by -625mt.

Zinc trading range for the day is 141.3-146.1. Zinc prices dropped tracking weakness in LME prices after prices gained earlier on expectations of mine supply shortages. China reported that the pace of gains in the Consumer Price Index moderated further to 1.9% year-on-year in June because of mainly weaker gains in food prices. The data suggests that China is in a sustained period of moderate inflation even as Worries about deflation have dissipated. Warehouse stock for Zinc at LME was at 439575mt that is down by -650mt.

Turmeric trading range for the day is 7768-8112.Turmeric prices dropped on account of reports of good sowing in turmeric sowing states. Though, some losses were capped on expectation of rising demand during September-November ahead of festive season. NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 5598 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8309.35 rupees dropped -60.05 rupees.

Jeera trading range for the day is 18585-19375.Jeera prices rallied due to expectation of higher export demand in coming weeks. India’s 2015-16 jeera export fell to 98,700 ton from 155,500 ton a year ago. NCDEX accredited warehouses jeera stocks dropped by 312 tonnes to 4084 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 309.6 rupees to end at 18684.6 rupee per 100 kg.

Aluminium trading range for the day is 109.4-112.6. Aluminium prices dropped as LME Aluminium finished 0.5 percent down at $1,653 despite prospects for stimulus in Japan and better-than-expected U.S. jobs data. China reported that the pace of gains in the Consumer Price Index moderated further to 1.9% year-on-year in June because of mainly weaker gains in food prices. The data suggests that China is in a sustained period of moderate inflation even as Worries about deflation have dissipated. Warehouse stock for Aluminium at LME was at 2344175mt that is down by -7075mt.

Naturalgas trading range for the day is 174.1-197.1.Natural gas edged lower as updated weather forecasting models pointed to mild temperatures across most parts of the U.S. in the week ahead. Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits of 4.3 trillion cubic feet at the end of October. Natural gas storage in the U.S. rose by 39 billion cubic feet last week, according to the U.S. EIA, below forecasts for an increase of 43 billion. Total U.S. natural gas storage stood at 3.179 trillion cubic feet, 16.9% higher than levels at this time a year ago.

Soyabean trading range for the day is 3719-3819.Soyabean prices gains on supply concerns following weak sowing data reported by India’s Ministry of Agriculture in past week. Soybean sowing in Madhya Pradesh, has reported almost 650,000 hectare less soybean sowing area than last year. NCDEX accredited warehouses soyabean stocks dropped by 1309 tonnes to 19259 tonnes. At the Indore spot market in top producer MP, soybean gained 46 rupee to 3755 rupee per 100 kgs.

Menthaoil trading range for the day is 830.8-861.Mentha oil spot at Sambhal closed at 941.10 per 1kg. Spot prices is up by Rs.14.50-.Mentha oil settled flat on profit booking after prices gained earlier on the back of improved demand from consuming industries at the spot market. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. At Sambhal market arrivals were reported at 125 Drums (1-drum=180kg), lower by 100 Drums (1-drum=180kg) from previous trading day.

Nickel trading range for the day is 658.2-693.2.Nickel gained bolstered by the crackdown on mining in the Philippines, Chinas main supplier of nickel ore. LME data showed nickel stocks up at 377,736 tonnes, equal to about half a year’s supply. The Southeast Asian nation has ordered the suspension of operations at two nickel ore mines for environmental violations. Warehouse stock for Nickel at LME was at 377736mt that is up by 408mt.

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