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Commodity Important Updates for 18 July 2016

Commodity Important Updates for 18 July 2016

Gold trading range for the day is 30707-31235.Gold settled flat and was set for its first weekly loss since May on improving global risk sentiment and a stronger dollar after better-than-expected U.S. data. Prices reversed losses after Turkish Prime Minister Binali Yildirim said a group within the country’s military has attempted to overthrow the government. Three Federal Reserve policymakers expressed the view that there was no hurry to raise U.S. interest rates in the wake of the UK vote to leave EU. Any rate hikes by the Fed this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in periods of rising rate environments.

Silver trading range for the day is 46761-47955.Silver prices dropped as investors turned to risk assets such as stocks, cutting demand for bullion as a haven. Investors flocked to precious metals as the Brexit vote in June caused immediate turmoil across markets. Consumer prices across America wrapped up the second quarter with an uptick on core basis, data showed, which could allow Fed to raise interest rates this year. Hedge funds and money managers again raised their net long positions in COMEX silver futures and options to fresh record highs, as spot prices hovered near two-year highs.

Crudeoil trading range for the day is 2992-3148.Crude oil rose after data from top energy consumers the United States and China boosted the oil demand outlook. Prices also seen supported after Turkeys armed forces said they had taken power in the country to protect the democratic order and to maintain human rights. Data from market intelligence firm Genscape showed a 171,511-barrel build at the Cushing, Oklahoma delivery hub for WTI futures during the week to July 12.Oil services firm Baker Hughes reported that U.S. oil rigs rose by six to 357 for the week ending on July 8, increasing for the sixth time over the last seven weeks.

Zinc trading range for the day is 145.4-150.6.Zinc prices ended with gains as shortages to bite after the closure of major mines. Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 5,500 to 324,700 tonnes in the week, data show. Consumer prices across America wrapped up the second quarter with an uptick on core basis, which could allow Fed to raise interest rates this year. Warehouse stock for Zinc at LME was at 438425mt that is down by -650mt.

Copper trading range for the day is 330.1-340.3.Copper pared gains due to stronger dollar after prices gained earlier as economic growth numbers in China boosted confidence. Chinas economy expanded slightly faster than expected in the second quarter but private investment growth shrank to a record low. Copper stocks in warehouses monitored by the Shanghai Futures Exchange jumped 9.3 percent, weekly data showed. Warehouse stock for Copper at LME was at 231275mt that is down by -3650mt.

Zinc trading range for the day is 145.4-150.6.Zinc prices ended with gains as shortages to bite after the closure of major mines. Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 5,500 to 324,700 tonnes in the week, data show. Consumer prices across America wrapped up the second quarter with an uptick on core basis, which could allow Fed to raise interest rates this year. Warehouse stock for Zinc at LME was at 438425mt that is down by -650mt.

Nickel trading range for the day is 672.7-709.9. Nickel prices dropped as the dollar rallied after stronger than expected U.S. economic data. The global nickel market deficit widened to 11,200 tonnes in May, as low prices weighed on refined output from China, while demand slowly improve. Chinas primary nickel market remains in supply surplus after large imports of nickel plate, despite consumption growth. Warehouse stock for Nickel at LME was at 377586mt that is down by -1230mt.

Menthaoil trading range for the day is 849.2-895.6. Mentha oil spot at Sambhal closed at 993.70 per 1kg. Spot prices is up by Rs.23.50/-. Mentha oil prices ended with gains tracking improved demand from consuming industries at the spot market. Moreover, lower supplies amid restricted physical arrivals from major producing regions of Chandausi in Uttar Pradesh too supported. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Soyabean trading range for the day is 3708-3876. Soyabean drooped due to expectation of good production in October and reports of higher edible oil imports dented the sentiments. India’s total sowing area under soybean may slip by 4% in 2016 as farmers are bringing more areas under pulses. NCDEX accredited warehouses soyabean stocks dropped by 1388 tonnes to 15645 tonnes. At the Indore spot market in top producer MP, soybean dropped -24 rupee to 3783 rupee per 100 kgs.

Turmeric trading range for the day is 7916-8212. Turmeric gains amid pickup in demand from August onwards ahead of festive season in India and diminishing stocks in the physical market. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week. NCDEX accredited warehouses turmeric stocks dropped by 189 tonnes to 5459 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8343.4 rupees gained 15.9 rupees.

Aluminium trading range for the day is 109.7-114.5.Aluminium dropped tracking after stronger than expected U.S. economic data after LME closed down 1.4 percent at $1,659 after hitting $1,703.Aluminum stocks in Chinas five major markets have been falling steadily for months, but a turning point is on the horizon. Aluminum weekly stocks at Shanghai exchange came down by 5263 tonnes. Warehouse stock for Aluminium at LME was at 2319125mt that is down by -6475mt.

Naturalgas trading range for the day is 175.8-190.8.Natural gas prices gained on anticipation of strong demand in the second half of July but dropped on weekly basis. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 8 rose by 64 billion cubic feet. That compared with builds of 39 billion cubic feet in the prior week, 98 billion a year earlier and a five-year average of 77 billion cubic feet. Still, inventories of the heating and power-plant fuel are 22 percent above the five-year average for the time of year.

Jeera trading range for the day is 18560-19240.Jeera prices ended with gains in wake of good export demand at lower levels. Demand from China coupled with availability of quality produce has pushed jeera exports by almost 181 per cent during the first quarter. NCDEX accredited warehouses jeera stocks gained by 15 tonnes to 4559 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 52.45 rupees to end at 18684.6 rupee per 100 kg.

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