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Commodity Important Updates for 23 August 2016

Commodity Important Updates for 23 August 2016

Gold trading range for the day is 31135-31517.Gold dropped as the U.S. dollar rallied amid indications the Federal Reserve could raise interest rates as early as next month. Fed vice chairman Stanley Fischer said that the U.S. economy was close to hitting the central banks targets for full employment and 2% inflation. SPDR gold trust holdings gained by 0.25% i.e. 2.38 tonnes to 958.37 tonnes from 955.99 tonnes. Speculators again decreased their bullish positions in COMEX gold contracts in the week to Aug. 16.

Silver trading range for the day is 43889-45571.Silver dropped as the dollar strengthened after comments from U.S. Federal Reserve officials increased bets on a U.S. rate hike this year. Feds Williams said last week that he would like to see another rate increase sooner rather than later. Holdings at ishares silver trust gained by 0.94% i.e. 103.40 tonnes to 11159.74 tonnes from 11056.34 tonnes. In the week ahead, market players will turn their attention to a highly anticipated speech by Fed Chair Janet Yellen in Jackson Hole, Wyoming, for fresh clues.

Zinc trading range for the day is 152-154.8.Zinc settled flat as pressure seen as dollar gained after hawkish comments from Fed official after prices seen supported on escalating concern about mine supplies. Lower mine supplies mean China imports less concentrate and produces less zinc, which means consumers will have to import more metal Chinas reliance on domestic zinc concentrate has risen to nearly 90% from a previous 70-80% range. Warehouse stock for Zinc at LME was at 455200mt that is down by -675mt.

Menthaoil trading range for the day is 875.8-891.2. Mentha oil spot at Sambhal closed at 1036.50 per 1kg. Spot prices is up by Rs.3.00/-. Mentha oil prices ended with losses amid muted 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. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17.

Jeera trading range for the day is 17715-18855. Jeera prices ended with losses tracking a weak trend at spot market on subdued demand. The exports of Jeera in the first two month of 2016-17 increased by more than 82.5% at 33,908 tonnes. NCDEX accredited warehouses jeera stocks dropped by 33 tonnes to 5718 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -120 rupees to end at 18980 rupee per 100 kg.

Naturalgas trading range for the day is 173.6-184.2. Natural gas rose to a two-week high again as support seen from hotter weather forecasts boosted demand expectations. A weather system with showers and thunderstorms continues to sweep through the northeastern US. Weather outlooks called for “another round of elevated heating and humidity across the eastern U.S.” over the next six to 10 days National Hurricane Center reported three potential storms in the Atlantic.

Turmeric trading range for the day is 7186-7882. Turmeric prices dropped on weak spot demand and good health of new season crop in South Indian states. Turmeric acreage in Telangana as on 17 Aug was up 15.4 % at 45,000 hectares as compared to 39,000 hectares last year. NCDEX accredited warehouses turmeric stocks gained by 968 tonnes to 7481 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8133.3 rupees gained 15.25 rupees.

Soyabean trading range for the day is 3415-3511. Soyabean prices ended with losses on reports of improved sowing along with good distribution of rains. Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. As on Aug 19, soybean sowing was recorded at 11.28 million hectare compared to 11.27 million hectare, data showed. At the Indore spot market in top producer MP, soybean gained 4 rupee to 3712 rupee per 100 kgs.

Copper trading range for the day is 314.2-323.2. Copper edged down in the face of a stronger dollar and as glut-hit China ramped up its exports of the metal. Exports of unwrought copper and copper products from China stood at 75,022 tonnes in July, a more-than-fivefold increase from the same month a year earlier. Hedge funds and money managers switched back to a net long position in copper futures and options in the week to Aug. 16, U.S. CFTC data showed. Warehouse stock for Copper at LME was at 229375mt that is up by 18750mt.

Crudeoil trading range for the day is 3145-3329.Crude dropped on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Iraq plans this week to increase exports of Kirkuk crude by 150,000 bpd from its northern fields Prices rallied on speculation Saudi and the rest of the OPEC will agree to a production freeze with Russia and other non-OPEC members. Adding to the outlook of plentiful supplies, the U.S. oil rig count increased by 10 last week.

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