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Commodity Important Updates for 21 June 2016

Commodity Important Updates for 21 June 2016

Crude Oil trading range for the day is 3216-3464.Crude oil prices rallied as fears that Britain would vote to leave the European Union abated, aiding a recovery in investor risk appetite. Saudi Arabia’s crude oil exports also dropped despite high production levels, suggesting demand remains in a deficit to supply. The world’s largest oil exporter and OPEC heavyweight produced 10.262 million bpd in April, compared with 10.224 million bpd a month earlier, the data showed. Saudi Arabias crude exports in April fell to 7.444 million barrels per day from 7.541 million bpd in March, official data showed.

Copper trading range for the day is 303.6-317.6.Copper gains as the dollar weakened following comments by a Federal Reserve official suggesting fewer U.S. interest rate hikes were on the cards. Chinas copper output in May rose 6.6 percent from a year ago to 680,000 tonnes. Hedge funds and money managers have raised their net short position in COMEX copper contracts to the biggest on record. Warehouse stock for Copper at LME was at 194025mt that is down by -1900mt.

Zinc trading range for the day is 131.4-138.6.Zinc gained bolstered by a weaker dollar, joined shares and oil in sweeping higher after polls tilted away from a Brexit vote on Thursday. Two of the latest polls released over the weekend showed the Remain camp in the lead, reversing a recent rise in support for Britain pulling out of the European Union. Zinc daily stocks at Shanghai exchange came down by 3180 tonnes. Warehouse stock for Zinc at LME was at 397275mt that is down by -2550mt.

Nickel trading range for the day is 604.2-635.2.Nickel prices ended with gains on concern about top supplier Philippines. In China, home price rises in the biggest cities showed signs of easing in May; sharp gains appeared to be spreading to smaller cities. Chinas Commerce Ministry said it would reinvestigate its anti-dumping case into imports of high performance, seamless stainless steel tubes from Japan and EU. Warehouse stock for Nickel at LME was at 385908mt that is down by -330mt.

Jeera trading range for the day is 16690-18370.Jeera prices gained on anticipation of rising export demand in coming months. Prices also seen supported due to falling arrivals in the face of increased stockiest buying. NCDEX accredited warehouses jeera stocks gained by 6 tonnes to 3481 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -40 rupees to end at 17380 rupee per 100 kg.

Turmeric trading range for the day is 7938-8150.Turmeric gained on anticipation of lower production due to the dryness during the sowing season and excessive rains prior to harvesting. Sowing is likely to pick up shortly with the revival of monsoon over producing centers. NCDEX accredited warehouses turmeric stocks gained by 109 tonnes to 5765 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8355.5 rupees remains unchanged at0 rupees.

Soyabean trading range for the day is 3774-3886. Soyabean prices traded in the range due to inconsistent demand for soybean meal. However, some losses were capped as farmers reducing their sowing area under soybean by 10-20% due to shortage of certified seeds. NCDEX accredited warehouses soyabean stocks dropped by 230 tonnes to 25445 tonnes. At the Indore spot market in top producer MP, soybean dropped -5 rupee to 3905 rupee per 100 kgs.

Menthaoil trading range for the day is 824.8-872.8. Mentha oil spot at Sambhal closed at 933.20 per 1kg. Spot prices is up by Rs.5.50/-. Mentha oil prices gained tracking rising demand from consuming industries in the spot market. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17. At Sambhal market total arrivals are at 200 Drums (1-drum=180kg), up by 50 Drums (1-drum=180kg) as compared to previous day.

Naturalgas trading range for the day is 172.2-193.4.Natural gas climbed nearly 6% to the highest level since September as unusually hot weather on the first day of summer drove up demand from power plants. The Southwest will see record heat early this week while above-normal readings sweep most of the lower 48 states through June 29, according to MDA Weather Services. Gas stockpiles probably rose by 54bcf last week. The five-year average gain for the period is 88 billion. Inventories totaled 3.041 tcf on June 10, 30.1% above the five-year average, according to the US EIA, which is scheduled to release its next supply report on June 23.

Aluminium trading range for the day is 107-111.4. Aluminium gained tracking 1.1 percent rise in LME prices despite data showing its production in China rose 4.1 percent in May compared to April. Aluminium s gains this year of about 8 percent could be vulnerable to additional supply after Chinese smelters restarted on the back of firmer prices. Aluminum daily stocks at Shanghai exchange came down by 4104 tonnes. Warehouse stock for Aluminium at LME was at 2441175mt that is down by -5025mt.

Silver trading range for the day is 40828-42464.Silver rallied tracking firmness in base metals and crude oil prices, after earlier investors turned their focus to riskier assets amid reducing fears that Britain will leave EU. Brexit could have moderate direct effects on U.S. economy, but probably does not pose big financial risks, Feds Neel Kashkari said. Prior to the Brexit referendum, Feds Yellens monetary policy testimony in Congress on Tuesday and Wednesday will attract the markets attention.UK voters will head to the polls on Thursday to decide whether or not to remain part of the EU.

Gold trading range for the day is 30200-30976.Gold ended with small gains despite pressure seen, as fears over a potential U.K. exit from the European Union temporarily eased. Concerns over a possible Brexit subsided after a series of weekend polls showed the campaign to keep Britain in the EU had regained momentum. Russias gold reserves increased to 47.6 million troy ounces as of the start of June from 47.5 million ounces a month earlier, the central bank said. Comex Gold Speculative Positions jumped last week to +279,862 contracts.

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