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Commodity Important Updates for 17 August 2016

Commodity Important Updates for 17 August 2016

News Update: China has shut all lead and zinc mines in Xiangxi Tujia and Miao Autonomous prefecture, located in Hunan provinces Huayuan County, as part of the governments overall efforts to clean up the lead and zinc mining sector, the prefecture government said. Hunan is main lead and zinc mining zone in China.

Nickel trading range for the day is 674-705.2. Nickel dropped as pressure seen after LME nickel stocks rose 4,944 tonnes highlighting good availability of inventories to supply the market. Nickel rebounded from the lowest closing price in a month as UBS Group AG said the full impact of mine shutdowns in the Philippines is still to come. Nickel resisted the stronger trend as investors had second thoughts about the impact of an environmental audit of mines in the Philippines. Warehouse stock for Nickel at LME was at 373992mt that is up by 4944mt.

Aluminium trading range for the day is 109.4-114.8. Aluminium prices ended with gains tracking firmness in LME prices on a weakening dollar Aluminum stocks in Chinas five major markets began growing for the second time in nearly five months and saw their biggest weekly growth since mid-March Technically market is under fresh buying as market has witnessed gain in open interest by 74.6% to settle at 4220 Warehouse stock for Aluminium at LME was at 2222300mt that is down by -2250mt.

Naturalgas trading range for the day is 172-176.6. Natural gas gained on expectations that strong demand due to hot weather would help shrink the surplus of fuel. Inventories stand above average levels for this time of year, following a winter of weak demand and robust production. Price have recently been under heavy selling pressure amid speculation that Aug heat won’t prevent stockpiles. Market players looked ahead to weekly supply data which is expected to show an increase of 30bcf of gas in the week ended August 12.

Jeera trading range for the day is 17670-18940. Jeera prices ended with losses on account of lack of export demand at the spot market. At Unjha market in Mehsana estimated market supply was at 2000 quintals, higher by 1000 quintals from previous trading day. NCDEX accredited warehouses jeera stocks dropped by 128 tonnes to 5960 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -252 rupees to end at 18953.55 rupee per 100 kg.

Turmeric trading range for the day is 7468-8036. Turmeric prices dropped on account of fall in domestic and export demand at the spot markets. Production year 2015-16 started with carry-forward stocks of 1.4 lakh tonnes compared to 2.1 lakh tonnes in 2014-15. NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 6117 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8181.8 rupees dropped -135.3 rupees.

Soyabean trading range for the day is 3375-3637. Soyabean prices ended with losses tracking weakness in spot demand and overseas prices pressured by the stable condition of the U.S. crop. The USDA boosted its forecast for U.S. soybean exports in the 2015/16 marketing year by 85 million bushels. SOPA projected soybean stocks during Oct 2015-July 16 season climbed to 7.541 million tons on expectation of higher yield. At the Indore spot market in top producer MP, soybean dropped -23 rupee to 3770 rupee per 100 kgs.

Menthaoil trading range for the day is 882-920.4.Mentha oil spot at Sambhal closed at 1041.90 per 1kg. Spot prices is down by Rs.-5.90-.Mentha oil prices dropped amid a fall in physical demand from major consuming industries in the domestic spot market. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. Mint product exports have declined substantially from the export basket by 18% in terms of volume.

Zinc trading range for the day is 149-152.8. Zinc prices gained as support seen tracking firmness in other base metals due to weakness in dollar. MMGs Chairman Jiao Jian said they expect prices for zinc will remain under pressure in the near term while long-term still intact U.S. industrial production rose more than expected in July, according to Federal Reserve data showed. Warehouse stock for Zinc at LME was at 457900mt that is down by -275mt.

Nickel trading range for the day is 674-705.2. Nickel dropped as pressure seen after LME nickel stocks rose 4,944 tonnes highlighting good availability of inventories to supply the market. Nickel rebounded from the lowest closing price in a month as UBS Group AG said the full impact of mine shutdowns in the Philippines is still to come. Nickel resisted the stronger trend as investors had second thoughts about the impact of a environmental audit of mines in the Philippines. Warehouse stock for Nickel at LME was at 373992mt that is up by 4944mt.

Copper trading range for the day is 315.7-324.7. Copper gained as speculators bought up metals after signals that U.S. interest rates might remain on hold put the dollar under pressure. The Federal Reserve is raising expectations for an interest rate rise this year, even as early as next month. Copper output in Democratic Republic of Congo, fell 14 percent in the first half of 2016 to 466,250 tonnes Warehouse stock for Copper at LME was at 205375mt that is down by -1775mt.

Crudeoil trading range for the day is 2956-3188. Crudeoil gained to close above 3100 mark as tame inflation data continued to weigh on the US dollar Crude gained as investors finds the possibility that discussions at an energy forum next could help stabilize oil prices. API reported a bigger-than-expected 1mbl drop in US crude supplies that was unexpected, but gasoline supplies jumped 2.2mbls. Today EIA could show that US crude inventories fell by 333,000 barrels for the week ending on August 12.

Silver trading range for the day is 45645-47165.Silver prices edged higher as disappointing U.S. economic data tempered expectations of a near-term interest rate hike by Fed, weighing on the dollar. Atlanta Feds Lockhart said the U.S. economy is likely strong enough for at least one rate increase before the end of 2016, with two a possibility. U.S. consumer prices were unchanged in July as the cost of gasoline fell for the first time in five months and underlying inflation moderated. U.S. housing starts unexpectedly climbed and industrial production rose more than forecast in the same month.

Gold trading range for the day is 31110-31746.Gold rose as the dollar slipped on lower expectations of a U.S. Federal Reserve interest rate hike this year due to mixed macro-economic signals in US. New York Fed President William Dudley said a rate hike in September was possible. SPDR gold trust holdings gained by 0.19% i.e. 1.78 tonnes to 962.23 tonnes from 960.45 tonnes. Feds policymaker argued that central banks might have to raise inflation targets, focus more on growth and back much looser fiscal policy in future.

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